For those following the cryptocurrency space, scams and schemes are nothing new. The seasoned trader or spectator will spot a dishonest project from a mile away… or pay the price.
But what do you do when you come across an HONEST scam?
Enter FOMO3D and POWH3D, Ethereum-powered smart contracts that let you go long on greed itself, both created by a group going by the name Team Just who refer to the project as “a psychological social experiment in greed.”
FOMO3D is currently one of the most popular decentralized applications.
The FOMO is Real
FOMO3D (FOMO is a crypto slang term meaning Fear of Missing Out, a common thread among traders) is a trading game that pays you for HODLing, dangling a carrot in front of new entrants in the form of a huge pot of Ethereum.
Here’s how it works:
- Players buy keys using ETH, and each key purchase raises the key price slightly. The ETH goes into a pot.
- Holding keys gets you dividends in the form of a percentage of fees from others buying keys, as well as a chance to win a portion of the whole pot.
- A timer is counting down, and the last person to buy a key when it runs out wins the round and receives the whole pot.
But here’s the catch: each time a key is purchased, time is added to the timer.
This means the pot will not be won until people stop buying keys, and with millions on the line that may not be any time soon.
Baked into an immutable Ethereum contract, the game is secure and works as advertised: there’s ironically no chance of this being a scam, though some are exploring how it could be.
The site’s address (exitscam.me) plays into the common threat of dishonest project owners taking the money and running, but there’s nobody behind the scenes to take the cash in this case.
Weak Hands Unite
POWH (which stands for “Proof of Weak Hands”) is a similar game to FOMO. Players purchase tokens on a decentralized
exchange, and a 10% fee on each sale, trade, and purchase is split among all holders of the P3D token.
The game’s website encourages you to buy in… and mocks you for the same. The language on the home page playfully says, “Instead of simply playing with price over time like most crypto, we’ve added volume to the mix. Hodl finally might be a good long-term idea. (Instead of why you’re down 50%)”
The longer you #hodl, the more you’ll make in dividends, rewarding the strongest hands in the market.
Greed is Good
The creators of the games have made it clear that FOMO3D and POWH3D are commentaries on the state of crypto and human greed in general, an honest and pointed critique of the reason many are “investing” in cryptocurrencies.
The human animal is predictable, and any market trader knows this. Trading crypto is already seen as a game to many (and IS one for those familiar with game theory), and there are certainly winners and losers. Creating an actual game (meta game?) to reward trading directly is what I’d call High Art.
This glorious gambling game shines a bright light on priorities and the risk people will take on for a chance to win big. As long as there is money to be made, you can be sure there will be those willing to risk it all.
When will the FOMO end?
How long the FOMO and Weak Hands train will run is anyone’s guess. As we speak, the systems are bogged down, presumably from all the recent press (this piece included). Navigating to the websites will find you camped out on a loading screen for an indefinite amount of time.
Seeing as it’s a deployed Ethereum contract, unless Ethereum itself goes down, the FOMO will continue. So there’s hope for new players yet.
The influx of players and the limited bandwidth of the Ethereum blockchain may have added an entirely new layer of FOMO to FOMO3D by preventing new entrants for the time being, but if you can get in and buy some keys, you might be the big winner… or you may get exit scammed. Good luck!