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CS:GO can be purchased outright for <30 sacks of gems. The high bid is 83,000 gems. People are loving stupid.
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Dec 14, 2014 00:31
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It might get less stupid in subsequent rounds if we get a stable gem price so people can see exactly how much they're actually bidding.
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Dec 14, 2014 00:33
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drat this is like Zimbabwe or the Beanie Baby craze.
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Dec 14, 2014 00:33
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I miss when the sale gimmick involved doing certain things / getting certain achievements in games. 
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Dec 14, 2014 00:34
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Remora posted:CS:GO can be purchased outright for <30 sacks of gems. The high bid is 83,000 gems. The high bid on the holiday profile is 233,600 gems, so 234 sacks @0.37 = 86.58 £86.58 for a profile that will disappear in a few weeks. Yeah people are loving stupid.
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Dec 14, 2014 00:35
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Helith posted:Nah, those gems are long gone. They went poof and you got refunded. The only gems left are the ones that you make from backgrounds, emotes and cards. So if you snapped up the surplus of those yesterday you were paying 0.03 per 100 (or 80) gems. Now those backgrounds / emotes are more like 0.05/6 as the whales burn through them all. Ahhh forgot about that. Screw it then. I played things about as well as I could have the first night barring getting even more buy orders in. I'd feel bad if I had been able to hold onto 3 cent sacks of magic beans and sell them now, but if they would have disappeared anyway then I'm glad I converted to boosters and sold.
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Dec 14, 2014 00:37
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Helith posted:The high bid on the holiday profile is 233,600 gems, so 234 sacks @0.37 = 86.58 I can almost understand that one. You're bidding to say you were there/you did it. It's an experience. But bidding more gems on CS:Go, a game that will assuredly be even cheaper after the sale is over (50% off at least) is complete lunacy. Like, Dutch Tulip Lunacy. Currently (after a half-hour) gems are holding at 17 per 1¢, so you can decide how much a game is worth to you and bid accordingly.  1700 = $1; fortunately, the stuff I want only has like 126 bids, so my current 10 placeholders may actually stand.
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Dec 14, 2014 00:39
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Everblight posted:I can almost understand that one. You're bidding to say you were there/you did it. It's an experience. I unloaded my gems for a bit less (.55 cents) just because I'm in the top ten with one of the things I really want and around 20-30 in some other games with a hundred or so gems. I highly doubt that gems will go past .60 cents, so basically I can only get more from here on out. But if it is enough, who knows. If there is one thing I've learned, people on Steam are loving insane.
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Dec 14, 2014 00:42
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Bad Rats watch: now up to 7,100 gems and counting
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Dec 14, 2014 00:43
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Crunching the numbers, you need 80 gem items to cost 5¢ to come out ahead (17¢/ comes out to 85). There's surprisingly few arbitrage opportunities on Steam, even with them obfuscating the gem-value of things.
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Dec 14, 2014 00:44
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Yeah I've put my backgrounds up for ridiculously inflated prices (.20 for Γ100 backgrounds, .16 for Γ80) just to see what happens. I doubt that they'll sell at all but seeing how broken things are at the moment...
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Dec 14, 2014 00:46
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CuddlyZombie posted:I miss when the sale gimmick involved doing certain things / getting certain achievements in games.
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Dec 14, 2014 00:46
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The prices are flactuating because people don't know what price to set the bots at yet.
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Dec 14, 2014 00:47
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Are we gonna use Γ or ? EDIT: Spitballing: A bidding war between two people is actually really beneficial. Say Alice and Bob are bidding on Bad Rats. They'll go back and forth, A5000, B6000, A7000, B7600. This doesn't change the fact that Charlie's bid of 2000 is still the #3 bid, so 90 minutes after Alice and Bob win, Charlie still gets his game for 2000, AND the value of gems is inflated in general, as Alice and Bob together have removed 14,600 gems from circulation. Really that's the story here, Steam is intentionally deflating all values across the board, and it's working great. As long as you can wait like a grown-up to get your game 22nd instead of 1st, you can get some screamin' deals. You may need to do a little strategic sniping before auctions end, but it should be pretty simple if you're bidding on stuff with only a few hundred bidders, and honestly even 1000 gems a game is still less than a dollar. Shrecknet fucked around with this message at 00:55 on Dec 14, 2014 |
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Dec 14, 2014 00:49
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Everblight posted:Are we gonna use Γ or looks easier for us to type and is easier to associate to be honest.
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Dec 14, 2014 00:52
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I am liking this gimmick the most so far. It mixes the comedy of watching steam users go insane for temporary profiles or overpaying on AAA titles with delightful posts about economics and the value of a currency, which is strangely awesome to read about. I will probably get 2-3 games for the card scraps I sold months ago. And its pushing up the value of the cards I do have, plus russian duping never ceases to make me laugh. Someone should make an indie game based on this insane steambux market. This poo poo is more interactive than simcity.
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Dec 14, 2014 00:53
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Spiderdrake posted:I am liking this gimmick the most so far. It mixes the comedy of watching steam users go insane for temporary profiles or overpaying on AAA titles with delightful posts about economics and the value of a currency, which is strangely awesome to read about. I will probably get 2-3 games for the card scraps I sold months ago. And its pushing up the value of the cards I do have, plus russian duping never ceases to make me laugh. OOTP is basically this, but I'd love a Wall Street Kid remake, or better yet some kind of MMO. There is http://hsx.com which is basically "the Steam winter game bullshit" but for movies.
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Dec 14, 2014 00:56
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This reminds me of a fun social experiment! http://en.wikipedia.org/wiki/Dollar_auction There are probably hidden rewards for people who participate in the steam version of this, but I doubt that people with leftover gems will be able to convert them into anything of value after the event ends. I love this madness. I'd like to believe there are troll bids going on, too that push impatient people who actually wanted the prize to then counter-bid in small increments.
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Dec 14, 2014 00:58
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Sacks of gems are nearing a dollar  YOU'RE GOING THE WRONG WAY
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Dec 14, 2014 01:01
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This changes the math on arbitrage opportunities. As gems near 0.1¢ each, your 5-7¢ 80 icons are going to make more sense. As long as nobody tells Gaben about the utterly hilarious scam that is QuiBids, we should be fine. I kinda hope he does find out about Penny Auctions, though, because I love comedy.
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Dec 14, 2014 01:03
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Quest For Glory II posted:Sacks of gems are nearing a dollar And here I was thinking I was smart for unloading them at 70 cents.
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Dec 14, 2014 01:04
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I'm still missing 20,000 of the gems i crafted when this started, and if Steam ever gives them back it will be long after the price crashes again.
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Dec 14, 2014 01:10
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For 750-1200, you can craft a booster for three 3 cards which might be worth $0.25-0.30 (depending on the game of course) or 60. So that's obviously a waste of a sack of gems that you can now apparently hive off for a dollar.
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Dec 14, 2014 01:10
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And now gem sacks are down to 71 cents, the fluctuation is hilarious.
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Dec 14, 2014 01:10
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I understand wall street guys now
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Dec 14, 2014 01:11
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Remora posted:I understand wall street guys now I'm just imaging Steam as the floor from 'Trading Places', drowning in curses, yelling, paper and tears.
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Dec 14, 2014 01:13
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Quest For Glory II posted:And now gem sacks are down to 71 cents, the fluctuation is hilarious.
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Dec 14, 2014 01:13
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Also reminder that if you're not after the AAA new hotness, you can pick up some wishlist backlog stuff EXTREMELY cheap. There's 1300 games out there, if you go over 1 gem you probably have a shot at them if you're remotely interested. Top bid of $5.60 is still only a 1/3rd of the game's full price, though it usually dips to about $7.50 As a side note, as a Washingtonian, Gems are nice because I have to pay sales tax on Steam games I buy. Not on gem-won games.\ The real question is what price will gems be at on day *2* of the auction, after the first round (and hundreds of thousands of gems) have been obliterated by the auctions closing. Shrecknet fucked around with this message at 01:21 on Dec 14, 2014 |
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Dec 14, 2014 01:16
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Dec 14, 2014 01:21
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so, i have no desire to engage in this silly gem thing, there is going to be a regular sale where i can just buy cheap games with american currency, correct?
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Dec 14, 2014 01:23
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cams posted:so, i have no desire to engage in this silly gem thing, there is going to be a regular sale where i can just buy cheap games with american currency, correct? Sorry, it's all about GemCoins now.
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Dec 14, 2014 01:24
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cams posted:so, i have no desire to engage in this silly gem thing, there is going to be a regular sale where i can just buy cheap games with american currency, correct? On the 18th
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Dec 14, 2014 01:24
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So has someone made a userscript to guess at auction prices for a given value of gem sacks yet? Cause that would be nice to have Monday night.
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Dec 14, 2014 01:50
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Was this designed by the Valve Economist? Has he commented on it at all? Every time I think the Steam economy can't get any wackier something like this happens
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Dec 14, 2014 01:54
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CharlieFoxtrot posted:Was this designed by the Valve Economist? Has he commented on it at all? Every time I think the Steam economy can't get any wackier something like this happens This could only have come from a person who regards Steam users as insane chattel, dancing around 'free products' that cost the company nothing, watching with euphoric glee as they take a cut off of the top of every transaction, laughing madly as the drooling masses pay for something several times over with fake money that they control absolutely. So in other words, yes, an economist.
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Dec 14, 2014 01:59
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Everblight posted:There's 1300 games out there, if you go over 1 gem you probably have a shot at them if you're remotely interested. Top bid of $5.60 is still only a 1/3rd of the game's full price, though it usually dips to about $7.50
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Dec 14, 2014 02:06
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Dapper Dan posted:This could only have come from a person who regards Steam users as insane chattel, dancing around 'free products' that cost the company nothing, watching with euphoric glee as they take a cut off of the top of every transaction, laughing madly as the drooling masses pay for something several times over with fake money that they control absolutely. Praise be to the holy economist
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Dec 14, 2014 02:06
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Palpek posted:This is true, go hunt for more obscure games and I'm sure you can score something. Just stay away from top sellers and big names. I can't stress enough how deeply Steam users are mis-understanding how this auction is gonna work. There's gonna be a LOT of people just blasting through their gems trying to get the game at the next auction close, when you will be able to saunter up around the 40th closing and win poo poo for >1000 gems (other than brand-new AAA titles).
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Dec 14, 2014 02:17
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The Mythical Steam Economist hasn't worked for Valve for years, apparently, and he was there to analyse what the gently caress was going on with the existing market, not come up with new stupid poo poo like this. There are probably a few free market/Eve fans who have come up with this and are probably enjoying what emerges from the chaos just as much as we are though.
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Dec 14, 2014 02:22
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So with gems "holding steady" at 60¢ per 1000, that makes crafting boosters out of them worthless unless the boosters sell for at least that much, and the only boosters that are seem to be brand-new Anime games, so good luck making your money that way. Reminder that, at 60¢ per 1000, that's 17 per 1¢, so you need to be getting in under 5¢ per 80- item (which all appear to be gone now). There are a few places that were worth it, but they're gone now, so I don't feel bad telling you guys in public - foil cards from 80-gem item games were smelting into 220 gems apiece, and I had found a passel at 13-15¢, beating the going rate. That's gone now, they're all 18¢+, so they aren't +EV.
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Dec 14, 2014 02:31
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