As of 10pm GMT on 12th March, there will be a limit on diamond prices.
The limit will be that diamonds will be sold for no lower than $35 each.
Diamonds are the core of our economy, and we need to keep it stable.
THIS IS TEMPORARY UNTIL WE CAN FIND A PERMANENT SOLUTION!!!
Unless there is some way to increase the rarity of diamond deposits (reduce supply) or to increase the utility of diamond (increase demand) there is no permanent solution that won’t damage the economy. This is a fundamental problem of economics. Price floors are inherently harmful; they reduce the availability of goods for consumers while at the same time, paradoxically, increase the supply of the same, price-controlled goods.
In the case of diamonds in Minecraft, the damage likely goes even further-- diamonds are the backbone of the economy not because of their dollar value but because they are the key to creating real wealth (resources and manufactured goods, not fiat money) as efficiently as possible.
Working on it.
That’s why it’s only a temporary measure until we get something sorted. This will work in the short term, but in the long run we need something better, which we are working on.
I feel it would be fair to bump the limit up to at least 40-45 so no one rages or feels bad. its not too much and its not too little, i feel like 40-45 is just right
It’s a minimum, not a maximum.
I kinda meant the minimum to be at least 40-45 because it seems fair, but Ill understand if nothing can be done at this point
This should probably be on announcements, so everyone will be aware; since shops that go against the restriction will be removed.
#freemarket
Suggestion!
So, the problem with diamonds is that they are used for things. Imagine the market like a bath. Money drips in (in the form of diamonds) but gushes out, when it is turned into tools, effectively every diamond pick using market diamonds removes $150 from the economy. Some people sell back their mined products, adding more money, but most people don’t. I did some maths and for me, 1 diamond pick ($150 out) = $4 in (I sell any coal I get, but I don’t normally mine at optimum coal level.
What is the solution then? Make the staple of the market a currency, opposed to goods. Sponges aren’t used for anything (except for building, but that is effectively “long term savings”, the sponges can be got back). But how would the sponges get into circulation? Perhaps add them to the lottery? Or give them out for free (like the old 2 a day system for diamonds). Back to the bath metaphor; it will become a circuit, the sponges will never be consumed.
Sponges are, of course, impossible to actually find therefore increasing rarity.
Just my thoughts ;D
But guys, you are ALL forgetting that diamonds are not the basis of the economy. The true currency is the dollar. Just because the price of diamonds fall doesnt mean that the price of the dollar does too.
Each item that you invest in is just like Stocks. They will rise and fall, there is always a chance that the stock may fail. If you buy a ton of one good, and then the price drops all of the sudden, thats your own fault for holding them for too long.
Just my $0.02
Which is still the same $0.02 even after the diamond price drop. xD