Recently, the game Fomo3D has been gaining popularity, creating more traffic than the well-known CryptoKitties. However, it is worth understanding what exactly this game is.
Part of the name is the abbreviation Fomo (lost profit syndrome or obsessive fear of missing out on a good opportunity). In order to start playing, users need to have a wallet, Ethereum coins, and a game key, which can be purchased on the website and place a bet. The last person to bet wins. The time for each game is set differently, from two to three minutes to 22 hours or more.
To understand how this works, imagine an auction for a certain lot, but money is taken from you not if you lose, but every time you offer your price, and is placed in the piggy bank, and the winnings are received by the last player who manages to offer the price (i.e., buys the key) before the time expires.
While the game is in progress, key holders are paid dividends, and various bonuses are provided, depending on the chosen level. For example, bonuses are given for attracting a new participant to the game or if the player is a holder of PoWH3D coins (the abbreviation of the name refers to investors who sell assets at the slightest price fluctuation and miss out on the benefits that investors have by holding them for a long time).
Currently, the piggy bank contains about 21,800 Ether coins, which is about 0.02 percent of Ether in circulation. The jackpot is currently valued at the equivalent of about US$2.7 million (the winner only gets 48 percent of the total in the pot, which is about US$5.5 million), and the minimum bet is the equivalent of US$2.
The game is something of a parody of the ICO scam. Investors invest money in a project, and then, as often happens, some leave with money, while others are left with nothing. The game's website URL contains the phrase "exitscam.me", which hints at a scam to raise funds for an item that either does not exist or will never be provided.
This game can be called a gambling or ICO scam, as it promotes the purchase of the PoWH3D token, or a financial pyramid or Ponzi scheme, only in the scheme the first player gets the money, and in the game the last player, or the one who hacks the last player and takes everything. In addition, Vitalik Buterin warns that this game is dangerous for the entire network. If volumes ETH in the piggy bank will increase, this will lead to an increase in the price, and in the end one person will all win, which will disrupt the stability of the market.
What makes people play this game? Is the desire to get rich quick so strong that it pushes people to invest their money in a scam, even when they are directly told that it is a scam? Or do people tend to believe that there will always be others more stupid or less fortunate than themselves?
According to https://www.ethnews.com
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