Future of $ withdrawals

Oleg

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Oleg Oleg McMullery
Following the announcement about the blockchain currency, can the devs please give us some reassurance that this will not affect our ability to withdraw PEDs as USD? If PEDs are going to be tied to DeepTokens instead of USD then this is of serious concern.
 
You can ask, but I doubt you'll get an honest answer (if at all).

I don't see PED being replaced, but I do see more of loot being awarded in token form, and more purchases being made via tokens.
 
a wise man once hypothesized that the crypto will replace ped... and we'll enter the dark times.


but at least we'd get 1-3 day withdraw turnaround?
 
a wise man once hypothesized that the crypto will replace ped... and we'll enter the dark times.


but at least we'd get 1-3 day withdraw turnaround?

Yes, 3 days to withdraw DTs which are only useful in... Entropia.

I see them having great value, very big great value...
 
a wise man once hypothesized that the crypto will replace ped... and we'll enter the dark times.


but at least we'd get 1-3 day withdraw turnaround?

Should this really happen, then anything other than instant withdrawals would be inacceptable. But let's see first what they have to say about it. It's too early for this kind of speculation.
 
Should this really happen, then anything other than instant withdrawals would be inacceptable. But let's see first what they have to say about it. It's too early for this kind of speculation.

Agreed it is too early, but I like to assume the worst.

However if they did do a total conversion, the market cap would be equal to the amount of ped in entropia plus ICO investments.

So the odds are in our favor if the token replaces ped.

The worst case scenario is described in a few posts above, where no exchange recognizes/trades the token and we have no means of converting our in game currency into USD
 
i dont think the withdraw will be any fasters money is money how ever you look at it

if they cant do it fast now it wont be any faster whit this
 
i dont think the withdraw will be any fasters money is money how ever you look at it

if they cant do it fast now it wont be any faster whit this

but but the whole idea of block chain tech is verification through ledger so no human interaction is required therefor zero fuck ups...right now ma is literally telling you hey we have to personally handle each withdraw so it takes x amount of time, with crypto on the block chain the verification is passed onto the miners so based on their platform of choice can be as fast as 10 to 15 secs like NEO or as long as 20 mins like bitcoin (when system getting spammed with transactions can take up to over a day).

and on a separate note crypto currency or state backed digital currency is coming and will probably get mass adoption sooner then most think. it solves so many basic problem with our current system like counterfeiting, production, transportation or storage. with that being said i much rather see MA adopt an existing crypto then doing an ico which under most execution will just get lost in the sea of current shit coin icos...
 
it solves so many basic problem with our current system like counterfeiting, production, transportation or storage. ...
..., tax code compliance, enforcement, automatic deduction, supervision of private transactions, new taxes (e.g. VAT on buying used stuff), recording of assets you accumulate (e.g. gold), ... Yes, they'll learn to like it sooner than most think.
 
that just the transfer of money that will be quicker they probly hold money not to get scam for a period of time

credit card card company transfer money from one place to other whit no problem this wont make it any faster

if there doing it by hand now to tranfer money from ped to your account they are doing it to check if the peds are legit to a point

what i see now from what i see they want to start a blockchain becasue there lot of it now out there

its a way to gable buy and sell buy low and sell high another way for stack market that what i see

another way some to make money and other to loose hoo going to be the winner and looser pick a side
 
The longer this question remains unanswered, the more concerned I become, and I'm sure I am not alone.
 
The longer this question remains unanswered, the more concerned I become, and I'm sure I am not alone.

I think youre overthinking it, the premise for the ped is that its strict convertible to dollar. They cant change that without prior notice since thats what their books contain and allso what people deposit into.

Perhaps they could add more options for depo or withdraw or simply those new cryptos becomes like new CLDs but Mindark Deeds instead or similar.

Theres no reasonto worry, cant see that coming at all
 
The second they give prior notice they'll be bankrupt by everyone cashing out.
 
The second they give prior notice they'll be bankrupt by everyone cashing out.

For sure, hence I say its undoable and no reason to even think about that.
 
For sure, hence I say its undoable and no reason to even think about that.

Yes , but this PCF nad people will always see panic over every thing.
 
I think youre overthinking it, the premise for the ped is that its strict convertible to dollar. They cant change that without prior notice since thats what their books contain and allso what people deposit into.

Perhaps they could add more options for depo or withdraw or simply those new cryptos becomes like new CLDs but Mindark Deeds instead or similar.

Theres no reasonto worry, cant see that coming at all

If there's no reason to worry, then a simple official statement to that effect would put our minds at rest. That is what I am asking for.
 
If there's no reason to worry, then a simple official statement to that effect would put our minds at rest. That is what I am asking for.

Henrik Nel and D.Simmonds just confirmed that in house currency will always be tied to USD and wont be affected by DeepToken. However depending on DTs value at the time is how much ped u can buy for it. So there will be an exchange rate

This is from London blockchain meet-up.
 
dont_worry_.jpg


Theres a time to worry and a time not to....

You can consider me not worried about this.
 
With their announcement today at the DeepToken event, someone did bring up this question which sounds to much to be like MA and now I'm kind of wanting to hear from MA.

"We're going to re-write the transaction layer/code in entropia to be distributed using the blockchain model of doing things in a decentralized manner. We will make this open source so others can use the code in their own games."

The question now stands, should one withdraw now?
 
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With their announcement today at the DeepToken event, someone did bring up this question which sounds to much to be like MA and now I'm kind of wanting to hear from MA.

"We're going to re-write the transaction layer/code in entropia to be distributed using the blockchain model of doing things in a decentralized manner. We will make this open source so others can use the code in their own games."

The question now stands, should one withdraw now?

What i get from that is they will get extra horsepower under EU (means less lag).
 
So if ped is tied to this crypto rollout and the crypto fails like many of the other ICO's , what does that mean for the game and the ped within it ?
 
So if ped is tied to this crypto rollout and the crypto fails like many of the other ICO's , what does that mean for the game and the ped within it ?

It doesn't need to work like this, but his is 100% up to MA. They could simply keep everything as is and just adding some tokens. Since (from the pov of PED), between the $ and the token, the one with variable value is the token, then the PED to token value will be calculated from token to $ value. In this hypothesis, token failing would be just as influencing as Netteller or Paypal going bust, which is around 0. But is really up to MA how much they will hook to this.
 
Henrik Nel and D.Simmonds just confirmed that in house currency will always be tied to USD and wont be affected by DeepToken. However depending on DTs value at the time is how much ped u can buy for it. So there will be an exchange rate

This is from London blockchain meet-up.

Thank you. This sounds like what I wanted to hear. If I understand correctly then what's being said is:

10 PED = $1 USD and will forever remain so.
10 PED = xxx DT which will fluctuate (I'm not clear if you'll be able to withdraw as well as deposit in DT, but personally that's of no interest).

I would still like to hear it directly from MA. Not because I don't believe you, but so that it is on record.
 
Too Short..
 
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ped=us dollar= crypto

ped cant be valus to crypto

all ped and crypto have to value to us dollars

if they make ped directly to crypto what out using us dollars as exchange the game is dead
 
The first time someone in game asked me this, i lol'd at him for being naive. In the next 3 days a dozen people brought up the same topic and it felt that somehow i was the person not getting the full picture.

ICO is a craze right now and the way i see it, MA have a better track record then 99% of the ICO's ( who don't have any track record for that matter and are raising millions of $'s based on whitepaper only) in terms of delivering something and as such they are looking to well take a piece of that pie ( as an ico investor, one out of 10 investments working out basically puts you in the gold so u don't care about the 9 that do not work out).

There is legal as well as financial implications of governance to the issue as well.

Why MA has not replied to the thread here however is pure laziness. I know at least half a dozen people in game who have in game worth of 20k+ USD each and are considering withdrawing with the same dilemma in view.

So yes, i do believe it is important they make an announcement to the same effect at the earliest irrespective of my personal opinion as its a concern for quite a few people in the game.
 
The first time someone in game asked me this, i lol'd at him for being naive. In the next 3 days a dozen people brought up the same topic and it felt that somehow i was the person not getting the full picture.

ICO is a craze right now and the way i see it, MA have a better track record then 99% of the ICO's ( who don't have any track record for that matter and are raising millions of $'s based on whitepaper only) in terms of delivering something and as such they are looking to well take a piece of that pie ( as an ico investor, one out of 10 investments working out basically puts you in the gold so u don't care about the 9 that do not work out).

There is legal as well as financial implications of governance to the issue as well.

Why MA has not replied to the thread here however is pure laziness. I know at least half a dozen people in game who have in game worth of 20k+ USD each and are considering withdrawing with the same dilemma in view.

So yes, i do believe it is important they make an announcement to the same effect at the earliest irrespective of my personal opinion as its a concern for quite a few people in the game.

I completely agree that the owners/dev's need to come out with more details on how Entropia's ICO will interelate with the ingame economy of Entropia. With as much money as some have invested into Entropia it is no wonder that they would be worried about such a development knowing the history of this game.
 
:duh:

This is why i originally wrote this on the announcement thread:

It's not my business but would also advise you guys come out with more info on your intended direction with this as soon as possible... the player base imagination will run wild with the limited info here (and generally not in a good way)

I can understand having some concerns and questions but fears of a token replacing the USD that PED is pegged to is just a little too far past normal concerns. Spreading this kind of (most likely false) fear can be very damaging...

There is almost 0% chance of MA trying to bait and switch the USD with these tokens.... this will instead, add something new and complimentary to the existing RCE... it goes well or it doesn't PED to USD is essentially written in stone imo.

I still think the best idea they can have is just purchasing some Bitcoin and breaking them down (infinitely divisible) and adding them to the lootpool.. right now Bitcoin is all the rage and the altcoins are taking a back seat for now.. If you want to drive promotion, add bitcoin fragments to the lootpools!

~008
 
:duh:

This is why i originally wrote this on the announcement thread:

It's not my business but would also advise you guys come out with more info on your intended direction with this as soon as possible... the player base imagination will run wild with the limited info here (and generally not in a good way)

I can understand having some concerns and questions but fears of a token replacing the USD that PED is pegged to is just a little too far past normal concerns. Spreading this kind of (most likely false) fear can be very damaging...

There is almost 0% chance of MA trying to bait and switch the USD with these tokens.... this will instead, add something new and complimentary to the existing RCE... it goes well or it doesn't PED to USD is essentially written in stone imo.

I still think the best idea they can have is just purchasing some Bitcoin and breaking them down (infinitely divisible) and adding them to the lootpool.. right now Bitcoin is all the rage and the altcoins are taking a back seat for now.. If you want to drive promotion, add bitcoin fragments to the lootpools!

~008

If they did that with bitcoin holy hell would there be an inrush of people hunting or mining ;) Myself included!!!
 
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