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Showing posts from September, 2019

Minecraft Economics: How the Nether Update uses the Subjective Theory of Value

What is an emerald worth in Minecraft?


An emerald is the currency used in the popular game Minecraft for trading with NPCs called villagers and wandering traders. Emerald ore is an extremely rare resource in the sandbox world, yet every employed villager has quite a few to trade with the player. However, players have wondered how the emerald compares with real world currency. One YouTube Video by GameTheory tried to find this answer. First, they tried to convert it by comparing the USD cost of bread with the cost of bread in the game, but found that conversion does not translate to other goods. Next they used the labor theory of value to try to determine the USD to emerald conversion, but again came up with a nonsensical conversion. Finally, they tried to assume emeralds have an inherent value in real life and work backwards to determine the in-game USD cost. After using all of these methods, they come to the accurate conclusion that it's not really possible to convert emeralds i…

Vices and Virtues of Tradition

The process of growth and self-improvement for the individual is to a large extent dependent on following the tracks of others who have come further in life. Early childhood is highly reliant on such imitation, to learn how to walk, speak, read, etc., and likewise must one in many cases seek out help from professionals if one is to acquire mastery at some subject or skill later in life, which is why many top performers have invested a lot in mentors to coach them (Greene, 2012). Similarly, tradition may be said also to have a crucial role on a societal basis, such as in older generations teaching their children good manners, literacy, general life lessons, and so on, as well as maintaining what modes of governing have historically seemed to work better than others.


Although much of this is indubitable, it also has a flip side. Tradition is practical not because of any intrinsic quality, but the process through which knowledge, habits, and skills are transferred across generations. Th…

Sports Betting & Blockchain

The sports betting industry is huge - Soccer alone attracts 250 million people willing to put money on what team is going to win or who is going to score. The industry is also extremely regulated in most of the world and heavily relies on money that can be traced and taxed. Sounds ripe for innovation, right?

There are hundreds of projects out there that seek to be your next blockchain-bookie and competition is fierce, which is a good spot to be in if you are like me and like to do some gambling. It's not as good as it could be though - This post is going to be a wish list; A small injection of ideas of things that would really open my wallet (and hopefully others in the same swing). But before that, let's start with taking a peek at what's currently going on in the niche.


Looking at some of the Current Ways to do Sports Betting with Crypto
I don't see the point of places like BetOnline, who allows you to gamble with crypto but also follows all US regulations, paragraph …