afaik_ianal writes "Remember that guy who bought a virtual island in "Project Entropia" for £13,700? Well BBC is reporting that that he has managed to make his money back in under a year. According to the article, 'He made money by selling land to build virtual homes as well as taxing other gamers to hunt or mine on the island.'" Virtual Property Investor Recoups Investment Log in/Create an Account | Top | 119 comments | Search Discussion Display Options Threshold: -1: 119 comments 0: 111 comments 1: 89 comments 2: 51 comments 3: 16 comments 4: 9 comments 5: 4 comments Flat Nested No Comments Threaded Oldest First Newest First Highest Scores First Oldest First (Ignore Threads) Newest First (Ignore Threads) The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way. Old proverb (Score:1, Funny) by Anonymous Coward on Wednesday November 09, @08:48PM (#13994501) "When (your stupidity) dealt you a lemon, you make lemonade" [ Reply to ThisRe:Old proverb by rhetoric (Score:1) Wednesday November 09, @08:51PMRe:Old proverb by rhetoric (Score:1) Wednesday November 09, @09:02PMClever angle though by EmbeddedJanitor (Score:3) Wednesday November 09, @08:58PM Re:Clever angle though (Score:4, Insightful) by ImaLamer (260199) <john...lamar@@@gmail...com> on Wednesday November 09, @09:11PM (#13994644) (http://mintruth.com/ | Last Journal: Sunday June 05, @05:40PM) What this guy has done is create a service whereby he can onsell his asset at a low price point. Not really that stupid after all.The same rules apply in the virtual world. You've got an area you call your own, the resources on said area are also your own. You could try to get a return on your investment by holding these resources until the time is right to sell, sell off portions of the resource or do nothing and be happy spending money.Would you live on a farm that produced no product? If there were natural resources such as gems, petroleum or even attractions like waterfalls wouldn't you be at least thinking about ways to make money on them? Sure, there are some that would let people see the attraction for free, ignore the value of minerals that must be harvested in crude ways or refuse to let people shoot their animals and hook their fish for any reason, especially for money.It's exactly like buying an island and turning a third into a resort, a third into destination spots (businesses, pristine land, room for activities) and leaving the remainder to your own enjoyment.I mean, this guy does hunt on his own virtual island right? [ Reply to This | ParentRe:Clever angle though by EmbeddedJanitor (Score:2) Wednesday November 09, @09:31PM Bank loan (Score:4, Funny) by ebsf1 (689864) on Wednesday November 09, @08:49PM (#13994505) Hmm...I can see it now. Yes Mr Bank Manager...I'd like a loan to buy an island. Where is it? Well...it's virtual... [ Reply to ThisRe:Bank loan by shintaro (Score:1) Wednesday November 09, @09:03PMRe:Bank loan by lordofthechia (Score:3) Wednesday November 09, @09:07PMRe:Bank loan by HeroreV (Score:1) Wednesday November 09, @09:55PM So this proves... (Score:5, Funny) by nelomolen (128271) on Wednesday November 09, @08:49PM (#13994513) (http://nyposse.net/) that either this guy is incredibly smart and the people who bought into his virtual property are incredibly stupid, or that he's incredibly stupid and everyone who bought into his virtual property is... well, still incredibly stupid.-barton [ Reply to ThisRe:So this proves... by blew_fantom (Score:1) Wednesday November 09, @09:10PMRe:So this proves... by Lemmy Caution (Score:3) Wednesday November 09, @09:37PMRe:So this proves... by John Miles (Score:2) Wednesday November 09, @11:15PMRe:So this proves... by Lemmy Caution (Score:2) Wednesday November 09, @11:31PMRe:So this proves... by Phwoar (Score:1) Wednesday November 09, @09:40PMRe:So this proves... by utnow (Score:1) Wednesday November 09, @11:33PMRe:So this proves... by Skim123 (Score:2) Thursday November 10, @12:39AM An insightful post from the previous /. story (Score:1) by iMaple (769378) on Wednesday November 09, @08:51PM (#13994523) http://games.slashdot.org/comments.pl?sid=132758&c id=11084873 [slashdot.org] One of the many similar comments on the older /. story :) [ Reply to This Virtual Property (Score:5, Insightful) by lukewarmfusion (726141) on Wednesday November 09, @08:52PM (#13994533) (http://www.slashdot.org/~lukewarmfusion/journal/ | Last Journal: Tuesday August 02, @02:49PM) Virtual Property, eh? Not at all like domain names, right?Online "property" has as much value as people are willing to pay for it. This is why we spend thousands of dollars on shiny rocks and metals (to say nothing of the diamond cartel). This is also why we hold onto generally worthless items because of sentimental value. (I had my Chuck Taylor All-Stars for years after they were too worn out to wear).So I'm not surprised that this guy is making money. He found something that he expected people would want, and snatched it up so he could be the one to sell it to 'em. [ Reply to ThisRe:Virtual Property by Saeger (Score:2) Wednesday November 09, @09:38PMRe:Virtual Property -- Supply and Demand by joecode (Score:1) Thursday November 10, @12:40AMRe:Virtual Property by gardyloo (Score:2) Wednesday November 09, @09:42PM1 reply beneath your current threshold. Real Life (TM) (Score:2) by Doc Ruby (173196) on Wednesday November 09, @08:53PM (#13994536) (http://slashdot.org/~Doc%20Ruby/journal | Last Journal: Thursday March 31, @01:48PM) All we are is walkon extras in someone else's sim. Reboot yourself! [ Reply to This Re:Real Life (TM) (Score:4, Funny) by BushCheney08 (917605) on Wednesday November 09, @09:16PM (#13994666) Reboot yourself! I'm trying, but I'm having a hard time getting the paperclip in the hole on my backside. Can you give me a hand? [ Reply to This | ParentIt looks like . . . by MexicanMenace (Score:1) Wednesday November 09, @10:58PMRe:Real Life (TM) by deathy_epl+ccs (Score:1) Thursday November 10, @12:09AM1 reply beneath your current threshold. games of economy (Score:1) by Fractal Dice (696349) on Wednesday November 09, @08:55PM (#13994550) (Last Journal: Monday September 06, @05:06PM) Perhaps he should build a pyramid with the money he has made from this scheme? [ Reply to ThisRe:games of economy by benjamindees (Score:1) Wednesday November 09, @08:58PMRe:games of economy by LiquidCoooled (Score:2) Wednesday November 09, @09:19PM A link from the Past (Score:2, Redundant) by Hack Jandy (781503) on Wednesday November 09, @08:58PM (#13994570) (http://www.anti-slash.org/) Ironic:http://games.slashdot.org/comments.pl?sid=132758&c id=11084873 [slashdot.org] [ Reply to This2 replies beneath your current threshold. Developer's Giddy (Score:3, Interesting) by cbrhea (929943) on Wednesday November 09, @09:00PM (#13994576) (http://exploredthoughts.blogspot.com/) Now they can create another virtual island that's even sweeter and sell it for even more money.copy virtual_island1 virtual_island2print moneyNot a bad deal for the island-buyer either, as long as they've determined the risks, ie. the game's subscriber base withering away. [ Reply to ThisRe:Developer's Giddy by cbrhea (Score:1) Wednesday November 09, @11:59PMRe:Developer's Giddy by cbrhea (Score:1) Thursday November 10, @12:06AM2 replies beneath your current threshold. Opportunity costs? (Score:1, Interesting) by Anonymous Coward on Wednesday November 09, @09:00PM (#13994578) So this guy's time and effort are worthless, then? That's not to mention what else he could have done with that money (money market account, CD, etc.). [ Reply to ThisRe:Opportunity costs? by afaik_ianal (Score:1) Wednesday November 09, @09:48PMUhh, put in in the bank at zero interest by Ogemaniac (Score:3) Wednesday November 09, @09:28PMRe:Uhh, put in in the bank at zero interest by John Meacham (Score:2) Wednesday November 09, @09:45PMRe:Uhh, put in in the bank at zero interest by afabbro (Score:2) Wednesday November 09, @10:03PMRe:Uhh, put in in the bank at zero interest by jcr (Score:2) Wednesday November 09, @11:47PM1 reply beneath your current threshold.Re:Uhh, put in in the bank at zero interest by fabs64 (Score:1) Wednesday November 09, @09:46PMRe:Uhh, put in in the bank at zero interest by fabs64 (Score:1) Wednesday November 09, @11:14PM1 reply beneath your current threshold.Re:Uhh, put in in the bank at zero interest by tk2x (Score:1) Wednesday November 09, @10:25PMRe:Uhh, put in in the bank at zero interest by DreadfulGrape (Score:1) Wednesday November 09, @10:33PMReally depends on the source of earnings. by krunk4ever (Score:2) Wednesday November 09, @10:57PMThe real measure...$$$/h by Ogemaniac (Score:2) Thursday November 10, @12:42AM1 reply beneath your current threshold. New investment idea (Score:1, Funny) by Anonymous Coward on Wednesday November 09, @09:01PM (#13994581) If anybody missed this opportunity, I have a bridge to sell in Brooklyn, New York. You keep 100% of the toll revenue of thousands of cars daily. Cash only please. [ Reply to This Smart Guy (Score:1) by dudeX (78272) on Wednesday November 09, @09:12PM (#13994646) Obviously this guy understood capitalism and the history of the United States. The US was able to become very profitable because it took land from the Native Americans and did something unheard of to the indigenous poeple; put a value on land.Whoever makes a claim to that land is now able to make money by selling parts of it, and collecting revenues and rent from the use of the land. This will definitely enrich the land owner as long he has the threat of force to enforce his terms. [ Reply to This Re:Smart Guy (Score:4, Insightful) by Flower (31351) on Wednesday November 09, @09:27PM (#13994741) (http://slashdot.org/) No. This guy understood the phenomenon of the pet rock and the wisdom of "There's a sucker born every minute." [ Reply to This | ParentRe:Smart Guy by zippthorne (Score:2) Wednesday November 09, @10:29PM1 reply beneath your current threshold.Re:Smart Guy by kd5ujz (Score:2) Wednesday November 09, @11:04PM1 reply beneath your current threshold.1 reply beneath your current threshold. It'd almost be worth buying an acre or two (Score:2) by Flower (31351) on Wednesday November 09, @09:12PM (#13994648) (http://slashdot.org/) just so I could trash the place up and bring the property values down. Cut down some of that scenic view to build my shack, grab some low-res tires to plant some flowers that I can't keep alive alive anyway and play a boombox so I can blast techno/rap/heavy metal gospel across the neighborhood. Mow the lawn? You gotta be kidding me.And nobody better be touching my still out in back.... [ Reply to ThisRe:It'd almost be worth buying an acre or two by pastpolls (Score:2) Wednesday November 09, @09:17PMRe:It'd almost be worth buying an acre or two by Allison Geode (Score:2) Wednesday November 09, @10:53PM So... how is this taxed? (Score:1, Insightful) by Anonymous Coward on Wednesday November 09, @09:15PM (#13994661) I assume this is a capital gain. I'd love to see the IRS, or Inland Revenue (they don't say what country the gamer lives in) have a field day with this. It would make a funny court case! [ Reply to This Glorified Slots machine (Score:4, Insightful) by Anonymous Coward on Wednesday November 09, @09:25PM (#13994725) Project Entropia's fundamental idea is that everything in game has a real-world value. You begin the game with nothing; and must purchase in-game items with real money. Items you use to harvest resources, kill monsters, or any other activity which generates saleable objects in the system decay over time. You give Project Entropia money to buy objects in game, that money flows into MindArk. When you sell an object and withdraw real life cash, that money flows away from MindArk.Given that, the Project Entropia system cannot generate rewards greater than the amount of money fed into the system, minus however much MindArk takes off the top.You are using a virtual tool that decays, purchased with real money, attempting to generate a positive income in a system already rigged to prevent such a scenario on average. Your tool will break, and you will buy another one, in the hopes of getting that big payoff. It's a gambling system dressed in some livelier colors. [ Reply to ThisRe:Glorified Slots machine by fabs64 (Score:2) Wednesday November 09, @09:48PM1 reply beneath your current threshold.Re:Glorified Slots machine by rhetoric (Score:1) Wednesday November 09, @10:06PMRe:Glorified Slots machine by Pfhreakaz0id (Score:2) Wednesday November 09, @10:58PMRe:Glorified Slots machine by rhetoric (Score:1) Thursday November 10, @12:22AMRe:Glorified Slots machine by ad0gg (Score:2) Wednesday November 09, @11:17PMRe:Glorified Slots machine by Skim123 (Score:2) Thursday November 10, @12:09AM1 reply beneath your current threshold. Just another Luxury (Score:3, Insightful) by e2d2 (115622) on Wednesday November 09, @09:26PM (#13994736) This got me to think a bit, how is this any different from buying an over priced pair of shoes? or a nice car that costs $250k USD? Or a diamond necklace that is not truly rare at all? It's an idea that is being sold, and idea that this particular exchange has value. Market value, someone is willing to pay.I personally don't see the need or even want in this but it's not my money.. [ Reply to ThisRe:Just another Luxury by rco3 (Score:2) Wednesday November 09, @11:41PM haha! (Score:1, Redundant) by stagl (569675) on Wednesday November 09, @09:30PM (#13994751) (http://www.staglicious.com/) everyone thinks they know everything, as long as they are behind a computer. i just scanned the old article and ran across this! [slashdot.org] [ Reply to This1 reply beneath your current threshold. Time involved? (Score:5, Interesting) by jebiester (589234) on Wednesday November 09, @09:33PM (#13994770) It would be interesting to find out how much time he spent selling his sub-divisions or enforcing his taxes. If this took the equivalent of a full time job or a lot of time, he hasn't necessarily made any money back, just earned a small wage as well as loosing part of his initial investment in the sales. [ Reply to ThisRe:Time involved? by Flower (Score:2) Wednesday November 09, @10:19PMRe:Time involved? by SsShane (Score:2) Wednesday November 09, @10:34PMRe:Time involved? by mincognito (Score:2) Wednesday November 09, @11:48PMRe:Time involved? by nwanua (Score:1) Thursday November 10, @12:41AM Silly me... (Score:2) by Hosiah (849792) on Wednesday November 09, @09:39PM (#13994799) (http://wallpaperfree.blogspot.com/ | Last Journal: Sunday November 06, @11:32AM) All this time I thought playing video games was about having fun and getting a high score! [ Reply to This the greater fools (Score:1) by vykor (700819) on Wednesday November 09, @09:43PM (#13994821) Ah, the greater fool theory of investment in action. "No matter how much I pay for this, a greater fool than I will pay even more."Or several greater fools, in this case. [ Reply to This but (Score:1) by bLindmOnkey (744643) on Wednesday November 09, @09:44PM (#13994824) think about this for a second. This guy invested $13000 and made it back in a year. So after a year or so he has not gained any profit. In a year you could have a job making $13000 profit. Sure maybe next year he'll have made 13000, but this is just breaking even. No big deal. [ Reply to ThisWal-Mart and McDonald's Pay Better by queenb**ch (Score:2) Wednesday November 09, @09:51PMRe:Wal-Mart and McDonald's Pay Better by revmoo (Score:2) Wednesday November 09, @10:19PM1 reply beneath your current threshold.1 reply beneath your current threshold. Advice.... (Score:5, Funny) by greenguy (162630) <steveh&greens,org> on Wednesday November 09, @10:04PM (#13994931) Everyone always told me to invest in land, because "they're not making any more of it!"Little did everyone know.... [ Reply to This like .com stock (Score:2) by chandoni (28843) on Wednesday November 09, @10:12PM (#13994973) (http://www.dolorespark.org/) Reminds me of the time I bought into the slashdot IPO. [ Reply to This Kind of like the US Federal Reserve (Score:2) by Scott7477 (785439) on Wednesday November 09, @10:18PM (#13994995) (http://walkingencyclopedia.blogspot.com/ | Last Journal: Monday September 26, @11:12PM) I haven't read the terms of use of this MMORPG, but I wonder what guarantees these buyers have that the game sysadmins won't decide to create another virtual island and sell it to someone else, devaluing the pre-existing virtual properties? When central banks see times getting tough, the temptation to just print money has proved irresistible in the past. [ Reply to This Virtual island? pssshhhht that's nothing. (Score:1) by pestilence4hr (652767) on Wednesday November 09, @10:25PM (#13995024) This guy bought a space station, and wants to make it a disco. And it only cost him a cool $100 grand. [ Reply to ThisRe:Virtual island? pssshhhht that's nothing. by pestilence4hr (Score:1) Wednesday November 09, @10:28PM Opportunity Costs? (Score:1) by scishop (622414) on Wednesday November 09, @10:29PM (#13995044) So he managed to regain his investment, but what could he have made with his time and money if spent elsewhere.In a CD the money would have easily been earning 5% annually and could have potentially returned much more if put into more risky investments.More importantly what could he have earned if he spent his time working at some other occupation instead of hyping his real estate? You can easily earn over £13,700 working a real job in a year.Opportunity costs are the name to the game here. [ Reply to This All your virtual items are belong to us! (Score:3, Informative) by Anonymous Coward on Wednesday November 09, @10:35PM (#13995068) From the "Project Entropia Conditions of Use":As part of your interactions with the System, you may acquire, create, design, or modify Virtual items, but you agree that you will not gain any ownership interest whatsoever in any Virtual item, and you hereby assign to MindArk all of your rights, title and interest in any such Virtual item.From the sound of it, the user doesn't own anything... I wish I could sell nothing for $100,000. [ Reply to This And then there's the space station... (Score:2) by jpellino (202698) on Wednesday November 09, @10:38PM (#13995086) Jon Jakobs just bought the virtual space station for $100G, he's going to turn it into a cross between Jurassic Park and a disco.As Dave Barry is so fond of saying, I am not making this up. [ Reply to ThisRe:And then there's the space station... by 6ame633k (Score:1) Thursday November 10, @12:25AM Speaking of which... (Score:1) by ScaryMonkey (886119) on Wednesday November 09, @10:45PM (#13995115) I've got some "virtual property" to sell you! I'm giving you a chance to invest early, too, because the property is so exclusive that right now it exists only in my own mind! Strike while the iron is hot! And, I'm willing to let you have it at BARGAIN BASEMENT prices! Checks and credit cards accepted. [ Reply to This kinda dumb? (Score:1)