Sick of Cryptokitties Yet?

I managed to figure out how to change the kitties name. Just clicking on the field allows you to change it.

So simple I missed it.

In my cryptokittie research I did happen upon another blogger who happens to have a cryptocurrency knowledge/financial background with a blog posting on the cryto critters.

If you are thinking of the digital cat images as an investment vehicle, you may wish to read that blog.

Again, I am coming at this from the point of view as a "collectible" to invest in, not as a digital currency in itself/non-collectible investment vehicle. 

That is what may cause a fork in the road it takes, delving away from the road Beanie Babies drove down.

The wild card with Cryptokitties is the technology they are part of.

My knowledge of the Blockchain, Ether, and all the rest is minimal, and if you do decide to "invest" in Cryptokitties or a cryptocurrency, I urge you to learn, learn, learn. 

Blowing off $10, $50, or $100 is one thing, but anyone investing hundreds or thousands into this sort of thing should try to gain some knowledge.  Playing around with it with a low sum of money is part of learning, but don't get tempted to put big money in while you are learning....that is a recipe for potential disaster.

 Getting rich quick is always attractive, but is rarely the fact of the matter, nor the result for most investors in such ventures.

Bitcoin started at under a cent each in 2010/2011, and now is in the $15,500 each range or so (numbers are constantly fluctuating, so who knows where they are at the time you read this....click here to find out.)

Am I investing big money in Cryptokitties? 

Nope.   

Not that I don't think it has potential; I just see too much grey, volatility, etc, and, cash is tight. I have bills to pay that are important, and the time (for my wallet) is just not right.

But I am sure wishing I had heard of Bitcoin in 2011 and invested $100 in Bitcoin then.....and left it there. 

I would be a millionaire now....literally.

Going to Need More Virtual Litter..

I am officially a grandfather to a Cryptokitty...

Meet Fred (the name suits him, I think):

Now I need to figure out how to attach the name "Fred" to him permanently. I must be missing something somewhere...there has to be someway to name them, as obviously others have.

Something more to figure out when I have some time....but, need to concentrate on money making business, so back to work I go.

Cryptokitties Scratching the Furniture

For those of you who have come to my blog via Googling "Cryptokitties", and are not familiar with my ramblings, be scared....

be very scared....

Just kidding.

Might put you to sleep, a posting or two here might gross you out, but the blog is essentially harmless. (So I want you to think...Look DEEP into my eyes....you are getting sleepy....now send me the contents of your bank account...)

Anyway, the whole thing with my view on Cryptokitties is not from the "gamers" view...it is from the view of an old school antiques picker, and the viability of "digital collectibles" in this new age of the internet and technology.   If you came here for hints, cheats, inside info, well, this probably is not the place...though you will get some insight into how the collectibles world looks at "Marketed Collectibles".  

Only time will tell us whether Cryptokitties is a viable thing.

The software platform is certainly viable, and I can see dozens of uses for it in this business...and many with more potential than Crytpokitties itself. 

They have quite a few staff working on the site, but they sure could use an old school view of the market, someone like myself...hmmmmm, I could use another gig...maybe the change I need! 

 I do have one particular idea that would utilize the platform well, with little modification, and has serious legs to go far...who knows, it is one of those ideas that might just give eBay a run for its money on the stock market....or at least make the operator's wealthy. 

 What is the idea? Sorry, you'd have to be from Axiom Zen for me to tell you, and I'd still need that person to sign a NDA (non-disclosure agreement).  

Like the creators of Cryptokittie are bothering to read an antique dealer's/picker's blog, eh?  Too bad they likely are not....they could use some of the criticisms to tweak the site...and maybe gain some insight on the potential for the platform itself, from an entirely different point of view than they see it. 

(*in a Yoda voice*)  On the table leaving dollars they are.

I have 25+ years experience in the collectibles business, which is something that they really could use in order to get the maximum out of the platform. A totally different set of eyes, viewing the potential from totally different angles.

That seems to be the big issue with many sites....the tech side doesn't get the nuances and culture of collectibles, antiques, and this business in general.  

Take for example Canadianpickers.com...they used to be an auction site....well, it tanked because of the way it was managed and operated. The tech side had no idea how the culture works in this business. Sometimes I wish I had never sold the domain name to them....oh well, had to pay bills!

Just a picker's life!

Where is That Litterbox...

Cigars all around!

So, I am now the proud father of 2 Crytpokitties!

I bought two...one named Mau the other named Peach Otaku Anime Cat (POAC for short).

Anyway, I tried to breed the two of them together, and it turns out you need to pay even to a breed your own cats. I think I have issue with that.....seems to me they are mine, so breeding them together is my business.

Oh well.  Will pay the fee and see what results....Franken Kitty?

I am disappointed, as I thought that I would be able to create my own cat, add details, etc, but that seems to not be the case. 

So, here are the two cats:

I'll soon be a grandpa...., but apparently it takes 7 hours for them to have an offspring...so, we'll have to wait. 

One thing you may have forgotten about is the $$$$$.  It has cost me about $30 US to get this far, between buying the two Cryptokitties, fees for buying  Ethers, fees for transferring money around, fees for breeding, fees to use Erthers to pay for breeding, etc, etc, etc. Hmmmmm. 

Quite the little business, with fees everywhere you turn. I think at this juncture I will stay with whatever I have after the "birth" or rather, hatch (yes, they have eggs), and see if in time I can sell one and recoup my expenditures, or at least part of my expenditures.   I don't mind sitting on my "investment" for a little bit, at least in this case it doesn't take up a ton of space, unlike my current inventory. 

It is also an investment in Ethers...theoretically they could go up in value, also, as Bitcoin has. Ethers seem to be the poor cousin of Bitcoin, from what I can see.  

Perhaps I can eventually buy some Bitcoin from the huge profits I get from breeding and selling Crytopkitties!  

Yes, that is sarcasm you can see dripping off of that sentence.

From what I can see thus far, unless you are right into Crytokitties, a real Cryptokittie nut, who is selling to other Cryptokittie nuts, I can't see how it could be profitable....unless your Cryptokittie gets bought for some outrageous sum (like the $104 million I mentioned in a posting previously).....which is unlikely, unless there is some stoned Arab Shiek with millions to burn who is enamoured by your Cryptokittie....

Looking more like an early Beanie Baby scenario. Might be an opportunity to make money early on, but the longevity of the idea might have a limited lifespan....but, then again, the internet is the Wild West, and someone might just give it legs by spinning off the idea off into something else. 

The thing is, seeing as you own the Cryptokittie, you theoretically could have Cryptokittie races....Crytokittie breeder's shows, heck Crytokittie catfights even.... It is yours to do with what you wish, after all.

Hmmm....Crytpokittie catfights....oddly enough, that might be an idea with legs. You heard it here first!  I certainly don't condone harm to animals, but when it comes to digital cartoon animals, well I may not have as much a problem with that....!  

Now that is something you can't do with a Beannie Baby!

Cryptokitties - The Saga Continues

So, now I am trying to acquire a base Crytpokittie.....

Am on the website, but can't figure out thus far how to get my own Cryptokittie, aside from buying a premade one from the marketplace.

These things are priced from 0.0003 Ethers ($3.13 Canadian) to 100000 Ethers ($104,512,000 Canadian)....

I am not sure who would pay $104 Million plus for a Cryptokittie....must be more than a few people into wacky tobacky on that site.....though, I doubt you could navigate getting on the site if you were high....so, let's go with there just being some insane or overly optimistic folks..

And, it looks like I have to buy one first....or already have two and breed them to get another one. SO, I will buy two and start a breeding program of some sort, I'd guess....

Here go into the Crytokittie populated ether.....be back in a bit!

Cryptokitties...Should I or Shouldn't I?

I am hearing crickets out there....no snores....yet.   
I am assuming no one cares to invest their 2 cents as to whether I should go for a Crytokittie or not....

Oh well, it is too late anyway...

OMG, yes, I did do it, I have started to delve into the world of Cryptokitties....

But, first I had to download an app called METAMASK, 

Fair warning, I get the feeling this may seem more like a programming blog than my typical posting....

Oh man, stymied all ready....

It requires you to purchase a cryptocurrency......surprise, surprise.

In this case it is a currency called "Ether"......nope, no Bitcoin here.

Hmmmm...going to put me to sleep, is it?

(Yes, I realize it is a play on Ethernet...just being a smartass)

OK, let's see how far we can get without buying any Ether. 

Bit of a hitch....it says I need to get yet another App....being that I live in Canada I have to buy it from an Exchange....which means downloading an app called Coinbase....then transferring the currency from the Coinbase wallet to the Metamask app.

I'm already getting a headache....

And, it almost seems like Cryptokitties is a way to get you to buy into the cryptocurrency ETHER.

A marketing ploy on the part of Ether, perhaps?  Who knows....or perhaps I have hit upon the way Ether is going up against Bitcoin as an investment?

So, back to it....

Hmmm...looks like I can't get any farther without buying Ether...

Oh, wait, found the marketplace for Cryptokitties....

Hmmm....well, I am not much of a gamer, I generally don't have time for video games of any kind, so this is already boring me...

What I see is basically the fears/points I mentioned in the last blog posting....an identical looking animal with variations.....and already there is over 80,000 Cryptokitties available. 

This might not be a well educated thought, but my gut says it won't fly in the collectables community. 

It is missing that tangible aspect....collectors of the type I know want to be able to touch their collections. 

But, perhaps this really is meant for a new type of collector out there....those folks living virtual lives....spending most of their time online, for whatever reason.  

I can't see even the seasoned Franklin Mint collectibles buyer going to want Cryptokitties. 

But, I am going off on a tangent again....  I downloaded Coinbase and am attempting to dive head first into the world of Cryptokitties!

OK, I admit, I'm not diving in head first...let's just say I am getting my pinky toe wet.

I am now to the point of having the software apps needed to get a Cryptokittie. 

Let's see how things go...in my next blog posting. 

Ooooo yes, quite a cliffhanger! 

OMG, Watch Out For CRYPTOKITTIES!

Cryptokitties! 

The latest collectable! 

Now, I realize you may be having images of zombie kitten figurines or cat figurines wearing dark Goth makeup sitting in rows on shelves at the mall, but you'd be wrong.

They are actually cartoon cats....with so much more.

Now, if you don't already know how I feel about marketed collectables (Franklin Mint, numbered collector plates, etc)...

Well, I don't like 'em. They are simply not true collectibles....and their potential to go up in value tends to exist only in the marketing literature.

Cryptokitties may well be different, however.

Not saying I like them....but they are intriguing.

You've probably heard of Bitcoin and possibly other cryptocurrencies.
If not, they are basically digital currencies...digital money. Click on the highlighted words to get a definition of them, if you wish.

But you are wanting to read about collectibles here, right? So, I will get back on track quickly...no tangents this time....going down just the bitcoin tangent alone would be year's of blog postings.

Cryptokitties are based on the same technology as Bitcoin and other cryptocurrencies, blockchain technology

From their website:

What is CryptoKitties?

CryptoKitties is a game centered around breedable, collectible, and oh-so-adorable creatures we call CryptoKitties! Each cat is one-of-a-kind and 100% owned by you; it cannot be replicated, taken away, or destroyed.

And they go on to say: 

What’s the big deal?

CryptoKitties is one of the world’s first games to be built on blockchain technology—the same breakthrough that makes things like Bitcoin and Ethereum possible. Bitcoin and ether are cryptocurrencies but CryptoKitties are cryptocollectibles. You can buy, sell, or trade your CryptoKitty like it was a traditional collectible, secure in the knowledge that blockchain will track ownership securely.

But, unlike traditional collectibles, you can breed two CryptoKitties to create a brand-new, genetically unique offspring.

It results in something special—just like you!

Ain't that sweet? (Can you hear my eyes rolling?)

So, basically, what I gather is they are digital collectibles with solid provenance.... 

That is, as long as the internet is around.  But, I guess if the net goes down permanently there will be other issues to deal with than the provenance of your Cryptokittie.....like the apocalypse...and getting your Mad Max-esque vehicle going. 

The whole digital collectible thing is unusual enough that it puts a twist in the potential of these "collectibles" rising in value. 

Could this be the true collectible of the future?  Could we be trading in Cryptokitties soon?

Apparently, you build your own Cryptokittie. So, there is potential for the spawning of noted Cryptokittie creators; Cryptokittie artists that are more sought after than some Joe-public's Cryptokittie.

Just this little bit of perusal into the world of non-tangible colllectibles boggles the mind.

My question is, can this really be a viable thing?

It could be premature in its birth, being that Bitcoin's longetivity is still up in the air in may people's minds...and only time itself will cure the general public's reluctance to accept bitcoin as a long term viable currency....or, for that matter, to get them to understand it. 

Hell, I am still not so sure I understand it completely.

But, I DO understand marketed collectibles.

Crytokitties is just that, a marketed collectible......but with a twist.

That twist is technology....and technology that is interwoven with the internet.  It is part of the fabric of what we have come to use daily. 

That is a wildcard in this situation.

There are people who live virtually their entire lives online. 

Yes, the pun was intended...and will save me from writing out the sentence twice to say two different things.

There are people who live virtual lives, spend money on virtual property in all sorts of games like "Second Life" and a multitude of other video games of the more or less traditional sort, of which  markets have popped up to buy accoutrements of all sorts; weapons, gear, virtual real estate, actual characters themselves, etc, etc, etc.

So, people owning a virtual collectables is not so crazy as it may first seem to some people. 

What makes Cryptokitties different from Franklin Mint?

Provenance.

Or, rather, that is the main thing that makes it different.

A solid historical record and chain of ownership of the "Cryptokittie" since its creation.

The other thing that makes it notably different from Franklin Mint's business model is that each Cryptokittie is potentially (and more than likely) unique.

But in that I see a problem.

Franklin Mint's business model was selling oodles of a single identical object....albeit they may be numbered with a unique number...but when that number is in the thousands, the uniqueness of that object is solely the number itself...and no one gives a rat's ass about the number on the bottom being unique.

I can see Crytokitties potentially having the reverse of that issue.

They are all unique. 
Now, that is normally a good thing when it comes to collectibles. You find a Hot Wheels car that has the wrong decal on it you may have found a treasure, or a Barbie in a rare hair colour.  Or, areas of collecting that are not so heavily marketed in the same way, like Folk art, paintings, etc, etc....

  But, uniqueness, my friends, could basically make them all the same, especially when you reach a critical mass....a large quantity.

They are virtually all the same. Same general shape, style, etc.

Kind of like Beanie Babies....except there is only one of each. 

Sheer potential numbers is the problem here. 

Theoretically, and most likely, problems will arise with mass quantities of Cryptokitties being created. That will literally make them all worth the same. 

So what if Fred's and mine are two different colours, they are basically the same...put them together as a collage, and eventually you will no longer see individuals. 

 Oh, but they are created by individual artists you say? 

And, oh, but you can breed them you say?

Problem with both of those scenarios is they are constrained by a predefined set of rules....the programming. Set colours, designs, etc. 

But, there is enough variation that there certainly can be huge quantities of almost "unique" Cryptokitties created....but that is the problem again....sheer numbers.

Now, if you put a pile of folk art together from different artists, however, and you will still see individuality, no matter how large that pile grows.  

Put a pile of Cryptokitties together and I suggest what you will see is one style....all different, but all the same STYLE. They are not technically unique. The programming will limit them to a certain form, shape, and/or very general appearance.

Plus, you will need a secondary market to want to buy those Cryptokitties....and a secondary market willing to pay prices exceeding each individual Cryptokitties' cost to be created.

Will there be that sort of secondary market?

Or are Crytpokitties just the first of what could be considered virtual Beanie Babies?

Like with all collectibles, time will tell.  But, personally, I don't plan to invest heavily in Cryptokitties.  

I already bought my a few beanie babies years ago in a weak moment, thank-you very much. At least I can give them to a kid to get some joy out of.

But perhaps I am being too hasty? Perhaps I should give Cryptokitties a shot? 

What do you think, should I get in on the main floor of the Cryptokittie market? 

Leave me a comment and let me know your thoughts!