Man Spends $330,000 on Virtual Item

 Pages PREV 1 2 3 4 5 NEXT
 

did the asteroid guy recoup he losses yet?

How can you get that kind of money together and say "Ok im going to buy a virtual object that may or may not make a profit"

Less risky than stock though.

Oh snap.

He might do pretty well, depending on the amount of money that gets spent in the game. Although I would be nervous if I were him about the obscurity of the game.

But stil, how awesome would it be to own virtual property? I would love to blow several hundred thousand dollars if I could own The Cleft of Shadows, and tax all the lowbies headed to RFC.

If he can turn a profit... Kudos. He has officially proved himself smarter than the average computer-bound nerd.

It's not as bad as it sounds up front. He's got a very good shot at making his money back in a reasonable time frame for an investment of this size I think. As I have played this game and it has a very complex economy running. Now as for myself I would not risk that kinda of money in today's world economy

Ugh. Too many bad things can come from that.

Lightyear will receive a cut of the profits of all transactions that occur on the station, as well as income from players who decide to hunt rare creatures in the station's proving grounds.

So wait, does he actually make money on this thing?
I doubt it.

I was all ready to say how fucking retarded this guy was until I read the full article.

I still don't think it's a smart move but, if he plays his cards right, he might actually make the money back. That's kinda cool.

I just hope he didn't mortgage his house or sell body organs or something equally crazy to afford it. Large part of how stupid a risk it is depends on how well off he was to begin with.

I will apologize in advance for anyone that actually plays these type of games, but paying real money for virtual stuff is one of the dumbest fads that exists today. One day the servers will be shut off, and it may not be this guy who loses tons of money, but someone will. Plus, there is an element to these games that bank on people spending more time in a virtual world than in the real one, which I think is ridiculous.

dude is there anyway for be to buy some land in that game and make money from it.

Souplex:
This is why you should need a license to handle more than $5000 at a time.

Nah there are worse reasons man. This actually is a smart move in retrospect. If the Club Xandu guy is doing well for himself, it shows that there are even dumber people out there who are willing to make these people a profit!

Well, that might be a bit harsh....

Why is everybody so outraged by this? Although they are spending real money they will also make real money back. This isnt somebody trading items in WoW for real money, it people making an investment.

I don't play by the way, and no... I'm not getting payed for the marketing speech.

Cajt:

CantFaketheFunk:
It isn't quite a dumb buy, though - Lightyear will receive a cut of the profits of all transactions that occur on the station, as well as income from players who decide to hunt rare creatures in the station's proving grounds.

So he gets PED for all transactions made on the station, and that PED can then be made into, say, USD?

Yes, essentially.

If he's gaining income from usage of the station by other players, then presuming it has a large following he'll be making money.
Whether he'll turn a profit or not remains to be seen.

But at least it's not like people paying hundreds of pounds/dollars for WoW trading cards that supply purely cosmetic items with no use other than looking more unique than the rest of the player-base of a certain server.

Why can't people see the sociological brilliance of all this?

Money only has arbitrary value anyway. Creating an artificial market was not only inevitable, but an incredibly efficient way to bolster the economic sector.

LeonLethality:

mortgaged his house to buy an online asteroid

-facepalm-

This is just tragic to say the least.

I you read the article on that purchase it says that has is already generating enough money from the asteroid to produce a substantial profit. So I don't see how a facepalm is appropriate here.

You know there are children starving all over the planet and some guy spends over a quarter of a million dollars on a virtual asteroid. Something isn't right here.

People still play Entropia ? It sucked monkey nutz 5 years ago I cant beleive anyone still plays it. As for the guy.... sorry... eeeediot.

It appears there was actually serious competition going for this as well, check it out...
http://www.entropiaplanets.com/forums/showthread.php?t=794

Internet Kraken:

LeonLethality:

mortgaged his house to buy an online asteroid

-facepalm-

This is just tragic to say the least.

I you read the article on that purchase it says that has is already generating enough money from the asteroid to produce a substantial profit. So I don't see how a facepalm is appropriate here.

I know it was mainly my reaction and I did read the whole article it is the fact that he did it in the first place that baffles me, what if he turned out unsuccessful? oh well he turned out fine so I guess the risk worked out... I would never do something like that though.

Well, considering it makes him real money, it's not a bad investment.

Unlike the (gold) Wii.

Well, i'm not sure about this idiot, but the creators must be grinning right about now.

Lets see how much that palace is worth when the game goes down the toilet

A virtual investment has to be literally the least stable investment of all time.

If I ran that game, I would give one of those palaces to every player, just to ruin the life of that guy who spent over 300k on one.

image
Says more than enough, I think.

People sink just as much money on risky investments in real life all the time so hey why not.

Cajt:

CantFaketheFunk:
It isn't quite a dumb buy, though - Lightyear will receive a cut of the profits of all transactions that occur on the station, as well as income from players who decide to hunt rare creatures in the station's proving grounds.

So he gets PED for all transactions made on the station, and that PED can then be made into, say, USD?

Yep. and if things go fright for him he stands decent chance oh walking away with a nice bit of money. Seem to recall reading that the guy who bought the $100k asteroid was pulling in about 1.5 million a year so.

Amazing.

danpascooch:
If I ran that game, I would give one of those palaces to every player, just to ruin the life of that guy who spent over 300k on one.

The entire in-game economy would fall apart like it was made of jelly and bent wires.

Vanguard_Ex:
I played Entropia Universe for a very short while...word of advice to beginners:
Don't fucking play it. Delete it and find something else.
It's confusing as hell and makes zero sense.

Maybe it's because you had zero cents, and this guy happens to be rolling in cash!
BUDUM TSHHHH
Ah-huh, you know I just went there. :)

I suppose...just like anything, if you have the money, why not?

Daggermonkie:
ummm.wait let me grasp this awsome consept....you pay real money for fake money...and get fake stufff....to get real money?or more fake money?i dont get online timeshares/buisnesses/waste of my money/time

What I read on Wikipedia is the in game currency (PED's) are bought using real money (US$ 1 == PED 10). You can convertor that either way, so if you have 2000 PED's in your bank, you can exchange it for US$ 200. I'm guessing PEDs aren't recieved any other way that by buying them with US$'s or trading stuff with other players for them (or like this, by levying a tax on an area you own).

Booze Zombie:
Well, considering it makes him real money, it's not a bad investment.

Unlike the (gold) Wii.

Indeedie, but comparing anything to the Gold Wii sounds like a good idea, including...

I feel speechless...

if he gains more then he spent, then good for him.

LeonLethality:

mortgaged his house to buy an online asteroid

-facepalm-

This is just tragic to say the least.

He gained all of it back in a few months though.

There was some documentary I watched a few years back about people who do this thing (though usually not on this scale). Some of these virtual businessman roll-in the dough. One dude became a millionaire by owning a asteroid in a game just like this, it's all pretty crazy stuff.

This was in a documentary a while back. The owner is now incredibly rich.

 Pages PREV 1 2 3 4 5 NEXT

Reply to Thread

Log in or Register to Comment
Have an account? Login below:
With Facebook:Login With Facebook
or
Username:  
Password:  
  
Not registered? To sign up for an account with The Escapist:
Register With Facebook
Register With Facebook
or
Register for a free account here