what happened? central bank? cmon (in General)
July 29 2007 10:19 AM EDT
what happened here the bank outbid me by 5k while i was sleepin on the HoE i went to sleep like 4 hours before it expired cmon ill gladly pay whatever that small amount is. Thats just not right. If i wouldve known it was gonna be just 5k more i wouldve just put that up.
July 29 2007 10:29 AM EDT
I'm afraid that you're going to have to wait for it to be put back into auctions, Frost. Central Bank isn't always fair, but it does make sure that there aren't any unfair practices concerning auctions. It's one of those things where a few people had ruined it for the whole.
July 29 2007 10:29 AM EDT
The idea behind the Autobid is that you put up the amount you are willing to pay, and then it autobids up towards that amount when someone outbids you. If you had been willing to pay 5k more, you simply should've put that much more up to start with. This isn't Central Bank's fault. ~_^
July 29 2007 11:00 AM EDT
how is that not central banks fault? is it automated or is it controled by someone? i outbid everyone by at least like 50k. Like i said if i wouldve known central bank was gonna just break my bid by 5k and have it at the lowest highest bid possible i wouldve just put that up just to not have to deal with it but like i said i went to sleep thats just not reasonable for me to need to stay up all night and watch my bid get outbidded by that low of a amount. but owell its not like me complainins gonna change anything but im just saying thats just bull.
Central Bank's bidding is far from perfect, but look at it like a puzzle game -- you have to try to beat out the bank, and you face a random chance of losing at the tail end. Don't look at it like a normal ebay-powered auction.
July 29 2007 11:12 AM EDT
CB autobids according to a program written by Jon (the game's creator).
It keeps prices artificially high.
You can do a search for numerous past posts on the subject, it has been debated numerous times.
With the autobidding e-bay style bidding, you should have put in a higher amount and would have overbid CB's bid.
Not everyone likes it in a "free-market" economy, but it will not change as Jon believes it is best for his game.
CB doesn't keep prices "artificially high" any more than normal spawns keep them "artificially low." They're both part of the game, and allow prices to adapt to market conditions much faster than some level imposed by fiat.
July 29 2007 12:04 PM EDT
So, CB just keeps them at a reasonable marketing level?
July 29 2007 12:33 PM EDT
correcto :) guess you just have to take it into consideration when you bid :)
July 29 2007 4:11 PM EDT
I still cannot understand how CB bidding does not artificially raise prices.
Imagine a program on Ebay motors bidding on some automobiles it thinks is below market value instead of letting normal supply and demand take its effect. Or a program (with unlimited money) in the NASDAQ bidding more for a stock to keep its price in "market" value. There have been times certain stocks on the NASDAQ have been suspended from trading but never does it overbid someone.
If the worth of an item is low, then by golly, it is selling for low. With a bidding window of 24 hours, it is not like almost every routine player does not have a chance to get at least 1 bid in on the item and should (due to the new ebay system) bid what s/he thinks it is worth. If the bidding window is too short, then lengthen it to 48 hours. I certainly would prefer that to CB bidding.
Routine spawns should not also keep prices artificially low, in fact more items are needed as new players join the game, old items are stuck on abandoned characters/users, and CB snatches up items it thinks is under priced.
Unless an item suffers a major boost and/or nerf, its value is relatively stable after a couple months. With the exception of supporter items as they are rarer and rarer as time goes buy, so their price usually goes up steadily unless a nerf/boost is involved (see VB).
Now please do not think I do not think CB bidding has no upside. I have sold many an item to CB for more then even I thought it was worth. But overall, please someone explain why its bidding does not raise an items price artificially as CB has no limit to its funds.
July 29 2007 4:21 PM EDT
I thought accounts that were not supporters, we're purged after awhile? This doesn't seem to be the case with a lot of people though.. Take DangerZone for one.
July 29 2007 4:35 PM EDT
Does CB bid on the normal & blackmarket spawns or just on user auctions?
Just something I've periodically wondered about...
It's not an artificial inflation because it adjusts when prices drop...
July 30 2007 11:14 AM EDT
By keeping prices at a "fair market value" they can never drop.
However, what I have noticed is Central Bank, only bids in the last 30 min or so of an auction, and it only bids once (This is only based on my own limited observations) . It seems it's bid is based on the minimum increment, so if you are looking to buy an item below market cost, you must be online when the auction ends. Therefore because it is only one bid, and at the minimum increment, it will in fact lower market value. The market value will lower gradually rather than a sudden drop.
It seems like a good system to keep the market more or less stable, another way would be to automatically extend auctions that have not been bid above a "fair market value". This solution I think would cause even more of a fuss, imagine having a ELB in the auction for months because no one wants to buy 25 mil NW bow, for the "Fair Market Value".
When Central Bank only bids the next increment when it believes the item is below the market value then the only group who can actually artificially inflate prices is us.
Central Bank will gradually believe the items are worth less and less but until we bid above the currently perceived market value then they will not rise.
For all of you who complain about 'staying up' just bid something fair which is unmatchable by Central Bank before going to bed, the amount you put into the box is not necessarily what you will pay.
July 31 2007 12:09 PM EDT
"We" are supposed to bid market value, so the next bid increment should logically be above market value, right? ;)
The bid price isn't the main method for increasing the market value for Central Bank. As each item he has won is removed from the economy, the supply for those items is reduced, while demand for it still is high.
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