An experiment on the stability of our economy.Join the initiative at /v +crash [SMP7] Our moto: During the last few years that I have been on EMC, prices of various items have been changed and updated. Most of these for the better, getting cheaper as new ways of farming became available. There are however exceptions to this rule, items that somehow remained the same price or even got more expensive. At the Empire Market Crash, we work towards crashing the price of these items until the market stabilizes around a more affordable price range. Our method: Starting at the first of August 2021 we offer 3 items in our "shop" of wich we try to give a reasonable price, if not even underpriced. At the end of the month we close the project and findings will be posted below. All "profit" (if we even make any) then goes to buying out smaller shops and introducing the ruppees back into the market. How you can help: -Make suggestions for items to be sold, and the price they should be at. -If you find an item I'm currently crashing somewhere cheaper, let me know. -Update your own shop prices to better reflect current price trends. -Tell everyone you know about this concept, the more people the stronger the crash.* Current Items: Beacon: (corrected) average price in shops: 4.000r lowest price found: 2.750r (that's actually pretty good) Crashing at: 2.000r 1500r Quartz Block: average price in shops: 15r lowest price found: 5r Crashing at: 2r Sold Out Diamond: average price in shops: 100r lowest price found: 85r Crashing at: 70r 50r Sold Out *disclaimer: This is not a real shop and is not to be taken too seriously, this is merely a social experiment and awareness campaign. Therefore I will NOT list it under /v +shop, only under /v +crash, and will rely only on the popularity of this thread.
UPDATE: We are ending the experiment a lot sooner than expected since the community was way more active about it than I originally assumed they would be. I thank everyone for participating both in game and in this thread. I have lowered the prices one last time and the "shop" stays open untill I'm out of stock. (so I will now stop refilling the chests) When stock is empty I will probably close this thread. Feel free to keep posting/responding here untill that time, we could all use some more critical thinking and economic ideas.
No offense intended, but in my opinion, this is a very silly idea. While my experience with the economy is a bit more limited to 6-7 months compared to others' years, the problems I am seeing is that the economy in general is completely deflating. So, trying to "crash" the remaining items with some value makes absolutely no sense. What is the point of even mining or trading quartz if you flood the market so that it's worth less than even 1 emerald? Beacons? What shops are you going to where it's 10k? Where does this information even come from? At most places I've seen is 3.5-5k (+yix on smp7, unix smp7, 160 on smp1, +melle on smp1, +obwan on utopia), so it seems that your research is very outdated. In general, I think that this idea is very half-baked. Of course, I could be completely wrong, but this is not what I think that the current EMC economy needs. I think more shops like +katy and faded's 16149 are needed to actually give a place to sell items and earn rupees for new players. The problem is not that goods are unaffordable: the problem is that demand for items is decreasing. If you "crash" items, why would there be a point in spending time and effort to get them? I suppose the argument could be made that, if items cost next to nothing, then players will be more likely to spend rupees and buy them....but then who supplies them? You could take obsidian, which is sitting at around 20r a block, and say "let's crash this to 10r a block, obsidian is everywhere!" Well, then, who is going to sit for half an hour chipping away at obsidian to supply it if the payoff is useless? **But to be clear I love you Progryck <3
This is in effect exactly the reaction I would like to force. I agree that the idea is indeed completely silly and is a complete backwards way of working with the economy. The point I'm trying to make is that "overpriced items" such as beacons, obsidian, quartz, etc can always be gathered more easily, there will always be ways to flood the market, but we should look at what the time it takes is worth to players. (just like you say mining hours for obsidian, you not only pay for the block but more so for the time spent mining) The eventual intend for the experiment is not to drop the price of certain items but to spread some awareness that prices shouldn't just stay fixed for multiple years and that the consumer needs more than just the most expensive things. (I'm also just working alone, so there is nearly no way I could influence the market on such a large scale in the long run) To be fair, I wasn't expecting any critical thinking/reactions untill at least 2 months in, So pretty much spoiling what i wanted to achieve. The end result I am truly hoping to get is: -a list of up to date current prices and how they evolved during the months. -every item I sell will have a book next to it with alternatives (how to farm more efficiently on EMC, places to buy that stock more often etc) -creating an awareness that a shop that just sells a small selection of items is just as viable as a giant mall, just because you can keep it stocked. -using the "profit" to buy from new players and hopefully encourage them to stock their shops. -closing the "shop" abruptly and completely after some time to suddenly remove any new suply, hoping to have encouraged enough new players to at least kickstart a few new shops out there. Although, thank you for the price corrections. My research is recent but it seems too small scale. (Yes, I did indeed find shops with beacons going for 10k+ who where still recent and stocked) If you have any other hints for more up to date prices feel free to post more here. *so yes, the "Crash" part of the name is more clickbait than anything else, but it helps to get the message across.
Day 1 has passed, and just like that : -we distributed almost 10000 blocks of quartz. Either someone is planning on filling a Utopia res floor or they wanted some profits. -There are also a few chests set up where people can sell me stuff, but so far I'm not bankrupt yet, which is slightly dissapointing. -Diamonds and Beacons are still overstocked and have not sold that well. Could it be that people are being responsible with their money and don't want to break the economy? Let's find out by the end of the month. PS: I won't be updating this thread every day, but day 1 should be a nice reference point for the rest of the month.
Beacons are worth less than 5k now? Glad to hear that they are still sold for a higher price here and there. I guess it makes sense that the price for beacons varies a lot, as you generally only need a few, so the price difference doesn't matter as much as for something you need a lot of.
Actually I'm just stockpiling like a goblin, thank you very much Although for my next utopia res might do a big ocean with the sea floor being hills of quartz, in which case ill be coming back there
Interesting experiment. I'd like to offer a few thoughts as an older player returning to the economy. (My views are a little dated and are being refreshed.) 1) 100r/min earn rate? This is posted in your shop at a baseline earnings rate. This is too low and may skew your perspective and analysis. I'd go 2x-3x for simple work, and 5x* for established veterans. Also eliminate the travel time deductions etc. Including overhead into the hourly wage just confuses things. (*I know that's low for many of us) 2) armor/weapons dead due to mending? Long after mending was released, long after this segment was declared dead, the not-mending version of armor/tools remained hot sellers. It was a quiet secret niche that was a consistent and dependable high incoming stream. Maybe it's finally dead now. I find it interesting that shops, by switching to mending gear, created a dearth of supply in what was widely considered an obsolete item. I had a blast trying to keep up with the demand but eventually the grind wore me down
+aquarium is the name of the tools & armour shop he co-owns (or at least has some significant stake in running).
How big is your stock on things like diamonds/beacons? I managed to snatch 8 beacons. Might go get more for my project if they're available. Also, I tried selling to your shop and I couldn't use the signs.
You are going to have many players who are going to stock pile these resources since eventually the demand for cheap items will diminish. When the "experiment" ends, the price will level again what you listed because of a supply "shortage". Very similar what oil companies do irl. Unless this is an extensive experiment of yours, this will not work short term.
starting the experiment, there were: 2SC of diamonds A lot of quartz blocks 8 stacks of Beacons (didn't want to overdo it) right now there are: 2/3 SC of Diamonds Quartz blocks are constantly sold out, I'm filling it up, but *certain people who will not be named* keep buying everything. 4 stacks of beacons As for selling: It should work fine but it just so happens that some more *people who will not be named* decided they absolutely needed to sell me over 200.000 pieces of iron (in the process making me 600.000r lighter) so if you wanted to sell me iron, the chest might have been overloaded. Gunpowder was also filled up, so emptied that as well. So it should be fine now, let me know if it still doesn't work. Indeed, just like I answered to Drasleona247 I never trully intended to make a lasting impact, just wanted to see if people would act responsible when faced with the option to act irresponsible. So far... mixed feelings. Those were the days.
Exactly, I have no idea what is going on. I'm selling beacons at 3500, OP diamond stuff at 500 and other amazing deals including netherite stuff and I can't get anyone to buy. Gotta say this is really weird.
So we already answered your experiment since our population is mostly of die hard activists here on EMC. Not trying to rain on your parade, but again to make any impact it has to be over at least a year and a half.
