What if PED was a cryptocurrency?

Would you support PED as a Cryptocurrency

  • Yes - great idea it would make the game better

    Votes: 3 6.4%
  • Yes - YOLO

    Votes: 0 0.0%
  • Unsure

    Votes: 5 10.6%
  • No - I have too much money invested to ride the chart without needing a triple bypass

    Votes: 7 14.9%
  • No - It would kill the game economy eventually

    Votes: 32 68.1%

  • Total voters
    47
  • Poll closed .
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Stephen "Steve" Winterman
THIS IS JUST A THOUGHT EXPERIMENT, I am not advocating for this - I would not support this personally - but I am wondering what other people think.

I wouldn't outright rule it out, but I think it would be too risky and eventually destabilise the game economy beyond repair though some say it already happened with loot 2.0

Poll is open for 31 days.
 
It already acts as one, except it is not on a decentralized blockchain. It is on a centralized database.

Think of PED like Ethereum Coin and all the other various things you can trade with like Tokens all operating on a centralized database.
 
If PED is a digital crypto currency it would need to be a stable-coin so really using fiat is ok - we would only benefit from having a crypto coin is for global value and fees.
 
If PED is a digital crypto currency it would need to be a stable-coin so really using fiat is ok - we would only benefit from having a crypto coin is for global value and fees.
Isn't it technically already a stable coin given MA have pegged it at $1 to 10PED?

The only difference is that the peg is guaranteed only by MA
 
Isn't it technically already a stable coin given MA have pegged it at $1 to 10PED?

The only difference is that the peg is guaranteed only by MA
I'd also argue the associated fees in and out of the ecosystem undermine the peg massively.
 
I'm skeptical in the short term.

There are currently far more people using fiat than crypto, yet the crypto market is orders of magnitude more saturated with its NFT games than the fiat RCE market. Why jump from a larger pond with few fish into a smaller pond with lots of fish?

Moreover, the value added by switching only part of a game (such as its currency) to a decentralized model seems minimal. The real value of blockchain technology is only attained when all critical components of a system are put on-chain, so that there is no attack vector for a central authority to act upon. My impression of most or all current NFT games is that they aren't there yet. They still operate using accounts rather than an unspent transaction output framework, ban players when it suits them, are vulnerable to regulation and data requests at the whims of governments, etc. This doesn't inspire confidence in the notions of robust ownership, permissionless access, anonymity, censorship-resistance, etc., which blockchain technology is designed to afford. The crypto games which are more decentralized (Huntercoin comes to mind) are painfully slow at present, requiring miners to complete the proof of work puzzle and mint a block each time any game action is to occur.

With that said, we should definitely have an eye on the blockchain space and be ready to reassess the situation when the technology develops to a point where there is a real value add. There is tremendous potential for Entropia in its capacity as a capital good if currency, game assets, skills, etc., can all be backed by cryptographic guarantees, especially in light of the politically-motivated withdrawal freezes MindArk has recently imposed and the trust-reverberations they may cause for years or decades. I just think marketing hype for blockchain specifically in the gaming industry is a bit ahead of the actual value add.
 
EU is dogcoin on 5%rake - change my mind
 
Isn't it technically already a stable coin given MA have pegged it at $1 to 10PED?

The only difference is that the peg is guaranteed only by MA
Only 30% is guaranteed. MA has no money to cover all PED they have issued. AFAIK (correct me if I am wrong) if you were to implement stable coin, you would need to back every 10 coins with $1, which MindArk is not able to do at this moment according to the financial reports. Again, correct me if I am wrong, but this is how I see it based on my quick research on stable coins and MindArk financial reports.

EDIT: other 70% is called "loan" due to bigger cost then income in past period (corona changed this a bit, but didn't fix it completely)
 
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It pretty much already functions just the same as a cryptocurrency on a private blockchain would, theres really no point in changing it
 
In practice PED is a "stablecoin" pegged to the USD

It's just not sitting in a blockchain ledger.
 
MA wouldn’t be able to manage a crypto.

just for those that think ped is already a crypto… it’s pegged to the dollar so… please Google crypto
 
When the game used to be RCE purely, one could explain in laymans that playing entropia, was more akin to visiting another country, that country has its own economy, its own people, its own markets and economical aspects.


as such, introducing everyday bob to come play, was doable, explaining that the game was not tied into the crypto nor nfts or any of that technology, more than it being a way to deposit, end of.



Now go do some research on how the general world of games tend to like and receive crypto and NFT games, I've posted tonnes of articles about it before, but there is a reason most companies from smallest to the behemoth moneygrabbing at any cost possible companies like activision and EA are just scrapping it entierly and moving away from it.

I voted "No - It would kill the game economy eventually" as it is the only option closest to "would destroy the game for good".

Yes people hate me for saying it but theres still to many scam NFT and crypto games that purely do so to pyramid scheme people into playing them and cheering them on, people who have little clue try and lose even more than people who know a little and lose it all...

I myself am not against Crypto currencies nor NFT's, but i've yet to see a game able to implement or start as such that is successfull. And in that i put successfull as being widely accepted and loved by the general populus of the gaming industry. I do understand that some people disagree, and will argue that games are succeffull with NFT's and crypto, but i personally in that statement do not weight a few dozen crypto whales dragging in another few hundred to a few thousand crypto lovers in a hype wave as success.

EU is fairly successfull in that its been able to sustain itself as long as it have, but knowing what the crypto and NFT world is to the gaming industry i am really interested in seeing if the outcome of the journey started, is good, or bad.

Disclaimer, again, I am not against or opposed crypto currencies nor NFT's, I have my own NFT projects and its a fun interesting techonology. But in translation to how the gaming industry has treated it in the past year its gone from hype, to straight up being banned words to use due to the incredibly hated reception it gets. I've linked tonnes of articles and info about it, its a interesting topic and in games, it isnt really good which is why whati write can be perceived as being opposed to it, or being negative about it.
 
I'd also argue the associated fees in and out of the ecosystem undermine the peg massively.
MA would tax any withdrawals, crypto or not. I've played a few crypto games (they are more like eco sims), and this is fairly common. The main benefit of cryptocurrency instead of PED would be a lot shorter withdrawal times.
 
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PED should not be a crypto - maybe exchange PED to another crypto sure - why not! Like SilverPED or GoldPED.

Companies cannot rely on crypto for their balance sheets and profit forecast - it would be a disaster - no investor would risk it.

Imagine trying to figure out - hiring and asset management at Mindark is their income depends on crypto. It would kill any companies and would not be able forecast project cost and allow to hire new people for development. Employees would be on edge each months to see if are still working or not...

Crypto and NFT are just another side product to complement EU- it should not be all-in type of scenario.
 
In this environment, I don't see what benefit there would be to PED being a crypto. There might be a better argument for non stackable or unique items being NFTs. I'm thinking of smart contracts and that allowing for rentals, or residual income from some sales or perhaps discovered items.

But even that, there are probably ways to accomplish the same goals without the encumbrances and expenses of using a blockchain.
 
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