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Planet Arkadia Sells World's First $1 Million "Virtual" Property
$20 billion yesterday for a "virtual" reality corporation... but it gets better, as Property Guru reports, Singapore-based game developer Planet Arkadia is offering investments in what is believed to be the world’s first million dollar virtual property. It offers the 'investor' a chance to participate (by spending real money) in the "vibrantly growing economy of Planet Arkadia" - which we note is entirely virtual. Top, much?
Singapore-based game developer Planet Arkadia is offering investments in what is believed to be the world’s first million dollar virtual property.
The company is offering players of the Entropia Universe game the chance to invest in 200,000 deeds priced at US$5.00 each – or PED 50 which is the in-game currency.
This innovative offering has been launched in direct response to player demand for more opportunities to invest. According to the company, the ‘Real Cash Economy’ has been developed over a 10-year period, providing a solid foundation for the virtual economy as all in-game currency 'PEDs' are transferable to US$ at a fixed rate of 10 PED for each dollar.
Importantly, the company added, participants are able to withdraw their earnings back to their real life bank accounts at any time.
"Arkadia Underground has been highly anticipated within our Arkadian and Entropia Universe communities, especially now we have the ability for every player to earn revenues with such a low barrier to entry," said David Dobson, Chief Executive Officer of Arkadia Studios.
"Every player can now participate in Arkadia's vibrantly growing economy which has enjoyed a quadrupling of activity year-on-year for three years. Where else can you make investments where you can also jump in to play for fun and be rewarded on so many levels?"
The company was founded in 2010 and is supported by Singapore’s Media Development Authority according to its website. Entropia Universe is the world's largest ‘Massively Multiplayer Online Real Cash Economy’ game.
Smells a little like Bitcoin... so as a gentle reminder MtGox was named for Magic -The Gathering... and that all ended well eh? Of course, the question this transaction really begs is - is there a virtual central banker?
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how about i spend virtual currency for your virtual property?
I'm glad I'm old because this makes me have zero interest in this latest Ponzi scam.
This makes me fear Idiocracy was an actual documentary sent back in time as a warning.
that movie is scary real. 500 years in the future? seems like right now.
Well, if I read it correctly, it is 5 USD times 200,000 virtual properties total being sold. But, it is 1 million if they clear them all.
I had to read it twice, because at first I was thinking it would be sutiable for folks interested money laundering.
Regards,
Cooter
I've long since insisted that World of Warcraft gold was a more viable digital currency than Bitcoin. It's got a heck of a lot more demand, and it's been sold for real money for a lot longer, and you can also buy it with real money, so it pretty much does everything Bitcoin does. And elves.
Nothing compares to Bitcoin.
I have one of my pubes on ebay for 50k.....whats taking so long for a bid
"I have one of my pubes on ebay for 50k.....whats taking so long for a bid"
You have a marketing problem. Edit your listing and call it "Satoshi's Pube!" No one can dispute that, and you'll capture the attention of your target. Heck, some asshats have search engines set for <Satoshi> OR <Btc>. Additionally, set your settlement terms as "willing to accept 10 Btc or $0.01 a year from now, or will consider Beanie Baby trade." That should garner at least as many views as the listings for dehydrated water.
I thought that you were kidding until I found this! I bought 5 of them! What better way to store water.
http://www.ebay.com/itm/1-Quart-Dehydrated-Water-/301132154862?pt=LH_Def...
will the irs be taxing properties that inflate in value? well, yes!
fonestar would invest in Arkadia. As a record draught hits the western state and food prices surge, does it not make sense for more and more people to get into virtual farming and virtual real estate? Another major bonus that is not being factored in here is that you do not pay taxes on virtual real estate!
I've been to Arkadia. Traveled the whole thing zig-zag; left few stones unturned. If you can find 100 people on that planet in 1 hour I'll give you $100 (or Bitcoin equivalent). The planet is quite size-y. I have only explored, not done any of the mining, gathering, investment activities, etc.
Arkadia is one of 5-6 planets in the Entropia Universe, Calypso the 'default' planet is most intricate & detailed, then comes Arcadia. The other planets are ghost towns. Calypso 'default' planet is also somewhat of a ghost place, massive areas and relatively small # of players. Arkadia is just a planet, competing for players with the other planets.
The best players have serious money invested in the game- upward $20,000 to $100,000+. There's hunting and the best loot gives massive rewards (upward $10,000 USD). The creatures that give off loot are tiered in levels (L1 to L100+), you have to 'skill up' (invest USD or play months & months to earn PED's (Project Entropia Dollars) to kill the stronger creatures.
MindArk has gone bankrupt before, and the company has had trouble balancing books for years... this is just a 'virtual stock' quick money raising attempt + publicity stunt. They've done this before when they issued in-game virtual Banking Licenses for upward ~$500,000 USD a while back.. (forgot the details).
Some other observations:
- Its littered with large spaceships outside Calypso planet, all doormant, waiting to be used for transport (but no customers) costing ~$8000 USD each.
- The best gun in the game is upward $2k USD.
- People that are hardcore into the game, take it more seriously than reality.
- You can rob people in space and PVP areas, steal their stuff, sell it at auction and convert PED to USD (legal robbery in a virtual world).
- Top 1-5% of players bring majority of the profits/investments into the game (those who lost sense of reality).
Place sucks. Period.
Utter madness.
Fuck Ebay. List it on Etsy as art. "A piece of me" mounted on archival quality paper, OOAK display by the SRA (self represented artist) max2205. 50k
"Nothing compares to Bitcoin"
Was that an endorsement? Nothing compares to my navel lint either, but I doubt anyone wants it.
1Btc = $479 USD as of this post.
Today's drop brought to you courtesy of a rumor that CHI banks will be banned from doing business with Btc exchanges. Waiting to see how far it drops when rumor becomes fact.
Please reply with the same "no one can control Btc" baloney. Seems that even a rumor of control does heavily influence it.
You've noted many times, "Fuck the USA! Btc doesn't need it."
Tell us now, "Fuck CHI! Btc doesn't need it."
Yep, who needs $33 TRILLION dollar economies? It's only 46% of the world GDP. Fuck it, right? And it's only ~ the same amount of Btc's target market. Fuck 'em all, right? Your parents' collective basements are getting pretty small now, eh? Oh, well, there's always World Of Warcraft. And I'm sure you all will find a secondary market for those ASICS.
"Read Me" by Neal Stephenson covers this ground very well.
I'm investing in the virtual banker game where I can jack up the interest rates on your virtual properties and then foreclose on them, while selling your virtual mortgage to the unsuspecting virtual investment gamers and virtual towns in Norway.
"Virtual" property. Really ?
http://www.youtube.com/watch?v=_kKXvDaJIzQ&sns=em
Of course! I was talking to my virtual RE broker who told me there has never been a better time to buy virtual property. She said prices never go down.
Are stocks any less virtual? Money itself? Sure the concept of virtual land is laughable, but the parallels to what serves as an economy in the "real" world are insightful.
well played. rehypothecating the hypothetical - makes one dizzy. (sorta the intent)
"I'm not crazy about reality, but it's still the only place to get a decent meal." -- Groucho Marx
I want to get into this, seriously. You see I fell behind when Bitcoin was going for .008 cents a Bitcoin back in 2010. I could have made millions if I would have invested back then and sold out now. I'm looking for the next best thing and if this is it so be it, I know it could and probably is a scam but I want to make my money first from the scam before it falls. Also you have to wonder about MTgov out of japan and how for a few years someone stole 485 million USD worth of Bitcoin. Whoever did this is dancing on an island somewhere. If the big banks can make money, why can't I.
Tron.
Zap me in there where I can live on pure energy forever (until somebody turns off the computer), yeah, maybe I'll toss you that kind of scratch. Othewise, I'll take a pass on this unique cash-burning opportunity.
i like you mcmolotov. this was hilarious.
Ahahahahahahaha!
Now that is funny (scary)!
+1 McMolotov
Re: latest Ponzi scam.
But, just think, you could buy a virtual properity for a virtual young hottie, and best of all, because it's virtual, you could have virtually unlimited numbers of them.
Buy now or be virtually priced out forever!
Wouldn't you get more from your hand, a watermelon, a toilet roll, the hoover ... ok maybe that would get you a trip to A&E.
But at least you'd derive some sensation.
+1 for buy now or be virtually priced out forever :)
Polygamy is illegal in the virtual world but if you know the right virtual politicians or virtual bankers, you can pay them in virtual money to get around the law.
Calling all Arkadia residents: yesterday's IRS Bitcoin ruling applies to you.
Peak Fuck.
Peak Retard
Never! There's a dumbass born every minute.
Future Dumbasses now have a very high standard to meet. This will tough to beat.
Look! The Emperor has no clothes!!
(Gushing) Fonestar!
I just love what you've done with the place!
Is that virtual linoleum in the byte-sized foyer? ;-)
Hey, I've got a virtual world.
I have a trailer on a nice lot, garden plot, cherry trees; only $20,000; Visa/MasterCard.
I'm all in.
the stupidiest part of this is, this shmuck will probably make money on this. and i think its retarded but what do i know, using years of reading quarterlies, watching charts, resistance, macd, mcclellan, elliot wave, etc, etc. ad infinitum. i havn't picked a winner in years.
I feel you brother. Two semesters of MBA classes and I have the same batting average as you.
I get my advice from virtual bears. They recommend BTFD.
I think paying for virtual real estate is lame, but I am willing to consider that it might make as much sense as buying things you don't need, and we sure do enough of that on this planet. If the older couples with no kids sold the 4000 sq. ft. trophy house and bought one half the size and a virtual property they would be ahead right away. Fewer bathrooms to clean and lower property taxes. FTW!
"If the older couples with no kids sold the 4000 sq. ft. trophy house and bought one half the size and a virtual property they would be ahead right away."
They might also plan for the future: rent out the unused space to a family of illegales in exchange for cooking, cleaning, yardwork, Depends and colostomy bag changes. Assisted living on their own terms. Just an acceleration of the 'condo' model. Might even put some reverse mortgage terms in there for Paco as the in-kind payment. The New American Dream for new Americans.
Is this shit for real?
Re: Is this shit for real?
Assuming you meant: Is this bullshit for real? We can test that question by applying the first law of bullshit:
X (anything) + bullshit = $ (money) ** (to the power of) bullshit.
So, yeah, looks like it is "for real", as long as the supply of bullshit keeps increasing.
It was a fair question as I don't frequent such virtual wank.
But a fair answer too, it would seem to be something I will be missing out on.
My life seems better already :)
I imagine most of us frequent some virtual wank, whether we admit it or not.
Some more virtual than others ;)
As is with all Ponzi schemes, it is better to get in early than too late.
And it's gone.
http://www.youtube.com/watch?v=-DT7bX-B1Mg
can I rehypothecate my virtual plots?
sorry, there was a terrible virtual tsunami that wiped out your virtual property, i urged you to buy the virtual hazard insurance but you signed off on it.
Second Life has never done all that well, and they've been doing this very thing for years. I'm sure all the virtual property on SL is well north of $1 million.
nice avatar, is that lick and taste?
Sorry, scratch and sniff and only if running ios7.
RE prices on Arkadia have never gone down all at once!
Great, so when do we start bundling mortgages of these and selling them to pension funds
fonestar bought it with bit coin.
Insanity or a world hungry for a stable store of value?
Watch out, the locals around here will probably tax the shit out of it--"For the schools and children.” Of course.
“My guillotine is funded only with ‘head’ taxes.”
Is there a virtual vory v zakonne who stops around the village demanding rubles so your property doesn't vaporize?
That's just great, the oligarchs are buying all the real property but are nice enough to leave us a virtual world. The irony would be complete if purchased with Bitcoin. I wonder if the FSA can buy virtual food with their EBT cards. We're full retard folks, apologies to retards.
What I'm getting out of this is that the oligarchs aren't happy enough just taking all the real property; they want all the virtual property too!
What's the difference between this and the banks via the central bank, just pressing a button and poof you have the funds for your mortgage...fake fiat money conjured up from nothing to loan to you against your very real property.....what a scam!
You don't actually think there is any real money in the banks? If you need more than 5k in cash withdrawn you have to make an appointment a day or two in advance....
What's all the cash for sir?
It's for my friend Nunio
Nunio?
Yeah, Nunio BiZNESS
Time to start a virtual money laundering business. Oh wait, Planet Arkadia beat me to it
Well, just for fun I downloaded and installed the game. It hangs with a "cannot update game" error.
That's pretty nice I guess.
And this is different from bitcoin how?
Its more like monopoly; you have both foney money and foney property!
What if I want to buy a foney star?
(sorry)
Thomas More wrote Utopia to universal acclaim and then...got beheaded by king !
Virtual world meets real world at the gallows of Tyburn !
"'PEDs' are transferable to US$ at a fixed rate of 10 PED for each dollar."
what no etf fx hft platform?
sounds like an opportunity for the right minded gamer....
:)
Old Chinese saying: "A fool and his money are soon parted".
Oligarchy version : soon farted !
My very thought!
What happens in a power cut? Does that constitute a virtual force majeure?
Virtual profits worked for Bernie Madoff's clients for a while.
A pyramid scheme. First to jump on make out.
This doesn't sound that terrible. They're only $5. A month of warcraft online is $10.
just one more clue that when money is spent like this it isn't really money after all
How much are virtual BJ's going for on the lower east side of Arkadia these days?
I nominate Paul Krugman for Arkadia's Economic Village Idiot
Do Overstock or Gyft accept PEDs?
Should come in handy when the U.S. starts nuclear Armageddon and the only thing "real" is going to be the inside walls of that bunker.
I'm betting that George Sorros and his 42 year oldbride get first dibs!....
>$20 billion yesterday for a "virtual" reality corporation
$2 billion, not 20.
Button down the hatches folks, this is going to be a bad one!
#WEareTOTALLYfucked!
Title is intentiionally misleading. "...sells World's first $1M Virtual Property". These things cost 5 bucks.... stop wasting my time.
Knock knock.
Who's there?
The End.
Planet Arcadia is the waste dump planet in the movie Soldier.
They really rub it in.
I am going to virtually haunt the virtual Central Bank.
I'd pay a lot for the tulip bulb concession on Planet Arkadia.
I want to be someone... important.
Like a Gamer.
sounds good
I'll get me some virtual properties with my shitcoins
I say buy, if you cant be a success in the real world, bail out of it and be a huge success in a fantasy role play game.
Or go to work for the government. But I guess that's what you said.
Is this story out of the Onion?
Maybe we can have a virtual EPA to come out and find all kinds of problems with your virtual property so that they can impose virtual fees, fines, and regulations. After all, one can never be too safe when it comes to the virtual environment.
That is what they need in World of Warcraft. A way to earn real money outside of blackmarket gold farming. Plus get rid of the GD Arena system and stop nerfing Warlocks.
Bitland