I tried buying diamonds for higher prices but then I got over run with spams and loosing money, this happened over a 1 hr period...
I think someone like, oh I dont know, usernameofdeath could definitely raise diamond prices.

 

i agree with u guys

 

I just hold onto my diamonds. I don't try to sell them. I have about 7 stacks of blocks. :p

 

haha nice

 

I could raise my sell price for diamonds but, they would just sell even slower than they do already. I could raise my buy price, but then i would go bankrupt. I make money by making sales not by hoarding. The upside of diamonds crashing to server price is that the player to player diamond price should stay stable going forward.

 

Maybe 2 dollar pumpkins inflated the economy and that's why the prices were higher.

 

I constantly sell my diamonds for $90 in my shop, including diamond blocks......

 

At a few point I successfully raised the price for 35 to 70 and again from 35 to 45, I just went bankrupt buying the diamonds higher than anyone else was selling for.

 

I too want diamond prices too increase. I shall try to help you once the melons sword is bought. I will pay you monies.

 

(to buy diamonds, of course)

 

usernameofdeath you're shop is very successful, isn't it?

 

I believe you're means "you are."

 

No, e-repairs inflated the economy.

 

Always keep the Diamonds for Picks Sword and that kinda stuff​

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Do you mean that diamonds were high before erepairs existed and that they went low after erepairs was added to the game? Was there a time when erepairs didn't exist?

When I speak of inflation, I'm talking about too much money being added to the economy. When the amount of money in the economy grows, prices grow too. E_repairs do not add ecodollars to the economy, they are a player_to_player transaction. Inflation only occurs when the server adds money to an account.

 

Erepairs do add money to the economy, but I don't know how much of the inflation is caused by erepairs compared to other sources. Think of it like this - if a player can repair their enchanted pick, sword, axe, etc they can obtain money from the server faster because they mine, and farm continuously repairing along the way. The money made from /sell hand is created out of thin air thus adding more money into the economy.

Erepairs also depress diamond prices, but again I don't know by how much. If players can have their tools repaired, there is less of a need for diamond for new tools - reduced demand = reduced price.

But I disagree with the whole premise that diamond prices are too low. Too low compared to what? What should the price be? The current price is whatever the market will bear based on supply and demand.

 

There was indeed an time, where e-repairs did not exist. I believe, around one year ago, andrew added in regular repairs, and said that he would never add e-repairs, but eventually did. Probably just one more of andrews plans to get money out of the economy.
Also, e-repairs at the time, at least when I was around, costed 1k each. Only few, very few had it. They made loads of money each day for selling them..
What I believe happened, was that, with all the price decreasing. The most famous one, being pumpkins. Everything decreased significantly too.

 

The actual e-repair doesn't cause inflation the effect of being able to easily repair your tool causes inflation. You can easily repair your tools, so there is little demand to continuity enchant new tools, this gave way to lower farming prices. In vanilla Minecraft your would have to find xp through farming mobs or mining and enchant a new tool once the tool broke, this keeps a balance. With e-repairs there is no need to enchant a new tool every hour or so.

Imagine farming pumpkins with eff 5 without e-repairs, you would have to rely on chance and a lot of xp to get an eff 5 axe, then it would break within half an hour. You then have to repeat the whole process of getting an eff 5 axe, which would be more effort then it's worth. In this case it seems more than reasonable to have pumpkin at $2 each.

E-repairs has replaced a major cost that would have existed before your could easily and fairly cheaply repair tools. It has also allowed players to easily make a constant stream of money, as your not relying on the chance of getting a certain enchantment.

At the end the day there is always going to be inflation in any economy, especially a Minecraft economy because unlike real life you don't have the government and reserve bank taking your money (They call it taxes and interest rates). I believe e-repairs are the biggest causes of inflation on ecc.