How Cryptocurrency is the Ultimate Game Theory Experiment (and How to Make Money Off It). . .
Cryptocurrency technologies and their markets are the biggest Game Theory experiment observed to date. Not all cryptocurrencies are created equal and no two coins are exactly alike, making the scope of what can be monetized with crypto only limited by imagination.
So what is Game Theory, and how are it and cryptocurrencies linked?
Hi Steemians, I'm @holsturr.
TLDR: Cryptocurrency markets are a developing Game Theory system. Crypto markets allow for the monetization of almost anything – and promoting yourself as a domain expert is one way to cash in.
Game Theory is the analysis of choices, rules, rewards, and consequences. It can be applied to a variety of systems, from cryptocurrency to negotiations. A common example of this theory in action is the Prisoner’s Dilemma, where two prisoners are each offered a special deal – and each prisoner’s choice affects the other’s reward (or consequence).
When people use or invest in cryptocurrencies, they are engaging in an enormous game theory experiment. Because a buyer is limited on time, research, money, and expertise, it is a constant challenge to determine the best allocation for resources in their portfolio.
News and rumors can sway the value of any given coin at any given moment. When you add the diversity of crypto coins, tokens, and contracts – and the underlying principle or technology of each – staying optimally invested becomes a tall order.
There are coins ranging from the AGI Token – specializing in decentralization and proliferation of AI – to MaxCoin – a personal coin created by outspoken crypto magnate Max Keiser. Because crypto’s scope is so large, it is viable to make money simply by being a domain expert in a subject you’re already interested in, and using that interest in conjunction with engagement in the crypto space. Staying informed and being creative translates into monetary value through cryptocurrency because:
- Cryptocurrency makes it possible to be paid for anything
- The application of cryptocurrencies expands every day
- There are many new coins based on many different things
- The usage of these coins expands every day
- The application of cryptocurrency technology expands every day (beyond the crypto space)
- Efficient usage of crypto or engagement in the markets requires new essential skills (valuable skills representing a barrier of entry)
- Throughout history, people who knew new stuff first got rich (if they wanted to)
Unfortunately, by its nature, cryptocurrency can be confusing to understand and unfamiliar (at best) to use. Knowing how to use digital currencies and being aware of their trends is important to thrive in the way of the world in 2018.
💰✨Remember… Every single person is their own trusted expert and seeking to promote yourself in that role is vital today, now more than ever.
This has been @holsturr, thank you for reading!
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