Crypto Currency(ex.: bitcoin)... PED already a Crypto

So I am sure many of you have heard of Bitcoin. If you havn't, get out from under your rock.
I am proposing the concept that PEd is already a crpyto currency and has been far before Bitcoin ever came out!

What potentials do you see for PED and the Crypto Currency movement. Bitcoin is already being accept buy 100,000s of merchants.

The Value of ped atleast is staked on a platform that provides value and revenue.

Thoughts?

"Crypto Currency" describes a technical concept which PED is not made of. The value of PED is tied to the value of the US Dollar which is... which once was based on gold but now "in god we trust" is all that's left. You were saying ...?

First of all - bitcoin is utterly pointless. It is a scam designed to make a few people money from speculation, as well as provide a reliable way to launder money.

Secondly...

FlowerGirl said:

I am proposing the concept that PEd is already a crpyto currency and has been far before Bitcoin ever came out!

Thoughts?

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The PED is tied to the USD 10:1.

The PED is not a crypto currency.

Bitcoin has been discussed extensively on the forums for the last lil while now, ill link some of the threads ive taken part in who have Both side of the.... coin represented in the threads. Personally i tend to fall in the category of "Bitcoin is great in theory, but is very poorly executed in practice" camp and not something i would consider investing in though .

https://www.planetcalypsoforum.com/...pt-Bitcoin-via-Bitpay-for-no-fee-transactions

https://www.planetcalypsoforum.com/...-you-think-Bitcoin-should-be-a-payment-option

https://www.planetcalypsoforum.com/forums/showthread.php?266564-Bitcoin-deposits

Cheers
Zweshi

PEDs are not cryptocurrency. Just like coins in WoW and ISK in Eve Online are not cryptocurrency. Cryptography was not used to make these currencies. Plus, these are centralized in-game currencies controlled by the companies who created the games. Bitcoin is a decentralized currency. That's all I'll say.

Trust is all
Many people don't trust in bit coins, im one of them. Its all ok as long there is a payment provider between you and mindark who accept your bit coins and give mindark us dollars. Us players trusting into EU is really all that mindark have , if too many people lose confidence into the system it will collapse.

San said:

"Crypto Currency" describes a technical concept which PED is not made of. The value of PED is tied to the value of the US Dollar which is... which once was based on gold but now "in god we trust" is all that's left. You were saying ...?

Click to expand...

Crypto Currency is truely just an overly technical name for digital currency, and currency is something that has tradable or exchangeable power. If I had a car you wanted and I said ill take PED (all EULA aside) your ped would be used as a currency AND IT IS DIGITAL tied to USD or not. You could use painted rocks and it wouldnt make a difference.

Konve; said:

First of all - bitcoin is utterly pointless. It is a scam designed to make a few people money from speculation, as well as provide a reliable way to launder money.

Secondly...

Quote Originally Posted by FlowerGirl View Post
I am proposing the concept that PEd is already a crpyto currency and has been far before Bitcoin ever came out!

Thoughts?
The PED is tied to the USD 10:1.

The PED is not a crypto currency.

Click to expand...

You stated an opinion.. And the United States Government thinks its a type of currency, which is why MA had to stop looting PED and start looting items.

melander; said:

Bitcoin has been discussed extensively on the forums for the last lil while now, ill link some of the threads ive taken part in who have Both side of the.... coin represented in the threads. Personally i tend to fall in the category of "Bitcoin is great in theory, but is very poorly executed in practice" camp and not something i would consider investing in though .

https://www.planetcalypsoforum.com/fo...e-transactions

https://www.planetcalypsoforum.com/fo...payment-option

https://www.planetcalypsoforum.com/fo...tcoin-deposits

Cheers
Zweshi

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Haha Cheecky, I like that "both sides of the coin". Can you describe a unqiue "poor execution" that doesn't already exist in our current note system (usd,euro etc, etc ) ?
Thanks for the links, I will definitly read them.

Optimator; said:

PEDs are not cryptocurrency. Just like coins in WoW and ISK in Eve Online are not cryptocurrency. Cryptography was not used to make these currencies. Plus, these are centralized in-game currencies controlled by the companies who created the games. Bitcoin is a decentralized currency. That's all I'll say.

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Lets just all agree Crypto Currency is just a technical and very general name for Digital Currency. Most digital currency matriachs actually think cryptocurrency is a incorrect name for the currency genre. E-Gold was a Digital Currency before Bitcoin, and it is thrown in the whole Crypto boat as well.

How does the fact that it is centralized remove it from being a currency. Decentralization doesn't make bitcoin a digital currency, it makes it a good digital currency, but its a feature or trait, not its definition of being a digital currency. Wouldn't you agree?

Fiona Simmons; said:

Trust is all
Many people don't trust in bit coins, im one of them. Its all ok as long there is a payment provider between you and mindark who accept your bit coins and give mindark us dollars. Us players trusting into EU is really all that mindark have , if too many people lose confidence into the system it will collapse.

Click to expand...

So true my friend. But isnt that true with any of our current fiscal notes? The United states dollar, as stated above by "San" is really just a figment of value. There is no real value behind the notes anymore. Quite litterally the united states dollar is worth .0129 or 1 penny and 1/3 of a penny. Because the Fed is leveraged at 77 to 1 asset to dollar in circulation.
So you could almost say the dollar is worthless without the blind faith, and the fed will keep on printing. Atleast Bitcoins supply is limited... unlike the cotton paper that we make our notes out of.

FlowerGirl said:

Crypto Currency is truely just an overly technical name for digital currency, and currency is something that has tradable or exchangeable power.

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i think you need to learn how work cryptocurency , and how they are create.

ped , and many other 'virtual' curency have nothing to do with cryptocurency , since they are not working same at all.

finally i am total against cryptocurency , since its just a big waste of energy.
to create bitcoin you have to do 'math' for exemple sha1(sha256) to chek the result of something that have no meaning...
if bitcoin was selling power ressource to company and create coin from that , it would be good things...

bitcoin is a concept of gold mining , without gold , and with finding meaningless stuff.

FlowerGirl said:

Crypto Currency is truely just an overly technical name for digital currency,
...
You stated an opinion..
...
Lets just all agree Crypto Currency is just a technical and very general name for Digital Currency.

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No, no and no. Let's just agree that it's within your rights to make up your own language and definitions. But don't expect to be understood.

FlowerGirl said:

Lets just all agree Crypto Currency is just a technical and very general name for Digital Currency.

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No one agrees this is the case except you. Cryptocurrency is Cryptocurrency.

I've "mined" coins, traded, and sold them. They are more like a non-depleting commodity than an actual currency. The value of the "coins" fluxuate extremely quickly because the anonymity makes them extremely susceptible to market manipulation. Just look at any graph depicting value over the last 12 months.


As mentioned earlier in this thread -- The only reason cryptocurrency has taken off is due to money laundering. Darknet (non-WWW) sites like Silkroad thrive on cryptocurrency. Associating legitimate Entropia currency with something that should be illegal is that last thing MA should do.

PED and Bitcoin are both digital currencies in effect, the difference being that Bitcoin is also a cryptocurrency because of the way it is firstly created and then how it is exchanged between people.

There is a slight difference between an American dollar and a bitcoin. You cannot compare them like you do.

It is a bit like saying "Well, unicorns are horses, and they can fly, so my horse sure can fly".

Just because they look sort of the same to you, it doesn't mean they are. You cannot excuse cons of bitcoin by pointing at examples of flaws of other currencies. If the backbone of your argumentation is flaws of other currencies rather than the benefits of the one you are promoting, you lost the battle before it began.

arejaytee said:

PED and Bitcoin are both digital currencies in effect, the difference being that Bitcoin is also a cryptocurrency because of the way it is firstly created and then how it is exchanged between people.

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Thank you.. finally.
I understand how crypto is created and this is why it gets its name. However in the current state all digital currency is being thrown into the crypto currency box.

WhiningSkeptic said:

There is a slight difference between an American dollar and a bitcoin. You cannot compare them like you do.

It is a bit like saying "Well, unicorns are horses, and they can fly, so my horse sure can fly".

Just because they look sort of the same to you, it doesn't mean they are. You cannot excuse cons of bitcoin by pointing at examples of flaws of other currencies. If the backbone of your argumentation is flaws of other currencies rather than the benefits of the one you are promoting, you lost the battle before it began.

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Some would argue the USD is as much a Unicorn as the Bitcoin is.

PED exists entirely within an enclosed system, converted on exit.


The "Crypto" part is essentially the security reference of the digital currency. It is digitally encrypted bits of information (represented as a digital token...referred to often as a "coin"), with a theoretical safe redemption point of anywhere, and potential conversion to any other currency...(Which isn't enclosed/private...like PED ).

Bitcoin also has an unknown author with an unknown purpose, processing scary amounts of information behind it all, unlike most other currencies, it is also a process.

Try trading bitcoins for sweat as tt value per bottle is closer to real true value of bitcoin than peds are

FlowerGirl said:

Thank you.. finally.
I understand how crypto is created and this is why it gets its name. However in the current state all digital currency is being thrown into the crypto currency box.

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only by you sweetie.

Okay let me put you at peace then guys... "Digital Currency" not Crypto Currency... Do you feel better now? Although in conclusion I will say, Lindens are being traded on "CryptoCurrency" Exchanges, dispite their lack of cryptography. How stupid of them eh? Should have made them create a whole new exchange called... "non crypto digital currency exchange so I feel better about it because there is no cryptography and it gives me something to preach about because my finite brain needs proper labels and I want to have an opinion Exchange." Name might be a little to long though.

Back on Topic, Digital Currency, and the concept that it could have a potential role in the future of Entropia.

Large companies are entertaining removing point rewards systems for "Digital Currency". Even entire countries are discussing incorporating digital currency.

Given the the fact that Entropia already has a digital currency built into its game play, it would be easy for it to remove its direct transfer of 1:10 and let it be a free market.
There are risks ofcourse that it will plummit in value per PED but there is also a major potential that the value per coin rises being as the company has an annual GNP of $300,000,000 and is obiviously trying to grow itself, it has a more stable value then the USD. Giving all of us a further interest in turning our cash into PED and profiting by mearly investing in the company .

Just something interesting to entertain, it would be like entropia being its own country, or... its own universe

HEY! But we will make sure they use cryptography!
I have a feeling someone is going to correct my grammar and spelling next.

And please I am not here to discuss if you think bitcoin is a viable investment.

I am here to talk about PED being untied to USD and its value being tied to Entropia's Value, vs the USA value. If you dont understand, here is a great resource put together by Patrick Byrne, owner of Overstock.com. He discusses how companies could exchange stocks for currencies and what that would look like.

https://o.info/How_to_issue_a_cryptosecurity

FlowerGirl said:

I am here to talk about PED being untied to USD and its value being tied to Entropia's Value, vs the USA value.

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what would be the benefit for player ?
and what would be the bad side ?

PED needs a serious re-evaluation.

Ape Drape said:

PED needs a serious re-evaluation.

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How so? .....

Etopia said:

what would be the benefit for player ?
and what would be the bad side ?

Click to expand...

Great question Etopia.

If you disconnected the PED from the USD you give PED the ability to rise and fall. Its value would be determined then by Entropia Universe and its value to the market place of gaming.
So the benefit is obvious here if you believe that Entropia Universe is growing and will continue to grow.

By disconnecting and allowing the value of the PED to rise or fall, our investment of PED has the ability to increase in value. If PED is worth 10:$1 now and we assume that this is the market value now.(meaning the market truly rates that as its exchange rate when open to a free market) then if we have people joining the game on consistent basis, faster than we have paid users leaving, then the value of PED has to go up per unit. As long as MindArk Puts a Market Cap on how many PED it will release.

PED effectively becomes a micro stock or in the most direct understanding, an actual currency with the ability to rise and fall in value depending on how well the “country” is doing financially.

Mind Ark is a cash positive organization, unlike the United States. So if that’s true, the value of Mind Ark should be rising as it creates new ways to interest its users and attract new ones.

I like the idea that my PED holdings can increase from 10:$1 to 10:$1.5 just because the game is doing better and there is more people joining.

If you really think about it, your deposits now you are investing into MA, the difference is your PED doesn’t reflect that. Mind Ark currently just eats that value (assuming it is there). However if there were a fixed number of PED like 100,000,000 eventually the PED runs out and your PED will start to increase in value (again assuming we have more people join the game).

We know Mindark is interested in us Viewing ped as a spendable currency, which is why they made the credit cards available to us a while back. What this does is bridge that game and allow people MA to collect transaction fees vs Visa/Master Card. The benefits for MA are exponential and are a different topic.

Anything that lowers the ways to deposit ain't gonna happen

I think we should keep this conversation about how it benefits the users. Honestly it greatly favors MA as well but lets leave that for a later conversation.

mastermesh said:

Anything that lowers the ways to deposit ain't gonna happen

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"Lowers the ways to deposit" I don't understand.

Flowergirl: you most look at the whole Picture which u arent.

And if u take out that u could benefit from its value increase or decrease - What more could u benefit from it.

PED is a product produced and sold by MA and last year they sold around 60 million pieces of the product PED.
Its priced in dollar and you can only buy it with dollar.

MA produce the ped after recived payment but can produce it in a unlimited amounth if wanting it

FlowerGirl said:

Honestly it greatly favors MA as well but lets leave that for a later conversation.

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One problem with Bitcoins, is that it's used in schemes like ransomware.

It works this way: Spam mail sends a trojan, in the form of for instance a PDF file with .scr extension (that really is an .exe file - that is a windows binary program) trojan gets installed to a computer, it encrypts all documents on the computer, and then it requires the end user to send 500 or 1000 USD to an Anonymous (well of course) bitcoin wallet. Currently it seems to be a "Campaign" going on with lots of people having gotten it; you may want to google for "Cryptowall 3".

(Optionally, at the same time as the ransomware gets Active, another bundled program might start to search your harddrive for stored passwords.)

The problem in the next step is that because entropia supports further transactions between players, it probably won't look good if bitcoins gotten that way could be laundered and converted to Clean IRL Money that way.

aia said:

One problem with Bitcoins, is that it's used in schemes like ransomware.

It works this way: Spam mail sends a trojan, in the form of for instance a PDF file with .scr extension (that really is an .exe file - that is a windows binary program) trojan gets installed to a computer, it encrypts all documents on the computer, and then it requires the end user to send 500 or 1000 USD to an Anonymous (well of course) bitcoin wallet. Currently it seems to be a "Campaign" going on with lots of people having gotten it; you may want to google for "Cryptowall 3".

(Optionally, at the same time as the ransomware gets Active, another bundled program might start to search your harddrive for stored passwords.)

The problem in the next step is that because entropia supports further transactions between players, it probably won't look good if bitcoins gotten that way could be laundered and converted to Clean IRL Money that way.

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Irrelevant, bitcoin is one of 1000's of cryptocurrencies, and you have every ability to create your own. Which is the concept I am suggesting.

Count Joe said:

Flowergirl: you most look at the whole Picture which u arent.

And if u take out that u could benefit from its value increase or decrease - What more could u benefit from it.

PED is a product produced and sold by MA and last year they sold around 60 million pieces of the product PED.
Its priced in dollar and you can only buy it with dollar.

MA produce the ped after recived payment but can produce it in a unlimited amounth if wanting it

Click to expand...

"And if u take out that u could benefit from its value increase or decrease - What more could u benefit from it."
why would you do that? ... that is like saying "If you took out the ability to buy PED with fiat what good is PED"

I think maybe this conversation lacks the "inspired" audience.

Bitcoin Wallets are anonymous ? This is a huge problem for a company like mindark because they must prevent money laundering, else they get in trouble or get shut down by authorities.

FlowerGirl said:

I think maybe this conversation lacks the "inspired" audience.

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I guess most of us who deposit get our Money in our paychecks in "fiat" currency; deposit through bitcoins would be an additional step.

The "inspired audience" would be those who get their income in bitoins.. (well or are bitcoin traders). I'm pretty sure that the compaines who sell Products and charge in bitoins pay their employees in "fiat" currencies; after all there are third parties (ie tax authorities) that assume salaries and book keeping is done using official tender for that country.