what you're looking at depending on who you ask is either a revolution for the internet and countless industries as we know it like in all seriousness I compare it to the internet or the greatest Ponzi scheme in human history that whole thing is a promise that you can get rich for free accused of being all of these things is the world of cryptocurrencies.

would breed collect and fight with these creatures called axes when battling inside the game it was  

possible to earn this token called SLP which could actually be traded for real money so what started  

happening well people started playing the game but instead of focusing on the fun of the game  

the focus became on how to earn more SLP how do we profit from XC Infinity the most expensive accent  

I've ever sold was worth about eight hundred thousand dollars I've invested 13 232 dollars  

is even play axi Infinity you had to purchase three axi nfts right and as the value of axi  

nfts start to rise certain players wouldn't be able to afford the buy-in price so guess what  

started happening those who had the money to buy three axes began to lend their creatures  

out to players who couldn't afford it and they were called Scholars how to set up your own scholarship program as a manager in axi Infinity I'll be giving out a scholarship every two weeks  

so that's another six scholarships is my goal Scholars would then play the game using their rented axes earn SLP and then give a cut of their earnings to their managers my team of 12 Scholars  

was roughly earning me 1 700 a month 600 from my Scholars with all my current scholarships  

working I'm earning about six thousand dollars a month axi Infinity a play to earn crypto gaming  

Juggernaut that has led people in countries like Philippines and Venezuela to make a living these  

are players from the Philippines who are making a living playing accents most of the scholars who couldn't afford the buy-in price they were from developing countries right people who  

likely saw actually Infinity not as a game of leisure but as a means of producing income I am  

here to apply scholarships Infinity I want this scholarship because I want to earn more I can  

play 6 to 12 hours a day just for playing after infinity i will treat this as a job not just only  

a game i want to help my family under expenses and save up money for my tuition on college so  

I want to be a scholar so that I can meet the needs of my family what you ended up with was a  

game where players are playing in order to make money people are basically feeding their entire  

villagers playing our games but the only reason that they're making money is because others are buying into also make money in the case of things like actually Infinity there actually are a bunch  

of innocent victims right I mean when you run a pyramid scheme unfortunately you get a bunch of poor people in the Philippines who are poor when they start and they're just hoping to  

make some money but then what happens is they actually lose money the value of SLP which is the token that people use to actually make money in the game has fallen 99 since its  

peak and its user base has been in Decline since Times magazine came out with this article and it  

was interviewing this guy called samerson orias a line cook from the Philippines who was facing financial stress after his mother had a stroke and electricity and grocery bills were stacking  

up Arias jumped into the axi Infinity game and then exited 14 months later he described  

it as boring and stressful Arias along with other players of the game told Times magazine that acts  

see Infinity reinforce predatory systems and gave them false hope it's already dystopian as hell but

people in the developing world that's not just dark that [ __ ]  

again I find myself coming back to the same question what is it that VC firms  

are seeing the potential in in this crypto space why do they keep pouring money into it  

the overwhelming majority of tokens are our Securities yeah but they're being dumped onto  

retail investors this is being done explicitly by Venture firms I won't mention any names who are buying into companies early getting into tokens and then those tokens are being listed on  

exchanges the public is buying .

needs to decide on an exit strategy an event that allows them to liquidate their position in a company and essentially make money this is a process that can take years so  those tokens 

retail Traders when it becomes publicly available all achievable within months highly profitable   this  

actually works is they encourage their funds to basically issue unregistered securities Anderson

including Anderson Horowitz dumping a lot of them on retail this is blatant Securities fraud  

but they didn't commit the Securities fraud it was just the companies they invested in on the  

surface web3 has this narrative which is all about taking money out of the hands of the rich .

These firms that you know really believe in the potential of web 3 or crypto or blockchains or  

whatever buzzword you want to use but it becomes increasingly harder to see that as anything thing other than hyper optimism or another word for it delusion there's this interview  

with Mark Andreessen right who's the co-founder of Andreessen Horowitz and he's on this podcast episode with an economist and blogger called Tyler Cohen and he proposes the idea for podcasts  

to make use of web3 a well-known podcast host how does that person get paid in a better way through  

web 3.0 make that more concrete for us now Mark Andreessen is someone that by all accounts should  

have a good answer to this question but instead yeah i mean i mean they can pick their business  

model I mean they can pick their business model they can decide you as a super based business model you know micro transactions they can pick you know they can pick whatever model they want  the internet like in all seriousness I compare it to the internet which is the internet basically 93 or so yeah it's like 93 94. this is the only the only time I've ever said this is  

like the internet is is this a16z uses the same narrative that a lot of crypto enthusiasts will  

also use you may hate it you may think it's a fad but crypto and web 3.0 are just like the internet  

even I made this comparison when I looked at the entire space in a more favorable light now though  

it's been 13 years since this story began with Bitcoin 13 years  

to find a solid use case or at least one that justifies the hype and is already better than an  

existing system crypto and web 3 is really great at one bang which is trading and speculation and  

there is absolutely no democratization of anything the centralization of exchanges centralization  

of miners centralization of crypto wild is the most concentrated amount of centralized wealth  

in the history of humanity worse than disease it's all [ __ ] 13 years after 1983 which is  

considered to be the birth of the internet we were already seeing very clear-cut use cases even in those early days people could weather reports they could check the news they could  

send emails and many other uses that we still use to this day I sent a message to my doctor asking  

for a repeat prescription and he said he's left the prescription for me in the chemist by even  

making the comparison to one of the biggest Revolutions in information and communication is already assuming that cryptocurrencies are revolutionary and they're bound to find mass  

adoption at some point when that is the very future we're putting into question 

one recent post that I remember on the Bitcoin subreddit was titled does anyone else feel like  

Bitcoin is their literal last ditch effort to become wealthy in their lifetime I don't imagine that this is the only person in the crypto space that is thinking that way the crypto machine has  

continued running new packaging of ideas more money funneled into the system and a constant  

search to find a use case that justifies the hype and the claims of revolutionary technology if the  

critics are right then what we're looking at is a ticking time bomb if the critics are right then  

this is a scheme that will leave tons of regular individuals left holding their bags wondering how  

this managed to happen it already has a scheme that managed to infiltrate the realm of media and  

entertainment that managed to make use of social media's ability to spread this fear of missing out they capitalized on Greed and a get rich quick .