Richard Garriott (Ultima) Talks Bitcoins, Calls it Inevitable
A magic sword that someone could play for 10 hours to get it for free, and someone would buy it for $100 when they could get it for free playing for 1o hours. But that made sense because it saved the 10 hours.
At peak we had plots of land that sold for $10k per plot. Like the real world, location location location. There was no way to resist the truth, that virtual items takes effort time and expense to acquire. As demand rises for rare objects (and land), of course the value of that virtual but limited item rises. …like bitcoin mining… Virtually inevitable, no way to resist it. These virtual items have quantifiable real world value.
In a game, if you want to do monetary policy? You can just push a button, and it happens far more quickly than in the real world. We can change or avert it instantaneously, we can instantaneously react. As a laboratory, it was a great place. We ran into problems early on, we didn’t realize we were creating a deep monetary policy, we though we were just making a game, willy nilly. Suddenly we had rampant inflation. Slowly but surely infinite “wealth”. The prize of sword or house by necessity had to go up, … rate of pace… stumbled into the monetary policy experiment. …it took us a few years to do that… in the case of a game … different from real world [leaving the world] is different As an experiment for variables, watch quickly, great experiment bed Faucets and Sinks … the sword can never leave shroud of avatar (unlike bitcoins) trade for the real world (bitcoins) real currencies
We were making the game for entertainment, we thought we were selling entertainment… we didn’t want to be in the banking business playing games professionally bad side: gold farmers, china, low wage sweatshop, bots and scripts that can kill and deny real life players good side: in game theater, rented by playwright, backstage, charge fee for front door, put on a good play (virtually) have tools in game to reward people who are good at content creation we cannot come close to creating content fast enough economic benefit game credit for contributions, conceptually good, but 90% wasn’t a good fit not curated in a way that was needed self curated incredibly custom cryptocurrency content creation advertising creation of value receiving currency first, mining we will ultimately take bitcoin in the game
In game, will accept bitcoin at some point
Bitcoin meteoric last year, even bigger meteoric year ahead once the software problems taken care off (paying in cabs etc…)
repurposing of existing technologies e.g. magic the gathering exchange
not gonna make a good plane, legacy issues, players not having the resources to deliver on the experience
critical mass in rela world not yet met
internet is the real way, companies coming on in the next 6 months
Linux and curation, incredibly superior
linux as the professional operating system (on the backside) completely crowd created foundation
Talks about Gabe Newell and valve, Gabe Newell says that Valve is the bottleneck (steam),
RG: understand very much about steam is trying, democratization, distribution, channel availability
adoption requires more
technical superiority different from marketing
marketing standpoint bitcoin has a huge advantage due to the press
bitcoin marketing lead
going back to steam, push to publish is just start of valve, you need more than having a best game you need people to know about it
anyone should be able to open a shop and sell content from the steam platform
should work itself out
http://letstalkbitcoin.com/e86-virtual-worlds-real-money/#.UwxIOl4s3Zs Shownotes for Let’s Talk Bitcoin #86 – Virtual Worlds, Real Money
- Adam sits down with Richard Garriott about money, games, cryptocurrency, the intersection between MMO developers and national governments, Valve’s publish-as-a-protocol.This is the full length version of the interview and includes a discussion of LTBcoin.Credits Episode 86 of Let’s Talk Bitcoin was produced by Adam B. Levine, edited by Denise Levine.Music was provided by Jared Rubens (@jaredarubens) and General Fuzz(www.generalfuzz.net/tunes.php) Questions or comments?Email firstname.lastname@example.org – Have a good one.