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Cake day: July 7th, 2023

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  • This is very well said.

    I think what people imagine will happen, if they’re thinking about the economic conundrum at all, is something rather like the Warframe economy. Players with real dollars to spare buy platinum (the premium currency), which they then either use to buy things directly from DE, or trade to other players in return for loot those players want to sell. Effectively, players flush with time grind on behalf of players flush with dollars. If there was a way to convert platinum back into dollars, it could be imagined that a player in a country with a weak currency might make a living from selling rare mods and prime parts.

    In practice the reason this doesn’t work is because DE would lose a huge amount of their income if players could cash out platinum. Any dollars put into the system for the purpose of buying things from other players would then leave the system when those players cash out. So there’s no incentive for DE to do this. There’s also the problem that you need to make a game that is actually worth putting real dollars into, and these crypto games are universally dogshit (ideal time to plug Jauwn’s YouTube channel, his crypto game reviews are hilarious and really highlight what utter trash the entire field is). So no one has any incentive to buy the tokens that the play-to-earn players are trying to sell. That’s a big part of why the price always instantly crashes.

    The only way to make cashing out work is to have players directly sell their tokens to other players, instead of the money coming out of the developer, but that means now the players are competing with the developer on price. Whatever price the dev sells the token for becomes the ceiling. And if course, every token sold by a player basically steals income from the developer. If the dev instead gives the token out for playing the game, then there’s no mechanism at all for the dev to make any money from the token, other than issuing large amounts to themselves and ultimately crashing the price by cashing out. None of these options work, and the model these games actually go with basically guarantees rug pulls as the only actual way for the developers to make any money.


  • Yup. Smart contracts aren’t even contracts, and they certainly aren’t smart.

    An algorithm is, by its nature, dumb. It does the thing it’s programmed to do, without any hesitation. It doesn’t stop to consider the situation or ask relevant questions. This is a terrible idea for a system that facilitates trades, because all someone has to do, to use the example you cited, is wash trade a newly minted token back and forth a few times to set a price, and then find a smart contract that’s happy to spew out some amount of a token you want, at the price you just set, like a busted slot machine.


  • Even with the critical slant of applies to the gameplay of these “games” this article still ultimately neglects to describe the biggest problem with the “play to earn” aspect, which is that it fundamentally doesn’t work.

    The article describes the notional highs and lows of these tokens, but overlooks the fact that trading volume is far more important than a hypothetical trade price.

    If one person buys one of these utterly useless tokens for 10 cents, that sets the price at 10 cents. But if I then try to cash out a thousand dollars of that same token, I’m probably not going to get a thousand dollars, because that requires there to be someone on the other side of great trade who thinks its actually worth putting a thousand dollars into this otherwise useless token.

    To make matters worse, crypto prices are generally set by crypto trades. What I mean by that is that the person who bought one token for ten cents, actually didn’t. They traded fifty BLOB tokens, notionally worth ten cents. What can you do with BLOB tokens? Nothing, they’re worthless, they were made for a game that doesn’t even exist anymore. The guy who owned those fifty BLOB tokens got them by trading a bunch of POOP tokens for them. Those are from a DAO that has since collapsed, they’re worthless too. He bought those POOP tokens with a fraction of a DOGE coin, which he got from selling an airdropped Bad Monkey NFT that he was lucky enough to get one time (and even luckier to sell before the rug pull).

    See the problem? It’s all people trading Monopoly dollars for Game of Life dollars and arguing over the exchange rate. At no point did a real US dollar enter this process. So when you try to sell your BLOB tokens for real US dollars, no one is buying. The notion that people in developing nations will make a lining playing these games is a complete fantasy.






  • You can always be bummed out about ageing. It’s OK to mourn the loss of an identity that you’d grown into. I’m getting my first grey hairs in, and its not easy seeing that in the mirror. It brings a lot of complicated feelings. Humanity has spent our entire existence grappling with the finality of time.

    But my wife? She loves those grey hairs. She thinks they make me look even sexier. Time is unrelenting, and brutal. But love doesn’t care about time. Love, and joy, and friendship and kindness… These things will happen at every point in your life, if you let them.


  • OK, serious talk for anyone under thirty who is really relating to this; you don’t even know who you are before you hit your thirties.

    I’m dead fucking serious here. Under twenty, you’re basically still in the oven, and your twenties are basically spent figuring out who and what the fuck you are. Thirty is when the good shit starts. Thirty is when you start to finally have a grasp on who you are as a human being. Dating in your thirties is so much fucking better. You’re past the idiocy and the drama and you’re into the part where actual human adults learn to understand each other.

    Please, please get out of this mindset that anyone over thirty is an ancient crone. You’re not even out of the fucking tutorial yet.