Fix The Economy

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Posh_D
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Hey Everyone,
As all of you may already know, the server's economy has changed quite a lot since stepping foot into the 1.13 update. One major changed being the main currency converted to diamonds since the neccesary plugins had not been updated at that time.

Now rhines can be used normally again thanks to updating the signshops, but most of the prices people have set up in shops are in a very winde range, causing problems within the economy. Some abide by the prices from the previous map, while others have adapted to the diamond currency and depending how valueble they believe diamonds are, new prices have emerged.

Although using the signshop plugin is mainly intended for people to trade using rhines, there are quite a few people who would like to stick with using diamonds as they're an actual item which can be used in variety of ways and it also keeps the vanilla theme rolling. Most of these people have joined after the reset and straight into the diamond currency, so it is not suprising to see it being tough for them to changed to a non-familiar economy.

As a solution for this I propose keeping both currencies being used almost equally, and let everyone get a feel of using rhines to ease the economy back to how it was. I understand both currencies are currently in use but the price changes does not allow both to work together. In order to continue, a definite worth should be set between the diamond and rhine.

After asking around with other hermits for a value of their opinion on the diamond, I received a range from R250 - R2500, but with most of the answers within the range of R750 - R1000. I created this thread in order to discuss and determine a set value for each currency in order to fix our messed up economy. Through this, both currencies can keep going without any interference between the prices of each other.

We should also figure out a suitable price for some of the items which have a wide range in prices such as, Iron Block, Beacon, Sand and more. I hope The Enchanters Guild would help out on this too.

So I invite everyone to pitch in your opinions to stabailize the economy and I hope this idea will help out.
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systematicpro
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should stick with diamonds imo

rhines are too easy generate atm and anyone with like 500k+ can buy whatever they want for a long time other than the most expensive items. There's also a shop in market that sells diamonds, and it's always sold out. Originally started at 1k (first time i saw it) and it's up to 2.1k atm and never has a stock, and when it does it doesn't last long. It's impossible to get people to agree on a price when there's such a huge range in the amount of $$ the players have.

I read that the emerald trade will get removed eventually, which is the problem and why rhines are easy to generate, but then that just puts everyone who has been able to abuse it at a massive advantage. Rhines are pretty hard to generate outside of the emerald trade.

I personally think the best solution would be a rhines reset of some sort when the emerald trade gets removed.

Really, i don't see a solution without upsetting someone.
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Tiberaus
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People with a lot of rhines want to get rid of diamonds. People with a lot of diamonds want to get rid of rhines. There's no one "fix" to the economy.

Our goal is to minimize admin shops and trades to incentivize players-to-player trading. The more admin trades we have, the easier it is for players to amass wealth with next to no effort as demonstrated with emeralds and villager farms. We don't want players to be able to build a farm that continuously generates sellable items so you can just empty out a chest and make a virtually infinite profit. This is why iron was removed from the items you can sell to the server. For these reasons, we will not be mandating item prices at this time.

You stated that the main "problem" with our economy is that prices are too high. This isn't so much of a problem as it is how economies are supposed to function. If an item is selling like hotcakes, of course, the owner will raise the price. The reverse is also true. If an item (including diamonds) is too expensive, it is up to players to stop buying it from that store so the price will decrease.

The difference in value between diamonds and rhines isn't as big of an issue as you make it out to be. It's up to the players- not seniors- to decide how much they are willing to spend on goods and services.

The bottom line is iShops will ONLY be created as an absolute last resort. From what I can tell, we are not at that point.
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Posh_D
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Well the problem I'm referring is actually not prices being too high, it's that they're in a very wide range, with no set value to it. People can sell their items at different prices to each other but usually not at a huge gap.

Of course admin shops should definitely not be open right now at this economy state. Which is why I created this thread to solve it between players to come to a set desicion on managing prices. The economy can't be solved by the seniors as it is spread around to each and every player.

I know there are some who wants rhines to come back, and others like to stay with diamonds. Which is why I proposed to have both at the same time (how it is now), but with a set value between each other so both kinds of shops can continue.
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Munchkin
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I happen to know that for a short while, ACommence ran an extange building in Duskfaire. There you could sell 750 rhines for 1 diamond (currently sold out) and but 1 diamond for 750 rhines (not sold out). I also believe that there was similar extanges for gold, iron and emeralds.

Regarding the extange stall, I find that the price for a diamond (which when I last saw was 2100 rhines) is way too expensive but the backwards rate is obviously a great trade. Considering that 2000 rhines equates to 8 diamonds and a bit if you were to directly run the '/sell diamond' command, it does feel like it's a bit too high to realistically settle a reasonable extange rate.

If we're unable to determine a good rate, we can always just find an average rate that people would be happy to pay. However, for the few that will only extange diamonds to rhines for a minimum of 1500 - 2000 rhines (yes that is something that people have offered) for as single diamond, even just one of these high to overpriced rates could majorly mess up any average that we calculate.

By no means, am I against a rate of no more than 1250r as that's what currently stands as a base of 5 diamonds but I am strongly against any rate that goes too far past this. Therefore I'd be happy to have something within the average of 250 - 1000 rhines, that Posh found from the research, and possibly a bit more beyond that.
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CptnCrckrs
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That must gave me an idea what if there was a new exchange building that is set up by seniors and you would only be able to do x many trades on those signs per day I dont know how they would do this just an idea for you
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HayanTokki
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I asked for this conversation to be had. I'm glad it is being discussed.

For reference, on the seniors' end the quick fix is to open an admin shop where you can infinitely buy diamonds for rhines to force stop the inflation of diamond prices. But I think to do this, we would indeed have to set rhines balance on everyone so that everyone has equal chance of buying diamonds and gathering wealth. But then this renders the existing shops that use rhines a bit desperate.

The discussion is welcome. Please continue to discuss with the extra knowledge I have provided.
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hoost
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What do you mean by set rhine balances? Cap them?
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scifiguy7
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CptnCrckrs wrote:
10 Jul 2020, 04:28
That must gave me an idea what if there was a new exchange building that is set up by seniors and you would only be able to do x many trades on those signs per day I dont know how they would do this just an idea for you
This is very similar to how Hypixel Skyblock NPCs exchange $$$ for their items. They do now have a stock market like area where sometimes you can make a profit from NPCs to exchange. However they limit the purchases from the NPCs to only 10 per day.
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CptnCrckrs
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scifiguy7 wrote:
10 Jul 2020, 15:36
CptnCrckrs wrote:
10 Jul 2020, 04:28
That must gave me an idea what if there was a new exchange building that is set up by seniors and you would only be able to do x many trades on those signs per day I dont know how they would do this just an idea for you
This is very similar to how Hypixel Skyblock NPCs exchange $$$ for their items. They do now have a stock market like area where sometimes you can make a profit from NPCs to exchange. However they limit the purchases from the NPCs to only 10 per day.
I dont know if this is too much work but if the seniors might check on big trades with rhines to make sure that it is even.
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