Re: [ANN] Spells of Genesis - Innovating the Game Economy with BitCrystals (BCY)

Been seeing some fud that the BCY token has no purpose as people will just use BTC.

Can some one clear this up and give a reason that the BCY token will have Value?

EDS burns BCY not Bitcoin, so there will be a constantly smaller supply of BCY. Also, as long as you buy cards primarily with BCY then there will always need to be BCY held buy players. I am sure there will be ways to use BTC to buy cards, but BCY will likely be the primary currency for EDS cards in the near future.

You could make the same argument about every crypto out there, if I can ultimately just hold bitcoin and have third party service switch to another currency for me when I need it, then what is the purpose of anything but Bitcoin... there are several billion dollars that say other coins will have value even in the face of a dominant crypto currency.

Thanks for the input DJ, My bad for listening to fud.

I wasn't sure about EDS promise to burn tokens on cards purchased. Am I right in assuming it's 50% of each cards value that gets burnt?

BCY tokens have value no more no less than casino tokens have value. When playing in a casino, you might wonder why you need to exchange your dollars into tokens to play, collect tokens if you are lucky, go back to the casino bank and exchange them back into dollars or whatever national currency. In theory, the tokens are worthless and you could just as well hand out dollar bills on the table and bet on it. The token's value are only based on the fact that you can redeem them back into your national currency. It is an IOU, just as National currencies are IOUs. IOUs on top of IOUs on top of other IOUs and so on. In other words those are all a pile of shit on top of other pile of shits and so on. What makes the final and initial pile of shit more worthy than the middles pile of shits is that they are generally accepted by the public to redeem them for real assets (non-IOU assets). In other words, the reason why people want shitty currencies is because they can get something they need or want, such as a house or a car and so on. People don't want currencies per se, but they want it because they know what they could get for it in the future. This is of course assuming that whoever controls the pile of shit (currency) doesn't screw them over which is the case 100% of the time.

Now going back to BCY, NXC, Databits and 99% of all the altcoins, those are all the middle pile of shits I was mentioning earlier that are totally useless and can be substituted for real assets such as bitcoin or something useful in a game such as a Satoshicard. It certainly adds some value if an app such as Book of Orbs was to choose every game's indigenous coin for trading purpose, but it is inconvenient for the users and it is absurd. It would be much more convenient to buy Force of Will assets, Bitgirls, rare Pepe, Diecast or Spells of Genesis with Bitcoin or with XCP for Counterparty assets. But no, we get a fragmented economy only because of what ends up to be the control of money. Everyone wants to control the money supply of their own assets just as Nations want to control the money supply of their own economy. What does the users get our of it? Nothing. This is just another form of intended or unintended scam that everyone falls into.

Conclusion: SOG assets are priced in fiat (fiat being the unit of account), traded on a Bitcoin platform through the means of XCP sidechain allowing true ownership. Fiat+BTC+XCP=value. The rest is just air. BCY's use is 99% for speculation purpose only. Use BCY to buy SOG assets or for speculation. BCY price goes down ==> buy more of them or buy assets. BCY price goes up ==> sell at a profit and don't buy assets. Either way you win. People who get pissed at BCY's price falling are those who don't care about the game or the game assets. All they care is that they get a profit out of speculation either in BTC term or in Fiat term.

When the game has a truly global release everyone expects that your used "99% for speculation" will drop a lot, or else they wouldn't be speculating. If BCY is SOG in-game currency, and the game does well, then there is utility owning BCY, just like there is utility in holding poker chips in a casino. You don't buy poker chips in a casino because you think they will be worth more tomorrow, you buy them to use them at the table. The person that buys them doesn't expect them to go up while they are playing, but if they do go up in value, then fantastic.

You are correct. But take into account that the speculation side of BCY has already the release baked into the price. The only thing that could push it higher is fomo when the time comes. Higher price doesn't mean higher value. Value only changes based on the utility of the coin, and that utility is being an optional "middleman" between worthy assets. Once cards stops being issued, that value will decrease. Ironically some people who want BCY price to increase lament about the constant card release believing that this hinders a higher BCY price. But it is true that when the game become playable and popular among a wider crowd, the trade of cards on Book of Orbs will increase which will increase the value of BCY. I believe that this is why Book of Orbs was created as original Counterparty wallets only use XCP as the currency to buy and sell other counterparty based coins or assets. Book of Orbs will be the main reason why game coins such as BCY, Nexium, Pepe, Willcoins etc have some value though minimal. Personally I think that this goes against the users as it is easier to use one or two coins rather than thousands. Imagine when we get thousands of games on book of orbs and whatever trade you want to make you need to exchange coins first; what a pain. it is like the EU going back to national currencies and whenever you travel you need to buy their own currencies. This is backwards (although I admit that the EMU is so messed up that national currencies are better in this every case)