I am not a techno-phobe. I’m probably closer to the polar opposite, seeing as how I love technology and all it can do for us. However, I’m still shaky on the vision that is “Virtual Currency”. And, with the issues we’ve been seeing recently (see Bitcoin bankruptcies), I’m not sure we’re ready for something like that. Mostly because it’s not really grounded in any real value. There’s nothing to back it up. It’s only worth what somebody will pay for said currency, and even then it’s solely based upon an idea that there’s value.
So, when I saw this link this morning (http://letstalkpayments.com/huntercoin-worlds-first-peer-peer-massively-multiplayer-online-cryptocurrency-game/) and read it, I wasn’t actually all that thrilled. I want to like this game. I want to like the fact that anyone can sign on and hunt for money. Could you imagine doing that in real life? Walking around and going through garbage, digging holes, and looking under stones for a buck or a quarter? That would be insanely awesome if that’s all you had to do.
The concept sounds so simple, and I think that’s what bugs me the most. It’s too easy for anyone to “hunt” this virtual currency. If it were truly that easy to make money, everyone would be doing it. If everyone is rich, is there really value in anything?
And it’s still not backed up by anything tangible. What if there’s a massive blackout on the servers, and everyone’s currency is reset? Congratulations, everyone is broke now.
Maybe I’m just not grasping the concept correctly. I want to try this out before I come to a complete decision on whether it’s a bad idea or not, but just the description of the game leaves me uneasy. How do you keep track of virtual currencies over different markets and denominations of value, especially when there’s no actual asset related to it? And, if everyone is just going out and hunting for money, is it really a good game to put out there for the masses? Is it really even a game at all, or just a virtual representation of manual mining of bits?
I think there are a lot of factors to be considered before this hits the mainstream. What do you think? Am I off the mark on this, or do you agree that we should be cautious?