Denied [Suggestion] Economy Events

+1 woudl be great to buff prices of certain things to encourage areas which arent used so much.

 

From $0.00 to $0.00?

I like the idea, I'm just a bit worried that raising the wrong materials (e.g. iron¹) would make certain ways of making money too profitable.

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¹ I chose iron as an example because it is responsible for 24.81% of my mining income; I'd immediately earn $100k from an 80% increase in iron prices.

 

+1 Ignoring the economic aspect, that would be very fun lol. Plus, a weekly thing once in a while for an 'obsolete' item wouldn't be that much harm would it?

 

+1

This would actually make ECC more interesting in my opionion. A dynamic economy will open up new ways to make money plus benefit the economy.

 

+1

That would be so much fun!! That would boost player count for sure.

 

+1
Also, what about certain items decreasing in price too in respect to certain items increasing in price? This would encourage certain markets and discourage others that are really popular.

 

This sounds like fun in theory but I'm worried how it would affect the player-to-player market. It would have to be done with really obsolete items and blocks that have no player market value, yet not blocks or items that are easily attainable because that could invite players to exploit the market and bring in a huge inflow of cash. That doesn't leave a lot to work with.

One way I could see this working however is if you did really brief, 24 hour max flash events where the price of farm crops or specific ores shoots up. This would be fun and could encourage more player trading via perms and tool rentals while not blowing up he economy

 

+2 for the idea
As an Econ minor (lol), this would better reflect an economy of trade rather than our essentially 60% one-sided selling (with /sell hand).

+0 for another idea
With that in mind, maybe on occasion /sell hand could be disabled for given times, forcing players to do more trading.

-1 for actual integration
How will this actually work in the coding side of things. I’m prob a noob here compared to others, but making a flux economy would probably take a lot of code and time to make, not to mention setting a timer every day or something when staff’s time should be spent on other things (such as a promised sky block)
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Overall:
+1. I love the idea

 

It's essentially just either a config change or simply a /setworth, which is then reset to its original value after a certain amount of time. Writing the announcement post would take more time than actually setting the new values.

 

One more part that might be possible if this was actually a thing: there are many items in game that cannot be sold to the server at all. Maybe on occasion these could be sold to the server (I do realize some cannot due to certai exploits or “uniqueness,” but some just don’t make sense at all)

 

This would be nice!!! Things like iron and such wouldn't be the right way to go, maybe things like carrots, or granite/andesite

 

I’m still liking this. A fluctuating economy would make ECC more interesting and (in my opinion) better.

 

-1, even it sounds cool I think it will cause too many problems in the economy. Firstly, we have the player shops that sell items to players. A lot of items in spawnshops sell for less than 80% increase in sell hand prices. Secondly, we have the fact that certain ways of making money might become OP in rates per hour. Thirdly, people might stock up items to wait for one of this event to sell the items.

Now it depends on what kind of items we are talking about here, but I imagine it either will be to overpowered for the reasons above or useless. Since if we take items that don't break the economy in any way, it probably wouldn't be worth doing regardless. Looking at the items you suggested:
- 64 Sandstone: $12.80 -> $23.04
- 64 (Clay) Bricks: $64 -> $115.20.
- Green Dye: $0

Actually, neither of the items you suggested here breaks the economy in any way. However, it doesn't really help either. If you want I can buy all your sandstone for $24 a stack and Clay Bricks for $116 per stack.

 

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+1 if these events aren't too frequent, or I just don't know how to feel about it.

 

As an econ major (@Jdawger I'm better than you ) this sounds like a really bad idea. You're essentially creating a price floor on items that have no real demand. This will lead to firstly a) inflation by increased nominal incomes of those selling farm items b) distort patterns of trade and production as people are incentive to divert more of their time to farming which would also lead to price inflation of whatever was normally being produced before.

If you want an actual dynamic commodity, get rid of /sell and the server shop and have the price of everything be entirely left to ECC users. (whether thats better or not, I wont answer)

 

-1

1. Players will begin to hoard everything in anticipation of a price increase. Why sell these items to other players for little more than the current /worth, when you can wait and /sell it later for more?

2. Shops will have their inventory cleaned out by players /selling the items to the server. (This happened recently with the price of mob drops increasing. @GoatsRMeLife and I cleaned out all of the major markets for a quick profit.) Because the shop owners couldn't be online pr didn't know about the change, they lost money. Some even sold at the /worth of the item.

3. There are a plethora of star tools, more so now with star crates. If this price increase doesn't compete with the top tier money making methods, who is really going to participate?

I could go on, but I think these points are reason enough for my -1. I only see this weakening the player-to-player market, lessening the supply of materials sold to shops, creating a temporarily higher price floor for shops (if they can respond before getting cleaned out), and simply being noncompetitive with current money making methods.