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Crackhead economic treatise: Diamonds as currency backing standard?
#4
Well, tbh I don't think having something extremely valuable as the base price thing is useful either. The only reason diamonds don't fluctuate in price is because of their absolute uselessness and the fact that the admin shop buys them at 50 a piece.

As an example, we have logs in the admin shop for what is it 25 a stack? But because people are willing to pay more for them they are worth so much more in player shops

That won't happen with diamonds for the exact reasons you listed
Diamonds have no use aside from their currency value

Netherrite is going to be far too rare and far too useful to have that same effect. People will be willing to pay way past whatever the price is set at because the demand will be very high and it's a very rare item unless they change the spawning rates completely.

I mean even irl gold and silver, arent useful for a ton of things, they have select things they're useful for but that's not why they're the backup.

Anyways
I don't think netherrite would work as a standard because people will pay way more than the standard price. Diamonds are good as a standard because nobody wants to offer more than the set price because they're useless.

 
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RE: Crackhead economic treatise: Diamonds as currency backing standard? - by illogicalsong - 05-10-2020, 07:10 AM

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