How a Video Game Predicted the Collapse of Venezuela's Economy 

I loved that game

Wow I never would have thought that

You got me confused for a few seconds.

Wait what

That's no biggie, it was released after ww2 Edit: To whomsoever who r/wooshed me, get r/wooshed yourself cuz my comment was a joke too

SplashCity46 yeah

Are you telling me it was actually _possible_ to predict the results of Chavez's genius socialism?

Wait, a RU-vid video had a click bait title? Nooooooo

It's a joke that all flew over our heads lmao

@@JavierSalcedoC Yes, it was very easy to see where it was going, any economist would know what would happen if you tried to control all the resources in a market.

Now look at the hyperinflation due to pandemic fears

Seriously, this title is too much clickbait.

@@green0563 Agreed. I like his vídeos but imma have to dislike this one.

It would have been more accurate but not better. RU-vidrs need to balance intrigue and accuracy. The title is still correct and the video is what the title says it is. It just so happens to be a more interesting version of what you wrote.

It is how he does titles, it is his still

American?

I am concerned about people who actually vote for this type of politicians. 😂😂

@@reeti5958 me too 😂😂

well if you look at the amount printed and at the evolution of inflation you'll see it's not that correlated

@@Beregorn88 we’re getting there

ALL HAIL THE WISE GAME

Weimar Germany predicted Diablo 3.

@@CarrotConsumer does this mean Diablo IV is set in Nazi Germany?

It’s still a half interesting story the title is just not right.

People seem to not realize that dictators know how hyperinflation works, they just choose to print more money anyways, most often because of government debt.

Well you just got the virus cuz i died in minecraft from a witch

@@tyujg7495. Deus X?

Communism has never been tried, right ?

@@adalgisounoqualunque9033 Yes it have been and you know the result too *Catastrophe*

ADK u prolly didn’t catch my irony

It did mention venezuela for like one sentence

Hes running out of Ideas I think

@@logiknotlogic6586 you know this was a year ago right?

Calm down?

@@jordashi shut up?

*The bait is strong with this one*

Phillip Helgren HOW DOES THIS HAVE 1.3K LIKES YET THIS ONLY HAS ONE REPLY

@@baragonkunfan94thesecondar60 three now

@@baragonkunfan94thesecondar60 its a VIP reply section

Lol

Gotta Pump those numbers up!!!

Zimbabwe: *am I a joke to you?*

Post ww2 Hungary: that's cute

what about hungary

Hungary be like: heh, you foolish mortals

'anticipate' is probably a more fitting word

Predicting something doesn't necessarily mean to cause it

Yea but you have to try to make your irrelevant BS sound relevant somehow ...

@@barackobama6231 If I dropped an egg in the morning, does that mean I predicted my mom dropping her phone in the evening?

@@mogol109 No, but that event is irrelevant. This is more like how people say the Simpsons predicted 9/11 before it had happened. They didn't cause it of course

happy grom

@@bananasunited1231 cooldown

@@bananasunited1231 you can change your name on your google account 3 times before you have to wait 90 days to change it again

Oh yeah, the unusual items glitch

Not exactly a crash tbh

Yeah I came into this video thinking some story line of a video game involved Venezuela and inflation there and the video game predicted how it went down but nope. Nothing to do with each other at all and its just a story of a video game having its own inflation problems. I drove a car and crashed in a video game once. It predicted my neighbors car crash!

DJPez913 lmao nice comparison

And almost every mmo ends up with this issue. Osrs even has actual Venezuelans doing it! Really though I'm serious

this is actually quite a big problem in mmos in general.

@@DJPez913 : Models vs real life.

because they obviously aren't correlated in any way??? He was just making an example on how the economy of the videogame suffered the same crisis that years later an entire country would suffer too

@@OnlyFabz in other words. We were clickbaited hard by deceptive titles.

@@OnlyFabz the point is that he made a click baity title and this video was low on actual education quality, well below his usual standard

@@OnlyFabz So why put Venezuela in the title if he doesn't need to correlate the two? Just talk about a video having hyperinflation...

CaptainConcerned Sr. kinda i guess

It had the same problem, only earlier. Predicted isn't quite the right word though.

Why is Donald Trump pretty and I am not? But why does he only have a wife but I have TWO HOT GIRLFRIENDS who I show off in my masterpiece YT videos? Do you know the answer, dear joey

US Economy: Uh oh, there's a coronavirus shutdown. I'm not doing too good here. FED: here's some money, see if that works. ...

@John R lmao naaaa we just change everything to dollar.

@John R They were discussing printing Bolivars that cropped off 3 zeroes.

@@theshamanite really here its like 11 zeros off

Wait, really?

They are all over zulrah and rev caves they are making osrs economy inflate like crazy

Yes. It's pretty interesting. There's an article about it in the Economist.

yeah man uhm, old bolivares were literally used to wipe ass, more specifically 2 bolivares, you could have lots of them, but its value was 0.0000000000001 cents

That's where I thought this was going. I was really surprised it wasn't mentioned.

Remember no monocle.

What about deforestation

You got clickbaited

@@gamalalejandroabdulsalam904 didnt believe hai was doinnthat at first, then i did realize it.

maybe if you had payed attention to the game you could have predicted Venezuela, still a little clickbait

John Chessant yeah

Enexen same, I was confused

1000% implies that the visuals were right EDIT: i'm retarded

@@MuzikBike 1000% implies it should have been 1,000,000.

Yeah, he said 1 million, but wrote 100 million...

I'm pretty sure 1 million is correct. Increasing the floor 1000-fold doesn't seem reasonable and doesn't match his 1000% figure. (That figure is also wrong--it should be 900%, not "over 1000%"--but at least it's closer.)

Zing!

In venezula they printed massive amounts of money to pay govt workers who had excessive salaries and to reduce the perceived cost of goods. The same pattern was followed in both diablo and venezula he just didn't explain it very well. Its clear at the end why he didn't explain it well, hes pay walling most of the content.

Communism has never been tried huh ?

When I first click the video, I thought a game made in the early 2000s predicted Venezuela's hyperinflation by its virtual depiction. But this is not what I got. In a bad way.

@Alex Mercer Hes just pay walling the actual meat of the argument. It's possible hes copied someone elses content since I remember watching a video about exactly this some years back that was better than this.

Can’t wait?

:(

and bricks. don't forget about bricks.

@@Vher_ well they have talked about it.. but only on nebula

If planes were made of latex, they would inflate the higher they got due to the fact that the inside pressure is pressurised and outside is not

He also says that was 1000% inflation, when it is actually 1000X inflation.

i noticed that too

He is human

I guess it's something else for the next annual mistakes video

That whole video was a numbers dumpster fire. Trillion vs billion etc.

kakarroto007 yeah

but they need cash and they dont care if it's good. just say stuff that sounds smart and put stock images and gifs behind it.

Honestly I’m unsubbing. Just watch his better channel wendover

@@PHCuber Yeah, and this video didn't mention airplanes even once.

I SEE YOU EVERYWHERE

Fingering Things ✔️ but everyone gets $200.000.000 on start

bruh

Or the battleship is a literal US battleship.

I'm glad Runescape wasn't mentioned in this video.

Funnily enough, Venezuelans used to farm and sell gold for real money in runescape, even though it was not allowed, because it was more profitable than working.

@@Ardkun00 Isn't the gold coin in WOW worth more than the Venezuelan dollar at one point as well

@@JD-jc5hg It has been since 2016

@@Ardkun00 not used to - they still do; it's rampant and still has a massive impact on runescape's economy

That's clickbait for ya! Gotta love it

Russia and Chinese cash to keep it just barely there. Oh and some Russian special forces to protect Maduro from you guys

I left Venezuela, but .. Same.. I call my family, and I do not understand any of their every day stuff...

IM SPEED

GAS GAS GAS

GO GO GO!!!

@@mrsigmagrinder8737 I'M GONNA STEP ON THE GAS

Put the metal on the pedal

Lol Matt doesn't do the predictions they have a department for that

Still interesting tho

Yea man, normally I love these videos, but the line really isn't here on this one. :\

Also, fantastic name there Recursive triforce

Clickbaited into a 5 minute video full of lame jokes how did this channel become so crap? All the top comments are repeating the same stupid jokes from the video, what’s his target audience? 11 years old?

@Some characters aren't allowed I never said it was lol

yeah, i dont even know a lot about economics and this was just a dumpster fire

Well why didn't you point out the mistakes here? If he's gotten something wrong, people wanna know!

pastebin.com/LYUciHZ4 Ey Sebastian, en marzo del año pasado le escribí ese resumen súper resumido a un usuario de reddit que me preguntó qué ocurría en Venezuela. Ya está desactualizado puesto que Guaido terminó siendo un payaso, pero si te parece bien mi resumen estaría bien que se lo pasaras a la gente que encuentres por internet preguntando sobre Venezuela. Considero que está bastante completo y directo al grano. No está de más informar a la gente. Un saludo

@@DanielGonzalezL That's a pretty good sumary of this whole thing! It's not really "short". But this situation IS very complex! And deserves to be explained. Thanks for sharing, i may point people who want to know more about it to it

@@sebastiangudino9377 thank you! :)

Seems like brazil in the 80s, not that bad thought.

@@DanielGonzalezL No final do seu texto você diz "isso é o que o socialismo fez". Na verdade, isso é o que uma gestão altamente incompetente e corrupta fez. Socialismo de mercado, como China e Vietnã, possuem resultados bem positivos. O Brasil, que nunca foi socialista, está indo de mal a pior com as políticas mal embasadas.

They removed the auction house completely. Later, they almost completely disabled ingame trading too, but they also made gold much more useful.

The video was also incorrect on the reason for the RMAH, the true reason was Activision wanted a piece of the pie for those real money transactions. It was like eBay, every transaction had a fee that went into Activision's pocket.

That is really a recurring problem with MMO economies: it has no way of inducing "scarcity" in the environment...

Thx

@@axelpatrickb.pingol3228 It could have a way to induce scarcity but players wouldn't like it, no one likes low looting odds and high trade taxes.

This is REALLY good advice.

The RuneScape economy is surprisingly stable. It's actually more stable than Venezuela's.

Youd be forgiven for thinking that, only a matter of time before venezuelans destroy osrs

Jblover_ 301 that’s already happening with the influx of gold farmer bots :(

yes that is how inflation works

it didnt

Yeah, it seems like it didn't... But you might have learn something if you never went to school, I guess...

Can’t meet with friends if you have no friends 😔

It's not explained well in the video at all. My understanding by looking online is that you could spend a minimum amount of 25 cents at a time and trade the exact amount of 100,000 gold at a time (called a "stack"). So it was not possible to buy gold cheaper than 400,000 gold per U.S. dollar. As a matter of fact, gold was not quite so cheap at the time, but it was approaching that rate, so Blizzard changed the stack size to 1,000,000. This made it possible to buy 1,000,000 gold for $.25 if people were willing to do so. Sam also left out a primary driver of inflation in Diablo: bots. Robots could accumulate gold over time for just a few cents of electricity and internet, and this continued to inflate the supply of gold faster than sinks could take it out. When the stack size increased, many people operating these bots (which are against the rules but hard to stop) realized that the price of gold would likely drop soon and started selling off their gold as fast as they could at a discount. This increased the rate of inflation further, and soon the price reached the new floor of $.25/million. Later on, the stack size was redenominated again to 10 million, with predictable results. Gold reached the new floor very quickly. The analogy to real hyperinflation is actually pretty good. Economic mismanagement caused rapid inflation, and the misguided response of redenomination accelerated the inflation, a story we have heard several times before. But the analogy to Venezuela in particular is not great, because that's not what happened this time.

@@EebstertheGreat These videos are becoming all jokes and build up with no facts and story. He should've cut out a lot of the fat and actually talked about what went on, instead of the weak RL parallel and teaching people how money works. Then there would've been time to talk about the bots and make clear what went on. Though, originally these videos started based of wikipedia pages... so it's possible he doesn't have or understand those details.

He has released a brick video on Nebula

Lol!

Somebody copied your comment lol