Price of Silk Touch and Fortune 3 Picks - Enchanters read!

Hosetly though, I don't know too many people who could or would dish out 80k for a Pickaxe

Basic Macroeconomics -

If you can teach a parrot to say "supply and demand" then you have an economist. OP, you have to realize that how much you can make off of an item has absolutely no impact, whatsoever, on how much you can sell said item for.

Look at a real life example - The price of cameras - If I buy a Digital SLR camera I can expect to pay about 7 to 8K for one. Many casual photographers (who can afford to do so) buy this camera, as technology advances then prices are made more reasonable. Lets say I plan to use the camera as a professional photographer - lets say I can make 70 to 80K a year doing portraits and selling occasional freelance photography. What I end up doing with the camera has absolutely NO baring whatsoever on the original price of the camera. The sellers of the camera can not sell the item for 7 K to a casual photographer who wants it for family pictures, then turn around and say to me - "no you plan to make money with this, I will charge you 30K". There will always be a lot more casual buyers in the market than professional - So casual buyers are the demand market - not the professional.

There are only a few things that can affect the price -

1) the cost of good to make the enchant. (The cost of good have significantly decreased lately due to accessibility to grinders and the new game mechanic of not loosing your xp on death.) As stated above - As technology advances prices will decrease.

2) What people are willing to buy items for. If you sell at a high price then few people can buy the items. Lower prices and demand will rise. Higher prices and demand will fall. The demand and supply laws of economy will always find their own equilibrium. (or as much so as you can have in a fake economy - where people don't place as much value on currency - simply because they didn't have to work at it. By work I mean go out into the world and perform menial tasks for income. (Playing a game isn't work =p.)

Edit: Just another thought - Low prices on enchanted goods are more likely to improve the economy than hurt it. If more casual players can gain access to tools that will help them become better earners then they will have more money to spend.

It's supply and demand. There's more supply then demand, Price drops, Turn that around, It rises. It's the economy at work

i dream of players buying my fortune III picks for 50K
i have 3 fortune picks right now never use them i think i can get like 5 K each.
iam rich already so i give them sometimes away srry if that makes the price lower

I originally posted this in Daffy22 thread where he is selling a Silk Touch pick axe for 10k where he links to this thread as a justification for his price.

How long does it take to find 1562 diamond ores?

In theory digging a 1x2 tunnel will expose 8 blocks. Diamond ore occurs in 0.1276% of stone. So you have a 1.0208% chance of discovering diamond each time you mine away a step in your 1x2 tunnel. Or you need to mine 306034 stone to find 1562 diamond ores. Or 25 hours, 30 minutes and 10 seconds (91810 seconds) at constant mining speed of 0.3 sec per stone block using diamond picks.
The average US hourly wage is $17.75 per hour. So the time taken to mine the tunnel would pay $452.67. If you donated $450 to EMC you are given 742500 rupees.
1562 diamond ores will sell for 150r each for a total of 234300r.

Thus I am willing to accept your silk touch pick axe along with 500000r to make the deal fair.

note:- In the interest of briefness I did not take into account blocks other than stone or diamond ore, nor did I make provisions for hunger, lighting or tools. These would increase the time taken. I also did not account for diamond ore pockets extending away from tunnel. This would reduce the time taken.
I also haven't double checked my figures so there may be mistakes present.
Last of all this is a silly light hearted post, I don't think the OP is being too unreasonable (maybe just a little in my opinion).

You forget about one important thing:

I'm having fun mining with my fortune 3 pick for 5000r it would not be fun if I would have to pay 10x more for it.

To whoever sold me that pick: Thanks for helping me in having fun

Post of the year, good sir.

Some people, like myself, just dont feel like going out and attempting to get rupees. So all I get is the daily bonus of 100 rupees. And if your like me, you feel bad abot not donating to people and spend your money on that.