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Title:

Balancing the Only Virtual Economy Backed by $USD

Your vote:
Yes No
Organizer:
John K Bates, MindArk, PE AB
Description:
The stunning growth of virtual economies brings many risks: embezzlement, hyperinflation, value loss and failures of economic understanding with big consequences. Find out how MindArk balances the only Virtual Universe with a real currency. MindArk manage to control inflation, maintain value, and build a fun game all at once. How?
Questions
Answered:
  1. How does MindArk balance the inputs and outputs of the Entropia Universe?
  2. Why is hyperinflation such a dire threat to virtual economies?
  3. What are some of the trends MindArk is seeing in the realm of virtual economies?
  4. Why did MindArk actually WANT to be a real world bank? Isn’t that a lot of regulation and hassle to deal with?
  5. What are some of the dangers game developers should be aware of as they plan their real money trade monetization strategies?
  6. What are some of the dangers game developers should be aware of as they plan their real money trade monetization strategies?
  7. What about the other planets in your interoperable metaverse? How do you deal with them?
  8. Why are so many virtual economies inevitably bound for rocky shores?
  9. What do you mean MindArk is the only company that backs it's currency with US Dollars?
  10. Why do you say MindArk is so different from other Real Money Trade (RMT) Games and worlds?
Level:
Advanced
Category:
Business / Entrepreneurial / Monetization, Case Study, Design Thinking, Economic Concerns, Other / Out There
Type:
Other
Event:
Interactive 2010
John Bates
on 20/8/09
Chris Anderson's book FREE talks about how no industry is moving towards FREE as a business model faster than the Games Industry. Find out how to survive this fast, dramatic and exciting change.
Carmen Boroumi
on 20/8/09
As in real life banking, does the possibilities of in-game loans exist in Entropia Universe?
Carmen Boroumi
on 20/8/09
John Bates’ fascination, enthusiasm and natural character in possessing an endless wealth of diverse information on the subject matter in order to deliver the goods to you will definitely nose-dive you into a prolific forum of discourse and get those brain neurons going!
Alex Ioan
on 24/8/09
"As in real life banking, does the possibilities of in-game loans exist in Entropia Universe? "

No, not yet, but we do have the so called 'pawn shops' aka virtual banks
James Snider
on 24/8/09
I've played this game for 4 years and LOVE it! I am positive John's session will be very informative and cutting edge.

~Trex Twitchie Prada.
Roger Sunnyeyes
on 26/8/09
As a 4years+ player , i find these questions and probaply answers very interesting from players sight.
Especialy Question 1 : How does MindArk balance the inputs and outputs of the Entropia Universe?
Maybe we will hear in the answer why MindArk was forced around two years ago to change the balance from a action->return balanced system into an irreproducible one.
TRAIAN SENTENTZ
on 26/8/09
I think an easy and carefull growth..like MA did these last years..is the answer to many questions from up.And...the economy ingame..is not related and linked with the real economy.The proper economy circles..like a miner mine iron..one crafter make a amp for mining from that iron..and a miner use the amp for mining after iron..etc...ofc on a bigger scale ..make the inflation to be very litle and predictible..and is easy to control.This economy should attract many investitors specialy in the future(well...my opinion ofc:)..).USD...i still have alot more trust in dolar..even if is backed from time to time.Euro is powerfull now...but have a very very short history..only 7 years..so...is hard for now to trust euro too much.English pound..sterling...have a long history..i trust her..but....is not so used ..like the dolar..so...again..i back up.At the end...USD stay and remain the most trustwordy coin in the world.(at least for me).:))
Mike Bates
on 26/8/09
Looking forward to making it to my first SXSW and already a fan of John's mad presentation skillz. Fascinated to learn more about the confluence of virtual and meat-based realities, economies, and societies.
dendri calabro
on 26/8/09
Entropia Universe.... i would like name it Entropia Esperiemnt, in effect it s the most advanced RCE online around. Million of possibilities that are going to be billions considering the realization of the first link between a real bank and a online game and considering the support of many Planets Company that are join the Universe. But is also big stimulus for little private that around this world are building create websites. Some of them generate already some income, like entropiaforum, other are for free like entropiabay.com but both support the Universe. Great idea this Entropia Universe.
Death Ancient Reborn
on 27/8/09
question : why don't you transform the PED (Entropia currency) in a real currency with different exchange rates for $ , pounds , euro etc ? wich can fluctuate ? maybe post it on forex :D
jerry herrera
on 27/8/09
But seek ye first the kingdom of God, and his righteousness; and all these things shall be added unto you.
Matthew 6:33
Sxsw-picker Sxsw-picker
on 28/8/09
I think this Panel is a great addition to seize the philosophy behind Mindark.

Its also great way to explain why others partners already bought their planets.

At least we know that the anwsers for those revealed questions will be dedicing in the future of the company.


_John Bates_|_Mindark_ share a nice business vision.

We will see in SXSW how serious its going to be recognized as a Virtual World Technology Pioneer.

The Beatrix Redgirl
Marcos Pires
on 29/8/09
for me ,entropia universe has the most perfect payment system in all games. It beats paying the game AND a subscription !
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Developed for SXSW by Lindsey Simon