Virtual Crypto Goods

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As of this moment, ETH, the coin for Ethereum is trading at 447 to the US Dollar. That means that the kitties pictured below are being sold for various prices ranging from $13 to $52,000. No, I did not displace a decimal there.

Welcome to the bizarre world of cryptocurrencies and the even more bizarre subworld of “CryptoKitties.”

Right now about 15% of all Ethereum network traffic is dedicated to the game, making it the most popular smart contract on the network. For reference, number two with about 8% of network transactions is EtherDelta, the popular decentralized token exchange.

Call me when they do crypto puppies.

8 comments

  1. Your’re kidding, right? … No I know you’re not …. can you say Tamagotchi? I though you could. LOL!

    This is just bizarre!

  2. There are some who say this looks suspiciously like money laundering.

  3. Kenny Chaffin, agreed.

    Winchell Chung, that would make an excellent plot to a story too, don’t you think?

  4. Winchell Chung Gideon Rosenblatt I’m (slowly, late in the game) coming to realise that the combination of high cash-flow and asset value + transfer is a gimme for money laundering.

    Look up the Russian Laundromat story. Or let me find it (let’s see if Pocket is worth its salt….).

    https://www.reportingproject.net/therussianlaundromat/russian-laundromat.php

  5. Yes, Edward Morbius, I’m starting to wonder whether the future will be as bright, safe and shiny as we thought it might be.

    Given the fact that that ledger can’t be edited, there is the potential for it to be a great way to know who did what. The catch of course is anonymity and the conversion points from cash to crypto.

  6. I’ve not been keeping up with scaling issues of late, but from a quick scan of reddit it seems like it’s a lot more than 15%, with many users reporting Ethereum ground to a halt. Doesn’t seem to bode well for scalability.

  7. Gideon Rosenblatt s/anonymity/pseudonymity/

    If the chain can be connected, game over.

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