Article

Culture

Digital

Fun & play

18 March 2024

4 min read

Fun is dead

When video games turn play into work, we need to play without fear of consequences.

Simon Walters

Simon Walters is Curate at Holy Trinity Huddersfield.

A woman stand in front of a large video screen displaying the Space Invaders title, hold her hands out in front of her.

Photo by Andre Hunter on Unsplash.

Imagine there’s been a sudden change in plans. The evening meeting is cancelled at the last minute, or your friend is sick and can’t come round. There are no looming tasks that need doing, so you set out to have some fun. What do you do?

Karen Heller’s recent article in the Washington Post suggests that we don’t really know how to answer that question. ‘Fun is dead’, proclaims the headline, and her analysis is simultaneously insightful and depressing. Weddings have become stressful extravaganzas, holidays require a constant stream of activity, retirements should have a purpose and a plan. Our fun, our play, requires a reason to exist. Can we have fun without it having some larger purpose? Can we play without needing to post it on social media? Everyone else, it seems, is having much more fun than we are.

Take video games. You might think this ought to be the very definition of a playful activity, one with no particular end or purpose in mind. But even here, it seems we don’t know how to have fun without some type of incentive. Conversations about video games online are frequently so self-serious and toxic that you’d be forgiven for thinking that it was a matter of life and death, not differing preferences about fun. Some of the world’s biggest games – things like Fortnite, Genshin Impact, and EA Sports FC – give rewards to players who turn up to play every day. It sounds generous until the psychological hooks of these methods grip you far past the point of fun. Players talk about not being able to sustain more than one of these types of games, because otherwise they won’t be able to keep up. What starts as play quickly turns into a form of work.

The world of play is a world of grace, where we are free to find pleasure in an activity on its own merits.

I am as much a sucker for this method as the next person. I find myself drawn to games which start out as free and fun, but the fun inevitably seems to turn into a chore that I cannot dislodge. There is an unwritten pressure to turn up to play every day to complete daily tasks and keep up with the competition. I end up feeling guilty for wasting my time playing games, and anxious to keep up with what’s required when I do. No wonder, with all these contradictory pressures on play, I find myself more often than not vegetating in front of Netflix rather than really playing.

This is all a bit of a first world problem and might seem like another depressing indictment of modern society, but perhaps it shouldn’t be that surprising. As humans, we are always looking for some way to justify ourselves, some way of finding proof that what we do matters. Play, by contrast, demands that we step into a different sort of world. The world of play is a world of grace, where we are free to find pleasure in an activity on its own merits, and not for anything we might get from it in the end. Play, in its best sense, is purposeless apart from the joy of playing. "When we try to give our playful activities some wider purpose for why they matter, we are turning them into something else."

The world of the Christian faith is not often seen as a playful one. It seems so very serious, dealing as it does with matters of life and death. But within the serious world of the Church, a space for play emerges. After all, it is first and foremost a world of forgiveness from what we have done wrong in the past, present, and future. This forgiveness takes away the fear of failure. Whether I am greatly successful or not I am loved and forgiven by God. This is God’s gift, which cannot be earnt and cannot be lost.

The result, perhaps surprisingly, is that I am free to play, because I do not need my play to achieve anything for me. As the theologian Simeon Zahl puts it,

In play a person is free to engage with the world creatively, actively, energetically, but without fear of ‘serious’ consequences. The Christian is free to play with things that once seemed deadly serious, to find delight in what were formerly objects of fear, and to take themselves much less seriously.

In the world of video games, this idea is perhaps most clearly seen in the games produced by the Japanese game developer Nintendo. Their games, from Mario to Zelda, epitomize a vision for gaming which is driven by creating joy for whoever is playing, and not unnecessarily burdensome tasks. One of their best games of last year, The Legend of Zelda: Tears of the Kingdom, doesn’t offer a prescriptive path for how players should approach its challenges. Instead, the player is given a toolkit and set loose to use it in the world as they see fit. The result is a sense of joyful freedom, a feeling that its world is full of delight and even silliness. It gave me some of the most fun playing games in recent years, without me even coming close to finishing it.

It's this playful attitude that I want to take into the rest of my life. What would it look like for us to see the world as a playground rather than an exam hall? The result wouldn’t just be a lot more fun. I think it would also be deeply Christian.

Article

Culture

Economics

Ethics

1 May 2025

6 min read

The rights and wrongs of making money with meme coins

When does investing become speculating, or even addictive gambling?

Laurence Fletcher

Laurence is a journalist at the Financial Times.

A montage shows Trump with a raised fist against other images of him and the phrase 'fight fight fight'.

$Trump coin marketing image.

gettrumpmemes.com,

Donald Trump’s “liberation day” tariffs may have driven sharp swings in global financial markets, but his actions in markets a few months earlier were in some ways even more peculiar.

On the Friday before his inauguration as the 47th US President in January, the Republican surprised many with the launch of the $TRUMP memecoin, described by its website as “the only official Trump meme”. The cryptocurrency token, in which Trump’s family business owned a stake, initially soared in value to more than $14bn over that following weekend.

Then, on the Sunday, Trump’s wife Melania launched her own memecoin, $MELANIA, which reached a value of $8.5bn. Even the pastor who spoke at the president’s inauguration subsequently launched his own memecoin.

For those wondering what exactly a memecoin is, you are not alone. In short, they are a form of cryptocurrency - an asset class that itself has attracted plenty of questions about its substance and purpose - representing online viral moments. They have no fundamental value or business model and, according to the US securities regulator, “typically have limited or no use or functionality”.

Donald and Melania Trump’s coins subsequently plunged in price, but still have a value of around $2.5bn and $214mn respectively, according to website CoinMarketCap.

There are plenty of others in existence. PEPE, based on a comic frog, has a value of around $3.6bn; BONK, a cartoon dog, has a market cap of $1.5bn; and PNUT, a reference to a squirrel euthanised by authorities in New York and about which Trump was allegedly “fired up” (although doubt has since been cast on the president’s involvement in the matter), is still valued at around $174mn, despite having fallen sharply in price.

Dogecoin, seen as the world’s first memecoin and originally created as a joke, boasts a market value of around $25bn. (There are other memecoins which may not be suitable for these pages).

Some people’s willingness to buy an “asset” with no use or fundamental value may seem strange to more traditional investors. But it can be viewed as just one manifestation of the speculative investor behaviour evident since the onset of the coronavirus pandemic and, indeed, at times throughout history.

The price of Bitcoin recently rose above $100,000, despite many investors still viewing it as having little or no value (in 2023 the UK’s Treasury select committee described cryptocurrencies as having “no intrinsic value, huge price volatility and no discernible social good”). In early 2021, shares in GameStop - a loss-making US video games retailer that some hedge funds were betting against - rocketed as much as 2,400 per cent, as retail investors piled in, many with the aim of inflicting pain on the hedge fund short sellers (in that respect at least, a highly successful strategy that became the subject of the film Dumb Money). The huge rise in AI and other tech stocks in recent years - until the recent tariff-driven volatility - has also been described as a bubble by some commentators.

Whether or not such episodes can be compared to infamous bouts of speculative mania in history depends on your point of view (and often can only be judged with the benefit of hindsight) - be it the 17th century Dutch tulip bulb mania, shares in the South Sea Company in the 18th century or the dotcom boom and bust of the late 1990s and early 2000s.

But it does give rise to the question of when investment should start to be described as speculation or even as gambling? And what are the rights and wrongs of any of those activities?

There can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources...

Gambling can be thought of as risking a stake on, for instance, the result of a game of chance or sport in the hope of a bigger payout. While often the result is purely down to chance, in some cases a strategy or an element of research (for instance of a horse or football team’s form) can be used. Investment, in contrast, tends to involve purported economic utility and assets believed to have some sort of underlying value, and holds the hope of future profit (although there are also plenty of bad investments or those that have gone to zero). While an investor must be prepared to lose their entire stake, in some cases such an event is relatively unlikely (for instance, if they buy a fund tracking the performance of a major stock exchange). Speculation is harder to define, but is generally seen as shorter term than investment, with more chance of a bigger gain or loss, and dependent on price fluctuations. Rightly or wrongly, the term has a more negative connotation than investment.

One writer who explored the ethics of these activities was Oswald von Nell-Breuning, a Jesuit theologian and economist who served as an adviser to the Pope and who was banned from publishing under the Nazis.

While he found that “one general definition cannot capture all the nuances” of speculation, he identified two different types of speculative activity - one that was purely trying to make a profit from financial market trading, and one based on trying to create a viable business. (See this article in the Catholic Social Science Review for a fuller explanation of Nell-Breuning’s views on speculation).

As the CSSR article shows, Nell-Breuning found that there can be positive effects from speculation - one might think of better liquidity and price discovery in a market, while, in commodity futures markets, speculators allow producers to hedge risk.

But he also argued that there can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources away from production.

And whereas gambling typically takes place within a circle of players who have chosen to take part, speculation, he wrote, can affect a greater portion of society - for instance, if it affects the price of shares or bonds they hold.

The Bible - on which Nell-Breuning’s faith and analysis was based - does not take a prescriptive approach to such activities. But it does provide some interesting guidance.

An entrepreneurial approach to business and investment is applauded, for instance when the writer of the book of Proverbs (traditionally believed to be King Solomon) praises the virtues of “an excellent wife”. These include investing in a field and using her earnings from business to plant a vineyard, and feeding her family from her gains.

Jesus tells a story of a master who, before going on a journey, gives his property to his servants, each according to their ability. To one he gives five “talents” (a large unit of money), to a second two and to a third servant he gives one.

The first servant trades with his talents and makes five more talents - a 100 per cent profit - and is applauded by the master on his return. The second servant also trades and similarly makes two more talents and is again applauded.

But the third servant, being afraid and believing the master to be “a hard man”, hides the money in a hole in the ground. He is condemned as “wicked and slothful”, and told that he should at least have put the money in the bank.

While Jesus’s story may primarily be about how we view God’s nature, how we use our God-given abilities and whether or not we can take risks in faith for Him, it is also hard not to see investment and indeed wise speculation as being virtuous activities here. Putting the money into a bank account is, in this story anyway, more of a fallback option.

But the Bible also warns us against putting money above all else in our lives. The love of money is, famously, a root of all sorts of evil, while we are also told to be content with what we have, and that “wealth gained hastily will dwindle”.

Nell-Breuning similarly warns that a “get-rich-quick” mindset, when this is placed above all else, can be harmful, and advises caution in situations where the lure of big profits can lead the speculator into market manipulation or fraud.

After all, both gambling and crypto trading have the potential to become dangerous and damaging addictions needing treatment.

Ultimately, Nell-Breuning struggled to come to a simple conclusion on the question of whether speculation, in and of itself, is morally wrong. It is, he wrote, a judgment call for those involved.

When making such decisions ourselves, his - and the Bible’s - warnings may be worth bearing in mind.