Gamers get so mad when the price of AAA games go up $10. They’re a notoriously cheap community.
If you’re going for the people who are addicts spending 1k+ a month on candy crush or whatever sure.
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Doesnt that mean that the utility of the stable coins is primarily to play in the overall crypto economy which is arguably a bubble? I.e. without the assumption that other crypto assets are gonna keep going up, theres limited value in stable coins?
Are people using stable coins to buy and sell goods significantly?
From the link I posted:
WHAT DO PEOPLE USE STABLECOINS FOR?
Payments, says Bruce Mizrach, an economics professor at Rutgers. The real competitors for stablecoins such as Tether (USDT) are things like Venmo and PayPal. Most of the time, the fees they charge for transactions are relatively low, Mizrach found; Tether’s fees are usually less than a dollar, while out-of-network ATM fees are about $3.08. (About 1 percent of transactions have fees higher than $25, though.) The same is true of USDC, another stablecoin.
My guess is that these work better for person-to-person transactions than more commercial transactions, but that’s obviously going to be between people already embedded in the crypto space.
This seems to be a good explanation for why Tether makes sense for short-term traders. I suppose it serves as a way to get around financial regulations and allow people to play with crypto more easily.
They’re also used as a place to store value when investors exit cryptocurrency trades, says Richard Li, CEO of 4K, an NFT marketplace. Imagine an investor — we’ll call him Mars Vulrich — wants to lock in some profit he made in Bitcoin. Now, our friend Mars can exit the trade back into US dollars and send that to his bank account, but it’ll take a couple of days. Some of that delay is that Mars has to comply with anti-money laundering laws to exit cryptocurrency back into the US dollar. During that time, if Mars sees a cool opportunity to get into another cryptocurrency investment, he won’t be able to reach that money.
Now, he could instead exit his Bitcoin trade into a dollar-pegged cryptocurrency. The relatively quick transaction would mean that his funds would be available to go into another investment right away. If Mars is trying to do rapid trading, he might choose to do this instead of moving back and forth between the traditional banking system and cryptocurrency.
So you are using it as a way to cash out with low transaction costs? Running through that series of exchanges. At which steps is someone making a margin on the exchange, and when are they losing?
I think this gets to my point. It seems that stablecoins provide a picks and shovels utility to the overall system. A system that is worth money because more people are putting in than are taking out.
The way I see it, they’re kind of like poker chips. They have a clear value pegged to cash, but can be more convenient to carry around for people who spend a lot of times in casinos. If we ignore that buy-ins and chips are the same thing, going from chips to a buy-in at the table is faster than going from cash to a buy-in and you can always convert chips to cash later on.
Stablecoins seem like a workaround because crypto is an unregulated space and real money is a regulated space and it is complicated taking value across the boundary. You could force people to cash out directly to dollars and not have stablecoins to use as an intermediary, but that would only slow the system down, not bring it to a halt.
Is there anyone who has curated crypto Twitter lists to follow?
Don’t buy ash is my first suggestion.
There is an entire Discord full of people playing the game. Jason doesn’t seem to know what he is talking about here. To actually play the game you need to go to beta.defikingdoms.com not the normal url(which does not really have any game features on it)
It’s another project a lot of people in our Discord have made a lot of money on over the last week. It has some ponzi elements I guess in the sense that the remaining JEWEL is getting “mined” by people who hold and stake JEWEL. I am not sure how much different this is from BTC/ETH that was mined and continues to be mined by people with expensive mining rigs using tons of electricity. If anything this sort of coin emission should be what the people shrieking about the environment should want.
Strasser might know a tad more about defi, finance, crypto, etc. than the discord gang.
He doesn’t have the basic facts right here.
Has to be a good sign for the defense if the case for the prosecution is being made by a guy with a squiggly avatar.
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Just in to say. FU and your commercial, Matt Damon.
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I’m not going to pitch him JEWEL because I personally don’t think the game itself is going to be the future of NFT gaming or anything and his thesis seems to be in the long run it tanks which I agree with.
I’m just saying the game does exist and people do play the game. The game is not finished, it just launched like 2 months ago. You can make the case he is making (that it is an unsustainable pyramid/ponzi) without getting the basic facts wrong.
Defi Kingdoms isn’t any different from 99% of NFT/crypto situations imo. There is money to be made. A lot of money. But to do that you need to at least partially correctly time when you exit.
It’s Bitcoin’s 13th birthday, apparently.
No one is playing the game for the normal reasons you play a game. The only people playing are trying to 100x their investment.
You make like $1-2 a day currently to play the game. It doesn’t seem likely people playing the game are playing for the reasons you mention.