Is it a crime your workers may be able to make an extra buck for their family?
Real life. Have you forgot?
As much as you state how succesful you are, and as much as you get upset about the prospect of people enjoying a game and earning, makes me think, either you aren't that succesful, or you hate what you do. Maybe both?
I’m not critical of you making money off poker, baseball cards, NFT’s or any other entertaining way to make money.
If you think you can make a nice living off of it, well all I can say is I’ve met many people like you, none of them successful from the endeavour. Now I do know a lot of people who spend their money on all kinds of useless speculative endeavours for fun and entertainment.
I’ve said this before and I’ll say it again. I mean it sincerely.
If these NFT’s bring you joy and fulfillment, they’re worth every penny to you. It’s a good thing for you.
They say that when you die your life passes before your eyes. If that’s true then I will die with a smile on my face. Not because of money but because of the memories shared with the ones I love.
edited for clarity.
Thats kind of why I approve of nfts in games. I'd rather see someone throw 20 dollars on an nft than 20 on lottery tickets. As an entertainment venture I can get some in game enjoyment out of gaming nfts.
If somehow when it's all over and I decide to get rid of them, if they somehow sell for a bajillion dollars, I guess that's cool, but that's not an expectation of mine.
If everyone could temper their expectations of in game earning we would see some awesome experiences. Instead we are going to have a lot of growing pains until we see some really cool stuff.
This isn’t an issue if the business model is niche. Think about if every aaa rpg game is designed so you bought your gear off other players with real money.
As an rpg addict I’ve never heard of anything so stupid in all my life.
As a successful business owner and as someone who didn’t grow up in an ivory tower. People constantly ask me if I want invest in all kinds of things.
It’s what people want to invest in that’s fucking scary.
We better pull up our pants.
imho
A fool and his money are soon parted. They're hoping that you're that fool, and you're not.
Here's how I think this is going to play out. I've made the dot-com bubble comparison several times. Back in the late 1990s, there were a lot of Internet companies that never had a plausible plan for making a profit. They raised massive amounts of money, then burned through it in stupid ways until it was gone. The dot-com bubble burst didn't wipe out the Internet, but it did wipe out a whole lot of online companies that seemingly existed only to raise capital and then squander it. It also helped some foolish investors to understand that using the Internet isn't automatically profitable, and it's only wise to invest in companies that actually have some plan for turning a profit.
Blockchain and cryptocurrencies are going to have the same sort of bubble burst, likely triggered by the next recession. Blockchain isn't going to go away, but a whole lot of things whose reason for existence seems to be using blockchain for the sake of using blockchain sure will. That's going to include a whole lot of blockchain games for which the game part of the game is an afterthought.
It's also going to take down the mined cryptocurrencies, and probably also some of the non-mined ones. The problem is that when a recession hits, people want to get money out because they've lost other income sources or whatever. That's going to lead to a lot of people wanting to pull money out, and very few wanting to put money in. The money coming out must always match the money going in, and that will cause prices to crater, and quickly.
Some people now hope that they can diversify their crypto investments by spreading them among a bunch of cryptocurrencies and maybe a variety of NFTs. That strategy is going to completely fail when the bubble bursts. The problem is that the recession that causes intense downward pressure on one cryptocurrency will cause the same downward pressure on all of them at once.
Remember how mortgage backed securities were supposed to be super safe because they were diversified across many mortgages? That works really well if different mortgages failing is completely independent, and there aren't economy-wide factors that make all mortgages systematically more likely or less likely to default. It failed spectacularly when a recession hit that made them all more likely to default simultaneously.
Mined cryptocurrencies and NFTs are going to be a much worse case of the same syndrome. When someone defaults on a mortgage, the bank isn't left with nothing. They take the house, and that's worth something. Usually, the bank can then turn and sell the house again and recover most or all of the value of the mortgage. When cryptocurrencies or purely collectible NFTs crash, there's nothing underlying of value, and people who hold them come away with $0.
If you have the illusion that different cryptocurrencies are independent, try watching prices a little. One day, nearly all of the cryptocurrencies go up. The next day, nearly all of them go down. People buying in makes everything go up. People cashing out makes everything go down. And all together, not independently.
So when will the crash come? I don't know, but it will probably be a recession that triggers it. If you've got money in cryptocurrencies, you'd do well to cash out before the recession hits and the bubble bursts.
Is it a crime your workers may be able to make an extra buck for their family?
Real life. Have you forgot?
As much as you state how succesful you are, and as much as you get upset about the prospect of people enjoying a game and earning, makes me think, either you aren't that succesful, or you hate what you do. Maybe both?
I’m not critical of you making money off poker, baseball cards, NFT’s or any other entertaining way to make money.
If you think you can make a nice living off of it, well all I can say is I’ve met many people like you, none of them successful from the endeavour. Now I do know a lot of people who spend their money on all kinds of useless speculative endeavours for fun and entertainment.
I’ve said this before and I’ll say it again. I mean it sincerely.
If these NFT’s bring you joy and fulfillment, they’re worth every penny to you. It’s a good thing for you.
They say that when you die your life passes before your eyes. If that’s true then I will die with a smile on my face. Not because of money but because of the memories shared with the ones I love.
edited for clarity.
Thats kind of why I approve of nfts in games. I'd rather see someone throw 20 dollars on an nft than 20 on lottery tickets. As an entertainment venture I can get some in game enjoyment out of gaming nfts.
If somehow when it's all over and I decide to get rid of them, if they somehow sell for a bajillion dollars, I guess that's cool, but that's not an expectation of mine.
If everyone could temper their expectations of in game earning we would see some awesome experiences. Instead we are going to have a lot of growing pains until we see some really cool stuff.
That's fine if people accept it as pay for entertainment and expect going in that any money they spend is gone. The whole notion of "play to earn" is implicitly advertising that that's not how it will work, though.
This isn’t an issue if the business model is niche. Think about if every aaa rpg game is designed so you bought your gear off other players with real money.
As an rpg addict I’ve never heard of anything so stupid in all my life.
As a successful business owner and as someone who didn’t grow up in an ivory tower. People constantly ask me if I want invest in all kinds of things.
It’s what people want to invest in that’s fucking scary.
We better pull up our pants.
imho
A fool and his money are soon parted. They're hoping that you're that fool, and you're not.
Here's how I think this is going to play out. I've made the dot-com bubble comparison several times. Back in the late 1990s, there were a lot of Internet companies that never had a plausible plan for making a profit. They raised massive amounts of money, then burned through it in stupid ways until it was gone. The dot-com bubble burst didn't wipe out the Internet, but it did wipe out a whole lot of online companies that seemingly existed only to raise capital and then squander it. It also helped some foolish investors to understand that using the Internet isn't automatically profitable, and it's only wise to invest in companies that actually have some plan for turning a profit.
Blockchain and cryptocurrencies are going to have the same sort of bubble burst, likely triggered by the next recession. Blockchain isn't going to go away, but a whole lot of things whose reason for existence seems to be using blockchain for the sake of using blockchain sure will. That's going to include a whole lot of blockchain games for which the game part of the game is an afterthought.
It's also going to take down the mined cryptocurrencies, and probably also some of the non-mined ones. The problem is that when a recession hits, people want to get money out because they've lost other income sources or whatever. That's going to lead to a lot of people wanting to pull money out, and very few wanting to put money in. The money coming out must always match the money going in, and that will cause prices to crater, and quickly.
Some people now hope that they can diversify their crypto investments by spreading them among a bunch of cryptocurrencies and maybe a variety of NFTs. That strategy is going to completely fail when the bubble bursts. The problem is that the recession that causes intense downward pressure on one cryptocurrency will cause the same downward pressure on all of them at once.
Remember how mortgage backed securities were supposed to be super safe because they were diversified across many mortgages? That works really well if different mortgages failing is completely independent, and there aren't economy-wide factors that make all mortgages systematically more likely or less likely to default. It failed spectacularly when a recession hit that made them all more likely to default simultaneously.
Mined cryptocurrencies and NFTs are going to be a much worse case of the same syndrome. When someone defaults on a mortgage, the bank isn't left with nothing. They take the house, and that's worth something. Usually, the bank can then turn and sell the house again and recover most or all of the value of the mortgage. When cryptocurrencies or purely collectible NFTs crash, there's nothing underlying of value, and people who hold them come away with $0.
If you have the illusion that different cryptocurrencies are independent, try watching prices a little. One day, nearly all of the cryptocurrencies go up. The next day, nearly all of them go down. People buying in makes everything go up. People cashing out makes everything go down. And all together, not independently.
So when will the crash come? I don't know, but it will probably be a recession that triggers it. If you've got money in cryptocurrencies, you'd do well to cash out before the recession hits and the bubble bursts.
Just 6 months ago over 1 trillion was wiped of the crypto market, Nearly 60% of the market. Now the market is upwards of 3 trillion.
What you are describing has happened no less than 8 times over the past 12 years.
This isn’t an issue if the business model is niche. Think about if every aaa rpg game is designed so you bought your gear off other players with real money.
As an rpg addict I’ve never heard of anything so stupid in all my life.
As a successful business owner and as someone who didn’t grow up in an ivory tower. People constantly ask me if I want invest in all kinds of things.
It’s what people want to invest in that’s fucking scary.
We better pull up our pants.
imho
A fool and his money are soon parted. They're hoping that you're that fool, and you're not.
Here's how I think this is going to play out. I've made the dot-com bubble comparison several times. Back in the late 1990s, there were a lot of Internet companies that never had a plausible plan for making a profit. They raised massive amounts of money, then burned through it in stupid ways until it was gone. The dot-com bubble burst didn't wipe out the Internet, but it did wipe out a whole lot of online companies that seemingly existed only to raise capital and then squander it. It also helped some foolish investors to understand that using the Internet isn't automatically profitable, and it's only wise to invest in companies that actually have some plan for turning a profit.
Blockchain and cryptocurrencies are going to have the same sort of bubble burst, likely triggered by the next recession. Blockchain isn't going to go away, but a whole lot of things whose reason for existence seems to be using blockchain for the sake of using blockchain sure will. That's going to include a whole lot of blockchain games for which the game part of the game is an afterthought.
It's also going to take down the mined cryptocurrencies, and probably also some of the non-mined ones. The problem is that when a recession hits, people want to get money out because they've lost other income sources or whatever. That's going to lead to a lot of people wanting to pull money out, and very few wanting to put money in. The money coming out must always match the money going in, and that will cause prices to crater, and quickly.
Some people now hope that they can diversify their crypto investments by spreading them among a bunch of cryptocurrencies and maybe a variety of NFTs. That strategy is going to completely fail when the bubble bursts. The problem is that the recession that causes intense downward pressure on one cryptocurrency will cause the same downward pressure on all of them at once.
Remember how mortgage backed securities were supposed to be super safe because they were diversified across many mortgages? That works really well if different mortgages failing is completely independent, and there aren't economy-wide factors that make all mortgages systematically more likely or less likely to default. It failed spectacularly when a recession hit that made them all more likely to default simultaneously.
Mined cryptocurrencies and NFTs are going to be a much worse case of the same syndrome. When someone defaults on a mortgage, the bank isn't left with nothing. They take the house, and that's worth something. Usually, the bank can then turn and sell the house again and recover most or all of the value of the mortgage. When cryptocurrencies or purely collectible NFTs crash, there's nothing underlying of value, and people who hold them come away with $0.
If you have the illusion that different cryptocurrencies are independent, try watching prices a little. One day, nearly all of the cryptocurrencies go up. The next day, nearly all of them go down. People buying in makes everything go up. People cashing out makes everything go down. And all together, not independently.
So when will the crash come? I don't know, but it will probably be a recession that triggers it. If you've got money in cryptocurrencies, you'd do well to cash out before the recession hits and the bubble bursts.
Just 6 months ago over 1 trillion was wiped of the crypto market, Nearly 60% of the market. Now the market is upwards of 3 trillion.
What you are describing has happened no less than 8 times over the past 12 years.
No, what I'm describing hasn't yet happened. During the last recession, bitcoin was the only cryptocurrency in existence, and it was extremely obscure and barely existed. We haven't yet seen what a recession will do to cryptocurrencies and NFTs.
This isn’t an issue if the business model is niche. Think about if every aaa rpg game is designed so you bought your gear off other players with real money.
As an rpg addict I’ve never heard of anything so stupid in all my life.
As a successful business owner and as someone who didn’t grow up in an ivory tower. People constantly ask me if I want invest in all kinds of things.
It’s what people want to invest in that’s fucking scary.
We better pull up our pants.
imho
A fool and his money are soon parted. They're hoping that you're that fool, and you're not.
Here's how I think this is going to play out. I've made the dot-com bubble comparison several times. Back in the late 1990s, there were a lot of Internet companies that never had a plausible plan for making a profit. They raised massive amounts of money, then burned through it in stupid ways until it was gone. The dot-com bubble burst didn't wipe out the Internet, but it did wipe out a whole lot of online companies that seemingly existed only to raise capital and then squander it. It also helped some foolish investors to understand that using the Internet isn't automatically profitable, and it's only wise to invest in companies that actually have some plan for turning a profit.
Blockchain and cryptocurrencies are going to have the same sort of bubble burst, likely triggered by the next recession. Blockchain isn't going to go away, but a whole lot of things whose reason for existence seems to be using blockchain for the sake of using blockchain sure will. That's going to include a whole lot of blockchain games for which the game part of the game is an afterthought.
It's also going to take down the mined cryptocurrencies, and probably also some of the non-mined ones. The problem is that when a recession hits, people want to get money out because they've lost other income sources or whatever. That's going to lead to a lot of people wanting to pull money out, and very few wanting to put money in. The money coming out must always match the money going in, and that will cause prices to crater, and quickly.
Some people now hope that they can diversify their crypto investments by spreading them among a bunch of cryptocurrencies and maybe a variety of NFTs. That strategy is going to completely fail when the bubble bursts. The problem is that the recession that causes intense downward pressure on one cryptocurrency will cause the same downward pressure on all of them at once.
Remember how mortgage backed securities were supposed to be super safe because they were diversified across many mortgages? That works really well if different mortgages failing is completely independent, and there aren't economy-wide factors that make all mortgages systematically more likely or less likely to default. It failed spectacularly when a recession hit that made them all more likely to default simultaneously.
Mined cryptocurrencies and NFTs are going to be a much worse case of the same syndrome. When someone defaults on a mortgage, the bank isn't left with nothing. They take the house, and that's worth something. Usually, the bank can then turn and sell the house again and recover most or all of the value of the mortgage. When cryptocurrencies or purely collectible NFTs crash, there's nothing underlying of value, and people who hold them come away with $0.
If you have the illusion that different cryptocurrencies are independent, try watching prices a little. One day, nearly all of the cryptocurrencies go up. The next day, nearly all of them go down. People buying in makes everything go up. People cashing out makes everything go down. And all together, not independently.
So when will the crash come? I don't know, but it will probably be a recession that triggers it. If you've got money in cryptocurrencies, you'd do well to cash out before the recession hits and the bubble bursts.
Just 6 months ago over 1 trillion was wiped of the crypto market, Nearly 60% of the market. Now the market is upwards of 3 trillion.
What you are describing has happened no less than 8 times over the past 12 years.
No, what I'm describing hasn't yet happened. During the last recession, bitcoin was the only cryptocurrency in existence, and it was extremely obscure and barely existed. We haven't yet seen what a recession will do to cryptocurrencies and NFTs.
Lets hope we have some good games to get us through like last time.
Is it a crime your workers may be able to make an extra buck for their family?
Real life. Have you forgot?
As much as you state how succesful you are, and as much as you get upset about the prospect of people enjoying a game and earning, makes me think, either you aren't that succesful, or you hate what you do. Maybe both?
I’m not critical of you making money off poker, baseball cards, NFT’s or any other entertaining way to make money.
If you think you can make a nice living off of it, well all I can say is I’ve met many people like you, none of them successful from the endeavour. Now I do know a lot of people who spend their money on all kinds of useless speculative endeavours for fun and entertainment.
I’ve said this before and I’ll say it again. I mean it sincerely.
If these NFT’s bring you joy and fulfillment, they’re worth every penny to you. It’s a good thing for you.
They say that when you die your life passes before your eyes. If that’s true then I will die with a smile on my face. Not because of money but because of the memories shared with the ones I love.
edited for clarity.
Thats kind of why I approve of nfts in games. I'd rather see someone throw 20 dollars on an nft than 20 on lottery tickets. As an entertainment venture I can get some in game enjoyment out of gaming nfts.
If somehow when it's all over and I decide to get rid of them, if they somehow sell for a bajillion dollars, I guess that's cool, but that's not an expectation of mine.
If everyone could temper their expectations of in game earning we would see some awesome experiences. Instead we are going to have a lot of growing pains until we see some really cool stuff.
That's fine if people accept it as pay for entertainment and expect going in that any money they spend is gone. The whole notion of "play to earn" is implicitly advertising that that's not how it will work, though.
Play to earn doesn't necessarily mean that they will strike it rich though. It just means that they earn a token or NFT or currency of some sort that can be sold for real money. It doesn't mean it 100% will sell for real money to put nfts on the market (I've never sold one, though I admit I priced my NFTs I'm willing to sell in blankos for insanely high numbers and they aren't very rare). It might be misleading in some ways, especially for a game that isn't established yet. But games like axie dish out SLP and that can be regularly sold on exchanges all the time so it really depends on the game.
When it comes to tokens and currencies being worth nothing in a recession, that's an interesting take. Because you would think in a lot of cases the same can be said for stocks when a company tanks. A bad investment is a bad investment. Who is to say crypto is a worse one than some others. Some would say that all the bankruptcies and poor performance when everything shut down from covid would prove a point that cryptocurrencies don't have any long term staying power with the way they crashed, but that didn't happen.
It may be in a bubble and some currencies may correct, but blockchain won't go away because of it, and the best way to keep a steady value is to identify real world usage of the technology and currencies. It's really funny that the real world usage is actually in virtual worlds.
As annoying as this is because I can't shake the idea that this reminds of those fly-by-night internet casinos of the early 2000's; I'm not gonna completely rule out the idea that these games may eventually provide fun with the bonus of returning a small return on investment. I'm just wanting on some free incentives to join and try, like Audius did when trying to pull Soundcloud users in.
Is it a crime your workers may be able to make an extra buck for their family?
Real life. Have you forgot?
As much as you state how succesful you are, and as much as you get upset about the prospect of people enjoying a game and earning, makes me think, either you aren't that succesful, or you hate what you do. Maybe both?
I’m not critical of you making money off poker, baseball cards, NFT’s or any other entertaining way to make money.
If you think you can make a nice living off of it, well all I can say is I’ve met many people like you, none of them successful from the endeavour. Now I do know a lot of people who spend their money on all kinds of useless speculative endeavours for fun and entertainment.
I’ve said this before and I’ll say it again. I mean it sincerely.
If these NFT’s bring you joy and fulfillment, they’re worth every penny to you. It’s a good thing for you.
They say that when you die your life passes before your eyes. If that’s true then I will die with a smile on my face. Not because of money but because of the memories shared with the ones I love.
edited for clarity.
Thats kind of why I approve of nfts in games. I'd rather see someone throw 20 dollars on an nft than 20 on lottery tickets. As an entertainment venture I can get some in game enjoyment out of gaming nfts.
If somehow when it's all over and I decide to get rid of them, if they somehow sell for a bajillion dollars, I guess that's cool, but that's not an expectation of mine.
If everyone could temper their expectations of in game earning we would see some awesome experiences. Instead we are going to have a lot of growing pains until we see some really cool stuff.
I’m not against the games, I’m against some companies lack of ethics.
This isn’t an issue if the business model is niche. Think about if every aaa rpg game is designed so you bought your gear off other players with real money.
As an rpg addict I’ve never heard of anything so stupid in all my life.
As a successful business owner and as someone who didn’t grow up in an ivory tower. People constantly ask me if I want invest in all kinds of things.
It’s what people want to invest in that’s fucking scary.
We better pull up our pants.
imho
A fool and his money are soon parted. They're hoping that you're that fool, and you're not.
Here's how I think this is going to play out. I've made the dot-com bubble comparison several times. Back in the late 1990s, there were a lot of Internet companies that never had a plausible plan for making a profit. They raised massive amounts of money, then burned through it in stupid ways until it was gone. The dot-com bubble burst didn't wipe out the Internet, but it did wipe out a whole lot of online companies that seemingly existed only to raise capital and then squander it. It also helped some foolish investors to understand that using the Internet isn't automatically profitable, and it's only wise to invest in companies that actually have some plan for turning a profit.
Blockchain and cryptocurrencies are going to have the same sort of bubble burst, likely triggered by the next recession. Blockchain isn't going to go away, but a whole lot of things whose reason for existence seems to be using blockchain for the sake of using blockchain sure will. That's going to include a whole lot of blockchain games for which the game part of the game is an afterthought.
It's also going to take down the mined cryptocurrencies, and probably also some of the non-mined ones. The problem is that when a recession hits, people want to get money out because they've lost other income sources or whatever. That's going to lead to a lot of people wanting to pull money out, and very few wanting to put money in. The money coming out must always match the money going in, and that will cause prices to crater, and quickly.
Some people now hope that they can diversify their crypto investments by spreading them among a bunch of cryptocurrencies and maybe a variety of NFTs. That strategy is going to completely fail when the bubble bursts. The problem is that the recession that causes intense downward pressure on one cryptocurrency will cause the same downward pressure on all of them at once.
Remember how mortgage backed securities were supposed to be super safe because they were diversified across many mortgages? That works really well if different mortgages failing is completely independent, and there aren't economy-wide factors that make all mortgages systematically more likely or less likely to default. It failed spectacularly when a recession hit that made them all more likely to default simultaneously.
Mined cryptocurrencies and NFTs are going to be a much worse case of the same syndrome. When someone defaults on a mortgage, the bank isn't left with nothing. They take the house, and that's worth something. Usually, the bank can then turn and sell the house again and recover most or all of the value of the mortgage. When cryptocurrencies or purely collectible NFTs crash, there's nothing underlying of value, and people who hold them come away with $0.
If you have the illusion that different cryptocurrencies are independent, try watching prices a little. One day, nearly all of the cryptocurrencies go up. The next day, nearly all of them go down. People buying in makes everything go up. People cashing out makes everything go down. And all together, not independently.
So when will the crash come? I don't know, but it will probably be a recession that triggers it. If you've got money in cryptocurrencies, you'd do well to cash out before the recession hits and the bubble bursts.
Just 6 months ago over 1 trillion was wiped of the crypto market, Nearly 60% of the market. Now the market is upwards of 3 trillion.
What you are describing has happened no less than 8 times over the past 12 years.
Which to me is a good sign for cypto but sounds a large note of caution. If you were in the wrong area of crypto things could have gone very wrong for you. Diversification is key of course but my advice would be don't bet too much of you pants on cypto. I should point out my opinion about investing in CC is quite different to my opinion of it entering games. By all means invest in CC with the understanding it is high risk, just make sure it is a small investment. People do invest in other areas which are relatively high risk, that's not uncommon.
China is the future and china doesn't like crypto.
all these things like crypto, blockchain, nfts etc are designed from the ground up to rot "the west" away liquidating what little real wealth remains so China can take over as primary host to the banking cartels and friends.
This isn’t an issue if the business model is niche. Think about if every aaa rpg game is designed so you bought your gear off other players with real money.
As an rpg addict I’ve never heard of anything so stupid in all my life.
As a successful business owner and as someone who didn’t grow up in an ivory tower. People constantly ask me if I want invest in all kinds of things.
It’s what people want to invest in that’s fucking scary.
We better pull up our pants.
imho
A fool and his money are soon parted. They're hoping that you're that fool, and you're not.
Here's how I think this is going to play out. I've made the dot-com bubble comparison several times. Back in the late 1990s, there were a lot of Internet companies that never had a plausible plan for making a profit. They raised massive amounts of money, then burned through it in stupid ways until it was gone. The dot-com bubble burst didn't wipe out the Internet, but it did wipe out a whole lot of online companies that seemingly existed only to raise capital and then squander it. It also helped some foolish investors to understand that using the Internet isn't automatically profitable, and it's only wise to invest in companies that actually have some plan for turning a profit.
Blockchain and cryptocurrencies are going to have the same sort of bubble burst, likely triggered by the next recession. Blockchain isn't going to go away, but a whole lot of things whose reason for existence seems to be using blockchain for the sake of using blockchain sure will. That's going to include a whole lot of blockchain games for which the game part of the game is an afterthought.
It's also going to take down the mined cryptocurrencies, and probably also some of the non-mined ones. The problem is that when a recession hits, people want to get money out because they've lost other income sources or whatever. That's going to lead to a lot of people wanting to pull money out, and very few wanting to put money in. The money coming out must always match the money going in, and that will cause prices to crater, and quickly.
Some people now hope that they can diversify their crypto investments by spreading them among a bunch of cryptocurrencies and maybe a variety of NFTs. That strategy is going to completely fail when the bubble bursts. The problem is that the recession that causes intense downward pressure on one cryptocurrency will cause the same downward pressure on all of them at once.
Remember how mortgage backed securities were supposed to be super safe because they were diversified across many mortgages? That works really well if different mortgages failing is completely independent, and there aren't economy-wide factors that make all mortgages systematically more likely or less likely to default. It failed spectacularly when a recession hit that made them all more likely to default simultaneously.
Mined cryptocurrencies and NFTs are going to be a much worse case of the same syndrome. When someone defaults on a mortgage, the bank isn't left with nothing. They take the house, and that's worth something. Usually, the bank can then turn and sell the house again and recover most or all of the value of the mortgage. When cryptocurrencies or purely collectible NFTs crash, there's nothing underlying of value, and people who hold them come away with $0.
If you have the illusion that different cryptocurrencies are independent, try watching prices a little. One day, nearly all of the cryptocurrencies go up. The next day, nearly all of them go down. People buying in makes everything go up. People cashing out makes everything go down. And all together, not independently.
So when will the crash come? I don't know, but it will probably be a recession that triggers it. If you've got money in cryptocurrencies, you'd do well to cash out before the recession hits and the bubble bursts.
Just 6 months ago over 1 trillion was wiped of the crypto market, Nearly 60% of the market. Now the market is upwards of 3 trillion.
What you are describing has happened no less than 8 times over the past 12 years.
Which to me is a good sign for cypto but sounds a large note of caution. If you were in the wrong area of crypto things could have gone very wrong for you. Diversification is key of course but my advice would be don't bet too much of you pants on cypto. I should point out my opinion about investing in CC is quite different to my opinion of it entering games. By all means invest in CC with the understanding it is high risk, just make sure it is a small investment. People do invest in other areas which are relatively high risk, that's not uncommon.
People’s mistake is thinking that this all happens in isolation. When people start hitting hard financial times, the bling and the recreation items are the first to go.
We’re all lined up for a big time financial crisis. Bigger than a recession I think, It’s hard to pin down because so much is based on human emotion and not common sense.
China is not a good future for me, I’ll take a pass
If I have to rely on China I’m fucked. The U.S. asked us to arrest one of China’s citizens under one of our extradition treaties and China in return kidnapped two of our citizens.
China doesn’t want us to honour treaties and agreements they want us to do their bidding. I don’t do business with places like that.
I bet you either are doing business with China and just don't know it or one of the people you do do business with is and therefore you are too by proxy so to speak.....
Hell I am fairly certain just typing out this reply from your PC will have parts from China so....in some form or fashion you are doing business with China even if you are limiting it as much as you possibly can.
Brenics ~ Just to point out I do believe Chris Roberts is going down as the man who cheated backers and took down crowdfunding for gaming.
I bet you either are doing business with China and just don't know it or one of the people you do do business with is and therefore you are too by proxy so to speak.....
Hell I am fairly certain just typing out this reply from your PC will have parts from China so....in some form or fashion you are doing business with China even if you are limiting it as much as you possibly can.
There's a huge difference between doing business with some other companies that do business with China and directly doing business with China. If you own a factory in China and the government decides to seize it, you're out of luck and there's nothing you can do. If you travel to China and the government decides to make you disappear, you're out of luck and there's nothing you can do. If you buy parts that were originally manufactured in China and the government decides to confiscate the parts before they get to you, you can hold the company you bought them from liable and make them refund your money or whatever.
I bet you either are doing business with China and just don't know it or one of the people you do do business with is and therefore you are too by proxy so to speak.....
Hell I am fairly certain just typing out this reply from your PC will have parts from China so....in some form or fashion you are doing business with China even if you are limiting it as much as you possibly can.
I read labels and make personal choices.
It's very true that in some things we have no choice. That was our making, we made it that way.
This isn’t an issue if the business model is niche. Think about if every aaa rpg game is designed so you bought your gear off other players with real money.
As an rpg addict I’ve never heard of anything so stupid in all my life.
You are leaving out the earn part. While you are playing the game, crafting, building fighting w/e, you will be earning the currency just like everyone else.
You will list your items just as you do today and receive the native currency when your items have sold. You will use that same currency to buy the items you want.
In your fictional lala land. Good thing there’s people around making sure you have food and shit to buy and not making a hundred times more in make believe.
What's the problem? You are a succesful Candian dollar holding business man who pays his people slightly more than minimum wage.
Is it a crime your workers may be able to make an extra buck for their family?
Real life. Have you forgot?
As much as you state how succesful you are, and as much as you get upset about the prospect of people enjoying a game and earning, makes me think, either you aren't that succesful, or you hate what you do. Maybe both?
Too think people were debating over $15 an hour a few short months ago. Seems so comical now.
Imho
After taxes that's like 21k usd per year. Add in health insurence and now it's under 20. subtract another $1000 MINIMUM per month in rent, electricity, gas, and phone. Internet another $50 per min, no cable. $300 per month in food. Oh don't foget gas to get to work maybe a pair of shoes or two, couple pairs of jeans, and some work clothes. You know have a person who is BROKE. Who can't miss a day who is stressed to the maximum.
Yeah man it's comical that anyone thinks a person making $15/hour should be happy contributing to "society". Do you think they're sleeping well?
Thank god for those making another away. The person they are working for sure as hell is not going to do it.
If you want to get ahead, you always need to consider multiple avenues. My business started with a lie and a lot of hours working in the backyard garage after a full shift at work.
My parents were German immigrants fresh off the boat, they met in Canada. They both came with nothing, my father had $10. My father escaped East Germany and believed he would never have seen his family ever again.
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If somehow when it's all over and I decide to get rid of them, if they somehow sell for a bajillion dollars, I guess that's cool, but that's not an expectation of mine.
If everyone could temper their expectations of in game earning we would see some awesome experiences. Instead we are going to have a lot of growing pains until we see some really cool stuff.
Here's how I think this is going to play out. I've made the dot-com bubble comparison several times. Back in the late 1990s, there were a lot of Internet companies that never had a plausible plan for making a profit. They raised massive amounts of money, then burned through it in stupid ways until it was gone. The dot-com bubble burst didn't wipe out the Internet, but it did wipe out a whole lot of online companies that seemingly existed only to raise capital and then squander it. It also helped some foolish investors to understand that using the Internet isn't automatically profitable, and it's only wise to invest in companies that actually have some plan for turning a profit.
Blockchain and cryptocurrencies are going to have the same sort of bubble burst, likely triggered by the next recession. Blockchain isn't going to go away, but a whole lot of things whose reason for existence seems to be using blockchain for the sake of using blockchain sure will. That's going to include a whole lot of blockchain games for which the game part of the game is an afterthought.
It's also going to take down the mined cryptocurrencies, and probably also some of the non-mined ones. The problem is that when a recession hits, people want to get money out because they've lost other income sources or whatever. That's going to lead to a lot of people wanting to pull money out, and very few wanting to put money in. The money coming out must always match the money going in, and that will cause prices to crater, and quickly.
Some people now hope that they can diversify their crypto investments by spreading them among a bunch of cryptocurrencies and maybe a variety of NFTs. That strategy is going to completely fail when the bubble bursts. The problem is that the recession that causes intense downward pressure on one cryptocurrency will cause the same downward pressure on all of them at once.
Remember how mortgage backed securities were supposed to be super safe because they were diversified across many mortgages? That works really well if different mortgages failing is completely independent, and there aren't economy-wide factors that make all mortgages systematically more likely or less likely to default. It failed spectacularly when a recession hit that made them all more likely to default simultaneously.
Mined cryptocurrencies and NFTs are going to be a much worse case of the same syndrome. When someone defaults on a mortgage, the bank isn't left with nothing. They take the house, and that's worth something. Usually, the bank can then turn and sell the house again and recover most or all of the value of the mortgage. When cryptocurrencies or purely collectible NFTs crash, there's nothing underlying of value, and people who hold them come away with $0.
If you have the illusion that different cryptocurrencies are independent, try watching prices a little. One day, nearly all of the cryptocurrencies go up. The next day, nearly all of them go down. People buying in makes everything go up. People cashing out makes everything go down. And all together, not independently.
So when will the crash come? I don't know, but it will probably be a recession that triggers it. If you've got money in cryptocurrencies, you'd do well to cash out before the recession hits and the bubble bursts.
Just 6 months ago over 1 trillion was wiped of the crypto market, Nearly 60% of the market. Now the market is upwards of 3 trillion.
What you are describing has happened no less than 8 times over the past 12 years.
When it comes to tokens and currencies being worth nothing in a recession, that's an interesting take. Because you would think in a lot of cases the same can be said for stocks when a company tanks. A bad investment is a bad investment. Who is to say crypto is a worse one than some others. Some would say that all the bankruptcies and poor performance when everything shut down from covid would prove a point that cryptocurrencies don't have any long term staying power with the way they crashed, but that didn't happen.
It may be in a bubble and some currencies may correct, but blockchain won't go away because of it, and the best way to keep a steady value is to identify real world usage of the technology and currencies. It's really funny that the real world usage is actually in virtual worlds.
"Be water my friend" - Bruce Lee
all these things like crypto, blockchain, nfts etc are designed from the ground up to rot "the west" away liquidating what little real wealth remains so China can take over as primary host to the banking cartels and friends.
scoff all you want. It is what it is.
"Be water my friend" - Bruce Lee
If I have to rely on China I’m fucked. The U.S. asked us to arrest one of China’s citizens under one of our extradition treaties and China in return kidnapped two of our citizens.
China doesn’t want us to honour treaties and agreements they want us to do their bidding. I don’t do business with places like that.
That’s my personal decision.
"Be water my friend" - Bruce Lee
Brenics ~ Just to point out I do believe Chris Roberts is going down as the man who cheated backers and took down crowdfunding for gaming.
It's very true that in some things we have no choice. That was our making, we made it that way.
Choices we make now are important.
"Be water my friend" - Bruce Lee
My parents were German immigrants fresh off the boat, they met in Canada. They both came with nothing, my father had $10. My father escaped East Germany and believed he would never have seen his family ever again.
I wish I was half the person my dad was.
I c
"Be water my friend" - Bruce Lee