What is the point of using blockchain in a game if not for Crypto and NFTs?
Blockchain is just a way to store Data, its just a new type of data storage. Its more secure as you would need to compromise all computers in different locations at once to change the data. Crypto currency uses Blockchain because of this.
In a game that uses Blockchain but not crypto, would use it to store who owns what. This is where the term Crypto-games is a negative thing. Its called Blockchain Games, as not all Blockchain games have crypto.
Also many games that have Crypto, you can buy it at 1-4 cents per crypto. It works out cheaper then games with sub or B2P. With these games, if they gonna scam you, its for 2-5 bucks in these cases.
What is the point of using blockchain in a game if not for Crypto and NFTs?
Blockchain is just a way to store Data, its just a new type of data storage. Its more secure as you would need to compromise all computers in different locations at once to change the data. Crypto currency uses Blockchain because of this.
In a game that uses Blockchain but not crypto, would use it to store who owns what. This is where the term Crypto-games is a negative thing. Its called Blockchain Games, as not all Blockchain games have crypto.
Also many games that have Crypto, you can buy it at 1-4 cents per crypto. It works out cheaper then games with sub or B2P. With these games, if they gonna scam you, its for 2-5 bucks in these cases.
But, it's not a "new" form of data storage. It's been around since the 90s. It's only now that people are using it in video games, and only as crypto and NFTs are becoming more and more popular.
If you put two and two together you can see there's only one reason to use it.
Not really. It's probably been about 10 or so years that it's become useful and that's predominately as a ledger. But the use in gaming is more than just crypto and NFTs. Some games are using it as a functional structure of a game. Where you play it and even create branches of it on chain. The idea is that the game is decentralized and survives as long as people are playing it, without the need for traditional servers.
There's a lot that can be done, but the aspect of earning is much more popular than proof of concept designs in gaming. The stuff that survives will be what's widely accepted, and making money is at the forefront of that.
What is the point of using blockchain in a game if not for Crypto and NFTs?
Blockchain is just a way to store Data, its just a new type of data storage. Its more secure as you would need to compromise all computers in different locations at once to change the data. Crypto currency uses Blockchain because of this.
In a game that uses Blockchain but not crypto, would use it to store who owns what. This is where the term Crypto-games is a negative thing. Its called Blockchain Games, as not all Blockchain games have crypto.
Also many games that have Crypto, you can buy it at 1-4 cents per crypto. It works out cheaper then games with sub or B2P. With these games, if they gonna scam you, its for 2-5 bucks in these cases.
But, it's not a "new" form of data storage. It's been around since the 90s. It's only now that people are using it in video games, and only as crypto and NFTs are becoming more and more popular.
If you put two and two together you can see there's only one reason to use it.
It differs from a typical database in the way it stores information; blockchains store data in blocks that are then chained together.
As new data comes in it is entered into a fresh block. Once the block is filled with data it is chained onto the previous block, which makes the data chained together in chronological order.
Different types of information can be stored on a blockchain but the most common use so far has been as a ledger for transactions.
In Bitcoin’s case, blockchain is used in a decentralized way so that no single person or group has control—rather, all users collectively retain control.
Decentralized blockchains are immutable, which means that the data entered is irreversible. For Bitcoin, this means that transactions are permanently recorded and viewable to anyone.
There is Blockchain Games that are 100% F2P and have no Crypto. This may blow your mind but Blockchain Game does not always mean a way to make money. Some Blochain games use RL money to make money and dont even have any Crypto. Why the term Cyrpto-gaming is misleading.
What is the point of using blockchain in a game if not for Crypto and NFTs?
Blockchain is just a way to store Data, its just a new type of data storage. Its more secure as you would need to compromise all computers in different locations at once to change the data. Crypto currency uses Blockchain because of this.
In a game that uses Blockchain but not crypto, would use it to store who owns what. This is where the term Crypto-games is a negative thing. Its called Blockchain Games, as not all Blockchain games have crypto.
Also many games that have Crypto, you can buy it at 1-4 cents per crypto. It works out cheaper then games with sub or B2P. With these games, if they gonna scam you, its for 2-5 bucks in these cases.
But, it's not a "new" form of data storage. It's been around since the 90s. It's only now that people are using it in video games, and only as crypto and NFTs are becoming more and more popular.
If you put two and two together you can see there's only one reason to use it.
Not really. It's probably been about 10 or so years that it's become useful and that's predominately as a ledger. But the use in gaming is more than just crypto and NFTs. Some games are using it as a functional structure of a game. Where you play it and even create branches of it on chain. The idea is that the game is decentralized and survives as long as people are playing it, without the need for traditional servers.
There's a lot that can be done, but the aspect of earning is much more popular than proof of concept designs in gaming. The stuff that survives will be what's widely accepted, and making money is at the forefront of that.
Was 1998 is become more then a vision. 2008 is when it started to be used. Its gown and is moving past e-commerce and making head way over the past few years into other industries, like now for gaming.
The way I read your post, you are basically describing a speculative market and presenting it as a fundamental problem.
Negative sum game - what you describe here is like any other speculative market. You enter the market by buying some assets speculating that they will appreciate in price which means nothing else than that in the future, someone else will be willing to pay a higher price for them. You go in with certain risk hoping for a reward. The player who is then buying the asset off you is doing exactly the same thing just later and with a higher price tag. This does not mean that if the speculative assets keeps going up, they cannot make money off it as well. And then another person after them.
For each person that makes a salary...it's going to take an awful lot of people paying into the system - if you buy a piece of land in this kind of game for say 1000 USD speculating that it will go up in price, it takes exactly one person who is willing to pay 100 000 USD for it a year later for you to make a close to six figure profit. That person is speculating that someone else will buy it off them for a millie a year later and so on.
Handful of players making money - why would they be handful...you do not know whether the ingame assets will be going up in price or not. If they dont, then yea...someone speculated and lost money. They better evaluated the risks and only speculated with money they could afford to lose. However, if they go up long term, many people can make money off them. Its just like any other speculative market. Someone buys a piece of gold for 1 buck and sells it for 10 bucks to another person after some time, that person then sells it to another person for 100 bucks, etc. etc...and there are many people who actually made money on that asset. Dont see why this should be any different.
....then the price collapses before they sell - price of assets goes up and down...if it goes down before you sell, keep holding and wait for the price to recover. No assets only go up in price. If it doesnt, you held for too long...you speculated and lost...just like you would in any other asset class. People who speculated on copper in 1980 waited 7 years to get back to green numbers. The rule is buy low and sell high. It is a simple rule, but hard to follow for humans because it goes against their nature. This is where learning market cycles come in handy.
If I'm looking for a fun game to play and am instead presented with a speculative market without any interesting underlying game attached, then yeah, that's a problem. That's definitely not what I'm looking for.
People have long tried to argue that loot boxes aren't really gambling because you don't win money from the game. You get a random item that stays inside the game, and your money is gone regardless. Maybe you buy that argument or maybe not.
But you can't make that same argument with the new cryptogames. They're pretty explicit about making the case that you pay money now in hopes of getting more money back later. That's very much a casino. Or perhaps worse than a casino, as Vegas will give you better odds.
I'm not against the existence of commodity markets. There is only so much copper, gold, oil, and so forth available at any given moment, and it's expensive to go get more. How to distribute them between the people who want them is a challenge, and commodity markets answer it pretty well--including allowing people to buy things now in anticipation of higher demand later.
But there's a fundamental difference between commodity markets in things that have some fundamental uses that are intrinsic to the nature of the universe, versus speculative markets in things whose primary reason for existence is so that people can have something to speculate on.
Yes, yes, I'm keenly aware of the theory that goods don't have intrinsic value, and everything is worth what its purchaser will pay for it. But a lot of goods do have intrinsic uses, and that makes a huge difference. Gold is an excellent conductor and highly resistant to corrosion. That makes it highly valued in everything from jewelry to electronics, and there would be a lot more things that would get used for it if were cheaper. Even a lot of goods that we don't value much because they're so abundant still have intrinsic uses.
NFTs in online games don't have any such intrinsic uses. A game creates an NFT and then creates a game to give it some use inside of the game, but if the game closes, or simply makes the NFT incompatible with the game, then it has no further use.
I was without doubt the first on this site to go apeshit about lootboxes, specifically GW2 blacklion chest a couple months after launch during the holloween event.
You are not gambling at all if you buy into a game and enjoy it. You are reaching. If it goes up cool, if it goes down buy more stuffs that's the gamers mindset.
Change a word or two here and there and this thread could pass for a necro from the days when F2P was new and one or two here were praising it as the best thing since sliced bread.
"Social media gives legions of idiots the right to speak when they once only spoke at a bar after a glass of wine, without harming the community ... but now they have the same right to speak as a Nobel Prize winner. It's the invasion of the idiots”
― Umberto Eco
“Microtransactions? In a single player role-playing game? Are you nuts?” ― CD PROJEKT RED
Change a word or two here and there and this thread could pass for a necro from the days when F2P was new and one or two here were praising it as the best thing since sliced bread.
I think this will be the same as F2P games. Some bad and some good. Some designed to take advantage of gamers and others just trying to make an honest buck.
....you need to have a whole lot of people willing to pay money into the game because they think the game is fun, and without expecting to take any money out of it - this is not factually accurate, in my opinion. You do not need a whole lot of people who dont expect to take money out. You just need couple of bulls who believe the price of the assets keeps going up...just like in any other speculative market. Anyone who is buying gold for 57 thousand bucks / kg today from someone who bought the same amount for a thousand a long time ago is doing it because they expect that it will continue appreciating in time. I expect the same from trading these ingame assets.
Some people might get lucky, but you probably won't be one of them, in roughly the sense that someone will win the lottery, but not you - I think a parallel with speculative market is a more fitting one than lottery. Its just about playing the market...early entrants take more risk, but are usually rewarded more should their speculation prove to be a good one. Either enter at the beginning or wait how the market develops and enter later taking less risk, but going after lower rewards.
I'd strongly advise staying far away from such "games". Even if you see other people making money off of the games, by the time you see it, it's probably too late to get in and be one of the early adopters who makes good money - this is what people been saying about crypto in general for a decade now...to stay away from it...meanwhile there are millions of people around the globe retiring early just because they were willing to take some risk and speculate understanding the risks involved. Instead of staying away, people should only speculate with money they can afford to lose and mindful of the risks.
by the time you see it, it's probably too late - does this apply to other speculative assets as well? People been speculating in gold for how long. Is it too late to jump in now? or is there a chance that it will keep going up long term. I would bet on the latter. The assets in these games may be the same. You can buy a piece of land for 10k in a year from someone who bought it now for 1k only to sell it for half a mil 3 years from now.
TLDR - There is no fundamental problem. It is just like any other speculative market. Assess the risks and rewards and invest your money responsibly and you will be fine.
Just like some people make money off of Ponzi schemes. That doesn't mean it's a good idea to put money into them. It doesn't mean it's a real investment. Taking longer to collapse than most doesn't turn it into a good investment. Bernie Madoff's investments lasted 48 years before collapsing, though it it may have been completely legal for a while, and isn't entirely clear when it turned into a Ponzi scheme.
All mined cryptocurrencies are eventually going to lose their value. It's not a question of if, but when. And the more value people thought they had in those cryptocurrencies, the more that people are going to be hurt by it. So long as people realize that they're gambling with money that they wouldn't be particularly hurt by losing, it's no worse than going to a casino. But encouraging people to treat it like a real investment is dishonest and destructive.
It's not a matter of examining and understanding the risks. Game NFTs, as with mined cryptocurrencies, are fundamentally irrational markets. Maybe you can predict that the value of gold or oil will go up or down as major uses of them become more or less important, or as new methods of obtaining them become available or old ones are exhausted. But there isn't anything analogous to that for irrational markets such as mined cryptocurrencies. All that you have to base your guesses on is what you think other people will guess as to their value at some point in the future, and they won't have anything more than that to base their guesses on, either.
Quiz at this point I'm not sure if it's a lack of understanding why crypto currencies... or a underlying fear that your world is changing. A refusal to come to grips with being behind. AMD is cool glad you caught that bus. You are missing this one though and your knowledgeable stature is in peril.
You will look back on these post a couple years from now and be embarrassed.
....you need to have a whole lot of people willing to pay money into the game because they think the game is fun, and without expecting to take any money out of it - this is not factually accurate, in my opinion. You do not need a whole lot of people who dont expect to take money out. You just need couple of bulls who believe the price of the assets keeps going up...just like in any other speculative market. Anyone who is buying gold for 57 thousand bucks / kg today from someone who bought the same amount for a thousand a long time ago is doing it because they expect that it will continue appreciating in time. I expect the same from trading these ingame assets.
Some people might get lucky, but you probably won't be one of them, in roughly the sense that someone will win the lottery, but not you - I think a parallel with speculative market is a more fitting one than lottery. Its just about playing the market...early entrants take more risk, but are usually rewarded more should their speculation prove to be a good one. Either enter at the beginning or wait how the market develops and enter later taking less risk, but going after lower rewards.
I'd strongly advise staying far away from such "games". Even if you see other people making money off of the games, by the time you see it, it's probably too late to get in and be one of the early adopters who makes good money - this is what people been saying about crypto in general for a decade now...to stay away from it...meanwhile there are millions of people around the globe retiring early just because they were willing to take some risk and speculate understanding the risks involved. Instead of staying away, people should only speculate with money they can afford to lose and mindful of the risks.
by the time you see it, it's probably too late - does this apply to other speculative assets as well? People been speculating in gold for how long. Is it too late to jump in now? or is there a chance that it will keep going up long term. I would bet on the latter. The assets in these games may be the same. You can buy a piece of land for 10k in a year from someone who bought it now for 1k only to sell it for half a mil 3 years from now.
TLDR - There is no fundamental problem. It is just like any other speculative market. Assess the risks and rewards and invest your money responsibly and you will be fine.
Just like some people make money off of Ponzi schemes. That doesn't mean it's a good idea to put money into them. It doesn't mean it's a real investment. Taking longer to collapse than most doesn't turn it into a good investment. Bernie Madoff's investments lasted 48 years before collapsing, though it it may have been completely legal for a while, and isn't entirely clear when it turned into a Ponzi scheme.
All mined cryptocurrencies are eventually going to lose their value. It's not a question of if, but when. And the more value people thought they had in those cryptocurrencies, the more that people are going to be hurt by it. So long as people realize that they're gambling with money that they wouldn't be particularly hurt by losing, it's no worse than going to a casino. But encouraging people to treat it like a real investment is dishonest and destructive.
It's not a matter of examining and understanding the risks. Game NFTs, as with mined cryptocurrencies, are fundamentally irrational markets. Maybe you can predict that the value of gold or oil will go up or down as major uses of them become more or less important, or as new methods of obtaining them become available or old ones are exhausted. But there isn't anything analogous to that for irrational markets such as mined cryptocurrencies. All that you have to base your guesses on is what you think other people will guess as to their value at some point in the future, and they won't have anything more than that to base their guesses on, either.
Quiz at this point I'm not sure if it's a lack of understanding why crypto currencies... or a underlying fear that your world is changing. A refusal to come to grips with being behind. AMD is cool glad you caught that bus. You are missing this one though and your knowledgeable stature is in peril.
You will look back on these post a couple years from now and be embarrassed.
Well if so he'll be in good company as the CEO of the firm I work for also thinks Cryptocurrency is a bad bet over the long term and he's more often right than wrong when it comes to matters of making money.
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
....you need to have a whole lot of people willing to pay money into the game because they think the game is fun, and without expecting to take any money out of it - this is not factually accurate, in my opinion. You do not need a whole lot of people who dont expect to take money out. You just need couple of bulls who believe the price of the assets keeps going up...just like in any other speculative market. Anyone who is buying gold for 57 thousand bucks / kg today from someone who bought the same amount for a thousand a long time ago is doing it because they expect that it will continue appreciating in time. I expect the same from trading these ingame assets.
Some people might get lucky, but you probably won't be one of them, in roughly the sense that someone will win the lottery, but not you - I think a parallel with speculative market is a more fitting one than lottery. Its just about playing the market...early entrants take more risk, but are usually rewarded more should their speculation prove to be a good one. Either enter at the beginning or wait how the market develops and enter later taking less risk, but going after lower rewards.
I'd strongly advise staying far away from such "games". Even if you see other people making money off of the games, by the time you see it, it's probably too late to get in and be one of the early adopters who makes good money - this is what people been saying about crypto in general for a decade now...to stay away from it...meanwhile there are millions of people around the globe retiring early just because they were willing to take some risk and speculate understanding the risks involved. Instead of staying away, people should only speculate with money they can afford to lose and mindful of the risks.
by the time you see it, it's probably too late - does this apply to other speculative assets as well? People been speculating in gold for how long. Is it too late to jump in now? or is there a chance that it will keep going up long term. I would bet on the latter. The assets in these games may be the same. You can buy a piece of land for 10k in a year from someone who bought it now for 1k only to sell it for half a mil 3 years from now.
TLDR - There is no fundamental problem. It is just like any other speculative market. Assess the risks and rewards and invest your money responsibly and you will be fine.
Just like some people make money off of Ponzi schemes. That doesn't mean it's a good idea to put money into them. It doesn't mean it's a real investment. Taking longer to collapse than most doesn't turn it into a good investment. Bernie Madoff's investments lasted 48 years before collapsing, though it it may have been completely legal for a while, and isn't entirely clear when it turned into a Ponzi scheme.
All mined cryptocurrencies are eventually going to lose their value. It's not a question of if, but when. And the more value people thought they had in those cryptocurrencies, the more that people are going to be hurt by it. So long as people realize that they're gambling with money that they wouldn't be particularly hurt by losing, it's no worse than going to a casino. But encouraging people to treat it like a real investment is dishonest and destructive.
It's not a matter of examining and understanding the risks. Game NFTs, as with mined cryptocurrencies, are fundamentally irrational markets. Maybe you can predict that the value of gold or oil will go up or down as major uses of them become more or less important, or as new methods of obtaining them become available or old ones are exhausted. But there isn't anything analogous to that for irrational markets such as mined cryptocurrencies. All that you have to base your guesses on is what you think other people will guess as to their value at some point in the future, and they won't have anything more than that to base their guesses on, either.
Quiz at this point I'm not sure if it's a lack of understanding why crypto currencies... or a underlying fear that your world is changing. A refusal to come to grips with being behind. AMD is cool glad you caught that bus. You are missing this one though and your knowledgeable stature is in peril.
You will look back on these post a couple years from now and be embarrassed.
Well if so he'll be in good company as the CEO of the firm I work for also thinks Cryptocurrency is a bad bet over the long term and he's more often right than wrong when it comes to matters of making money.
When Elon Musk can make a tweet that makes a Crypto currency fluctuate by allot up or down. That does not speak well to stability. Also the fact, anyone can just start their own Crypto currency because they feel like it, kind of speaks to the long term legitimacy of it.
....you need to have a whole lot of people willing to pay money into the game because they think the game is fun, and without expecting to take any money out of it - this is not factually accurate, in my opinion. You do not need a whole lot of people who dont expect to take money out. You just need couple of bulls who believe the price of the assets keeps going up...just like in any other speculative market. Anyone who is buying gold for 57 thousand bucks / kg today from someone who bought the same amount for a thousand a long time ago is doing it because they expect that it will continue appreciating in time. I expect the same from trading these ingame assets.
Some people might get lucky, but you probably won't be one of them, in roughly the sense that someone will win the lottery, but not you - I think a parallel with speculative market is a more fitting one than lottery. Its just about playing the market...early entrants take more risk, but are usually rewarded more should their speculation prove to be a good one. Either enter at the beginning or wait how the market develops and enter later taking less risk, but going after lower rewards.
I'd strongly advise staying far away from such "games". Even if you see other people making money off of the games, by the time you see it, it's probably too late to get in and be one of the early adopters who makes good money - this is what people been saying about crypto in general for a decade now...to stay away from it...meanwhile there are millions of people around the globe retiring early just because they were willing to take some risk and speculate understanding the risks involved. Instead of staying away, people should only speculate with money they can afford to lose and mindful of the risks.
by the time you see it, it's probably too late - does this apply to other speculative assets as well? People been speculating in gold for how long. Is it too late to jump in now? or is there a chance that it will keep going up long term. I would bet on the latter. The assets in these games may be the same. You can buy a piece of land for 10k in a year from someone who bought it now for 1k only to sell it for half a mil 3 years from now.
TLDR - There is no fundamental problem. It is just like any other speculative market. Assess the risks and rewards and invest your money responsibly and you will be fine.
Just like some people make money off of Ponzi schemes. That doesn't mean it's a good idea to put money into them. It doesn't mean it's a real investment. Taking longer to collapse than most doesn't turn it into a good investment. Bernie Madoff's investments lasted 48 years before collapsing, though it it may have been completely legal for a while, and isn't entirely clear when it turned into a Ponzi scheme.
All mined cryptocurrencies are eventually going to lose their value. It's not a question of if, but when. And the more value people thought they had in those cryptocurrencies, the more that people are going to be hurt by it. So long as people realize that they're gambling with money that they wouldn't be particularly hurt by losing, it's no worse than going to a casino. But encouraging people to treat it like a real investment is dishonest and destructive.
It's not a matter of examining and understanding the risks. Game NFTs, as with mined cryptocurrencies, are fundamentally irrational markets. Maybe you can predict that the value of gold or oil will go up or down as major uses of them become more or less important, or as new methods of obtaining them become available or old ones are exhausted. But there isn't anything analogous to that for irrational markets such as mined cryptocurrencies. All that you have to base your guesses on is what you think other people will guess as to their value at some point in the future, and they won't have anything more than that to base their guesses on, either.
Quiz at this point I'm not sure if it's a lack of understanding why crypto currencies... or a underlying fear that your world is changing. A refusal to come to grips with being behind. AMD is cool glad you caught that bus. You are missing this one though and your knowledgeable stature is in peril.
You will look back on these post a couple years from now and be embarrassed.
Well if so he'll be in good company as the CEO of the firm I work for also thinks Cryptocurrency is a bad bet over the long term and he's more often right than wrong when it comes to matters of making money.
The guy you work for is farming you that's why he's the CEO. I bet he talks a lot about "team" too huh? - draft animals yoked together
I respect you bruh becaue of your wit and age. The world has changed though.
What is the point of using blockchain in a game if not for Crypto and NFTs?
The point would be to support gaming features blockchain would enhance, which needn't involve genuine transfer of ownership of the asset to players.
For example, a lock could keep track of how many times a particular person tries to pick it. Perhaps it would give a small accumulating bonus with failed attempts, simulating increasing familiarity with the lock.
That bonus would be "remembered" by the lock should that person give up and then return later to try again. It would also remain if that lock was removed from one container and put on another, as the person would still be familiar with the mechanism inside it regardless.
If too many became overly familiar with the lock it may lose it's protective value and need to be replaced with a new one.
What is the point of using blockchain in a game if not for Crypto and NFTs?
The point would be to support gaming features blockchain would enhance, which needn't involve genuine transfer of ownership of the asset to players.
For example, a lock could keep track of how many times a particular person tries to pick it. Perhaps it would give a small accumulating bonus with failed attempts, simulating increasing familiarity with the lock.
That bonus would be "remembered" by the lock should that person give up and then return later to try again. It would also remain if that lock was removed from one container and put on another, as the person would still be familiar with the mechanism inside it regardless.
If too many became overly familiar with the lock it may lose it's protective value and need to be replaced with a new one.
So many metrics are being tracked behind the scenes in video games, especially MMOs. This could easily be done without a blockchain database structure.
One difference with block chain is the players keep ownership of the assets. I heard people talking about a virtual game where people can own virtual lands. That give the players more control of the game because the player is the owner of the assets instead of the game studio.
The thing with crypto game now is I just don't see the point of using crypto. For example in many games you need to use crypto currency to buy virtual assets. But why use crypto other than gimic. You can just use USD instead of crypto currency.
....you need to have a whole lot of people willing to pay money into the game because they think the game is fun, and without expecting to take any money out of it - this is not factually accurate, in my opinion. You do not need a whole lot of people who dont expect to take money out. You just need couple of bulls who believe the price of the assets keeps going up...just like in any other speculative market. Anyone who is buying gold for 57 thousand bucks / kg today from someone who bought the same amount for a thousand a long time ago is doing it because they expect that it will continue appreciating in time. I expect the same from trading these ingame assets.
Some people might get lucky, but you probably won't be one of them, in roughly the sense that someone will win the lottery, but not you - I think a parallel with speculative market is a more fitting one than lottery. Its just about playing the market...early entrants take more risk, but are usually rewarded more should their speculation prove to be a good one. Either enter at the beginning or wait how the market develops and enter later taking less risk, but going after lower rewards.
I'd strongly advise staying far away from such "games". Even if you see other people making money off of the games, by the time you see it, it's probably too late to get in and be one of the early adopters who makes good money - this is what people been saying about crypto in general for a decade now...to stay away from it...meanwhile there are millions of people around the globe retiring early just because they were willing to take some risk and speculate understanding the risks involved. Instead of staying away, people should only speculate with money they can afford to lose and mindful of the risks.
by the time you see it, it's probably too late - does this apply to other speculative assets as well? People been speculating in gold for how long. Is it too late to jump in now? or is there a chance that it will keep going up long term. I would bet on the latter. The assets in these games may be the same. You can buy a piece of land for 10k in a year from someone who bought it now for 1k only to sell it for half a mil 3 years from now.
TLDR - There is no fundamental problem. It is just like any other speculative market. Assess the risks and rewards and invest your money responsibly and you will be fine.
Just like some people make money off of Ponzi schemes. That doesn't mean it's a good idea to put money into them. It doesn't mean it's a real investment. Taking longer to collapse than most doesn't turn it into a good investment. Bernie Madoff's investments lasted 48 years before collapsing, though it it may have been completely legal for a while, and isn't entirely clear when it turned into a Ponzi scheme.
All mined cryptocurrencies are eventually going to lose their value. It's not a question of if, but when. And the more value people thought they had in those cryptocurrencies, the more that people are going to be hurt by it. So long as people realize that they're gambling with money that they wouldn't be particularly hurt by losing, it's no worse than going to a casino. But encouraging people to treat it like a real investment is dishonest and destructive.
It's not a matter of examining and understanding the risks. Game NFTs, as with mined cryptocurrencies, are fundamentally irrational markets. Maybe you can predict that the value of gold or oil will go up or down as major uses of them become more or less important, or as new methods of obtaining them become available or old ones are exhausted. But there isn't anything analogous to that for irrational markets such as mined cryptocurrencies. All that you have to base your guesses on is what you think other people will guess as to their value at some point in the future, and they won't have anything more than that to base their guesses on, either.
I actually think all crypto currency "is" a ponzi scheme. Meaning some people just write piece of code. Try to hype and popularize fake money so they can become rich.
But the thing is when successful, meaning the fake money get circulated and used... Those crypto will retain it's value. It's kind of like card collection. It's just some art printing on a piece of paper, but you have yu gi oh or pokemon card which sell for ridiculous amount of money.
I saw people keep creating new crypto and try to hype and dump on people. The save the kid token is an example.
All crypto currency is a ponzi scheme...jesus effin christ...why do I even bother.
What backs up the value of crypto?
Money traditionally is tied directly to a hard asset. For example, in the USA (back in the day) a dollar was backed by about an once of 90% silver. You could take that coin anywhere and it would always have some value.
When the backer of the money falls on hard times the money loses its value - ask people in any country where the paper money lost all of its value. One day a single dollar buys a loaf of bread and suddenly the next day 1,000 dollars buys a loaf of bread. The backer of the dollar failed and the paper is only worth paper.
That doesn't happen with hard assets - the bread, oddly enough, retains its value.
Crypto isn't backed by anything at all and it has no inherent value (other than the gee-whiz) factor.
It isn't that people cannot use crypto - or even make bank on it (early adopters, scammers, lucky) - it is just obviously a ponzi scheme built on nothing more than ignorance and greed.
You can make money, because people are pumping money in, its their money you can make. But if an individual CC falters it could become worthless.
Not only this but the CC MMOs work in a similar fashion to the CC casino games, they tempt you with the idea you need to put more money in to get money out.
Not making enough of a return on your land investment? Buy this to help out! What you find is that the economy is many tiered and complex, you need to have assets at every stage to "really make some money", so you keep pumping up your "investment". This is not dissimilar to the way casino games work, play more and this time you will win.
Maybe you will make small amounts initially, but think about how much time you are putting in to do that. Is that comparable to a part time job, or if that's not a consideration even just worth the time you are putting in?
"Of crypto"...which crypto of the nine thousand assets there are are you talking about?
"Crypto isn't backed by anything at all and it has no inherent value" - you researched all nine thousand digital assets in existence and after completing this research, you confidently state this?
If not all nine thousand, which specific assets have you done your research on?
You keep tossing that figure of 9K pretty freely, do you have a link for that?
My guess is no, but here's an article which explains why no one really can agree on how many cryptocurrencies exist at any given moment.
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
All I am trying to do here is to provide an argument showing that all crypto is not ponzi as some of you claim here.
I gave you guys a decent explanation of one particular blockchain involving two crypto coins above which, in my opinion, demonstrates that they are not a ponzi, but rather assets which have value driven by their use case.
There are quite a few more assets like this in the crypto space. As I said above, I believe that about 8950 out of those 9000 are ponzi. However, then there are those 50...or 30...or 20...or whatever number which have use cases and which are being used right now in real world production that drive value into them and which are not ponzi.
Therefore, the claim that all crypto is a ponzi is false, in my opinion.
Do what you want with this.
8950 out of 9000 is over 99%. You are essentially saying almost every crypto are a ponzi scheme.
And the few which is not, no one cares about it.
I think you are saying block chain technology have real world usage. Which people like Bill Gates or Mark Cuban says before.
"Of crypto"...which crypto of the nine thousand assets there are are you talking about?
"Crypto isn't backed by anything at all and it has no inherent value" - you researched all nine thousand digital assets in existence and after completing this research, you confidently state this?
If not all nine thousand, which specific assets have you done your research on?
Not being backed by anything is contained in the definition of the term "crypto". See: Cryptocurrency - Wikipedia
It is nothing but bits - which unlike silver/gold/hard assets are utterly without limit - which translates to backed by nothing at all.
If a value on an electronic ledger is backed by a hard asset (say, your bank account) it is no longer cryptocurrency.
My electronic bank account has bits that record my balance, but those bits are backed by ownership in the bank (claims to their assets); whereas, with crypto the bits ARE the asset and are backed by nothing but hype.
When the zombies come and you try to buy bread off me with a hard drive full of bits I'm going to LOL and hand the bread to the guy who gives me a silver coin.
In an apocalyptic event, it will be bread and bullets. Coins? Not as much. Crypto? Not at all, especially once the power grid goes down. (I do, however, have a basement full of homemade jelly. Should someone have bread...)
I want a mmorpg where people have gone through misery, have gone through school stuff and actually have had sex even. -sagil
Comments
In a game that uses Blockchain but not crypto, would use it to store who owns what. This is where the term Crypto-games is a negative thing. Its called Blockchain Games, as not all Blockchain games have crypto.
Also many games that have Crypto, you can buy it at 1-4 cents per crypto. It works out cheaper then games with sub or B2P. With these games, if they gonna scam you, its for 2-5 bucks in these cases.
There's a lot that can be done, but the aspect of earning is much more popular than proof of concept designs in gaming. The stuff that survives will be what's widely accepted, and making money is at the forefront of that.
Blockchain Definition: What You Need to Know (investopedia.com)
KEY TAKEAWAYS
There is Blockchain Games that are 100% F2P and have no Crypto. This may blow your mind but Blockchain Game does not always mean a way to make money. Some Blochain games use RL money to make money and dont even have any Crypto. Why the term Cyrpto-gaming is misleading.
Thinning out the herd?
You are not gambling at all if you buy into a game and enjoy it. You are reaching. If it goes up cool, if it goes down buy more stuffs that's the gamers mindset.
“Microtransactions? In a single player role-playing game? Are you nuts?”
― CD PROJEKT RED
You will look back on these post a couple years from now and be embarrassed.
"True friends stab you in the front." | Oscar Wilde
"I need to finish" - Christian Wolff: The Accountant
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
I respect you bruh becaue of your wit and age. The world has changed though.
The point would be to support gaming features blockchain would enhance, which needn't involve genuine transfer of ownership of the asset to players.
For example, a lock could keep track of how many times a particular person tries to pick it. Perhaps it would give a small accumulating bonus with failed attempts, simulating increasing familiarity with the lock.
That bonus would be "remembered" by the lock should that person give up and then return later to try again. It would also remain if that lock was removed from one container and put on another, as the person would still be familiar with the mechanism inside it regardless.
If too many became overly familiar with the lock it may lose it's protective value and need to be replaced with a new one.
The thing with crypto game now is I just don't see the point of using crypto. For example in many games you need to use crypto currency to buy virtual assets. But why use crypto other than gimic. You can just use USD instead of crypto currency.
I actually think all crypto currency "is" a ponzi scheme. Meaning some people just write piece of code. Try to hype and popularize fake money so they can become rich.
But the thing is when successful, meaning the fake money get circulated and used... Those crypto will retain it's value. It's kind of like card collection. It's just some art printing on a piece of paper, but you have yu gi oh or pokemon card which sell for ridiculous amount of money.
I saw people keep creating new crypto and try to hype and dump on people. The save the kid token is an example.
Not only this but the CC MMOs work in a similar fashion to the CC casino games, they tempt you with the idea you need to put more money in to get money out.
Not making enough of a return on your land investment? Buy this to help out! What you find is that the economy is many tiered and complex, you need to have assets at every stage to "really make some money", so you keep pumping up your "investment". This is not dissimilar to the way casino games work, play more and this time you will win.
Maybe you will make small amounts initially, but think about how much time you are putting in to do that. Is that comparable to a part time job, or if that's not a consideration even just worth the time you are putting in?
My guess is no, but here's an article which explains why no one really can agree on how many cryptocurrencies exist at any given moment.
https://e-cryptonews.com/how-many-cryptocurrencies-are-there-in-2021/
As for how many have any real value, too few to matter unless backed by a central authority such as the Chinese digital Yuan.
Most of the rest only have value as long as someone can is willing to trade something else for them.
"True friends stab you in the front." | Oscar Wilde
"I need to finish" - Christian Wolff: The Accountant
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
8950 out of 9000 is over 99%. You are essentially saying almost every crypto are a ponzi scheme.
And the few which is not, no one cares about it.
I think you are saying block chain technology have real world usage. Which people like Bill Gates or Mark Cuban says before.
I want a mmorpg where people have gone through misery, have gone through school stuff and actually have had sex even. -sagil