"How NFT Game Axie Infinity Exploited Filipinos In Poverty And Put Them In Debt"

[matthew2414]

@treacle99 Haha weird. Slp won't go Up and that axie game is dead I knew it would happen, never invested on that shit game.

 

[agnieszka1988]

@treacle99 I wouldn't say it's simple economics... but it is.

 

[eamonn]

@amiller385 Anybody with a brain saw this as just another Ponzi scheme with a novel exterior.

 

[commissionerfd1]

@eamonn tho tbf, if you rode the hype train up until the ATH, then sold (as you should with these things) you could make a hefty sum.

this is why you always need to have an exit strategy, and don't overcommit on such a volatile investment.

 

[sleeplesshollow]

@commissionerfd1 Unless you’re an emotionless robot, ang hirap mafigure out ang all time high sa game like Axie. Anong indicator gagamitin mo since wala din namang technicals or fundamental indicators? Tbh, yung mga nakaout lang sa Axie more on based it on their Gut feel and got lucky

 

[commissionerfd1]

@sleeplesshollow that's fair, mahirap talaga ma-timingan ang ATH. pero you can have a good idea of when you should sell your holdings kung i-base mo sa pattern ng mga naunang tokens/crypto games.

usually if mainstream news outlets start talking about it, you should already be on your way out.

and if you hear about an investment through mainstream news, iwasan mo na lang kasi mataas ang chance na maiipit ka lang. happened a bunch of times sa shitcoins, pati sa axie.

but yeah, karamihan sa mga crypto eh ponzi schemes lang or glorified gambling.

 

[eamonn]

@commissionerfd1 Problem is relying on historical graphs and patterns is useless for crypto and finance. It's all subject to fitting the curve and pattern seeking bias. Human psychology will try to find correlations anywhere even if there's none. Dangerous to make confident financial decisions on what is fundamentally shakey ground.

 

[commissionerfd1]

@eamonn I agree, TA doesn't work on crypto. And TBH, I'm skeptical of TA in general, but I digress.

Yung patterns i was talking about aren't based on TA pero yung "life cycle" ng mga shitcoins and these crypto games.

They tend to start small, build up a following, then once it starts making the headlines, more people start to join in cause of FOMO and hype. Tapos shortly after that, the value crashes.

Entering and exiting dun sa rise and just before the hype train starts can net you a modest profit. Pero I wouldn't invest large sums of money. I treat it as gambling lang talaga, and katuwaan lang.

 

[strangematter]

@commissionerfd1 "karamihan sa mga crypto eh ponzi schemes lang." meron bang crypto na hindi ponzi scheme?

 

[commissionerfd1]

@strangematter Marami, kasama na yung BTC, ETH, BNB, etc.

Axie was a ponzi scheme kasi at the outset, unsustainable talaga yung model. The premise was that you just had to play and then you earn money, tapos encouraged pa sila na kumuha ng scholars.

Hindi ka naman required na mag recruit sa BTC or ETH, and walang promise ng guaranteed earnings. Yun nga lang, hindi rin sya safe investment.

 

[resjudicata]

@commissionerfd1 Inform ko lang. Pyramind scheme =/= Ponzi scheme.

Ponzi scheme doesn't require you to recruit. Pyramid scheme na yun. Pyramid scheme is a subset of Ponzi scheme.

Sa Ponzi, it only requires the victim to make an investment, which will then be handed out later but hindi nakukuha pabalik ng victim yung initial investment niya.

So you might say, like stocks? Nope. Ponzi scheme is a tweaked l version of this with the scam already in mind.

Kaya I don't believe Axie and Crypto is a scam. Because it only becomes a scam if it was ever intended to be. Yan ang difference ng stock market, real estate, or any other investments, sa isang scam. They operate similarly, but ang difference is the reason kung bakit ito ginawa.

 

[resjudicata]

@sleeplesshollow There's literally no need to go for ATH, profit is profit. If you invested $10,000 then it went up to a point na you can sell 10% of that for $10,000, you do that. Anything na lalabas nun is profit mo na.

 

[eamonn]

@sleeplesshollow Tbh my personal anecdotes in these ponzi bubbles is they're close to bursting when the hype and mania is mainstream. The pool of potential recruits is close to being exhausted and everyone is out to sell.

 

[mommax3]

@sleeplesshollow When KMJS did an episode on Axie, that's your indicator.

 

[resjudicata]

@commissionerfd1 Exactly. That's still under the definition of a Ponzi. Yung mga nauna lang ang nagkakapera. Look at MLM's here... Jusko pare-parehas ng mga pinuno. Pag ang isang MLM nag dry na, gawa ulit ng bago itong mga gago. Same members, but this time sinasama yung mga top performers sa previous failed MLM

 

[resjudicata]

The axie devs didn't intend to do this, though. This only classifies as a failed investment scheme. I don't think it's ponzi at all. I mean if PAGIBIG MP2 fails because PH economy crashed, is it considered a scam? People would call it a scam ofc, but it isn't by definition.

 

[kevinbama]

@commissionerfd1 100%...friend bought axs when it was worth cents and sold between $10-50, ended up with php45m in profits.

Holding shouldn't be meant literally. You have to sell even if in tranches, so you can realize profits. Unrealized profits can still be wiped out to zerooooooo

 

[eamonn]

@kevinbama Stories like this is why people get brain fever and rush to join schemes like Axie. It's really just your typical get rich quick investment ponzi and the ones at the beginning will get to profit and most all the way down the pyramid will lose their money upwards. Doesn't matter if it's nfts, gold, forex, agri crops, solar or petrol, the commodity is just the bait. The structure is the same.

 

[kevinbama]

@eamonn Yup. For every success story there are way more horror stories. That's why there is a saying "Don't be exit liquidity"

 

[musicismyreligion]

@kevinbama Of course he earned millions. Well the new investors lost millions too. That's how the ponzi scheme works.