Crypto & Blockchain bring benefits to F1 & other motorsports.

[John S]

Fancy me a real Crypto currency sceptic posting this. 

In fairness I don't understand properly how Crypto works, but it seems there are more benefits than simply sucking money in & prices rising & falling in staggering percentages.

My big fear has always been putting actual cash from a bank account in and never really knowing how you'll get it out again, especially if it's massively increased in value. 

However it seems there are big side benefits from Crypto and Blockchain, some F1 teams, fans - and governments too - are already benefitting.

Not sure if I'll be interacting with the fan schemes, just call me an old cynic. 


https://www.crash.net/motogp/commercial/1054542/1/how-crypto-continues-revolutionise-racing-industry

[Jericoke]

The article isn't great, a lot of 'crypto is good because crypto is good'.

No mention of any real benefits.  Blockchain isn't tied to any nation (or laws), so it's an easier way to engage with an international fan base/supply chain.  But as it's unregulated, there's a lot more room for abuse.  If F1 teams only dealt with companies and persons above reproach it would be fine, but ... that's not F1 is it?  Like Rich Energy, Crypto companies are using F1 to buy an air of legitimacy.  I have no idea if Bybit is a reputable company or not, but as long as people are dumping cash into it, I don't think Red Bull cares.

[rmassart]

The best description I've heard of Blockchain is that it's a solution looking for a problem. There doesn't seem to be a problem it actually solves better than other solutions.

As for government control, this seems to be the selling point, but it doesn't mean no one is in control of the blockchain. Personally I would prefer my money supply being regulated by an elected government rather than some unaccountable white tech bros.