In 2000, Blizzard Entertainment’s Diablo II shattered computer game sales records, selling over one million copies within just three weeks of release. The game’s popularity stemmed from its addictive gameplay and robust online features that allowed players to adventure together and establish a complex trading economy.

Players quickly discovered limitations in the game’s built-in gold currency system. Characters could only hold approximately 3.4 million gold pieces, despite many rare items being valued at 10 million or more. Additionally, players permanently lost a percentage of their gold upon death, making it a risky store of value for serious traders.

The Diablo II community organically solved this economic problem by adopting the Stone of Jordan (SoJ) ring as its unofficial currency. This small item possessed ideal monetary characteristics: it took minimal inventory space, provided benefits valuable to all character classes, maintained a limited supply, and—unlike gold—wouldn’t be lost upon character death.

“SoJs were the ideal currency. They were fungible, durable, convenient, and commonly recognized,” notes the original analysis. These same fundamental attributes have historically defined successful currencies throughout human civilization, from precious metals to modern fiat money.

The SoJ phenomenon bears striking similarities to modern cryptocurrencies like Bitcoin and Ethereum. Both are fungible (each unit is identical), virtually indestructible through decentralized ledger systems, convenient to use with just an internet connection, and increasingly recognized globally.

However, cryptocurrencies face significant adoption hurdles. Their decentralized nature means transactions cannot be reversed if mistakes occur—a stolen crypto asset is permanently lost without recourse. Many cryptocurrencies also suffer from high transaction costs and slow processing times, with Bitcoin transactions costing around $1 and taking over 10 minutes to confirm.

Public perception presents another challenge. High-profile failures like the FTX exchange collapse, which defrauded customers of $8 billion, have damaged cryptocurrency’s reputation and fueled skepticism about security and legitimacy.

Whether cryptocurrencies will eventually achieve the widespread, organic acceptance that SoJs enjoyed in Diablo II remains uncertain. As Keith Lim, who writes about personal finance at www.keithblim.com, observes, “Only time will tell whether or not cryptocurrencies become a common, everyday medium of exchange!”

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