04-08-2015, 12:50 PM
So, first day results:
As tokens opened up for sale in the North America region, the price climbed steadily during the afternoon to a height of 31,218g. Things changed once prime time started on the east coast and prices fell. And fell. And fell. As the prime time hours closed up, the price had settled at around 25,000g. Overnight, the price moved more slowly as you'd expect, and at the time of this posting it's at roughly 23,000g. What will happen today?
Economics majors must love this and I admit I'm fascinated by it. A major driver of the tokens' price is its perceived value. Blizzard tried to set a perceived value to the token by starting it at 30,000g, and I'd imagine that if you wanted to purchase gold via the token you'd want to "cash in" quickly once the value dropped below 30,000g - hence the drop last night. If you're looking to buy a token with gold, you naturally want to see where it bottoms out but there's a perception that if you're buying under 30,000g, you're getting a "deal."
Eventually a new perceived value will be reached via an equilibrium of price and those attitudes will shift. If it levels out at 20,000g, that will become the new perceived value. Any drop below that will be a "deal" to the gold spender and any rise above that will be a "deal" to the real money spender.
Since Blizzard is releasing the tokens in the EU after us, what happens here will have a major impact on the tokens' perceived value in Europe. I wonder if Blizzard will adjust their starting value accordingly. If the price settles here at 20,000g per token, who in Europe would spend 30,000g on a token if it opens at that higher price?
As tokens opened up for sale in the North America region, the price climbed steadily during the afternoon to a height of 31,218g. Things changed once prime time started on the east coast and prices fell. And fell. And fell. As the prime time hours closed up, the price had settled at around 25,000g. Overnight, the price moved more slowly as you'd expect, and at the time of this posting it's at roughly 23,000g. What will happen today?
Economics majors must love this and I admit I'm fascinated by it. A major driver of the tokens' price is its perceived value. Blizzard tried to set a perceived value to the token by starting it at 30,000g, and I'd imagine that if you wanted to purchase gold via the token you'd want to "cash in" quickly once the value dropped below 30,000g - hence the drop last night. If you're looking to buy a token with gold, you naturally want to see where it bottoms out but there's a perception that if you're buying under 30,000g, you're getting a "deal."
Eventually a new perceived value will be reached via an equilibrium of price and those attitudes will shift. If it levels out at 20,000g, that will become the new perceived value. Any drop below that will be a "deal" to the gold spender and any rise above that will be a "deal" to the real money spender.
Since Blizzard is releasing the tokens in the EU after us, what happens here will have a major impact on the tokens' perceived value in Europe. I wonder if Blizzard will adjust their starting value accordingly. If the price settles here at 20,000g per token, who in Europe would spend 30,000g on a token if it opens at that higher price?
Quote:Considering the mods here are generally liberals who seem to have a soft spot for fascism and white supremacy (despite them saying otherwise), me being perma-banned at some point is probably not out of the question.