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The most amazing part is that the participants for at least an hour all thought they won. They were celebrating in a Twitter Space. I popped in for a few minute

The most amazing part is that the participants for at least an hour all thought they won. They were celebrating in a Twitter Space. I popped in for a few minutes, heard many people talk about how they were "literally shaking" from the excitement, and really playing up the significance of the constitution being "the first act of decentralization from English rule" and 2022 being "the year of the DAO". Nobody had the heart to tell him that the constitution was not the declaration of independence. But it turns out the "inner circle" running this Twitter space, who all had very official looking Lions and Apes as their avatars, was so far removed from the actual inner circle that they had no idea what really happened at the auction and instead were just LARPing as being insiders. I am not anti-crypto, but most of the crypto culture should probably be burnt to the ground.

DantesKite 5y ago
It was amazing. I tuned in briefly. And really speaks to all the issues cryptocurrency has and its inability to find a use case. The only company that has found success is Coinbase. They’re the business selling shovels to the gold miners.
- Jonovono 5y ago
  The only company that has found success? Umm, that was maybe true in 2012. Might want to check again. For example: * Axie Infinity (https://www.notboring.co/p/infinity-revenue-infinity-possibilities https://www.notboring.co/p/infinity-revenue-infinity-possibi...) But there are many.
  - pavel_lishin 5y ago
    The one example you cite has been called out as a ponzi scheme elsewhere: https://news.ycombinator.com/item?id=29245147 https://news.ycombinator.com/item?id=29245147
    - Jonovono 5y ago
      Thanks, ill look into it some more. I trust Not Boring but something could be up. tbh tho, people still call bitcoin a ponzi scheme. None the less, there are definetily more profitable companies in the space besides just Coinbase ;p
  - moritonal 5y ago
    Bloody hell... "Scores of people in the Philippines and Vietnam have quit their jobs and make a better living playing Axie for hours every day. They earn Smooth Love Potion (SLP), a token earned through Axie gameplay that can be exchanged for fiat, which in turn can be used to pay for food, shelter, medical bills, and all of the other things needed to survive. Some people who were previously making $5 per day now make $20."
    - dpark 5y ago
      > To start playing, you need three Axies. You can acquire Axies in the Marketplace, where the cheapest of the 99,323 available is going for 0.1 ETH, or $195. Something is fishy. Where do people making $5/day get $600 to buy into dumb game? This is nearly half a year worth of income to gamble on this thing. If this is actually happening, it’s sad. Lots of games have had grinding farms in developing nations and in that respect, this seems no different except that is branded with “crypto” and “nft” and somehow that’s supposed to make it different, while in reality it just seems to make it more complex. But mostly it seems insane that the buy in is $600. I look forward to hearing the stories of indentured servants in developing nations being forced to play this game to pay back their buy-in debt.
      - taylorfinley 5y ago
        I interviewed a candidate in Manilla a month ago, he had purchased Axie pretty early on when it was a lot more affordable to get started. He has a great job in IT support, so he lends his Axies to his dad and brother and they work it like a full-time job. His dad plays pretty much all day and his brother plays all night. He said many of his friends similarly got in early and lend their tokens out to friends and family. If you think about it, your numbers make perfect sense--would you stake half your annual salary to quadruple it? I would!
        dpark 5y ago
        > would you stake half your annual salary to quadruple it Fuck no. I would not allocate half a year’s salary on a gamble. Indeed since this article was written, Axie tokens tanked.

DantesKite 5y ago

It was amazing. I tuned in briefly. And really speaks to all the issues cryptocurrency has and its inability to find a use case. The only company that has found success is Coinbase. They’re the business selling shovels to the gold miners.

Jonovono 5y ago
The only company that has found success? Umm, that was maybe true in 2012. Might want to check again. For example: * Axie Infinity (https://www.notboring.co/p/infinity-revenue-infinity-possibilities https://www.notboring.co/p/infinity-revenue-infinity-possibi...) But there are many.
- pavel_lishin 5y ago
  The one example you cite has been called out as a ponzi scheme elsewhere: https://news.ycombinator.com/item?id=29245147 https://news.ycombinator.com/item?id=29245147
  - Jonovono 5y ago
    Thanks, ill look into it some more. I trust Not Boring but something could be up. tbh tho, people still call bitcoin a ponzi scheme. None the less, there are definetily more profitable companies in the space besides just Coinbase ;p
- moritonal 5y ago
  Bloody hell... "Scores of people in the Philippines and Vietnam have quit their jobs and make a better living playing Axie for hours every day. They earn Smooth Love Potion (SLP), a token earned through Axie gameplay that can be exchanged for fiat, which in turn can be used to pay for food, shelter, medical bills, and all of the other things needed to survive. Some people who were previously making $5 per day now make $20."
  - dpark 5y ago
    > To start playing, you need three Axies. You can acquire Axies in the Marketplace, where the cheapest of the 99,323 available is going for 0.1 ETH, or $195. Something is fishy. Where do people making $5/day get $600 to buy into dumb game? This is nearly half a year worth of income to gamble on this thing. If this is actually happening, it’s sad. Lots of games have had grinding farms in developing nations and in that respect, this seems no different except that is branded with “crypto” and “nft” and somehow that’s supposed to make it different, while in reality it just seems to make it more complex. But mostly it seems insane that the buy in is $600. I look forward to hearing the stories of indentured servants in developing nations being forced to play this game to pay back their buy-in debt.
    - taylorfinley 5y ago
      I interviewed a candidate in Manilla a month ago, he had purchased Axie pretty early on when it was a lot more affordable to get started. He has a great job in IT support, so he lends his Axies to his dad and brother and they work it like a full-time job. His dad plays pretty much all day and his brother plays all night. He said many of his friends similarly got in early and lend their tokens out to friends and family. If you think about it, your numbers make perfect sense--would you stake half your annual salary to quadruple it? I would!
      - dpark 5y ago
        > would you stake half your annual salary to quadruple it Fuck no. I would not allocate half a year’s salary on a gamble. Indeed since this article was written, Axie tokens tanked.