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Author Topic: bitcoin as in-game currency  (Read 4038 times)
thrashaholic
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September 23, 2010, 04:58:42 AM
 #21

There's a solution for this dilemma.  Lips sealed
What is the solution?

Well you cant really use btc as a virtual currency because it is a cash equivalent. You can sell tokens for btc though. As long as you cant cash the tokens out for any cash equivalents immediately you wont face any repercussions. Once you have the tokens you can  use them like any other virtual currency. This is the same reason you cant just use cash and claim it is a virtual currency. Tokens that you can earn however could be cashed out once your users got to an agreed amount.

Bitcoin needs its own virtual currency fork to be used as an in game system and not break the terms of service of zynga,super rewards and other virtual currency products.

If btc had been setup as virtual currency from the beginning it would be different,so now it has to be done differently.

Since when is bitcoin a cash equivalent?

It could be considered as such for some purposes because it is a store of value. In strict financial terms, it is not one. Regardless, it doesn't (In my understanding) invalidate its use as game "currency."

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Babylon
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September 23, 2010, 07:19:15 PM
 #22

There's a solution for this dilemma.  Lips sealed
What is the solution?

Well you cant really use btc as a virtual currency because it is a cash equivalent. You can sell tokens for btc though. As long as you cant cash the tokens out for any cash equivalents immediately you wont face any repercussions. Once you have the tokens you can  use them like any other virtual currency. This is the same reason you cant just use cash and claim it is a virtual currency. Tokens that you can earn however could be cashed out once your users got to an agreed amount.

Bitcoin needs its own virtual currency fork to be used as an in game system and not break the terms of service of zynga,super rewards and other virtual currency products.

If btc had been setup as virtual currency from the beginning it would be different,so now it has to be done differently.

Since when is bitcoin a cash equivalent?

It could be considered as such for some purposes because it is a store of value. In strict financial terms, it is not one. Regardless, it doesn't (In my understanding) invalidate its use as game "currency."


Exactly.  Linden Dollars and Entropia bucks are also a store of value, Entropia bucks even have a fixed exchange rate with the US dollar.  They are still allowed as in game currency.

Anonymous
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September 26, 2010, 11:57:57 AM
 #23

There's a solution for this dilemma.  Lips sealed
What is the solution?

Well you cant really use btc as a virtual currency because it is a cash equivalent. You can sell tokens for btc though. As long as you cant cash the tokens out for any cash equivalents immediately you wont face any repercussions. Once you have the tokens you can  use them like any other virtual currency. This is the same reason you cant just use cash and claim it is a virtual currency. Tokens that you can earn however could be cashed out once your users got to an agreed amount.

Bitcoin needs its own virtual currency fork to be used as an in game system and not break the terms of service of zynga,super rewards and other virtual currency products.

If btc had been setup as virtual currency from the beginning it would be different,so now it has to be done differently.

Since when is bitcoin a cash equivalent?

It could be considered as such for some purposes because it is a store of value. In strict financial terms, it is not one. Regardless, it doesn't (In my understanding) invalidate its use as game "currency."



Well I guess we are bound to find out one way or the other. I do hope it can be used as the ultimate virtual currency as that would make things a lot easier. While facebook ,entropia and second life all have their own virtual currency why would they accept bitcoin as competition?

I am just saying that bitcoin may have to develop its own mmorpg or virtual universe rather than rely on getting accepted in proprietary virtual worlds. Does this make sense?
thrashaholic
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September 26, 2010, 11:26:19 PM
 #24

There's a solution for this dilemma.  Lips sealed
What is the solution?

Well you cant really use btc as a virtual currency because it is a cash equivalent. You can sell tokens for btc though. As long as you cant cash the tokens out for any cash equivalents immediately you wont face any repercussions. Once you have the tokens you can  use them like any other virtual currency. This is the same reason you cant just use cash and claim it is a virtual currency. Tokens that you can earn however could be cashed out once your users got to an agreed amount.

Bitcoin needs its own virtual currency fork to be used as an in game system and not break the terms of service of zynga,super rewards and other virtual currency products.

If btc had been setup as virtual currency from the beginning it would be different,so now it has to be done differently.

Since when is bitcoin a cash equivalent?

It could be considered as such for some purposes because it is a store of value. In strict financial terms, it is not one. Regardless, it doesn't (In my understanding) invalidate its use as game "currency."



Well I guess we are bound to find out one way or the other. I do hope it can be used as the ultimate virtual currency as that would make things a lot easier. While facebook ,entropia and second life all have their own virtual currency why would they accept bitcoin as competition?

I am just saying that bitcoin may have to develop its own mmorpg or virtual universe rather than rely on getting accepted in proprietary virtual worlds. Does this make sense?

Makes sense, and it could be the very catalyst for it to be accepted/replaced in other virtual worlds/mmorpgs. It is exactly what I want to do with my game - unfortunately I never seem to have the time.  Undecided  If any developers who are experienced with distributed, concurrent development and want to make a full on virtual trading market, you know where to find me.  Grin

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Anonymous
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September 27, 2010, 04:44:22 AM
 #25

There's a solution for this dilemma.  Lips sealed
What is the solution?

Well you cant really use btc as a virtual currency because it is a cash equivalent. You can sell tokens for btc though. As long as you cant cash the tokens out for any cash equivalents immediately you wont face any repercussions. Once you have the tokens you can  use them like any other virtual currency. This is the same reason you cant just use cash and claim it is a virtual currency. Tokens that you can earn however could be cashed out once your users got to an agreed amount.

Bitcoin needs its own virtual currency fork to be used as an in game system and not break the terms of service of zynga,super rewards and other virtual currency products.

If btc had been setup as virtual currency from the beginning it would be different,so now it has to be done differently.

Since when is bitcoin a cash equivalent?

It could be considered as such for some purposes because it is a store of value. In strict financial terms, it is not one. Regardless, it doesn't (In my understanding) invalidate its use as game "currency."



Well I guess we are bound to find out one way or the other. I do hope it can be used as the ultimate virtual currency as that would make things a lot easier. While facebook ,entropia and second life all have their own virtual currency why would they accept bitcoin as competition?

I am just saying that bitcoin may have to develop its own mmorpg or virtual universe rather than rely on getting accepted in proprietary virtual worlds. Does this make sense?

Makes sense, and it could be the very catalyst for it to be accepted/replaced in other virtual worlds/mmorpgs. It is exactly what I want to do with my game - unfortunately I never seem to have the time.  Undecided  If any developers who are experienced with distributed, concurrent development and want to make a full on virtual trading market, you know where to find me.  Grin

The other problem is if you make a semi successful facebook game zynga just rips you off and creates their own clone of your idea !
thrashaholic
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September 28, 2010, 05:20:23 AM
 #26

The other problem is if you make a semi successful facebook game zynga just rips you off and creates their own clone of your idea !

They're great at that, aren't they? Good thing my idea is quite a bit too advanced for the monkeys at Zynga ( I know some of their devs ) - and the actual profit motive in terms of BTC is a large part of the allure - they can't clone that.

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