Is Crypto like a Video Game?

Boxmining

9.5K views 668 7 years ago

Description

Do you feel like a Level 70 Cryptocurrency master or a level 5 novice? Learning about Crypto ain't easy and there are many mistakes to be made - but one thing is for sure - its hella fun! 👍🏻Subscri...

Do you feel like a Level 70 Cryptocurrency master or a level 5 novice? Learning about Crypto ain't easy and there are many mistakes to be made - but one thing is for sure - its hella fun! 👍🏻Subscribe to my YouTube Channel: https://www.youtube.com/c/boxmining 👑Recommended Exchange - Binance: https://goo.gl/joe55C 🔒Hardware Wallet: https://www.ledgerwallet.com/r/428b 📲Mobile Wallet: https://enjinwallet.io/ 💻PC / Mac Wallet : https://www.exodus.io/ ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● Telegram groups: Telegram Discussion Group: https://t.me/boxminingChannel Telegram Announcements: https://t.me/boxminingChannel ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● ♨️Social: Telegram announcements: https://t.me/boxminingChannel Community Forums: http://forums.boxmining.com Steemit: https://steemit.com/@boxmining Twitter: https://twitter.com/boxmining Facebook: https://www.facebook.com/boxmining ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● 💰Buy Bitcoin Through Coinbase: https://goo.gl/h1bw5v Track ICOs graphically: https://icotracker.org 💪Donations: Bitcoin : 13EvsPm3YhiCPGksQQdvQUFtsbF8FoU6Cz Ethereum: 0x58d98516363D2A5f93CE6aB4A4a909599C3EEC3a Website: http://boxmining.com

AI Analysis

The world of cryptocurrency is often compared to a video game, where you start as a level one newbie and progress through various stages, encountering different challenges, or "monsters," along the way. Each obstacle overcome or lesson learned helps you level up, making the journey both challenging and incredibly fun.

Here's a breakdown of the crypto "game":

* Starting as a Level 1 Newbie:
* You likely begin with major cryptocurrencies like Bitcoin or Ethereum, as they are the easiest to acquire.
* Your first "monster" encounter often involves impersonation scams, like fake Vitalik Buterins promising to give away Ethereum if you send them a small amount first. Smart players recognize these as scams and level up by avoiding them. Even falling for one can accelerate learning.
* Another early "monster" is Bitcoin doubling scams, which claim to have found a "hack" to double or even quintuple your Bitcoin if you send it to them. These are obvious scams to avoid. Defeating these early monsters helps you gain experience and level up.

* Venturing into Altcoins and Exchanges (Level 10-ish):
* Around level 10, you start exploring the vast world of altcoins and using exchanges to trade. This stage is both exciting and dangerous.
* The fun comes from discovering new altcoins and joining their communities, much like joining a guild or society in a game. These communities might even offer "bounty campaigns" where you can earn free coins for promoting the project or even programming for it.
* New "monsters" appear in this altcoin landscape:
* Pyramid Schemes / Ponzi Schemes (e.g., Bitconnect): These lure you in with promises of extremely high returns, like 7% per week. While they seem incredibly appealing at first, investing in them will lead to financial ruin ("getting wrecked"). Promoting such schemes can also damage your friendships.
* Pump and Dumps: These manipulate you into thinking you have "inside information" about a coin that's about to "pop" due to upcoming news. They show impressive past gains (e.g., 300%), making you feel smarter than others. However, if you buy in, the price will tank dramatically (20-50%) soon after, revealing you were merely "played" by manipulators.
* Unit Buyers (The "Cheaper is Better" Fallacy): Many new players think that because Bitcoin is expensive (e.g., $10,000), cheaper altcoins are more likely to "pop." However, this ignores circulating supply. Coins are cheap often simply because there are billions or even trillions of them, unlike Bitcoin's limited 21 million maximum supply. A low price per unit doesn't inherently mean higher growth potential.

* The Bitcoin Maximalist Path:
* Some players might decide at this stage that altcoins are too overwhelming or don't offer enough unique value beyond decentralization. They might choose to become a Bitcoin maximalist (or elitist), focusing solely on Bitcoin and effectively "ignoring the rest of the game."

* Entering the ICO Stage (Hard Mode):
* For those seeking higher risk and reward, the Initial Coin Offering (ICO) stage presents the next major challenge. ICO prices are extremely volatile, but they are also where the "max money is made" if you pick a winner.
* ICOs are entirely different beasts, resembling startups. The biggest challenge here is balancing social hype with a solid project that has actual underlying value. The "monsters" are no longer obvious scams; they are subtle, complex business challenges.
* It's crucial to understand that ICOs are startups, and the vast majority of startups (70-80%) fail. The biggest and most tempting trap at this level is to go "all in" on a single ICO. Doing so, like a "Leroy Jenkins" charge, can lead to losing everything and being "kicked out of the game."
* Actionable Takeaway: A balanced and diversified portfolio is extremely important at this stage. You need to learn about many projects and avoid going all-in based purely on hype.
* Beware of survivor bias: You'll constantly hear stories of "moon landings" and 100x or 10x returns from successful ICOs, which appeals to your greedy side. However, the "bodies"—the vast number of failed ICOs—don't speak up.
* Actionable Takeaway: Always do your own research (DYOR). Ensure a project has both perceived value (hype) and actual value (a clear path to revenue and a business model). Decentralization alone is not a guarantee of success; a project needs to bring in revenue and have a viable future like any traditional business.

The journey through cryptocurrency is indeed like a video game, full of learning, challenges, and the potential for great rewards if you navigate wisely.

Transcript

I just realized today that cryptocurrency is a video game and I'll tell you exactly why in this video. So you start off as a level one newbie. You just got into cryptocurrencies. You probably heard about it on the news or on some sort of social media. So you probably start off with Bitcoin or Ethereum. They're the major ones and they're the easiest ones to buy. You're also going to encounter Vitalik Buterin. He's going to come up to you and say, hey, you know, I'm going to give away all my Ethe...

I just realized today that cryptocurrency is a video game and I'll tell you exactly why in this video. So you start off as a level one newbie. You just got into cryptocurrencies. You probably heard about it on the news or on some sort of social media. So you probably start off with Bitcoin or Ethereum. They're the major ones and they're the easiest ones to buy. You're also going to encounter Vitalik Buterin. He's going to come up to you and say, hey, you know, I'm going to give away all my Ethereum. All you have to do is send me 0.1 Ethereum to prove your loyalty and I'm going to give you 10 Ethereum in return. Sounds like a great deal. Go for it. That's when it's going to dawn on you. That's not Vitalik Buterin. That's Vitalik Buterin and he's a scammer. So that is probably one of the first monsters you're going to encounter. Smart ones are going to say, yep, that's a scammer. I'm going to avoid it and you level up. Not so smart. Sometimes you'll fall for it. But by learning about scammers, you level up even faster. You're also going to encounter websites that are going to promise you to double up your Bitcoin. You know why? Because Bitcoin, they found a hack in Bitcoin that you can double up that Bitcoin. All you have to do is send them 0.1 Bitcoin and they'll just double it up for you. If you send it up them 10 Bitcoins, they'll five times it for you. Well, that's an obvious scam too and hopefully you didn't fall for it. As you defeat these monsters, you're going to level up. And as you reach around level 10-ish, you're going to be learning about altcoins. The wide world out there. Going to venture into new areas as well. So this is where things get a little bit interesting. You're going to start moving off that crypto into exchanges. Now, this is where things get very fun and also very dangerous. So where's the fun? Well, the fun isn't all the crazy number of altcoins out there. It's a very wide and vast world. And by finding one, you probably will join the community. And it's like joining a society or a guild. There's various jobs in that guild too. There might be even a bounty campaign where you can get free coins from just going around, promoting it, talking to it about your friends, or even of course programming for it if you're a little bit ambitious. In this area, there's going to be other monsters too, like the Pyramid Skis. These coins are going to offer you very high returns. 7% returns per week. And you're like, oh my god, this is like the best deal in the world. Why didn't I get to this earlier? This is so cool. Finally, finally I can quit making YouTube videos. This is the answer. Bitconnect! And if you go in for it, you're going to get wrecked. I am right now in the movie. I am actually in the movie. You might even realize that it might be profitable for you to promote these pyramid schemes. I mean, it's a Ponzi after all. In which case, you'll probably harm your friends and you'll have no more friends for life. Bitcoin! Next up, we have the Pump and Dumps. So, Pump and Dumps are extremely interesting. They put targets for coins. This coin is going to pop because of some sort of news that's coming up. Pump and Dumps is going to lure you in and make you think that you know more than everyone else. You're smarter because you know about Bitcoin and Ethereum and you just found this awesome new project and they're going to give you some sort of new inside information that's going to guarantee you money. In fact, it's gone up almost 300% over the past few days and it's most likely going to go up even more. Boom! If you buy in, you'll probably realize it's going to tank 20%, 30%, 50% over the next few days and you're probably not smarter than everyone else because you're being played. Next up is the unit buyers. You'll be like, yeah, Bitcoin is so expensive. It's $10,000. I mean, that's not going to pop anytime this year. Let's pick something that's a little bit cheaper. Because cheaper is always better, right? Cheaper coins pop more. One thing you might start to realize is that there's circulating supply, which is the fact that Bitcoin has 21 million max number of coins, but some coins can go up to the billions or even the trillions. So, they're just cheap because there's a lot of it and that doesn't mean it's going to pop anytime this year. At this point, you might also decide that all coins aren't for you. I mean, there's just so many of them. How can you pick? And they don't really offer anything else on top of decentralization. At this point, now you become a Bitcoin maximalist or a Bitcoin elitist and now you can safely ignore the rest of the game. Now, what's next in the land of cryptocurrencies? You probably realize the ICO prices are extremely volatile. So, the coins that recently got listed and there were ICOs, they are extremely volatile because people don't know how to price it. And that's where the max money is going to be made. So, you're thinking, hmm, why don't I do some ICOs? Well, ICOs are entirely different beasts because they might be using cryptocurrencies and you might feel like decentralization gives these projects an edge over everything else. This is when things get really hard. You're trying to balance what is very hyped. You want social hype for an ICO versus a solid project. And this is when things get really, really hard and the monsters are no longer very obvious. One thing that you're going to realize with ICOs is that these are startups. These are a small group of people and startups fail a lot. A lot of venture capitalists, they kind of know and account for the fact that maybe 70, 80% of startups fail already. So, the biggest and almost obvious trap right now is to go all in. Alright, thumbs up. Let's do this. LEROY NERGINS! Oh my god, he just ran in. So, it's so tempting to go all in. But because of the failure rate, you might lose everything and you might be kicked out of the game. LEROY, you are just stupid as hell. That's why getting a balanced portfolio at this point is extremely important. And that's what you want to be a little bit more diversified. You want to learn what everything is about and not just go for what's being hyped. It might be obvious at the start where you think that perceived value is going to be the most important. If the ICO is oversubscribed, it's very likely to pop. That's not always the case though. We've been seeing that there's some ICOs that were popular but still drop in value because people start to lose interest. And in crypto, interest fades like this. We also have survivor bias in cryptocurrency. You're going to hear more and more people that have won with ICOs. You're going to hear those 100Xs, those 10Xs, and those are going to ring out to you a little bit more. It's going to call to that greedy side of you. You're going to be like, hmm, why don't I try to do an 100X as well? I mean, asymmetrical betting seems really great. But the case is that there are also a lot of ICOs that drop in value. There's a lot of bodies out there. And bodies usually don't speak. They don't tell you, yeah, I made a 0.1X on my ICO. They won't go and brag about that. So there's going to be a lot more people talking about moon landings. They're going to talk about 100Xs to get you really involved into ICOs. But at the end of the day, it's really important to do your own research and to make sure that both there's a lot of perceived value and also there's a lot of actual value in this project as well. You have to make sure that decentralization isn't their only tagline because decentralization doesn't always mean an auto-whip. Life is hard and business is even harder. A project needs to bring in that revenue in that future. So what level are you at? Do you think that cryptocurrencies are like a video game? And if so, what stage do you think you're at? And do you think that this summarizes your life in cryptocurrencies? I'd love to hear your comment down below. And I hope you enjoyed this fun episode. Thank you guys so much for watching. Remember to subscribe to this channel to get more content like this and share this video with your friends if this describes what you're going through. Thank you so much for watching. See you next time.