Tanya Abrosimova
Independent Analyst
- FOMO 3D is a new controversal game on ethereum blockchain.
- ETH/USD is under pressure, close to $450 support.
Another Ponzi-like game is plaguing Ethereum network, creating risks for the whole ecosystem.
The game called FOMO 3D (Fear of missed opportunity) offers to buy a "key" (key's price is growing constantly), which is a sort of a token. The purchased key adds 30 sec to a timer limited by 24 hours. If the timer goes to zero, user with the last purchased key receives the jack pot (currently 28,000 ETH). Part of the price paid for newcomers goes to those players who bought a key earlier.
You can purchase a key for 0.005 eth, but the price is growing, while the chances to win the prize are diminishing. The only reason to buy it is for dividents, which makes it very much alike classic Ponzi scheme.
Community is concerned:
"I'm almost certain that all of these types of games will become exploited during a hard fork or some other network issue." writes a Reddit user.
Currently, FOMO 3D generates about 25,000 transactions on the Ethereum network, which means it may become the next "CryptoKitties" and spam the network.
ETH/USD is changing hands at $451 below critical Fibo retracement at $460. The coin has lost over 3% of its value on a daily basis, decoupling from Bitcoin. The next support comes at $439 (Friday's low) and $416 (July 12 low).
ETH/USD, the daily chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
MANTA suffers 4% pullback after unlocking tokens worth $40 million
Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks.
XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says
The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30.
Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction
Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000.
If Bitcoin restarts bull run, these altcoins are likely to explode Premium
If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.