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Originally posted by Ceridith
The point I just can't process in my head is that the company who is apparently a 'registered bank' and has full control over the currency exchange, is also selling virtual items worth thousands of dollars that they can create by replicating a few bits of data.
It goes against all sense and logic from an economic standpoint.

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 That's the way it is now. Banks sell things that don't exist. The stock market is a casino where no actual stock changes hands for most transactions and commodities markets deal in "futures" that don't represent real commodities anymore. Carbon offsets? WTF? Anyone want to buy half interest in a gold mine in my back yard?

Originally posted by Ceridith

Originally posted by Luv_bug

Originally posted by Serignuad

Originally posted by Luv_bug

Originally posted by EverSkelly

Sounds so fake. 60.000$, really..?

 Oh ya, there are $100,000+ armors in Entropia Universe according to my friend that plays it. Also remember they sold the guys stuff in MINUTES. Tells you how many people are willing to buy.

 I think for some of us that don't play, we want to know where the "60,000" and "100,000" numbers are coming from.

Is this real-life currency or in-game (I can't imagine any set of in-game items being valued at 60,000, let alone 100k)?

What determines the value?

 No its real money. Entropia is actually a licensed bank too. My understanding is the company sells the uber items, and value is determined by the "bad arseness" of the wep, armor or ship and the number of the item in the game. For example the guy was carrying a $15,000 pistol which is super strong and of which there are only 10 total in the game.

Am I the only person who finds it absolutely insane that people are willingly playing this game and sinking hundreds if not thousands of dollars into virtual items in it?

The point I just can't process in my head is that the company who is apparently a 'registered bank' and has full control over the currency exchange, is also selling virtual items worth thousands of dollars that they can create by replicating a few bits of data.

It goes against all sense and logic from an economic standpoint.

Indeed.

Originally posted by Ceridith

Originally posted by Luv_bug

Originally posted by Serignuad

Originally posted by Luv_bug

Originally posted by EverSkelly

Sounds so fake. 60.000$, really..?

 Oh ya, there are $100,000+ armors in Entropia Universe according to my friend that plays it. Also remember they sold the guys stuff in MINUTES. Tells you how many people are willing to buy.

 I think for some of us that don't play, we want to know where the "60,000" and "100,000" numbers are coming from.

Is this real-life currency or in-game (I can't imagine any set of in-game items being valued at 60,000, let alone 100k)?

What determines the value?

 No its real money. Entropia is actually a licensed bank too. My understanding is the company sells the uber items, and value is determined by the "bad arseness" of the wep, armor or ship and the number of the item in the game. For example the guy was carrying a $15,000 pistol which is super strong and of which there are only 10 total in the game.

Am I the only person who finds it absolutely insane that people are willingly playing this game and sinking hundreds if not thousands of dollars into virtual items in it?

The point I just can't process in my head is that the company who is apparently a 'registered bank' and has full control over the currency exchange, is also selling virtual items worth thousands of dollars that they can create by replicating a few bits of data.

It goes against all sense and logic from an economic standpoint.

It does not need to make sense from an economic standpoint, as long as they make money out of it.

Originally posted by zymurgeist

 

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Originally posted by Ceridith
The point I just can't process in my head is that the company who is apparently a 'registered bank' and has full control over the currency exchange, is also selling virtual items worth thousands of dollars that they can create by replicating a few bits of data.
It goes against all sense and logic from an economic standpoint.

---

 That's the way it is now. Banks sell things that don't exist. The stock market is a casino where no actual stock changes hands for most transactions and commodities markets deal in "futures" that don't represent real commodities anymore. Anyone want to buy half interest in a gold mine in my back yard?

 

True, but even futures are at least based on a physical good, albeit in an unknown future state of existence. But you're right in that a lot of the 'creative trading' creates wealth where it shouldn't exist (yet).

Though I'm Canadian, and my country's laws and regulations reign in a lot of the futures nonsense... part of why we weren't hit anywhere near as hard as the US in 2008... so I still get to criticize without being hypocritical.

Originally posted by blackemperor

...

It does not need to make sense from an economic standpoint, as long as they make money out of it.

The same could be said of pyramid schemes, ponzi schemes, and other types of scamming and fraud... but that's doesn't make them moral, logical, sustainable, and as a consequence of this, neither are they legal.

Originally posted by Ceridith

Originally posted by Luv_bug

Originally posted by Serignuad

Originally posted by Luv_bug

Originally posted by EverSkelly

Sounds so fake. 60.000$, really..?

 Oh ya, there are $100,000+ armors in Entropia Universe according to my friend that plays it. Also remember they sold the guys stuff in MINUTES. Tells you how many people are willing to buy.

 I think for some of us that don't play, we want to know where the "60,000" and "100,000" numbers are coming from.

Is this real-life currency or in-game (I can't imagine any set of in-game items being valued at 60,000, let alone 100k)?

What determines the value?

 No its real money. Entropia is actually a licensed bank too. My understanding is the company sells the uber items, and value is determined by the "bad arseness" of the wep, armor or ship and the number of the item in the game. For example the guy was carrying a $15,000 pistol which is super strong and of which there are only 10 total in the game.

Am I the only person who finds it absolutely insane that people are willingly playing this game and sinking hundreds if not thousands of dollars into virtual items in it?

The point I just can't process in my head is that the company who is apparently a 'registered bank' and has full control over the currency exchange, is also selling virtual items worth thousands of dollars that they can create by replicating a few bits of data.

It goes against all sense and logic from an economic standpoint.

 It sounds insane on its face, but apparently these items allow them to earn money in game also, which I can only assume in some way approaches, or exceeds, the dollar amounts they spend. Also, the fractional reseve banking system that most of the readers here live under, works almost the exact same way. 99% of all accountable loan money is based on bank's ability to create money out of thin air in exchange for debt paper on real things like your house, your car, your education which you must repay with money YOU accumulate generally by working for it. Few people understand this, hence its rampant control of the world's economy.

Originally posted by Ceridith

It goes against all sense and logic from an economic standpoint.

 A lot of "economics" is emotional and not rational.

And a game like this has more to do with addiction or even gambling than it does economics anyway (in my opinion).

That some people pay to win in their virtual-life/hobby/addiction doesn't surprise me at all.

Though it does pain me to think of how much actual good 15,000 would do making my life/house a little better and not serving as a someone's virtual pistol somewhere.

Though thats a dangerous game to play to -imagining how much "better" someone elses money would have gone to help you had you just had it to spend on yourself.

Case in point: Paris Hilton spent $325,000 on a doghouse (the dog I am quite sure, would have been just as happy with a cardboard box (and a bone)).

http://www.starpulse.com/news/index.php/2009/08/07/paris_hilton_spent_325_000_on_a_dog_hous

Originally posted by Ceridith

Am I the only person who finds it absolutely insane that people are willingly playing this game and sinking hundreds if not thousands of dollars into virtual items in it?

The point I just can't process in my head is that the company who is apparently a 'registered bank' and has full control over the currency exchange, is also selling virtual items worth thousands of dollars that they can create by replicating a few bits of data.

It goes against all sense and logic from an economic standpoint.

Actually, it's perfect economic sense. What everyone fails to realise is that currency and markets are not based on physical laws inscribed into the universe, nor an exchange based on the 'real' value of certain items in the world. Instead economics and currency are a system of rules created by people. People are at times 'crazy', therefore it would stand to reason that economics at times would appear 'crazy'.

Most exchange of currency, especially in the form of debt, by which every nation w/o exception lives in, is literally immaterial. In other words the exchange between persons of currency only exists in the rules of the system, much like virtual items exist according only to the rules of whatever online realm they live in. Remember again, that both economics, systems of exchange, and the rules of a virtual world or a game exist only because we created them, not b/c they are foundational laws of the universe.

This is one of the reasons 'game theory' plays such a large role in theorizing and discussing economics.

Do you and I both think these people are sane? I would say the answer is a resounding, No. But that's a different thing entirely than "are they playing by a set of mutually accepted rules?"

To answer that we can only act on the evidence given and say, Yes.

Originally posted by Serignuad

Originally posted by Ceridith

It goes against all sense and logic from an economic standpoint.

 A lot of "economics" is emotional and not rational.

And a game like this has more to do with addiction or even gambling than it does economics anyway (in my opinion).

That some people pay to win in their virtual-life/hobby/addiction doesn't surprise me at all.

Though it does pain me to think of how much actual good 15,000 would do making my life/house a little better and not serving as a someone's virtual pistol somewhere.

Though thats a dangerous game to play to -imagining how much "better" someone elses money would have gone to help you had you just had it to spend on yourself.

Case in point: Paris Hilton spent $325,000 on a doghouse (the dog I am quite sure, would have been just as happy with a cardboard box (and a bone)).

http://www.starpulse.com/news/index.php/2009/08/07/paris_hilton_spent_325_000_on_a_dog_hous

 Unconscionable

Here are a couple films that break down banking and money in effective ways...

Debt as Money  and The American Dream

I think its a bit crazy to spend that kind of money on a video game.. but i find it perfectly believeable

entropia universe does have some big spenders playing it... heck could probably find a bunch of news stories just from google

Like i remember reading something in the paper where a guy sold some land for 600K dollars or something like that

game is nice looking.. but the price is a bit much imo.

Done like a G

They Mob Bossing it old school style in space!

Are we talking about like 60000 in a month or over a year? Between the 6 guys?

I want details!!!

Perhaps an article.

Originally posted by Luv_bug

Here are a couple films that break down banking and money in effective ways...

Debt as Money  and The American Dream

Oh your one of those

-___-

I kid I kid.  I do think the way the debt system is created is a little scary and now its happening to the whole WORLD!!

DAHHHH Global economic meltdown. Please this is not said with sarcacsim.

Originally posted by Mopphead

Done like a G

They Mob Bossing it old school style in space!

Are we talking about like 60000 in a month or over a year? Between the 6 guys?

I want details!!!

Perhaps an article.

I'd imagine it would be just from one death.. stuff is really expensive in that game ;p

Originally posted by Mopphead

Done like a G

They Mob Bossing it old school style in space!

Are we talking about like 60000 in a month or over a year? Between the 6 guys?

I want details!!!

Perhaps an article.

From what I can tell it was a pvp gank that brought them 60k from selling his loot.

hahaha WHAT?

NO way sign me up please.

Thats how much some people make with real jobs in a year?

Am I missing something here?

Originally posted by Mopphead

hahaha WHAT?

NO way sign me up please.

Thats how much some people make with real jobs in a year?

Am I missing something here?

I guess.. but most people who enjoy ganking don't have the fortitude to spend the kind of money necessary to gank in entropia imo

Only one word is coming to mind... pathetic.

Originally posted by Mopphead

Done like a G

They Mob Bossing it old school style in space!

Are we talking about like 60000 in a month or over a year? Between the 6 guys?

I want details!!!

Perhaps an article.

 One night's haul. Its FFA Full loot, so they took his stuff and sold it for the money.$10,000 a piece, and ironically, all nice and legal hehe. What a country.