On 21st July, users in the cryptocurrency world woke up to a startling development: an Ethereum-based gambling game where users could buy a ‘key’ and hope to be the lucky winner who wins all the Ethereum tokens in the pot. The game is called FOMO 3D and as the name suggests, the game banks on people’s ‘Fear Of Missing Out’.
In a time where cryptocurrency and its developments are being hindered by pulsating scams from all across the globe, this new development may create a stir in the cryptosphere. Branded the new Bitconnect or ‘Bitconnect 2.0’, the game works on a very simple gambling premise. Users log in using an account that they create, and buy a ‘key’ paid for by ETH tokens.
At the time of writing, one key was worth 0.0054 ETH, a price according to the website is minute compared to the final payoff: a massive reward of 21300 ETH.
How does the game work?
The key that a user buys acts like a token or an add-on because it adds 30 seconds to the timer that is given in the game. The ETH that the users spend on getting a key goes to the culmination pot and the rest of it goes to the users that bought a key earlier as “dividends”. A timer is set on the website and the last person who buys a key before the timer runs out, usually 24 hours, wins all the ETH in the culmination pot.
The price of a key is programmed to rise gradually after each individual purchase, thereby increasing the value of the culmination pot and the dividends. Currently, the timer resets automatically which means that no one is going to win the culmination pot anytime soon.
Why is this a problem?
The game is eerily similar to a pyramid scheme, with current players urging others to join which in turn benefits the current players when the new entries buy a key. This vicious pattern has seen its rise and fall in various other industries, with almost all of them leaving a lot of people broke and unstable.
JohnAP, a Reddit user commented on a thread saying:
“Communities have formed around pooling resources just to buy enough ETH to be able to purchase a key in FOMO3D. Other dApps became completely unusable sometime around the end of 2019 as the price of ETH began to climb too high for people to continue paying normal gas prices”