26 November 2007 - The Grand Exchange

[qeltar]

 

From what I understand the price is adjusted daily based on if a specific item was bought or sold at a higher or lower market price.

 

 

If it's only adjusted daily then this update is a failure. Prices fluctuate more quickly than that, and nobody is going to bother standing around for weeks to sell items.

 

 

Also, if you are selling item x for 1,000 and someone is buying item x for an offer of 1,500 then you will buy the item for 1,000 from that person. You may pay varying prices up to 1,500 in order to get your full quantity you are in search for but you will never pay over the 1,500 limit you set.

 

 

 

The problem is that right now I am trying to sell items for the lowest possible price and nobody is buying. The trading ranges are too narrow.

 

 

 

Daily adjustments aren't a bad thing since prices for most items won't be dynamic enough to have huge fluctuations in a single day. In a few days, prices will drop to where the market actually is at and trades will flow smoothly. If you're that impatient, you can sell on the forums.

 

 

 

It's not a matter of impatience; I am not after money in a hurry, I am testing the system.

 

 

 

Markets that have too narrow of trading ranges and that update too slowly are ineffective. This exchange is being hampered by Jagex's excessive restrictions. If they want the market to find its own place then let it do so!

[Goldenjkered]

It's kind of stupid really. If you try to buy, lets say 1k nats for 290 ea, and the lowest price is 279 possible, then it'll try and find the lowest price possible and buy the 1k nats and give you change. This mean that unless your the person selling at the lowest price you can't sell anything. Also the lowest price rune boots sell for is 171k :shock:

[Voldmort0]

The biggest problem with the price range thing is, naturally, that Jagex wont be able to keep up with the evolution of the market prices, atleast not yet since most people will still use regular way of trading.

 

But I wouldn't consider it a failure if people start getting used to using the GE and get over "old" trading. Jagex would then control the prices and it would change on a daily if not 12hour basis and people wouldn't really mind since they couldn't offer more or less than the price range anyway.

 

The only thing that'll make a difference right now is the fact that there are still alot of people selling/buying things at whichever prices they want, and people obviously follow those prices and not the ones fixed by jagex.

[chris1216]

 

 

 

The whole point of this update was to expedite and facilitate trading. It succeeded in some areas but failed in most others. People will still primarily use World 2 and the forums to buy/sell.

 

 

 

How did it fail in most areas? There's a few items or sets that the GE doesn't have, but once prices adjust (which takes time) then everything will be hunky-dory.

[qeltar]

 

 

 

The whole point of this update was to expedite and facilitate trading. It succeeded in some areas but failed in most others. People will still primarily use World 2 and the forums to buy/sell.

 

 

 

How did it fail in most areas? There's a few items or sets that the GE doesn't have, but once prices adjust (which takes time) then everything will be hunky-dory.

 

 

 

The vast majority of items I've tried to sell have just sat on the exchange until I canceled them.

 

 

 

Sure, it's good for common items, but they were easy to buy before also. Not saying this is a bad update, but it "needs refining" as the saying goes. ;)

[Capone_Sabre]

 

 

 

Bought the materials I needed for 99 fletching in less than 30 minutes. :o

 

 

 

It's a pity the prices can not be varied by say 20% rather than being this rigid but still, it's a fantastic update.

[chris1216]

 

 

 

It's not a matter of impatience; I am not after money in a hurry, I am testing the system.

 

 

 

Markets that have too narrow of trading ranges and that update too slowly are ineffective. This exchange is being hampered by Jagex's excessive restrictions. If they want the market to find its own place then let it do so!

 

 

 

Again, the market would only be ineffective if prices of most items fluctuate more than 5% each day, which for most items doesn't happen. The market will find it's own place, albeit slower than you want, but it'll get there nonetheless.

[qeltar]

 

 

 

It's not a matter of impatience; I am not after money in a hurry, I am testing the system.

 

 

 

Markets that have too narrow of trading ranges and that update too slowly are ineffective. This exchange is being hampered by Jagex's excessive restrictions. If they want the market to find its own place then let it do so!

 

 

 

Again, the market would only be ineffective if prices of most items fluctuate more than 5% each day, which for most items doesn't happen. The market will find it's own place, albeit slower than you want, but it'll get there nonetheless.

 

 

 

Sorry, I disagree. Prices CAN fluctuate by more than 5%. And if they only update once a day and only by 5% it will take WEEKS for some items to get to appropriate prices. By that time people will have just given up and gone back to the old methods.

 

 

 

Why hamstring such a good feature with unnecessary restrictions?

[mujammil]

Wtf is up with prices of yews and rannar seeds, 390 ea for yews and 28-29k for rannar seeds !! :evil:

 

 

 

Part from that i guess it's ok.

[chris1216]

 

 

 

Sorry, I disagree. Prices CAN fluctuate by more than 5%. And if they only update once a day and only by 5% it will take WEEKS for some items to get to appropriate prices. By that time people will have just given up and gone back to the old methods.

 

 

 

Why hamstring such a good feature with unnecessary restrictions?

 

 

 

 

 

Again, yes they CAN, but whether prices of most items are CONSTANTLY fluctuating by more than 5% is fairly unlikely.

 

 

 

Also, you and I are both wrong on Jagex's methods for altering the grand exchange:

 

 

 

 

 

 

 

 

We won't change the prices individually, rather the rate at which they are bought, sold, not bought or not sold. So you don't *have* to buy the item if you think the price is too high, this will also cause the prices to change. ;)

 

 

 

 

 

 

 

 

Also, I'm not quite sure where the once-a-day price update came from and whether or not it's a concrete statement from Jagex, but if it isn't, it's speculation based on the worst possible scenario.

[Bini]

I like this updated.

 

Really usefull when you have 200k+ Yew Logs for sale! :XD:

[ikraz66]

People are now standing around calling out what they are selling on the exchange because nobody can browse. Silly.

 

 

 

People are standing around calling out what they are selling because rune boots cost 180k in the exchange an no one will pay that much.

[cowmasta13]

Selling stuff is a lottery on the exchange...so many people are selling at min. price that it's crazy hard to get picked as a seller. Buying on the other hand...... *faints from happiness*

[qeltar]

People are now standing around calling out what they are selling on the exchange because nobody can browse. Silly.

 

 

 

People are standing around calling out what they are selling because rune boots cost 180k in the exchange an no one will pay that much.

 

 

 

I know. I didn't mean the people are silly, I meant the system is. :)

[Jabuli]

I've gotten "one or more of your items have been updated" message several times but nothing actually happened to my items :|.

[Chazimcgee]

Looks like a really thought out update. I dotn liek the market prices :S

 

 

 

Very well done though and i look forward to seeing how the economy fares

[warshadow212]

Points to point out:

 

 

 

(1) The new prices, set by JaGEx at first, will flux throughout time, will be the new prices of stuff found in the player shops in general stores and specialty stores: [e.g. i saw pure ess sold @ 86 ea, reg ess @ 28 ea (no longer 1-5ea)]

 

 

 

This hurts anyone who would have wanted to pick up scraps @ the gen store. I know I like to pick up a couple airs @ 2 ea. No longer possible, they're 14 ea now.

 

 

 

This is an unfortunate result of the GE. But in the end, this should be most beneficial.

 

 

 

(2) You can buy as much as you need. You put up the money, the system finds the price you're looking for, it'll take from every item offer put up.

 

 

 

Ex. Let's say you want to buy mith ore @ 470 gp. You want 1k of it. You put up 470k. Let's say 3 people put up mith ore in the GE. One offer is 5k mith ore @ 470 ea, 8k mith ore @ 450 ea, and 30 mith ore @ 440. It'll take 1k ore from the offer of 470 ea. And automatically you can pick up 1k mith ore. The bar should be green when your order is ready.

 

 

 

(3) If you want to buy an item, and there are many offers of items in the system already, it will pick the item with THE MATCHING PRICE.

 

 

 

Ex. You want a d-long @ 100k. There are offers of d-longs in the system, at all sorts of prices within the +-5% range. It will look at the 100k offers first, pick one at random. In the end, this effect will carry over to everyone, because there are more than 1 buyers of d-longs @ 100k. Millions of players.

 

 

 

(4) "One of your offers has been updated.", or along the lines of that. If you abort an offer, if you put up a new offer, if yo udo anything to any of your offers, if your offer has been bought, if your offer has been sold, that message will come up.

 

 

 

~WSW~

[TeeBeaun]

I was thinking this might be the end of price guides. But then again, the price guids will still be usefull, and they will be much more accurate now.

[cowmasta13]

Maybe the prices changed?

[Zyrkon]

How many of you have actually SOLD anything? Pics please :shock:

 

I hope it doesn't go by the alphabetical order :roll:

[berbatovsky]

Ive sold a few things in seconds that I thought would take a while to sell and a few things haven't sold that I'd expect to be snapped up, you can't abuse Jagex for this update because its about as good as it could be, the ranges are fine (except blood runes I could sell them at 600 EASILY before but the max is 530 or something similar in the exchange).

[warshadow212]

too impossible to tell if it's alpha order. Too many players out there. Too many offers out there. It's all based on price. All this code is using the tag for price, and searching based on that tag for price. Item tag should be obvious.

 

 

 

~WSW~

[Barihawk]

 

 

 

The whole point of this update was to expedite and facilitate trading. It succeeded in some areas but failed in most others. People will still primarily use World 2 and the forums to buy/sell.

 

 

 

How did it fail in most areas? There's a few items or sets that the GE doesn't have, but once prices adjust (which takes time) then everything will be hunky-dory.

 

 

 

The vast majority of items I've tried to sell have just sat on the exchange until I canceled them.

 

 

 

Sure, it's good for common items, but they were easy to buy before also. Not saying this is a bad update, but it "needs refining" as the saying goes. ;)

 

 

 

Give it a break, it may take a few hours or days. Supply vs demand works out to more than price.

[Hydraides]

All My items basically sold instantly, this is really bad if you like shopping

[jonni]

I've gotten "one or more of your items have been updated" message several times but nothing actually happened to my items :|.

 

 

 

you get that message any time you do anything e.g remove item