Email a copy of 'YrGrid blames Bitcoin problems on vendor' to a friend
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Hypergrid Business
Covering virtual reality, immersive worlds, and other emerging technologies
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Awesome! and thank you for covering the story 🙂
Sounds like a grab and go to me
“The grid has been unable to cover residents’ losses out of pocket, Wang said. “The Bitcoin price has been rising too much last year, so it’s more difficult to get enough funds from investors to cover that.â€
However, those users who have bought in-world currency recently are unaffected by the problem and will be able to redeem their currency.”
Why didn’t they keep 100% of user deposits? Why the heck would they keep the bulk of user balances in a HOT WALLET! Smells like BS.
Is it any wonder since Melanie Milland works there that they are pulling another currency refresh a la Melanie’s last failed grid, Avination? How long until servers “crash” and it goes offline indefinitely?
From what I see the grid isn’t a REAL bitcoin grid because if it was users would have their own keys to access these wallets and see for themselves where their money is. It looks almost as if maybe it is running modified currency module that just updates the balance with whatever they have in the bitcoin wallets that are being held by YrGrid. I have yet to see a grid run bitcoin the way it is supposed to be run. If it was being run correctly then this would never have happened. Especially if the system was creating individual wallets and granting the users to their own keys. That’s how bitcoin is supposed to work after all.
This is so true. It’s just a little impractical to run micro-transactions on the bitcoin blockchain at the moment. That being said, there are projects developing (sidechains, ie: LN) to solve the issue of micro-transactions. As soon as that’s out there, it’s going to be the preferred way, any business that doesn’t adapt to this is going to lose all of their customers. The reason for that is:
Bitcoin was invented because we can’t trust eachother, we can’t even trust banks.
There are some grossly inaccurate claims in this article: “Ongoing problems with fraud, theft, and money laundering have also made the use of Bitcoin as a base currency very problematic.”
1. Bitcoin, when stored correctly is totally immune to fraud/theft. The only times bitcoins got lost/stolen were when they were left on an exchange (that exchange got hacked or stole their users coins), or stored them on some other website or kept their bitcoin private keys somewhere unsecure such as in a textfile on their daily used computer.
2. Most bitcoin exchanges comply with KYC/AML, you have to send a copy of id, proof of address etc. Their requirements are FAR greater than those paypal requires.
Also because the bitcoin blockchain is public it is further assisting law-enforcement agencies to track peoples coins. All bitcoin based online drug-marketplaces got busted, thanks to this. So the money-laundering claim is just false.
they print in world currency to be able to run their casino, the grid owner have his own casino.Take this as a fact, then you can understand whats going on in that grid.
I lost my life savings by investing in YrGrid
what do I do now?
Using Bitcoin as a grid currency is a huge mistake….Actually using any third party currency in a grid is a mistake. I always said a grid should have its own currency and autonomy. Bitcoin’s volatility specially bad for a grid. People think that because Bitcoin is a virtual currency; it can be used in a grid environment …Not really…
Yes, because no grid has ever gotten “hacked” or lost their users money!
Sarcasm off….
To date the amount of money lost to open-sim grids that got “hacked” or “scammed” is so large now, that you have to be a complete moron to deposit money to a grid, or a centralized grid-currency. Like i said in the comment above, Bitcoin is going to kill all grids that fail to adapt.
Alex just wants to use his own fake money so he can take the deposit and run when the wind changes, he has a bowel movement, or whatever and he decides to close his grid again.
Please be advised
They keep print in game currency to be able to run their own in game casino.