Earth 2 Metaverse situation is insane

Callum Upton
23 Sept 202426:52

TLDRThe Earth 2 Metaverse is facing a crisis with numerous issues in just a month. Players are unable to withdraw their fiat currency due to regulatory issues, leading to a shift to a cryptocurrency system that many find unsatisfactory. The platform, initially marketed as a metaverse for land ownership and activities, turned out to be a 2D website. The community is upset over the removal of land income tax, a primary profit source. Additionally, there are allegations of developers not being paid and concerns over data breaches due to a flawed login system update. The video suggests that if these financial issues persist, Earth 2 may collapse within four months.

Takeaways

  • 🌍 Earth 2 metaverse has faced significant issues in a month, including withdrawal problems and intentional sabotage.
  • 💸 The platform initially allowed users to invest fiat currency but later encountered regulatory issues, making it difficult to cash out.
  • 🚫 Earth 2 introduced its own cryptocurrency, violating regulations and causing withdrawal issues.
  • 🏆 The community was initially promised profit-making opportunities, primarily through land income tax, which has now been removed.
  • 🤔 The removal of land income tax raises suspicions about the platform's intentions and its adherence to regulations.
  • 😡 Users are unhappy with the shift to cryptocurrency-only withdrawals, viewing it as a 'rug pull' by Earth 2.
  • 🚫 A daily withdrawal limit of £5,000 for the entire community in cryptocurrency has been imposed, causing frustration.
  • 💼 Several developers have claimed they were let go by Earth 2 without compensation, raising questions about the company's financial health.
  • 🛑 An authentication system change led to a security breach where users could access others' accounts, highlighting poor web development practices.
  • 🗣️ A moderator was removed and later banned from Earth 2's Discord server after questioning the lack of progress on withdrawal issues.
  • 🐦 The Earth 2 team's lack of response to serious issues and focus on superficial updates has further alienated the community.

Q & A

  • What is the main issue discussed in the video about Earth 2 Metaverse?

    -The main issue discussed is the numerous problems that have arisen in Earth 2 Metaverse within a month, including withdrawal issues, intentional sandbagging, and changes that have upset the community.

  • What was promised about Earth 2 that did not materialize?

    -Earth 2 was promised as a metaverse where users could own land and engage in activities, but it turned out to be a 2D website where users could only buy pictures of land.

  • What withdrawal issues did players face in Earth 2?

    -Players could not withdraw their fiat currency from the game back to their bank, which was initially possible. The company ran into regulatory issues and introduced their own cryptocurrency, violating regulations and preventing payouts.

  • What was the community's reaction to the new withdrawal system announced by Earth 2?

    -The community was initially hopeful but ended up being disappointed and feeling 'rug pulled' as the new system involved converting their money into the company's own cryptocurrency, which was not well received.

  • Why did Earth 2 remove the land income tax feature?

    -It is speculated that Earth 2 removed the land income tax feature due to regulatory scrutiny and concerns that it might resemble a Ponzi scheme, although the company did not provide a clear explanation to the community.

  • What is the current status of the moderator SE from Earth 2's Discord?

    -Moderator SE was removed from his position and later banned from the Discord after raising concerns about the lack of a deadline for fixing the payment withdrawal system.

  • What prediction does the video creator make about Earth 2's future?

    -The video creator predicts that Earth 2 will face a catastrophic event within four months due to financial issues and the inability for users to withdraw their money.

  • What authentication system issue was mentioned in the video?

    -The authentication system change allowed users to log into other users' accounts due to a case sensitivity issue with usernames, potentially leading to a data breach.

  • What was the community's response to the new skin and animal features announced by Earth 2?

    -The community was not impressed by the new skin and animal features, as they felt there were more pressing issues that needed to be addressed by Earth 2.

  • What controversy is there regarding the term 'nav mesh' used by Earth 2?

    -The use of 'nav mesh' by Earth 2 was controversial because it is a standard feature in game development engines like Unreal and Unity, and not a revolutionary technology as Earth 2 suggested.

Outlines

00:00

🌍 Earth 2 Metaverse Issues

The script addresses ongoing problems with Earth 2, a supposed metaverse platform that has turned out to be a 2D website where users can buy land. The speaker discusses withdrawal issues where players can no longer cash out their fiat currency, which was once promised to be straightforward. The platform's compliance with new regulations is questioned, and the speaker recounts an interview with CEO Shane Isaac about the resolution of these issues. However, no solution was forthcoming, and the platform's update on withdrawal rules was disappointing.

05:01

🚫 Withdrawal System Critique

The speaker criticizes Earth 2's new withdrawal system, which has replaced fiat currency withdrawals with their own cryptocurrency, Essence. This move is seen as exploitative, as the cryptocurrency has no cost for Earth 2 to produce but is used to pay out users' earnings. The community is unhappy with this change, and the speaker speculates that it may be illegal. The script also mentions the removal of land income tax, a feature that allowed users to profit from the platform, which has led to further dissatisfaction.

10:04

💸 Limited Withdrawals and Developer Concerns

The script discusses a daily limit of £5,000 for cryptocurrency withdrawals, which is a shared pool for all users, making it nearly impossible for those with significant holdings to cash out. The speaker raises concerns about Earth 2's financial management, suggesting that the company may not have the funds to repay users. Additionally, there are allegations that Earth 2 has laid off developers without paying them, which the speaker has confirmed through direct communication with the affected parties.

15:04

🔑 Authentication System Fiasco

A change in Earth 2's authentication system led to a major security flaw, allowing users to log into other users' accounts due to a case sensitivity issue with usernames. This breach exposed personal information and potentially allowed unauthorized purchases. The speaker is critical of this mistake, which reflects poorly on the platform's web development practices.

20:06

🐉 Nav Mesh Misrepresentation

The script highlights Earth 2's misleading claim of creating a 'revolutionary' technology called nav mesh, which is actually a standard feature in game development for character movement. This is presented as another example of Earth 2's dishonesty and overstatement of their technological achievements.

25:07

📉 Predicted Downfall of Earth 2

The speaker concludes with a prediction that Earth 2 will collapse within four months due to financial mismanagement and loss of user confidence. They summarize the ongoing disasters and negligence, expressing concern for users who have invested significant money into the platform.

Mindmap

Keywords

💡Metaverse

The metaverse is a virtual reality space in which users can interact with a computer-generated environment and other users. In the context of the video, Earth 2 is described as a 'metaverse' where users could own land and engage in activities. However, it's criticized for not living up to this promise, essentially being a 2D website rather than a fully immersive 3D environment.

💡Sandbagging

Sandbagging generally refers to the deliberate underperformance to gain an advantage, often used in competitive contexts. In the video, it's used to suggest that the issues with Earth 2 are not just accidental but potentially intentional to avoid certain regulations or to manage the platform's financials in a specific way.

💡Fiat Currency

Fiat currency is money that is not backed by a physical commodity such as gold or silver and is typically issued by a government. In the video, it's mentioned that players could put fiat currency into the game and then withdraw it, but they ran into issues due to new regulations, which the platform tried to circumvent by launching its own cryptocurrency.

💡Regulations

Regulations in this context refer to legal rules and restrictions set by governing bodies. The video discusses how Earth 2 encountered issues with regulations regarding the trading of crypto and fiat currency, leading to problems with withdrawals and accusations of the platform violating these regulations itself.

💡Cryptocurrency

Cryptocurrency is a digital or virtual currency that uses cryptography for security and operates independently of a central bank. The video mentions that Earth 2 launched its own cryptocurrency, which is used as a withdrawal method instead of fiat currency, leading to criticism from the community.

💡Land Income Tax

In the video, Land Income Tax refers to a feature in Earth 2 where owning land would generate income from taxes paid by new land buyers in the vicinity. It's described as a key profit-making mechanism that was later removed by Earth 2, affecting users' income from the platform.

💡Ponzi Scheme

A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. In the video, the term is used to describe the potential nature of Earth 2's business model, where new investors are needed to pay off earlier ones, especially in the context of the Land Income Tax feature.

💡Rug Pull

A rug pull in the context of cryptocurrency refers to when developers abandon a project and sell their share of the cryptocurrency, causing the price to crash and leaving investors with nothing of value. The video suggests that Earth 2's withdrawal system feels like a 'rug pull', betraying the community's trust.

💡Authentication System

An authentication system is a security measure that verifies the identity of users, typically through a username and password. The video describes a catastrophic failure of Earth 2's new authentication system, allowing users to log into other users' accounts, indicating a severe security flaw.

💡Data Breach

A data breach occurs when unauthorized individuals gain access to sensitive information. In the video, it's suggested that Earth 2's authentication system failure may have led to a data breach, exposing user information such as email addresses and phone numbers.

💡Grift

A grift refers to a scam or swindle. The video uses the term to describe the overall impression of Earth 2's actions, suggesting that the platform's management and decision-making appear deceitful and potentially fraudulent.

Highlights

Earth 2 metaverse situation is chaotic and many things have gone wrong in just 30 days.

Earth 2 was supposed to be a metaverse where you could own land but it turned out to be a 2D website.

Players faced withdrawal issues as they could not cash out fiat currency from the game.

Earth 2 violated regulations by launching their own crypto, causing issues with fiat currency payouts.

The resolution for withdrawal issues was supposed to come in a few days but didn't materialize.

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Fiat withdrawals are temporarily suspended and replaced with a cryptocurrency withdrawal system.

The cryptocurrency withdrawal system is seen as a 'rug pull' by the community.

Land income tax, a major profit source for users, has been removed without explanation.

Users are trying to cash out, but the new system limits daily withdrawals to a collective £5,000.

There are concerns that Earth 2 might not have the funds to repay users.

Several developers have claimed they were let go from Earth 2 and not paid.

Authentication system changes led to a security breach where users could access others' accounts.

Moderator SE was removed and banned from Earth 2 Discord for pointing out issues with the platform.

Earth 2's actions are speculated to be a 'grief', with financial issues and a lack of transparency.

Prediction: Earth 2 might collapse within four months due to financial problems and loss of user trust.