Balancing Out The Economy

Go ahead! Come with ideas to improve the economy

 

A Billion rupie bailout?

 

Maybe we should do something like limiting who sells what, and how much? Seems like a lot of people are selling the same things, and the same people are selling many things. And like Ninj mentioned, wars for towns. And when people die they're taxed from the town bank, seeing as people would spawn kill each other, maybe have a war arena? And the towns have to have a certain amount of money before wars (so they dont lose all they're money.)

 

As you all know, the economy is in a state of heavy decline. The other day i saw diamonds go for 70r apiece, which is just sad. When I first joined they went for about 200r apiece. Gold is the only item with a stable price. This forum is for all your ideas to fix the economy. Keep in mind this started between me and padaun as a way to drive economy prices back up, and Dyno made the comment we need more money drains.
Mine are:
1. Reset Mining once every 2 months and charge to warp to it.
2. Do away with mining entirely.
3. Charge to warp everywhere.
4. Charge to change your /home set

Keep in mind these would be reasonable charges not like 100r to warp to your town,, maybe like 10r to go to the town and 5r of it goes into town bank. Now maybe mining world could be 100r to warp to, that might bump prices up. But I don't know, these are just my suggestions. post your ideas/ways to fix economy.

 

You could always limit the amount of money someone has, and when they go over the limit the extra money is somehow put into a bank that they cant withdraw from until they're under the limit.

 

I thought it might me a good idea to make a more complex economy. It might take some time to desing the whole thing, but in the end the server will be more fun. I was thinking about: taxes for towns to exist, banks, loans, real estate market, jobs, etc.

Reading imaxorz comment: We could make a tax for everybody based upon their wealth.

 

those sound like really good ideas.

 

Ok, first of all i agree that prices are getting much too low. I like the idea of resetting the mining world less and charging to warp or change home but, no mining at all? That would ruin the whole point of minecraft.

 

MMO Economics 101:
Inflation of a virtual currency is directly related to the net amount of currency being created.

Here in Minecraft, acquiring resources is half the game. In Shadecrest, our economy is based on the Rupie, which is partially tied to Gold Ingots. (You can sell gold ingots for 100, but can't buy them for the same price). This and the free Rupies from voting constitute our primary "gold faucets".
Our current "gold sinks" are: town taxes, some of the specialty shop items, and I'm not sure what else. I don't know what the current rate of inflation/deflation is, but I'd expect that we don't have enough gold sinks, and too may gold faucets.


So what's our current problem? I'm hearing various things, ranging from "too many shops" (not a problem) to "too low of prices for diamonds" (deflation?). Unless we know what we want to fix, we can't really go anywhere.

 

I don't think all warps should be charged, just the main ones used. For example, it would cost 100r to warp to spawn, coliseum, mall, marketplace, mining (maybe more for this). Our economy isn't in bad shape, but it will never get better as long as we have a lack of money sinks. The town upkeep tax was a step in the right direction, but we need more. I'll see if I can search any plug-ins that might help us with that.

 

Usually having too few money sinks results in rapid _inflation_, though, not deflation of prices.

Reducing the money supply should decrease prices further.

 

I think if the mining world was reset less people would have a greater demand for them and people with low prices would run out fast due to less diamond findings then they would buy from people who sell it for more

 

I honestly don't see why low diamond prices are a problem.

 

clearly we have some issues i agree, you are going about it wrong though

the issue is supply and demand and greed,

diamonds are still viewed by many to be the utmost rare item, so many do not use the tools, armour or the like. this has resulted in so much diamonds sitting around in chests gathering dust. then one day, three people decide to liquidate their stocks... people buy and store them, not use them...

if people started using the diamond tools and the like, we would see more purchasing of them. sadly, people usually only make diamond picks, and then use those picks to go get more diamonds... on a bad day i can get 12 diamonds with a single diamond pick... this results in more and more diamonds in the market.

the trick to avoid this is to start using the materials. use your diamond stuff, wear diamond armour, use diamond swords, bet with other players, have competitions, see more trade happen!

Mine Co. is opening a betting parlour soon, as soon as i figure out how to do it better than i currently have planned... the currency used will not be money, but items, facilitating trade and supply and demand shift.

if you want to see the economy recover, stop mining so much and have fun in other ways...

 

Yes but people cannot be as greedy if there isnt as much money floating around, so i agree we need some sort of trading system like that, but we need more drains in the economy.

 

I agree- for diamond prices, the issue is that diamond-flation is actually outpacing the money supply. Which, if this were the only problem, would be easy to solve: create a Diamond4Gold market. Of course, this would probably cause awful inflation in most other prices...

To start, I'd remove the Repair restriction of 50+ for repairing diamond in mcMMO. We do want to encourage use of diamond equipment, and only being able to repair Iron means that it's often fine to just use iron tools, in order to level your Repair skill!

 

And I agree that the economy likely will need more money sinks (I think we have too much coming in from the Cash4Gold and voting) but we also need more diamond sinks, or more use of the diamond sinks that exist in-game already.

 

If possible, with the chest shops or something, charge a tax like we have in real life when you buy stuff. I agree with pyro, people have so many diamonds sitting around, that they'll be sold to someone else, and still won't be used. The economy is based on gold, not diamond, so people should be making use of their diamonds and selling the tools. Also, like was said above me, remove the repair skill of 50 to repair diamond. If people can repair diamonds right away, they'll use their stored diamonds to repair them. :3

 

well people can bring their diamond tools to me, i am willing to repair all tools with your resources for free...

 

I think the mining world should be reset every month, maybe even two. That way, people won't be as motivated to go mining because they'd have to walk really far away from the spawn (which is what I do anyways).

It's funny how a simple game has become like real life, with real problems with the economy.

I agree though, I think we need more taxes and stuff. Maybe you gotta pay to /home set , and have like a mortgage or something. Everyone fights over who has the most money, so maybe take out /money top so people can't always check it?