Editorial: Staples Center’s New Name Perfect for the Crypto Age
So let’s get it straight. Staples Center’s new name is going to be Crypto.com Arena? Well, that’s just perfect. The word “crypto” means hidden or secret, but it also has “fake” or at least “questionable” connotations. It’s a crypto world and pretty much everything an era of crypto, so why not just throw in the towel and recognize it?
In case you were just catching up, the Singapore-based bureau de change recently bought the naming rights to the downtown Los Angeles arena known for a few weeks as the Staples Center, named after the office supplies company that held the previous naming rights. Crypto.com reportedly paid $ 700 million in old-fashioned very real money to rename the arena to promote its cryptocurrency buying and trading services like Bitcoin, Ethereum, Dogecoin, etc.
So, is cryptocurrency real money? Of course, if you and enough other people believe it. No need for cumbersome institutions like banks or currencies or treasury departments. A willing buyer and seller agree on a crypto unit price for a good or service – or a video game price, or something crypto – and you find an online crypto arena to do your trading. This is not wrong, it is just hidden – from anyone other than the parties to the transaction.
Heavy institutions are not doing well these days. Take democracy, for example. Many Americans believe that there is a crypto government – a “deep state” – that is in fact pulling the strings that make an illusory republic work.
But crypto doesn’t just mean âhiddenâ. Consider, for example, “cryptozoology,” which to real institutionalized scientists means a pseudo-scientific pseudo-study of pseudo-creatures like the Lock Ness and Bigfoot monster. But there are cryptozoologists who passionately believe that they are pursuing a truth that all those stuffy people in their white lab coats are covering up for their own purposes. Do these creatures really exist? If enough people believe they are doing it, who can say they are not?
Did Joe Biden win the 2020 presidential election? Of course, if you say so. But if you say he didn’t, damn facts (what are âfactsâ?), Then maybe he didn’t. For you. In this age of crypto, you have followed the crypto-election – the one in which Donald Trump won a second term.
It may not be such a big leap from this belief to the belief that Democrats and Hollywood elites kidnap and scare children in order to harvest and ingest their blood. This is crypto truth – crypto in the sense that it is hidden from most of us – and also in the sense that it is utter nonsense.
So why not crypto arenas? A virtual one in which people exchange their cryptocurrency, and another, made of concrete and steel, in which real Lakers, Clippers, Sparks and Kings play games on which real fans bet real money and cryptocurrency? âCrypto.com Arenaâ doesn’t exactly come out of the tongue, however. So, Los Angeles, get ready to spend real money on tickets to games in what will surely become known as âThe Cryptâ. Forever. Or at least until the next company pays a lot of money to rename the rights.