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The Private Server Syndrome


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I only see rich people making hundreds of millions.

hmm imagine that - people who are good at making money (rich people) are also good at making money (making hundreds of millions) :!:

 

It is quite a difficult concept to grasp :shock: I... just... don't... understand.... :ohnoes:

 

On a more serious note, I was just making an observation in response to OP, I'm just saying not everyone's making hundreds of millions that easy like a private server, which is what OP seemed to imply.

 

So for me personally, I don't see a private server syndrome going on.

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im still trying to grasp the concept of how having a bunch of money automatically makes you a jerk

 

:rolleyes:

 

 

im going to assume it is jealousy and leave it at that. :mrgreen:

 

I'm going to assume you're trolling and leave it at that :mrgreen:

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Jeez...I hate to pull the classic "if you feel like you have too much money give some to me" gimmic, but jeez people, I honestly don't think that I could ever have too much money in this game. But then again, I've never actually had that much. (Most my bank was ever worth was 30 million, but as of yesterday I got scammed for my dragon claws <_<)

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If you really think having a lot of money is ruining your game experience, give some of it away.

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Ever heard of a concept called opportunity cost? Very important to consider in economics.

Well, in that case, everyone who ever goes to the duel arena can't make a profit. Generally, people account for profit by adding the sums they have earned and discount the money they've lost, but if you account for opportunity cost, you are always stuck for the money you lost, even though you made a huge profit. That's why it really doesn't make any sense to look at profits that way, and be speculative about the future. Does everyone who fights someone with a divine in the wilderness automatically lose 800m? As said, you can't lose what you don't have. Opportunity costs are based on reasonable averages of what is extremely likely to happen. IF the seller was highly aware of the price rise and sold anyway, he would have lost 300m, but as there was no way to predict such market behavior, he got his money's worth.

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I have to place most of the blame on staking. Watching friends (and myself for a little while) exchange values of dozens to hundreds of millions, even billions, without breaking a sweat makes me forget how hard it is to actually produce that cash.

 

 

Try this for the average player, who has no exp flipping, dies to staking too much and cant Pk for crap. Or, you know, share knowledge with other players on flipping etc? <_<

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Generally, people account for profit by adding the sums they have earned and discount the money they've lost

accounting profit

 

 

but if you account for opportunity cost, you are always stuck for the money you lost, even though you made a huge profit.

economic profit

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When I read these players making billions overnight and casually complaining about it, I feel like I am doing something wrong by trying to gain Geepees the old fashion way :( That, or I'm just dumb by not investing my meager cashpile into an item and hope it goes up...6yrs+ and only 1.5m in bank :(

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Generally, people account for profit by adding the sums they have earned and discount the money they've lost

accounting profit

 

 

but if you account for opportunity cost, you are always stuck for the money you lost, even though you made a huge profit.

economic profit

Lost stakes aren't economic loss as it isn't reasonable to assume you will win all stakes, just as it's not reasonable to assume that the price of an item will change 30% in a day. This would be comparable to every company always losing money because they didn't find a briefcase filled with cash every second Sunday, or not winning the lottery. Economic profit is also usually based on time, and neither of the in-rs examples take that into account. Talking accounting in the way the OP does is just senseless- he sold his hat for what it was worth, and he had no reasonable assumption the price would go either way in the forthcoming future. It's bogus to say that he lost money just because someone else won the lottery.

First to 99 Farming on 27. September, 2005.

First to 3766 Port Score on 20. March, 2014.

First to 4664 Port Score on 2. March, 2015.

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Well, in that case, everyone who ever goes to the duel arena can't make a profit. Generally, people account for profit by adding the sums they have earned and discount the money they've lost, but if you account for opportunity cost, you are always stuck for the money you lost, even though you made a huge profit. That's why it really doesn't make any sense to look at profits that way, and be speculative about the future. Does everyone who fights someone with a divine in the wilderness automatically lose 800m? As said, you can't lose what you don't have. Opportunity costs are based on reasonable averages of what is extremely likely to happen. IF the seller was highly aware of the price rise and sold anyway, he would have lost 300m, but as there was no way to predict such market behavior, he got his money's worth.

 

No you have the opportunity cost wrong. An opportunity cost is the cost of not doing something you could do otherwise. For example, lets say that I have two job opportunities where Job A pays 60k a year, and Job B pays 160k a year. (these would be the accounting profit) But the opportunity cost of taking Job A is the total money made from Job B. So, the economic profit is in fact -100k.

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Well, in that case, everyone who ever goes to the duel arena can't make a profit. Generally, people account for profit by adding the sums they have earned and discount the money they've lost, but if you account for opportunity cost, you are always stuck for the money you lost, even though you made a huge profit. That's why it really doesn't make any sense to look at profits that way, and be speculative about the future. Does everyone who fights someone with a divine in the wilderness automatically lose 800m? As said, you can't lose what you don't have. Opportunity costs are based on reasonable averages of what is extremely likely to happen. IF the seller was highly aware of the price rise and sold anyway, he would have lost 300m, but as there was no way to predict such market behavior, he got his money's worth.

 

No you have the opportunity cost wrong. An opportunity cost is the cost of not doing something you could do otherwise. For example, lets say that I have two job opportunities where Job A pays 60k a year, and Job B pays 160k a year. (these would be the accounting profit) But the opportunity cost of taking Job A is the total money made from Job B. So, the economic profit is in fact -100k.

Opportunity cost is there for reasonable assumption and things you can foresee/predict. It's just as unreasonable to win 100% of your duels, win the lottery or have an item go up 30%, thus they can be discarded as opportunity cost.

 

With your assumption, you can't make a profit by winning the lottery, but that's just not true(winning the lottery would be 0 profit under that assumption).

First to 99 Farming on 27. September, 2005.

First to 3766 Port Score on 20. March, 2014.

First to 4664 Port Score on 2. March, 2015.

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I have to place most of the blame on staking. Watching friends (and myself for a little while) exchange values of dozens to hundreds of millions, even billions, without breaking a sweat makes me forget how hard it is to actually produce that cash.

 

 

Try this for the average player, who has no exp flipping, dies to staking too much and cant Pk for crap. Or, you know, share knowledge with other players on flipping etc? <_<

The purpose of this post wasn't to discuss merchanting or my own wealth. People can't get off the "you're greedy" bandwagon and realize that the point I'm making relates to the vast difference in the way money is exchanged and viewed pre- and post-free trade.

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The biggest thing Free Trade did for me was made me realize that when all these obscenely rich folks were offering 1b+ for items during the GE era, they actually HAD the cash to back those trades up. Seeing party hats traded for billions is mind-boggling, considering I've never owned more than ~150m cash at one time.

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I have a small cashpile compared to my items (divine :P), but managed to double it staking after a few hours. Can pull in a few mil per hour flipping - will have to see what that's like in a few weeks when people get used to no limits GE. Also yet to be seen if Jagex leaves the GE with no limits on how often you can sell and then re-buy items.

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Well, since I haven't played in a few months, I still only have a measly 1.2m bank worth, and I've been playing for almost 4 years. I have no idea what you are on about in a way. All my money went on the road to a fire/quest cape. Yet a few months later I couldn't get the latter. Money is strange.

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Still hardly feel the amount of GP i have made is real, having this large bank is just strange, bought an ely and a purple phat whereas on the 1st of feb I was dreaming of being able to get one of those items.

Check it out, huge amount of effort has gone into this massive mod!

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An obscene amount of GP is exchanging hands at the moment. I've found it interesting that the majority of people are either saying that the GE changes have made getting rich obscenely easy, or have said nothing has changed. And if you think nothing has changed, I'm perfectly happy for you to keep thinking that. ;) The GE is allot more flexible for merching now. I want to sit at the GE skilling and update offers every minute or two? Ok, there's items i can flip while doing that. Put an offer in for 100 whips, sell them in 10's as they come in. Trade some other quick items like Dbones etc repeatedly. Want to just play around with the GE inbetween floors / slayer tasks / whatever? Trade some slower stuff for bigger margins. The GE is a much more flexible tool for trading now.

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Im making a fortune as f2p... I dont plan on buying members but eventually all I will have left to buy is more rares. I remember quitting this game with only 50m and a zammy gs. Now with free trade having returned I too feel like money isnt an issue. Ive made a fortune from selling and buying santas and got so much money I dont even need to stake. I can stand around in GE find a nice price and capitalize in a few hours. No work needed except a few clicks. Its sad but I might never train another skill because all I need to do now to get money is stand around and watch words while watching entourage or reading for my next class.

 

This wasnt the way I expected the game to be on returning from free trade. Well Its been a good game for sure... hopefully things calm down soon.

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