Seattle Seahawks player Richard Sherman is concerned by this NFL fact:
One in six players files for bankruptcy within 12 years of retiring from their career.
The Washington Post
"A lot of (players) have been taken advantage of by financial advisers, so people in my sport, in my field, are definitely becoming more educated and trying to be more intelligent with how they play for the money and understanding where their money is going." quotes Richard Sherman to CNBC
Adding to the conversation will be the FUD of hacks and scam warnings as well as fears of regulator crack downs. In June 2016, Dallas Cowboys running back Darren McFadden filed suit after his business manager, M. Vick, allegedly scammed him out of $15 million -- $3 million of it Bitcoin.
Vick gave McFadden a "guarantee" that he “would not lose any money” according to the filed complaint. The lawsuit accused McFadden’s manager of being “unscrupulous” and “manipulating control of (the) entirety of the Plaintiff’s income and assets through a sweeping and fraudulently-induced power of attorney.” The complaint claimed Vick used McFadden’s income for his own gain and went “so far as to fabricate fictitious transactions, records and spreadsheets” to conceal Vick’s pervasive and widespread theft. NFL Player Falls Victim To Bitcoin Scam
This makes a strong case for decentralized blockchain technology. McFadden's manager HAD CONTROL of his Bitcoin. He presented fictitious transaction records on a spreadsheet to execute his crimes. The decentralized blockchain is itself a spreadsheet; an immutable ledger. The blockchain ecosystem is verifying that all transactions entered in the ledger have been and are currently correct and true at every moment, in real time (by atomic clock). A decentralized blockchain is an permanent and immutable and accounting ledger.
Remember - the one that holds the access keys to this accounting ledger controls the digital money on it the same way giving someone your pin and atm card gives them full access to your digital dollars. The control of your money is the control of your destiny. Many of us adopt cryptocurrency because we trust the cryptographic protocols over trust in a 3rd party intermediary. Keep your cryptocurrency stored on a trusted wallet and retain the control of your private keys. It represents books that can’t be cooked.
Ballers: There has been an open source technology revolution. We pre-program the design and operating characteristics of blockchain infrastructure. You can custom tailor how your money operates and by which rules it follows by choosing cryptocurrencies that reflect your values and vision. You can automate spending and custom program the money itself to self-execute commands at any time, in any way you desire. see Smart Contracts. This is freedom from fraud and you decide what is fair, down to the micro-fraction of every cent you earn.
