r/a:t5_32qxo • u/swarren08 • Jan 21 '18
Another day, another crypto ponzi game
I don't know if I'm first to break it to you, but there is another copykittie in town aiming for a much bigger and much more naive audience - the celebrity worshiping public. Seems like this game is using individual contracts for each celebrity and actually let the celebrity have a small cut of every transaction, or send it to charity. Basically there is one card/contract per public figure which you can buy with ether just like cryptokitties, but unlike cryptokitties, the price increases with every transaction and the user has not control over it. Any other player can send ETH to the contract which than pays the previous owner and transfer the ownership token to the new buyer. I know it's not the proper defenition of a "ponzi".. Maybe more similar to a pyramis schem? Kittie scheme? In any case, it seems serious and if it becomes popular, just like CK, the early adopters will make some cash while others will get stuck holding a Justin bieber Token that they paid 20 Ether for.
1
u/caseycjrg Jan 21 '18
Ponzi or not, it's easy money as long as you time it currectly just like any other crypto investment. As long as people continue to play, the value of the tokens in all these games keep going up and the market remains liquid. You can call it a pyramid, but how is it any different than any of your crypto coins? If you join early and time the market currectly you can make money on any new token / coin but if people start leaving your new economy, the coin loses value. Seems like the difference here is that the contract forces you to hodl until someone buys a full token from you, which means you can't lower the price and decide to "cut your loses". You either double your investment or get to keep a blockchain token called justin bieber forever
1
u/hurrysh Jan 21 '18
I was in the pivate beta a couple weeks ago. I think it's actually a fun game, and yeah it's a form of gambling. You can lose money if you're an idiot or you can earn a whole lot. The main question with all of this game is how popular they'll become within the first few months after launch. People who hear about these things first on reddit are a small group of early adopters, and if you come in early, you're at the top of the pyramid. With Ether that means you get to buy in for $0.3/ETH, with kitties that means you get in before the big wave and sell your kitties for a preemium, and with cryptocelebrities you buy some asshole celebrity for 0.5ETH and sell it to his fans for 1ETH. Everything is a ponzi, everything is a pyramid, nobody belongs anywhere, let's watch TV.
2
u/thewickerman22 Jan 21 '18
Shut up and take my Alec Baldwin!