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Play-to-earn (P2E) games, also known as GameFi, has emerged as an extremely popular category in the crypto space. It combines non-fungible tokens (NFT), in-game crypto tokens, decentralized finance (DeFi) elements and sometimes even metaverse applications. https://dzone.com/articles/rocketplay-ein-einblick-in-das-online-casino-erleb-1?preview=true Players have an opportunity to generate revenue by giving their time (and sometimes capital) and playing these games.
Cryptocurrencies have attracted a reputation as unstable investments due to high investor losses from scams, hacks, bugs, and volatility. Although the underlying cryptography and blockchain are generally secure, the technical complexity of using and storing crypto assets can be a significant hazard to new users.
Cryptocurrencies were introduced with the intent to revolutionize financial infrastructure. As with every revolution, however, there are tradeoffs involved. At the current stage of development for cryptocurrencies, there are many differences between the theoretical ideal of a decentralized system with cryptocurrencies and its practical implementation.
The current value, not the long-term value, of the cryptocurrency supports the reward scheme to incentivize miners to engage in costly mining activities. In 2018, bitcoin’s design caused a 1.4% welfare loss compared to an efficient cash system, while a cash system with 2% money growth has a minor 0.003% welfare cost. The main source for this inefficiency is the large mining cost, which is estimated to be US$360 million per year. This translates into users being willing to accept a cash system with an inflation rate of 230% before being better off using bitcoin as a means of payment. However, the efficiency of the bitcoin system can be significantly improved by optimizing the rate of coin creation and minimizing transaction fees. Another potential improvement is to eliminate inefficient mining activities by changing the consensus protocol altogether.
In theory, cryptocurrencies are meant to be decentralized, their wealth distributed between many parties on a blockchain. Ownership is becoming more concentrated, as witnessed by companies purchasing and holding them for price appreciation and investment fund managers buying them to hold in their funds.
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“Hackers and malicious actors can exploit bugs in the contract code to dupe investors and steal user funds,” Zaknun says. “It is important for investors to verify if a reliable third-party company has independently audited the code.”
While some tokens are launched with high degrees of customization, which can take expertise and time, others come online with a few clicks. It doesn’t require technical knowledge to launch a token on top of another blockchain—merely a few minutes of their time.
“Hackers and malicious actors can exploit bugs in the contract code to dupe investors and steal user funds,” Zaknun says. “It is important for investors to verify if a reliable third-party company has independently audited the code.”
While some tokens are launched with high degrees of customization, which can take expertise and time, others come online with a few clicks. It doesn’t require technical knowledge to launch a token on top of another blockchain—merely a few minutes of their time.
Terra’s LUNA token also hit new all-time highs as the layer 1 blockchain surpassed Binance Smart Chain to become the second-largest DeFi ecosystem. The price of LUNA increased nearly 140 times, spurred by demand for the project’s TerraUSD stablecoin, which reached a landmark market capitalization of $10 billion this week.
Additionally, the unfortunate reality is that some cryptocurrencies are nothing more than scams, launched in a matter of minutes via the processes described above. Founders hope they can make a quick buck while hiding behind the anonymity of the blockchain.
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Last piece of advice: always be cautious and double-check everything. Keep your devices malware-free, and don’t click on anything suspicious (such as emails from “Binnance”, crazy bonus links from “Coimbase”, etc.). If exchange supports anti phishing code (Binance, Kucoin and others do) be sure to check it!
Of course this isn’t everything, and there are plenty of other resources (see the sidebar of this sub for other useful links), but everyone new to crypto who is serious about it should have a browse through every link on this page.
To the average person, putting any kind of an evaluation on a fake internet point sounds absolutely bananas, however as soon as you begin distributing a limited supply to a small user base, and use a pre-existing smart contract platform (ETH) you trust that the underlying asset has some sort of monetary value…
Last piece of advice: always be cautious and double-check everything. Keep your devices malware-free, and don’t click on anything suspicious (such as emails from “Binnance”, crazy bonus links from “Coimbase”, etc.). If exchange supports anti phishing code (Binance, Kucoin and others do) be sure to check it!
Of course this isn’t everything, and there are plenty of other resources (see the sidebar of this sub for other useful links), but everyone new to crypto who is serious about it should have a browse through every link on this page.
To the average person, putting any kind of an evaluation on a fake internet point sounds absolutely bananas, however as soon as you begin distributing a limited supply to a small user base, and use a pre-existing smart contract platform (ETH) you trust that the underlying asset has some sort of monetary value…
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