Towards the end of last month, a decentralized application on the Ethereum [ETH] blockchain known as FOMO3D emerged. FOMO3D called itself a simulation of an ICO exit scam, and has been “built to simulate the standard hype -> release -> pump -> dump: cycles of the countless ICO exit scams across the cryptocurrency space”. While its inherent structure is that of an elaborate Ponzi scheme, users on the Ethereum blockchain have begun protesting its existence for a completely different reason.
The smart contract behind the FOMO3D game is one of the biggest gas-guzzlers on the Ethereum blockchain currently. It, along with its various ripoffs, have pushed standard gas prices to about 60 Gwei. This has driven many to call for the scalability of the Ethereum blockchain, and more to call the game a scam.
The game’s premise is similar to that of a pyramid scheme. Users buy a key, which is currently worth 0.00548535 ETH. This contributes to the final pot, which is currently worth around 21,755.50 ETH, or a whopping $7.8 million. 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.
FOMO3D’s team, TeamJust, has now spoken up on their polarizing product which many call a pyramid scheme. In a recent interview, they revealed the backstory of the team and the game that they created. When asked about the game, they stated:
“I accidentally encouraged the other founding developer (mantso) to play a game that crashed to 0. We decided we could do better.”
When asked what there were planning on next, TeamJust replied humorously, stating:
“Team JUST doesn’t release plans or roadmaps. Since we develop fully functioning products and release them we work the inverse of other cryptocurrency. Where most crypto wants an ICO to raise 100m dollars to make a product. We make a product and it gets 100–500m dollars in volume. It’s trustless because we already created it, you don’t have to pay into us making it.”
They called themselves the “most widely copied development team in the history of blockchain”, even going so far as to say that the team of EOS [EOS] copied their model to use it for the implementation of EOS RAM. They went on to say:
“The trick is, when we make our games we understand that we as developers cannot be greedy, and we change the math to ensure that we are not greedy. When developers copy our products they do so with greed and a desire to capture some of the success that we have. When you build a decentralized game based on greed, it never succeeds.”
They also offered advice on what cryptocurrencies to hold and which not to. The team simply asked users to compare the coin that they want to invest in with USD Tether [USDT]. Then, they stated:
“If the answer is yes, then truly it’s an absolutely worthless asset and just a cash grab by a cryptocurrency developer. I can count on one hand the number of currencies that serve a purpose that tether could not, and without fail these currencies always gain market value in relation to the others.”
On the subject of Ethereum and its role in propagating scam ICOs, TeamJust also spoke about the laws that should be put in place. They called Ethereum a “revolutionary technology” who don’t have “decentralized laws”. Furthermore, they said:
“While some developers are honest and fair they are overshadowed by the absolute sea of theft.”
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