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Having been a young game-addicted person in the past, I would assume the addictive part of Roblox is the social component, no?

Is it really just that they give kids nice shiny imaginary points for playing longer?

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Yeah the addictive part is being richer than the other children. It’s like trading card games, the actual game isn’t good but you get to be better than the people who don’t have rich parents.
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Hm... I remember games (especially social ones) being plenty addictive even without dynamics like that.
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Kids I know genuinely liked playing Roblox games. It was not just shiny imaginary points, it was that games were "for them" and they did not needed money to try another one.
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I predict a very orthogonal outcome. This is an interesting experiment. If it gains some traction, Roblox and Minecraft are both very well situated to build a similar product and dominate the market.
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If anything, this is them trying to eat their lunch by grabbing the market share and using the same playbook.

Do you really think Google cares about gameplay in the same likes of, say, Nintendo?

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I don't think Google gives a crap about games one way or the other, they just want people to use their AI.
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If that were true, they would release Gemini 4.
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I'm sure they will right after their initial "cyberdefenders" have had a few weeks to hype how it's too powerful to release.
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Who is it "we" that is loosing a generation of children and for what purpose are those people loosing them?
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