Jagex released the Grand Exchange in Runescape onto an inexperienced market audience. As a result, making money in runescape has became much harder in the current market conditions. Too many people are panicking and trying to sell all their unused stock of items as quick as possible in order to make money before the items become worthless.
Naturally, this should be a short term problem to the whole runescape economy as now all players can trade through different worlds as well as trading while they are offline. This means supply for most items far outweighs demand and prices have fallen rapidly.
The best way to make use of the grand exchange is to both BUY and SELL items on there. Most people are simply trying to sell all items and therefore do not have room to buy anything. This is adding further problems as people keep lowering item prices thinking they will get sold quicker if at minimum.
The main problem is NOT the price, but the fact EVERYONE is doing the same thing - continually lowering the price they want to sell items at. If sellers, as a whole, were more patient and kept prices at a fair and reasonable price, then anyone buying items would eventually have to pay the price requested, otherwise they would not match any sellers price.
Merchanting has been impacted a lot, as has the ability to be self sufficient through using your own hard earned runescape skills. All players should remember this should only be a short term situation and in time, the market will return to a much more stable place.
Anyone who is into their runescape skills should be realistic in the prices they sell their items. Ideally, the skiller would be able to make money or at least break even when using high level skills.
Currently, due to the panic stricken runescape economy, there are very few skills that enable players to make money efficiently. This WILL change in the long term, but only after the majority of runescape players fully understand that it is the people who SELL the items that are driving the prices of resources down and not Jagex.
I ask all players who read this that they make their friends aware that in order to regain stability to the runescape economy, people selling items need to set realistic selling prices rather than trying to undercut other players to try and gain faster sales... this will only continue the downward spiral in resource prices and will affect all future sales and ability to make money through skills.
Tuesday, December 04, 2007
Grand Exchange Impact on Making Money in Runescape
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But....... Jagex is the one who put it there, not us. I think it is there is more demand for cheap prices, and that is why nothing is selling. Everyone wants the cheapest price, so that is what they put it at. If you don't put it at the cheapest price, it will NEVER sell, because NOBODY is buying it at that price. The stupid limitations they put on price have ruined it. It is YOUR fault if you get ripped off because you didn't know what the value is. Now, Jagex has to paint us all a rainbow and make it perfectly "fair" for everyone. Well, they have NOT made it fair. They have just made the game a lot less entertaining. You can no longer sell on the street. I have tried for hours, and never sold anything worth mentioning. It is no fairer than it was before. You had to know the value, or you got ripped off. Duh. Everyone had a fair chance to know the value and profit off of it. It goes the same way in the real world, on ebay, online, in stores, everywhere. Seriously, its as if they think the world should be handed to you on a silver platter. Wake up, the world isn't fair, you mess up, you get left behind. Why should this game be any different? I mean, this would be perfect if they didn't limit the prices....
Yes, everyone wants to buy at the cheapest price but they would not be able to buy IF the sellers didn't list items at the lowest possible price.
If the majority of sellers were happy to sell at the 'market price' then they should just list their item and have patience. In time it will sell.
However, if they get impatient and list items at the lowest price, then demand at lower prices will always outweigh demand at market price or higher prices.
In January, all trades will indirectly be affected by the grand exchange and people will have no option but to conform to the prices determined ingame. This really does mean people need to start being realistic and looking at trying to buy items at reasonable prices if they ever want to sell anything worthwhile on the exchange in the future.
Well said, everyone. It is nice to know that there are actually some intelligent people on RuneScape... not just the mindless n00b screamers.
-Ian
The GE has been around a while now, and I feel like some prices are settling down. I find it interesting that some prices have a low cap to them. Example: Amulets of Magic have been sitting at 405gp for quite some time. This makes them hard to sell on GE so you have to revert to the old method (shouting in a bank) and wait 15 min for your unbalanced trade limit to continue after a sale. Another thing, is I wish non-member world prices were different from member world prices. Members no longer have to visit the NM worlds to trade with NMs, and Members don't get the benefit of getting higher prices for items that are fairly rare in NM worlds (Example: Law Runes). Even if Jagex decided to separate nm prices from member prices now, the prices would stablize at proper differences. I believe the reason for making them the same is to kill the deflation/inflation of macro obtained goods. It hasn't been an easy thing to implement, but Jagex I feel had a great solution to combating real world trading and all the bots that came with it.
My only question. I'd like to see a post on methods to buy low sell high. I've tried to find them and they are difficult. Perhaps Jagex's promise of price graphs would help, but I would like to see the GE work much more like a stock market. Right now (maybe its all the young whining kids) its not really working that way.
Yeah Justin, I noticed some prices have stabilised and some are starting to improve and make it worthwhile to do skills again.
It did get to the point where skills were redundant unless you could make everything yourself. It has got more difficult to make money in runescape for new players, but it is still possible to make enough to enjoy the game.
The price graphs will hopefully help with merchanting in the GE, but it won't really help some items that are stuck on really low prices (either due to excessive supply or that have no demand now due to being almost pointless).
It's definitely true, the problem with the Grand Exchange is not Jagex. It's the players that expect items to sell immediately after they put them up for sale.
When they see that the item doesn't sell right away, they put it up for the lowest price.
They don't understand that some items have more sellers than buyers, and some are the other way around.
This means they have to wait their turn before something sells and they don't want to do that, so they lower the price instead and then advertise that they're doing so.
I must also mention that advertising what you're selling on the grand exchange is really a waste of your time. 1 to 3% of the Grand Exchange community will see what you said.
People should think of the Exchange as a store with 6 shelves. You stock the shelves and walk away. When the opportunity to buy comes, your item will be there and will sell. Period.
Yea this is what ive been trying to tell people! ty
I know the economy is in shreads no but i think there is ways to use grand exchange to your advantage .ATM my tip is use sets to your advantage. I mean with sets i can make make a few mill a day. Hopefully the economy will stop crashing for hard working players sake.
latona said something about how it's now harder for new players to get money... I have to disagree with that. I just started, am level 10 and got 75k in an hour... This was with no skills what so ever and just buying eye of newts at a store for 3gp then selling them for 75gp...
I personally think that the grand exchange should be based off how rare an item is to get, how many there are currently, how the item is used, etc... not based on what people are willing to pay. Most of the players are 10 year olds that just use GE as a way to sell the item's they've recieved, so basically because of this the market will continue to plummet... The only way to fix this would be if jagex had complete control on the market based off what I have mentioned previously...
look,i for one have been tryin for 2 years to make loads of money and i have finally found 1 and just 1 decent way........ .
i agree with anonymous it was JAGEX WHO PUT IT THERE AND THEIR TO BLAME!
btw if ur a member(sry bout da spellin =p)add me thomy118 and ill tell u how to make 240k per hour no joke ty for readin
Runescape is constantly evolving, so for those of you who want to protest changes (Im not directing this at anyone in particular) don't. JAGEX doesnt really care. Think of new updates and changes as something to adapt to and take advantage of. Master each new update even if you prefer the old. The GE opens up a lot of oppurtunities that are just waiting to be used. Learn the trade, play the game.
While it is true that additional supply of an item will lead to a lower price, you cannot expect some suppliers of items to restrict their sales for the benefit of other suppliers who will then be able to sell at a higher rate.
In the real world economy, businesses with a lot of influence restrict their supply of a product in order to create a larger profit. The word we usually use for this situation is monopoly pricing. If the influence was too low, other producers would flood to take the profit by supplying at the rate demanded by consumers.
The grand exchange as a whole did not cause any problems, but simply revealed an inherit problem within the roots of the game. Factors of production are usually valued higher than the products they produce, because of the experience one gains from the production process.
This leads to people who want to get level 99 in a skill willing to pay a higher price for factors of production (eg herbs) than they will receive from the sale of the product (eg, potions). In effect what they are purchasing is their level, which is of itself and important goal in the game of runescape.
The grand exchange itself is a good thing, as it allows players to save time they would otherwise spend attempting to trade. There are flaws such as price restrictions which are what leads to the situation where and item will just not buy or sell.
Jagex probably knows this but is not willing to remove the restrictions due to the use of real world trading, which costs jagex money paying for stolen credit cards, and catering to bots.
All in all the price situation currently is neither an outgrowth of the grand exchange nor 'selfish' players trading habbits. It is mostly representative of the real supply and demand of the items in question. The only way to fix it would be a major change in the way the game is played that leads to items being valued over achievement of levels and income.
It's sad what happened to all of teh prices, I mean look at the whip for example. I bought it at 3m a while ago and now it is 6xx,000gp and the bgs is like 4.5 or 5.4m the problem is the botters, look the prices for regular and frost dragon bones. I used to make a lot of money off of green dragons back in the day and now it isn't even worth it. Most of the botters sell the items they get at lowest price thus leading to the downfall of once valuable items. You cant even chop yews or magics anymore. You won't make hardly any money because of the botters. Not to mention mining, you cant even mine anywhere without botters stealing all of the ore just so they can make the price drop. The only good out of this is getting your prayer and herblore levels up without losing too much money because of how cheap everything is. I got from level 41 to 52 prayer only spending 3m. so unless Jagex decides to stop the botters, I would abuse the prices and stock up on bones and herbs until the day comes when the botters disappear (if that happens.)
If you are thinking of botting, think again. Punishment is getting a major stat rollback plus a nice 2 week ban.
Nice article, are you going to keep writing more posts?
I think the Grand Exchange situation has died down quite a lot since you've written this, but especially when you look at Rares like partyhats that rose for so long it's easy to see how the G.E affects thing.
Another issue which I'm glad to see has ended are the Merchanting Clans that operated by scamming their members.
Although if im being completely honest it seems like they've just switched to dice gaming and money doubling :/
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