Fomo3D Did Not Break Ethereum - [fomo3d][ethereum]
Fear the Fomo
The Ethereum Network was put to the test a few days ago on Friday, when Team Just released their "Quick" version of their smart contract game/gamble/pyramid/ponzi/investment called Fomo3D Long.
The new version called Fomo3D Quick had a rush of people trying to put Ethereum into this new smart contract when it went live Friday evening. Many of the transactions on the Ethereum Network became delayed as many of the Fomo3D Long and PoWH3d fans that had waited for this one to go live tried to place their Ethereum into the smart contract. Gas prices skyrocketed up to some 300 GWEI, making some of the transactions to be overlooked when they had much lower Gas prices set.
Ethereum miners would of course bypass transactions with lower Gas prices, as what tends to happen on the Bitcoin Network when transaction fees also get more expensive. Unfortunately for many of those who had their transactions stuck on the Ethereum Network, there is no cancel button, so while other transactions that came in later processed due to putting a higher Gas amount, earlier ones with lower Gas lingered unconfirmed. This led to many being disgruntled as the delay caused many to join in much later and miss profits and/or lose Ethereum.
On a more positive note, Fomo3D Quick Round #1 appears to have been successful. The smart contract received about 15,252 Ethereum in about 3 1/2 hours before there was a winner. The winner holding the key to the contract when the 5 minute timer hit 0 won 1,639 Ethereum. The initial price for the 1st keys to Fomo3d Quick was 0.39 Eth (approx. $183 U.S.) and topped out 1.74 Ethereum ( about $817 U.S.) for the winning key. Congrats to the winner!!
For now, Team Just is listening to the community and taking notes. They seem to understand some of the communities grievances and plan to continue improving this new radical use for Ethereum smart contracts in their next releases. Fomo3D Long continues to slowly plug along with an Active Jackpot of some 21,691 Ethereum ($10,090,000 Million U.S.). Each key at the moment costs around 0.00547913 Ethereum ($2.54 U.S.) and ever so slowly climbing higher in cost.
For many, Fomo3D Quick ended too soon and Fomo3D Long is too slow and will take too long before there is a winner. This seems to be a big reason for the slow down in players to the Fomo3D Long game. Now that Fomo3D Quick finished it can give us some idea of what to expect for the future of Fomo 3D Long.
Now comparing Fomo3D Quick to Fomo3D Long is like comparing apples to oranges, but at least we're still in the Fruit category.
| Contract | Fomo3d Quick | Fomo3D Long* | Multiple |
|---|---|---|---|
| Key price | $817 (1.74 Eth) | $2.54 (0.00547913 Eth) | x326 |
| Jackpot | $770,000 (1639 Eth) | $10M (21,691 Eth) | x13* |
*Still Active and Growing
Based on these numbers and taking into account a near 326x multiple between the current key price for the Active Jackpot of Fomo3D Long and the final key price of the Fomo3D Quick Round #1, then multiplying same multiple of 326x by the final jackpot of the first Fomo3D Quick game of $770,000 gives a total of around $250,000,000 as a possible final Jackpot size for Fomo3D Long.
This is all a guess and there are many things that can change between now and the final winning key purchase, so of course this is all just a big guess. How long will Fomo3D Long go on for is another unknown, but based on Quick we can see that people were willing to risk around $800 for a $770,000 Jack Pot, so based on this multiple, we could wind up with a final key price of around $2,400 U.S. (currently around 5.1 Eth).
Any Fomo3D experts or number crunchers let me know what you think about these numbers, or anyone else with questions or input.
Full Steem Ahead!
@streetstyle
Thank s for explaining this - have seen it around but haven't really looked into it.
But I did want to tell you again how much I appreciate your votes. It can get discouraging when a lot of effort brings little rewards. Your vote is a big encourager. Thank you so much!
with so many platforms on ERC 20 this is going to congest network badly one day
Seeing what it did to the network with a very short timer, Fomo3D Quick show some vulnerabilities in the Ethereum network. Hopefully by the time Fomo3D Long gets closer to ending, The Ethereum Team has some fixes to make the network faster because Fomo3D has over 8X the money in the contract at around $10 Million Dollars, so there will definitely be some traffic when it comes near the end of the timer.
Given the structure and rules of the game, it is quite evident that the amount of ether in the smart contract will likely continue to grow. It would certainly be very interesting to see how this whole ordeal will progress, given that it could potentially end up locking a lot of ether.
@faizazohaib That could be a good thing for Ether prices, since scarcity with demand leads to higher prices, and thus leading to a higher jack pot, but reallly on in time will things become more evident.
@sadkitten is countering 85% of @faizazohaib self-votes for 1 week starting Thursday, July 26th 2018 because it is part of last weeks top self-voters. For more details see this post.
This gambling is not good for people, i think. Beacuse we should be investing and trading instead of taking such ponzi risk.
You explained it very well btw.
Thank you for sharing with us
Currently, the biggest Ethereum decentralized applications (DApps or dApps) by users and volume, FOMO3D and PoWH3D, have raked in $43M worth of ether, according to their current contract balances.
Both the DApps have been developed by a group called Team JUST as a “tongue-in-cheek joke about the state of cryptocurrency as a whole.” In the last week, the DApps have surpassed a combined trading volume of about $85 million.
Interesting information, but it's too early to say when the main prize fund will be played. Obviously, those who are now do not expect to receive it, but rely only on dividends from newcomers. Thank you @streetstyle
Go and get some this is going to be the next big thing
Fomo3D is kind of designed to just get bigger, and bring in more people, and get bigger, and bring in more people. I can’t pretend to tell you what will happen.
It sure is good to know, While in the coming days it might get real tough and will get a heavy toll if it gets like Cryptokitties !
Surely the price of bitcoin will go up with time even i know that & im total noob. This kin i never heard of before, thanks for the info sir! Farewell!