MJF becomes first-ever wrestler to launch own cryptocurrency

[Big Red Machine]

https://www.f4wonline.com/aew-news/mjf- ... ncy-344421

By Josh Nason | @joshnason | Jun 17, 2021 1:38 pm

AEW's MJF became the first-ever wrestler to launch his own cryptocurrency Thursday.

Available on Rally, $MJF has over 330 supporters after launching Thursday afternoon and over $137,000 in backing with over 114,000 coins in existence as of 4:30 PM Eastern. $MJF can be purchased for $5 USD currently on Rally.

Explained simply, cryptocurrency is digital or virtual money, existing only in electronic form. This is a creator coin/social token designed to create a "personal economy" around him.

In a tweet, he said he intends to recognize top coin holders with special giveaways and exclusive access and give holders a way to exchange the currency with each other for no fee. AEW is not directly involved with this deal.

Band Portugal, The Man has their own currency on Rally that has nearly $1 million in backing for over 1200 supporters and 151,000 coins in existence. Celebrity and cause-backed cryptocurrency are expected to grow in popularity as more people become familiar and comfortable with buying it.

[Big Red Machine]

Ooooookay...

[Thelone]

So, this is a fancy and overly complicated Patreon, right? Instead of donating X amount every month for perks, it works like a stock market where only the top "shareholders" get perks, but you can buy from others or when they issue more at some point.

I mean, I guess it kinda works for his character (this is the same guy who's charging $500 on Cameo after all) instead of having a Patreon like he's a female wrestler or something, but this is so convoluted and feels like he fell for some weird scam more than anything (also BUY GLOBAL FORCE GOLD!!!).

[Big Red Machine]

I mean, I guess it kinda works for his character (this is the same guy who's charging $500 on Cameo after all)

His character would find a way to f*ck the fans out of their money at some point.

[Thelone]

His character would find a way to f*ck the fans out of their money at some point.

And he (involuntarily?) does apparently. Since the beginning of the week, his """currency""" lost like 60-70% of its value and is still slowly dropping down even further. You can actually see the transactions on the website for this thing and two big examples I've seen :

• Someone spent $1260 on the 21st worth about 163 MJF bucks and now they're only worth $455
• Another spent a grand on the 18th worth 71 MJF bucks, now worth slightly below $200

There are also countless three-digit thransactions and maybe other big ones earlier.

So... good job?

[Big Red Machine]

I still don't understand what the purpose of this is. Bitcoin I vaguely understand, but advantages does this have that Bitcoin doesn't?

[Thelone]

I'm not sure it brings anything really. This is a currency ($MJF) within a currency ($RLY) within a currency (Ethereum). Are people really eager to buy bullshit "currency" you can do fuck all with just because some "celebrity" (more on that in a second) endorses it? At least you can kinda do something with Bitcoin.

I've looked up some of those site's "creators" and I feel like half of them are Twitch streamers/e-sports people, a good chunk are what I call "generic entrepreneurs", some bands/artists, then... others. I don't know how much MJF is earning from this shit, but I wouldn't be surprised one bit if he was out of this six months from now.