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My objection to this model is that the way it's usually implemented means that I can circumvent any challenge in the game by spending more money. This completely upends the effort/reward equation for the game and makes me feel like I'm just a monkey playing a slot machine.

It really hinges on whether the game is a discrete artwork, kind of like a book or a movie, noone wants to have to pay to see the ending(pay $10 to defeat the boss), or whether it is a developing story and the Pay to play choices are analogous to something which makes sense, i.e. pay your taxes or else you become an enemy of Captain Hector.

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