Legend has it, 1977 was the first time the now infamous term 'the Mickey Mouse cup' was coined.
Liverpool supporters - with their all-conquering side chasing a European treble - used it to disparage the achievements of their Merseyside neighbours Everton, who had just reached their first League Cup final.
Fast forward to 2015 and much has changed across the landscape of English football, not least the competition and its ever-changing sponsors.
Winning it eight times and reaching 11 finals, Liverpool have been more successful than any other club in the League Cup, since a replay defeat in the 1978 final against Nottingham Forest whet their appetites.
Now, they again find themselves in a good position to potentially extend both those records in the coming months - with only three other teams, plus their quarter-finals rivals, remaining.
Should Liverpool negotiate their way through a tricky away tie against Southampton at St Mary's on Wednesday night - they will reach the semi-finals for a 15th time, and find themselves only two games away from another showpiece Wembley final - what would be their first since May 2012.
But though Jürgen Klopp finds himself only 270 minutes away from the final of a cup competition just a few months after walking through the doors at Anfield, many have questioned whether a run in the Capital One Cup would even be worth it.
It seems strange, with Liverpool so close to the final, to ask whether potentially winning silverware would be worthwhile - but in an era in which the league, and qualification for the UEFA Champions League, is heavily prioritised over everything else - it's not all that surprising.
Even more so in the specific case of Liverpool. Klopp's squad is already hampered by injuries and players lacking match sharpness, meaning the German is likely to have to hand yet more game-time to players such as Nathaniel Clyne, Alberto Moreno and Emre Can - who have already played extensively across the Reds' four competitions this season.
More matches, more problems?
If Liverpool can beat Southampton, who finished only two points below them in the league table last season, then they face another two games in an already-packed January - making it eight games in the first month of 2016 alone, provided they can progress past the third round of the FA Cup.
Such a taxing schedule, only a month after playing seven games in quick succession in December, risks more tired legs and in turn more injuries, which all inevitably takes its toll on their form in the league and in Europe. With Klopp having already had to cope without a number of key figures, more issues is the last thing he and his side need.
And with the Premier League so competitive this term, perfectly demonstrated by the fact Liverpool sit six points off 1st despite all their troubles, there is further feeling that the biggest prize of them all should be the sole focus of their attentions - largely because a title challenge is far from out of the question.
Add to that the poor reputation which the League Cup receives, the 'Mickey Mouse cup' tag still very much sticking almost 40 years on from its creation, and the competition all seems rather unappealing - particularly given the lack of financial incentive - with the winners receiving just £100,000 - compared to the £2 million available to the winners of the FA Cup.
It seems then, by most accounts, that the Capital One Cup is arguably the least alluring piece of silverware on offer, because it doesn't offer that much in reward financially, whilst it's not particularly viewed as the best prize on offer to the Reds.
Liverpool cannot afford to take League Cup for granted
But there are of course a multitude of reasons as to why Liverpool should look to go all out and win the competition.
First and foremost, the Reds are only three games from a final and a further 90 minutes (or 120 should extra-time and penalties be required) from a trophy - which would be a first since 2011-12 under Kenny Dalglish.
For a club as historically successful as Liverpool, trophies are always going to be of monumental importance - even though a top-four finish is at the top of the agenda nowadays - regardless of how insignificant the League Cup might be to some.
At the same time, a trophy for Klopp - so early on in his tenure - would lift a massive weight off of the manager's shoulders. His predecessor, Brendan Rodgers, found himself under growing pressure after last season's FA Cup semi-final loss meant he became the first boss since the 1950s not to win a trophy in his first three years in charge.
Silverware would also greatly ehance the winning mentality which both the players and the manager have preached about wanting since Klopp's appointment in early October.
A relatively inexperienced and young squad, few have tasted substantial success - James Milner and Kolo Touré aside - and the impact a trophy could have on them and their confidence going into the future cannot be downplayed.
The avalanches of success and trophies enjoyed by Chelsea and Manchester City in recent years for example, under José Mourinho in his first spell at Stamford Bridge and Roberto Mancini at the Etihad a few years ago, were kicked off by triumphs in the cups.
Whilst there's no guarantee Klopp is to bring wave-after-wave of trophies - there's no doubting that a League Cup would go some way to indicating promise for the next few years, even more so considering he hasn't had a chance to sign any of his choice players and build a team of his own.
Reds capable of going on to win the competition
Adding to that a quick glance at the teams remaining in the competition and it's fair to say Liverpool are amongst the favourites - and the best teams - left. Though league leaders City are one of the other three teams, Klopp and co. would realistically expect to beat either Everton or Stoke City over two legs in the next round.
Barring a slip-up against Southampton - which the Reds will likely avoid if they go near to full-strength - they are well in the running to go on and win the competition, so why shouldn't they have a proper go at doing so?
After the bitter disappointments of semi-final defeats to Chelsea and Aston Villa in the two cups last season, going one further this time around could be exactly the step Klopp and Liverpool need to take on what has so far promised to be a long and successful journey under his management.
Viewing this competition as the "ugly sister" of the FA Cup is an viewpoint Liverpool fans can ill-afford to adopt, given the lack of regular silverware to marvel at over the last decade.
And having quickly transformed the attitude towards the UEFA Europa League since coming in, Klopp will be looking to ensure the Capital One Cup goes up in the estimations of supporters too - because it's a cup they could, and should, look to win.