Ever wonder what people spend Eth on? Crazy world we live in.

People have spent over $1M buying virtual cats on the Ethereum blockchain.
People are spending a crazy amount of real money on the game. So far about $1.3M has been transacted, with multiple kittens selling for ~50 ETH (around $23,000) and the "genesis" kitten being sold for a record ~246 ETH (around $113,000). This third party site tracks the largest purchases made to date on the game. And like any good viral sensation prices are rising and fluctuating fast. Right now it will cost you about .03 ETH, or $12 to buy the least expensive kitten in the game.


https://www.yahoo.com/finance/news/p...234846293.html

Jesus H Christ

That is literally insane.

And Kazuya, I know you have a ton of ETH but come on man a ****ing digital kitten?

The amount people spend on add-ons to online games is insane in general. It's an addiction.

That's a beautiful proof of concept of asset tokenization. It also highlights that we arent ready for mainstream adoption.

yes, but the asset is a downgraded tomagachi

Dont think of it as kitties/tamagochi or w/e.
Look at it as one kittie is an asset, like real-estate.
Others are contracts for business dealings.
go on and on and on.

This shows to me that ETH has lots to do before they can actually provide any decent DAPPS for real world usecases.

I really want one of those kitties

i love the crypto kitties because now there's a new group of people more delusional than SALT token holders.

good number of folks on twitter acting like crypto kitties are some kind of seminal moment for DAPPS. this is your proof of concept? THIS? can these folks lighten up for two seconds?

i'd like to hang out with the crypto kitties creator IRL, i bet he's a cool dude.

Whats the deal with salt anyway? Ive read lots of bullish arguments for it but the part about 1 token being $25 as promised by the devs got me confused.

SALT is a bitcoin pawn shop. You can obtain a collateralized loan. You put up BTC as collateral and they transfer USD to your bank account. Then you pay them back + interest, or they keep your BTC.

Reasons why SALT is dumb:

- Most people who own bitcoin have disposable income. I'm having a hard time picturing the person who needs a loan and also owns BTC worth more than the amount they want to borrow. I'm sure those people exist somewhere but that means it's going to be a small business. Yes, you need to sell millions of dollars worth of tokens to build a platform to service the 11 people who need a pawn shop style loan using BTC as collateral.

- Token is shoehorned in, has zero application to the business other than being a membership card. There's a big gang of turds online who act like SALT tokens are shares of stock. They have no idea what they own.

- If BTC price crashes, they call in the loan. Example: I transfer them 1 BTC today, worth $11k, and borrow $5k USD. The next day, BTC price crashes to $2500. They are going to call me on the phone and say if I don't transfer them more BTC, not only will they keep my BTC that I put up as collateral, but I'll still owe them the amount of the loan minus the liquidated BTC.

- The $25 redeemable value means that you can use SALT tokens to pay their admin fees or other fees and SALT will pretend each token is worth $25 no matter what they are going for at market.

You can't use SALT to pay back the loan or the interest. Only their fees. It's a clever mirage. A way to add more activity to the token market.

Props to the ones who got in at .25 cents each and sold at $3 or now even more.

What are the bullish arguments that you have read? Other than "SALT is a lending platform!" That's literally enough for most of the people on twitter who own this token. Multiple times I've heard the following: "Obtain a SALT loan with my BTC. Use that loan to buy more BTC. Watch the price of BTC increase, sell my new BTC, and pay back the loan!" This is how these token holders think. But what arguments have you heard?

Just that it can/will be used by many to further leverage their long positions like you said given people have collateral aplenty nowadays. Assuming a working platform is launched (a big if I guess), you should see plenty of loans being issued. As for the 25$ thing, obviously reddit thinks that equals an easy 4x your money but I'm a bit skeptical and the market at the moment disagrees.

right, and that's great until BTC crashes. typically, when you obtain a collateralized loan, they won't come asking for more money if you don't pay. they just take your collateral. but not SALT! they keep your BTC and then force you to pay back the loan.

sorry i was slightly confused about how the SALT liquidations work. they liquidate you as you go. so they just call in your loan right as BTC crashes and force you to pay back early. they fully liquidate before you can go into debt to them.

I would be shocked if it were any other way. Seems a crash in bitcoin isn't the problem, its just whether the platform works as intended and the lenders are willing as the devs claim.

Has anybody stopped to think what is most likely really happening?

Guy/Guys/ create Cryptokitties. They make the first kitties. They then buy their own kitties with their own ETH for $100,000 to go viral and create a false market for kitties. There is a fee to trade. If you created the game, you collect the fee, therefore you can buy your own kitties for bull**** numbers and create a false market.

I agree it fun, but its a massively good proof of concept.
How do you not see this?

noone wants to hear that

I am pretty ignorant when it comes to cryptocurrency. Do you see this game's popularity affecting the price of ethereum?

Its down like $50 since but its crypto so who knows nothing makes sense

They're obv just painting the tape between themselves to get someone to pay 50 eth for a cat right?

i'm not saying that it isn't. crypto kitties doesn't prove the concept in any way that it hasn't already been proven. i was just annoyed at twitter that morning reading comments from the crypto zealots acting like the launch of crypto kitties is akin to the Wright Brothers' first flight. as if they were in awe of the majesty of crypto kitties.

i understand the psychology behind digital collectibles, for example, people value counterstrike skins very highly. but i highly doubt if blockchain technology were applied to counterstrike skins, providing proof on the number of skins in existence, that the price would increase by much.

how many people who have never used Ethereum purchased their first crypto because of crypto kitties? 8? 24? 94,000? and then how many of those were the wives or female children of men who are already crypto nerds? all of them?

crypto kitties users are a niche within a niche, and the fact that it's clogging up the network in the way that it is should be alarming to the big proponents of ETH.

crypto kitties might be the biggest no brainer money maker I've seen. I laughed at people snap spending hundreds on beanie babies in the dot com boom and now we got a 100k cryptokitty. lol me I guess.

is crypto kitties down for anyone else? just a never ending loading symbol that looks like the eth symbol. and meta mask can't see to connect to eth network.