Create accountLogin

Recent searches

No recent searches

Search options

Only available when logged in.
mas.to is one of the many independent Mastodon servers you can use to participate in the fediverse.
Hello! mas.to is a fast, up-to-date and fun Mastodon server.

Administered by:

Server stats:

12K
active users

mas.to: AboutStatusProfiles directoryPrivacy policy

Mastodon: AboutGet the appKeyboard shortcutsView source codev4.3.7

Dare Obasanjo

Blockchain gaming as a category is when I really flipped the bit on venture capitalists and crypto. The game which has spurred billions of dollars of investment in this space is Axie Infinity.

The game is literally a pyramid scheme. You pay up to hundreds of dollars to buy in to the game then earn small amounts of money for playing. The game then needs a steady influx of new players to ensure they can pay people out as eventually people will earn more than they put in.

decrypt.co/201282/crypto-gamin

Decrypt · Crypto Gaming Attracted $600M Worth of Q3 Investment Despite Bear MarketBy Kate Irwin
Oct 15, 2023, 10:38 AM·Public·Ivory for iOS
8boosts·21favorites
Public
Dare Obasanjo

Blickchain gaming isn’t a business model. Imagine a hypothetical game where you buy $30 of NFTs to join then earn $1 each day you play.

After 30 days of play, the company has paid you back your entry fee and is now taking a loss each additional day you play. This isn’t a business.

The only way you sustain it is by making the payouts tiny causing users to give up and getting a steady influx of new users to payout the die hards who refuse to churn.

Blockchain gaming? More like Ponzi gaming.

Public
Kornel

@carnage4life This game has been hacked by the North Korean regime. What a world we live in, where a boring MMO ends up funding nukes for a mad dictator.

web3isgoinggreat.com/?id=autho

Web3 is Going Just GreatAuthorities link Axie Infinity hack to North Korean Lazarus hacking groupAccording to the FBI, the infamous cybercrime group Lazarus has been implicated in the March Axie Infinity exploit that saw $625 million taken from the game's blockchain bridge. Lazarus are a criminal group with strong ties to North Korea, and are suspected of being behind infamous cyberattacks including the WannaCry ransomware that impacted a wide number of industries including hospitals and manufacturing, as well as legislative and justice systems. The U.S. Treasury department has added the crypto wallet that received the stolen funds to its sanctions list, which may make it substantially harder for the attackers to withdraw the money. The wallet still contains around 150,000 ETH, valued at around $445 million, but has been slowly siphoning it out to various other wallets, exchanges, and tumblers over the past weeks.
Public
Jason A

@carnage4life outside of money laundering, crypto has never really had a good answer for the “but why” question.

ExploreLive feeds
About