NFL Star Richard Sherman Wants to Tell You What’s Wrong With Cryptocurrency
“They charge you out the yin-yang.”
Here are two things you don’t always think of together: NFL stars and cryptocurrency. Mainly because it’s hard to believe that it’s something that comes up in practice or locker rooms.
Of course Seattle Seahawks Pro Bowl cornerback Richard Sherman isn’t your average NFL player. He graduated from Stanford with a communications degree and has done work toward a master’s. He is tuned in to the world outside drills and workouts.
One thing Sherman is into is cryptocurrency. He’s been all about it since 2014, when his website began accepting Bitcoin. Sherman has some pretty strong, detailed opinions about digital currency. He shared some of his thoughts with Time’s Money blog.
Sherman has a crypto philosophy, he said. He told Money it’s all about “[knowing] when to sell, knowing when to sit, knowing when to huddle.”
His main issue with crypto is pretty practical—he’s got a problem with trading fees, the various charges accrued for the opportunity to transfer coins. They supposedly support the ability to maintain the decentralized and anonymous nature of the currency.
Sherman noted that every trade requires a fee and told Money that’s “skimming off the top.”
He continued: “A lot of people don’t realize until you make 10 transactions in a day. You’re like ‘Why am I $200, $300, $400 less?'”
“They charge you out the yin-yang,” Sherman said, “and it limits what you thought you’d be able to do. You don’t want to do that many transactions because you’ll get hit over the head.”
As Money reports, Sherman is not alone in having some sharp opinions. He’s apparently as cautious as the likes of Mark Cuban, who isn’t ready to say everyday (non-billionaire) investors should mess with cryptocurrencies.
Sherman is definitely into crypto for the long run, no matter his issues with it. Money reports he’s a spokesman for Cobinhood, a fee-free exchange, and keeps up-to-date reading various articles and Medium stories about it.
He did say he’s not about to end up liable for anyone else’s losses to the amorphous digital money. “I have a hard enough time dealing with my finances,” he said.
So don’t tweet at Sherman for the Bitcoin hookup. Sounds like he’s got better things to do.