i think the price is fine. You have chances of getting diamonds. If you buy a few, you'd earn more than what'd you loose
It's basically a lottery coupon. You bet 7 Diamonds on getting something more valuable. The Odds are small. Be Aware of that, that's all. The Price is right.
Suggested listening: Noisia - Tommys Theme Right up top: Maths Warning. Sources: SkyBlock Economy Spreadsheet | Vote Party Spreadsheet (don't forget to apply the inflation value) Seven diamonds per Rare Key sounds interesting. Let's take a look at the math. Bear in mind these trade values are what a SkyGod would value everything as. Since they get the most grass/diamonds per day naturally they're spending less of their "loot" for every purchase. Diamonds and grass have very easy to calculate values since the only way to obtain them is through /kits and voting. Since SkyGods get the most of both resources we'll use their values first. From the economy spreadsheet (Trade Tab): 7 diamonds * 11.3 grass/ea = 80 grass blocks (round up) Remember: There's an extremely steep value curve in effect here. Donor100 is the only other /kit with diamonds and they only get 1/3 of what a SkyGod would (1 diamond/day). So for them the real life "cost" is tripled: Seven diamonds is around 240 grass. For every other kit the real life time cost is near-infinite. I am not arguing trade values here. This isn't a "Bobby gave me 5 dias for 10 grass" or "I got 10 dias in the DP lolz" situation: This is how much of your actual life it would take to earn these items. Check the notes on the trade values spreadsheet, I've provided the formulas we used for every value and provided the data behind it. Yes, it is possible to "pay to win" directly through the shop but that obviates this entire discussion. Thanks for asking. So the question is: What is a Rare Key worth, exactly? The answer is: The real-life time it takes to acquire one. Rare Keys are gained as random loot from the "Vote Chest". Each use of the Chest requires one "Voter Key". As of December 1st, 2016 (one year anniversary!) Myrmwife and I have used over 1260 keys and recorded the results of each use. While not enough to totally eliminate stochastic elements this is a pretty good baseline for expected results over time. Out of 1260 key uses we have acquired 12 rare keys. Which works out to a rather abysmal 0.95% chance; that is extremely close to a "1 in a 100" ratio and seems to match up with the intent of the name "RARE Key". Side Note: Rare Keys can also be acquired as voting rewards. Since these are publicly announced in chat we have been recording the chatbox and parsing them for values. Instances of Rare Keys being gained this way are so low I'm actually wondering if someone missed a decimal in the plugin somewhere: Out of 11,412 results we've only seen 31 Rare Keys (0.2%, roughly 1 in 500). Because this rate is so hilariously low and you can only vote twice per day this affects the value to negligible levels. Referring to the Economy spreadsheet the maximum Keys per day is pretty set in stone (no /kits give Vote Keys). A full day of staying logged while getting hitting average Vote Party rewards and voting for SkyBlock gathers a maximum of 16 Vote Keys. So with 1440 minutes in a day that makes each Voter Key worth 90 minutes. (That's an hour and a half of your life.) It takes an average of 95 keys to get one Rare Key from the chest (2016/12/1). That makes every Rare Key worth (95 * 90) 8,550 minutes. (That's 142.5 hours or roughly 6 days of real life time spent per Rare Key.) Bringing this all together: A Rare Key is worth 8550 minutes of your life. In that time period (6 days), a SkyGod could use /kit for 18 diamonds. Final Answer: 1 Rare Key is worth 18 Diamonds of RL waiting. (To a SkyGod) You may want to stay with the current trade price, CapsLock_ -- I don't think CypriotMerks really worked the numbers before setting that trade value or it would have been a bit higher (12 Diamonds?). As it stands looking at the prize list Frederic is probably right: You have almost a 45% chance of "wagering" seven diamonds and breaking even on value, with a Vegas-heart attack 26% chance of tripling your time investment. Standard disclaimer: If there are ways to gain Vote Keys or "game" the Vote Chest I am unaware of this may skew results. I don't pretend to know fair market value or trade histories; I am only dealing with expected time investments for results. Notably Frederic has some excellent arguments on why this may be "fuzzy" around the edges. Best of luck. //Myrmidous
If the worth of virtual goods would legit be calculated upon the time spent IRL to produce them, your post would certainly be worth two blocks of Diamonds. I lift my hat Since you are referring to me I must develop for those didn't hear about our debate. Basically, my Point of view is that the value of those goods, may they be virtual in this case, is conducted by the Players expected minimum sale Price (offer), the agreeable Maximum Price when buying (demand), for a certain Kind of goods maybe also by speculation, hoarding (rare goods especially), or by the Price set by the "authorities" (p.e. Gold and also the good subject of this thread), just as it is IRL. You cannot brake down the value of those goods to the time spent by a skygod to aquire it. It may take two hours for an arabic oil Tycoon to aquire a Gold plated Lamborghini Murcielago, that doesn't mean that this car is worth two hours lifetime to everyone. Also, the actors of the economy on the Server are subject to a tremendous lack of Information (no one knows the average value of most goods), which leads to horrendous Price differences depending on who is buying and who is selling. Also, when you take time as a Basis for evaluating the worth of something, you are talking about income rather than value. But you wouldn't dare in real life to value a Thing relatively to your income / net worth. It's indeed easier to buy that € 2000 UHD curved TV for someone who earns € 100.000 a year that to the guy who earns € 20.000 a year, but it's still worth €2000. As for the value of a rare vote key, since it can only be "produced" when "bought" from the chest or when randomly aquired by voting, its value is, as said before "set by the authorities" e.g. by the admins. If it's 7 Dias, it's 7 dias, period. If he would have set it to 18 the "second Hand" keys would maybe sell for 15, if he would have put it to 1 dia maybe the keys wouldn't sell at all "second Hand", People preferring to use them on the chest. It's Bretton Woods applied to rare keys. The actual pricing has a bright side for those who aquired their key by lucky voting but don't like "gambling with the chests": the "second Hand" market Price of the keys rise from 3-4 dias previously to 6 dias. Disclaimer: If you find spelling / Syntax Errors, you may Keep them. I have f***ing German spell-check on that messes up my writing
i have no idea what you guys are saying or talking about lol. this is to much for my brain. all this maths and stuff. TO MUCH!
