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New York Yankees Starts Paying Employees In Bitcoinbitcoinmagazine.com/business/new-york-yankees-pay-employees-in-bitcoin
50 sats \ 5 comments \ @Jem 14 Jul 2022 bitcoin
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0 sats \ 3 replies \ @cryptocoin 14 Jul 2022
NYDIG, a bitcoin-only financial services firm that offers infrastructure for companies and financial institutions looking to operate within the Bitcoin ecosystem, will offer its Bitcoin Savings Plan (BSP) to the world famous Major League Baseball (MLB) team, becoming its official Bitcoin Payroll Platform.
BSP allows employees of organizations like the Yankees to elect a certain amount of their post-tax salary to be converted into bitcoin – with no transaction fees. While users can sell bitcoin on the platform, BTC cannot be deposited from an external source to NYDIG’s custody platform or transferred to an external wallet.
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20 sats \ 2 replies \ @2big2fail 14 Jul 2022
this is how bitcoin gets captured. "cannot be transferred to an external wallet"
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0 sats \ 1 reply \ @cryptocoin 14 Jul 2022
This is true, however this is simply a custodial bitcoin investment service. With the employee having the ability to sell on demand, self-custody can be as simple as selling back to NYDIG and at the same time buying BTC on an exchange (where withdrawal to self-custody is possible).
Not the greatest approach, but this at least expands exposure to the bitcoin exchange rate to those who might not otherwise participate. And the employees aren't forced to use this, ... they can still do whatever investment on their own outside of this arrangement, just that it doesn't come straight out of their paycheck if they do it themselves.
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20 sats \ 0 replies \ @2big2fail 14 Jul 2022
this is a way for NyDIG to make a regulated wall street style bitcoin derivative. Sure on paper players will own bitcoin but everyone's favorite dude Ross Steven's is not pushing bitcoin forward with this. What he might do is push up price but bitcoin will not change the world for the better if this is how most people get access
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0 sats \ 0 replies \ @Ge 14 Jul 2022
thats pretty sick wonder how many employees are actually enrolling?!?
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