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

[kevinbama]

@musicismyreligion Also want to add that trading and investing is a zero sum game. You will either be the one who profits or be the bag holder and exit liquidity for those who took the risk early on with 99% of people leaning on the being exit liquidity side

 

[musicismyreligion]

@kevinbama Still a ponzi scheme dude whatever term you call it-trading, investing as long as it satisfies the definition.

 

[eamonn]

@commissionerfd1 ATH is always a matter of hindsight. Most people wouldn't sell at high paper profit because FOMO takes over.

 

[eamonn]

@commissionerfd1 Literally a ponzi because there's no fundamental business or tangible value or asset underlying the exchange. Nothing of value is created. Money is being funneled from new investors to old. As soon as new recruits disappear the whole scheme unravels.

 

[musicismyreligion]

@commissionerfd1 Same as MLM or any ponzi and pyramid scheme. Pwede ka kumita basta mauuna ka. You can apply that to any scam. Your point tho?

Axie is not even an investment. It's a scam plain and simple.

 

[gbob]

@eamonn I remember sa r/ph may thread about dito tas may isa na yumaman na daw dun na pinagtatanggol niya na di talaga yun ponzi daw.

 

[eamonn]

@gbob Just like your typical ponzi. People who have a stake will toot the horn about the scheme because it directly benefits them to encourage others to join.

 

[shaunf]

@eamonn Everything is Ponzi when you choose to look at it that way. Consider: Network Effect phenomenon. Or how stock prices go up and down. Tokenomics. Just shouting “Ponzi” is a shallow and obviously uninformed argument. Price went down (like the entire stock and crypto market the past year) doesn’t equate it to Ponzi.

 

[inprofit]

@eamonn A lot of P2E cryptocurrency games are like that.

 

[eamonn]

@inprofit Aren't all of them? All Cryptos and NFTs are ponzis.

 

[fromclovercottage]

@eamonn They aren’t even recruiting anybody to invest, people ponzi schemed themselves, that’s the difference

 

[musicismyreligion]

@fromclovercottage You should know the difference between pyramid and Ponzi scheme tho.

 

[bruce_f]

@amiller385 I remember may isang poster dito na hack daw ung acc tpos di na nya maaccess yung axie team nya thats worth all his savings. His plan was to take a bank loan and then go into Axie again to recover. Wonder how that turned out lol

 

[spcoastie]

@amiller385 to be fair, for a time it really was a money machine. but its glory days are short lived. get in, earn more than what you invested, and get out asap. that should have been the case. instead, many of them got complacent. saka medyo matagal yung pagbaba ng value. imposibleng di nila nakita yon kaso rose colored glasses eh akala nila aangat lang ulit.

 

[kulionline]

@amiller385 Those Axie users who quit their jobs to play Axie fulltime got what they deserve.

 

[blossoming]

@kulionline Harsh, but you’re not wrong. They got really full of themselves and a lot wouldn’t stop bragging about how “successful” they became.

 

[razel]

@blossoming Axie users earned something like ₱50,000 in a month and started bragging as if they became millionaires. Lots of them in this sub (e.g pinoyaxie) were bragging and being arrogant, but now they're all silent lol.

 

[resjudicata]

@blossoming Yup the bragging, kaya masasabi mo talagang dasurv