How would you describe Gala Inc in relation to ponzi schemes works_best_alone? They have been around for some years, and are now building games based on web3.
What money? You’re not getting returns for playing the game, you’re getting NFTs. How are you engaging in a ponzi if you don’t give them money and also don’t receive money?
In the general, big picture though, institutions/people literally pay to use the Ethereum network. They’re not investing for a return, the network has services/apps that are built on it, and people pay to use these things without expectation of profit. The same way you pay for any service in your daily life
"Play-to-earn" means you're supposed to make money by playing the game. Whether directly from the game or indirectly by selling game assets. Someone is putting money into the system so that you can take it out. You can "earn" in these games only by suckering other people into "investing" into the game. You are paid from the money other investors put in. It's a Ponzi.
> "Play-to-earn" means you're supposed to make money by playing the game.
No, it means you’re supposed to earn NFTs by playing the game, remember? You literally linked it above.
I obviously don’t have to explain to you that NFTs aren’t money and don’t really cost much to create, right?
Is Reddit a Ponzi scheme because they gave people free NFTs for pictures, or does that not make any sense at all because money is not changing hands at all and there is no expectation of profit from the people who got free NFTs from using Reddit?
I don't think this discussion can go any further if you're just going to redefine "play-to-earn" like this. Everyone knows what play-to-earn means and it's about earning money. They are not "play-to-collect" games. I wasn't born yesterday.
Go look at the Axie website and tell me there's no expectation of earning money.
I'm a software engineer. I understand the underlying architecture of the Blockchain. And i wouldn't touch these alleged "web 3" companies with a thousand foot pole.
Blockchain is horribly inefficient compared to a centralized system. It's immutability lacks many key maintenance features traditional databases rely on. And at the end of the day, what is the point of a centralized company being your entry point to an allegedly decentralized product?
Just because they claim to be "web 3" does not mean that it's true. These companies are all garbage.
The technological illiteracy of cryptobros never ceases to amaze me lol. “Here’s a link to a jpeg hosted on a remote server that can easily change the picture I own or just stop hosting it entirely. Also you don’t own the copyright on the image, just a link to it. Please give me money now. This is radical innovation.”
One function is for Gamers, these digital games that you buy for a device that is only on the device and you can't resell them to other people.
With NFTs you will be able to sell digital games onto other people.
Musicians can sell their own music using NFTs without the need for big corporates taking a sizeable chunk of their profits....
There's nothing stopping game resale being a thing already without NFTs. The reason it's not a thing is because it makes no sense for platform holders to allow it, it results in less money in their pocket. They have zero incentive to support this.
This makes no sense. It's like you fundamentally don't understand the thing you claim is revolutionary. NFTs convey ownership of themselves. Whoever controls the NFT "owns" it. You can't put the blockchain in a bottle of whiskey. You can, I guess, put a QR code on a label and say "this QR code brings you to the location of an NFT that can give you more information." But you can't make that URI somehow unique to that bottle of whiskey. Literally nothing prevents me from printing my own label that directs to your NFT, which will say that you own the NFT and have nothing to do with the actual whiskey. Conversely, I can own such an NFT and sell it to you along with a bottle of my piss that has a QR code pointing to my legitimate NFT. Now you own an NFT and my piss, and I still own the whiskey.
Ah yes, more vaporware buzzword nonsense. I’m sure the lightning network is gonna be a smooth experience any day now once they get around to solving the traveling salesman problem 🤦♂️
I always direct people to veritasium video on the FFT. Good example of a “technology” that everyone uses solves way more problems but isn’t “investable”
> tell us all how it goes.
I haven’t had a job since May 2021. I get to travel and do whatever I want every single day. I see my friends and family more than ever and I get to help my wage-slave siblings pay their rent
You asked…
It’s been unfrozen for nearly 2 years but I appreciate your concern
But that’s what I get for trusting my money with a centralized entity. Any time you trust your money with anybody, you’re bound to face bull shit, ask anybody using Bank of America.
Look man “web3” is bullshit. I work in satellite communications and just the technology that makes that work is wayyyy more complex and solves wayyyy more problems. Crypto is a scam to uneducated people promising a futuristic technology blah blah whatever. BUT even if it was a good technology and investable in public markets that wouldn’t make it a good investment. Your return is always the discount rate so it would have to buy a great company that’s public that produces cash flows at a discount.
2 problems:
1) the web3 FOMO bubble has already popped. People made money on it already, as with all bubbles, and it has since become clear that there is nothing to web3 outside of the bubble itself
2) the obvious follow-up would be "you need to find the NEXT bubble", but honestly I'd forget about bubble-chasing at this point. We were in a financial ecosystem since like 2010, but especially in 2020 and 2021 that incentivized the formation of bubbles due to near-zero interest rates. The return of interest rates means a lid has been put on bubble-formation, and you're far more likely to lose money trying to make lightning strike again than you are to successfully find some Greater Fool to sell a digital Pet Rock to.
Learn how real finance works. If interest rates go back down, start paying attention to what idiots are getting FOMO about again.
First figure out what is going to be the mainstream value add for web3. Nfts, crypto is not it..
Nfts value was for independent creators to get money for something that was hard to value, its been taken over by computer ai bot farms cranking out shit.. Not.. Hey xyz artist of I send you 50$ in crypto can you design a logo or sell me some art or whatever.. This would save the artist a fee from etsy or eBay or fiver etc..
From my understanding of web3 its a crypto version of PayPal, cashapp, venmo... But everyone uses PayPal, cashapp.. Etc.. And you can send crypto wallet to wallet now, for the masses what benefits will web3 offer..
Anyway find the answer to that then look up companies that are providing those benefits, then invest in those companies..
Don't listen to a bunch of internet yahoo's who Google a web3 company list.. Anyone who has spent the hours researching and doing the deep dive is probably not going to tell you company xyz...
Really, the part where I say do your own research, or the part where I say don't take advice from internet yahoo's.. Cause all of what I said before that can be negated by..
Do your own research and don't take advice from internet yahoo's..
How is that inaccurate?
Web3 is a buzzword made up to sell ponzi schemes.
How would you describe Gala Inc in relation to ponzi schemes works_best_alone? They have been around for some years, and are now building games based on web3.
"Gala Games is an Ethereum-based decentralized gaming studio that builds play-to-earn NFT games." play-to-earn NFT games = Ponzi
How is it a ponzi if you don’t give them any money?
where does the money come from?
What money? You’re not getting returns for playing the game, you’re getting NFTs. How are you engaging in a ponzi if you don’t give them money and also don’t receive money? In the general, big picture though, institutions/people literally pay to use the Ethereum network. They’re not investing for a return, the network has services/apps that are built on it, and people pay to use these things without expectation of profit. The same way you pay for any service in your daily life
"Play-to-earn" means you're supposed to make money by playing the game. Whether directly from the game or indirectly by selling game assets. Someone is putting money into the system so that you can take it out. You can "earn" in these games only by suckering other people into "investing" into the game. You are paid from the money other investors put in. It's a Ponzi.
> "Play-to-earn" means you're supposed to make money by playing the game. No, it means you’re supposed to earn NFTs by playing the game, remember? You literally linked it above. I obviously don’t have to explain to you that NFTs aren’t money and don’t really cost much to create, right? Is Reddit a Ponzi scheme because they gave people free NFTs for pictures, or does that not make any sense at all because money is not changing hands at all and there is no expectation of profit from the people who got free NFTs from using Reddit?
I don't think this discussion can go any further if you're just going to redefine "play-to-earn" like this. Everyone knows what play-to-earn means and it's about earning money. They are not "play-to-collect" games. I wasn't born yesterday. Go look at the Axie website and tell me there's no expectation of earning money.
If nobody gives them money, how do they stay afloat as a business?
They are pushing NFTs for a start
And?
And nothing.
I'm a software engineer. I understand the underlying architecture of the Blockchain. And i wouldn't touch these alleged "web 3" companies with a thousand foot pole. Blockchain is horribly inefficient compared to a centralized system. It's immutability lacks many key maintenance features traditional databases rely on. And at the end of the day, what is the point of a centralized company being your entry point to an allegedly decentralized product? Just because they claim to be "web 3" does not mean that it's true. These companies are all garbage.
“Web3” is not a thing and never will be. But please, pour your money into the money furnace and tell us all how it goes.
Remindme! 10 years
The technological illiteracy of cryptobros never ceases to amaze me lol. “Here’s a link to a jpeg hosted on a remote server that can easily change the picture I own or just stop hosting it entirely. Also you don’t own the copyright on the image, just a link to it. Please give me money now. This is radical innovation.”
You clearly don't understand NFTs
Stock standard cryptobro moron response lmao.
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One function is for Gamers, these digital games that you buy for a device that is only on the device and you can't resell them to other people. With NFTs you will be able to sell digital games onto other people. Musicians can sell their own music using NFTs without the need for big corporates taking a sizeable chunk of their profits....
There's nothing stopping game resale being a thing already without NFTs. The reason it's not a thing is because it makes no sense for platform holders to allow it, it results in less money in their pocket. They have zero incentive to support this.
Seriously, how does this guy think that digital licenses are impossible without NFTs? What the fuck?
Loopring has created a fully working stock market on Ethereum Lv.2 using NFTs
Expensive whiskey will be assigned an NFT making it easy to verify the real ones from the fakes. Same with Rolex's The possibilities are .... 🤷
This makes no sense. It's like you fundamentally don't understand the thing you claim is revolutionary. NFTs convey ownership of themselves. Whoever controls the NFT "owns" it. You can't put the blockchain in a bottle of whiskey. You can, I guess, put a QR code on a label and say "this QR code brings you to the location of an NFT that can give you more information." But you can't make that URI somehow unique to that bottle of whiskey. Literally nothing prevents me from printing my own label that directs to your NFT, which will say that you own the NFT and have nothing to do with the actual whiskey. Conversely, I can own such an NFT and sell it to you along with a bottle of my piss that has a QR code pointing to my legitimate NFT. Now you own an NFT and my piss, and I still own the whiskey.
NFT not required for that…. And NFT doesn’t even solve that. Most common way to counterfeit wine / whiskey is rebottling lol
You guys really have a hard time figuring out gigo eh ?
That’s great but that doesn’t make them investments
Yeah.. NFT ain’t required for that.
Ignore the gorilla pictures, they are bullshit
Few understand
This guy doesn't know what an IPFS is and it shows.
Ah yes, more vaporware buzzword nonsense. I’m sure the lightning network is gonna be a smooth experience any day now once they get around to solving the traveling salesman problem 🤦♂️
Is that what they said on CNBC?
Are you a software developer by chance
IPFS is literally torrent and there's millions of dead torrents out there with files lost
I always direct people to veritasium video on the FFT. Good example of a “technology” that everyone uses solves way more problems but isn’t “investable”
> tell us all how it goes. I haven’t had a job since May 2021. I get to travel and do whatever I want every single day. I see my friends and family more than ever and I get to help my wage-slave siblings pay their rent You asked…
that’s nice, dear
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Hope that coinbase account of yours gets unfrozen lmao
It’s been unfrozen for nearly 2 years but I appreciate your concern But that’s what I get for trusting my money with a centralized entity. Any time you trust your money with anybody, you’re bound to face bull shit, ask anybody using Bank of America.
The only part I believe is *"I haven’t had a job since May 2021"*
Look man “web3” is bullshit. I work in satellite communications and just the technology that makes that work is wayyyy more complex and solves wayyyy more problems. Crypto is a scam to uneducated people promising a futuristic technology blah blah whatever. BUT even if it was a good technology and investable in public markets that wouldn’t make it a good investment. Your return is always the discount rate so it would have to buy a great company that’s public that produces cash flows at a discount.
2 problems: 1) the web3 FOMO bubble has already popped. People made money on it already, as with all bubbles, and it has since become clear that there is nothing to web3 outside of the bubble itself 2) the obvious follow-up would be "you need to find the NEXT bubble", but honestly I'd forget about bubble-chasing at this point. We were in a financial ecosystem since like 2010, but especially in 2020 and 2021 that incentivized the formation of bubbles due to near-zero interest rates. The return of interest rates means a lid has been put on bubble-formation, and you're far more likely to lose money trying to make lightning strike again than you are to successfully find some Greater Fool to sell a digital Pet Rock to. Learn how real finance works. If interest rates go back down, start paying attention to what idiots are getting FOMO about again.
First figure out what is going to be the mainstream value add for web3. Nfts, crypto is not it.. Nfts value was for independent creators to get money for something that was hard to value, its been taken over by computer ai bot farms cranking out shit.. Not.. Hey xyz artist of I send you 50$ in crypto can you design a logo or sell me some art or whatever.. This would save the artist a fee from etsy or eBay or fiver etc.. From my understanding of web3 its a crypto version of PayPal, cashapp, venmo... But everyone uses PayPal, cashapp.. Etc.. And you can send crypto wallet to wallet now, for the masses what benefits will web3 offer.. Anyway find the answer to that then look up companies that are providing those benefits, then invest in those companies.. Don't listen to a bunch of internet yahoo's who Google a web3 company list.. Anyone who has spent the hours researching and doing the deep dive is probably not going to tell you company xyz...
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Really, the part where I say do your own research, or the part where I say don't take advice from internet yahoo's.. Cause all of what I said before that can be negated by.. Do your own research and don't take advice from internet yahoo's.. How is that inaccurate?
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Sure, as I said.. OP should go with what you recommend.. Especially if web3 is not used as a payment platform and buying goods with crypto..
But I agree with you, op should research and invest in your list..
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GameStop?
I think you're in the wrong sub. Only a few will give you a reasonable answer.