So let's talk fiat currency and economics
and video games AND VIDEO GAMES GET BACK HERE
I want to preface this by saying I've spent a lot of cash on dumb, functionally useless things in video games. Most of us have. I'm not judging players or companies, I'm just fascinated.
So Steam has had items you can sell for Steam cash (actual money used to buy games on Steam) since before I was on there, and games that drop trading cards specifically to buy, sell, or create status symbols with for about as long as I've been a user. It's fun to see them drop as you play, and with trading cards selling for ten to thirty cents on average, it's a nice little incentive to keep active.
Time's marched on, though, and with overall value of items and especially trading cards dropping as more and more users own and play the same games, the market has devalued. Steam created a release valve on this (hurr Valve) by instituting a system to "recycle" items into Gems, a fiat currency doler used to craft booster packs for more items or bid in a holiday auction.
And as with all dolers, things get a little crazy sometimes.
One of the necessary hooks that makes Gems a fiat currency is that while they have actual monetary worth, it's limited. You need 1000 Gems to stack them into a saleable item. Right now, those are in high demand, at $1.19 a pop. As bids in the sale are public, we can take an easy peek at what people are spending.
Pulling to my standard example and OF COURSE Satan has the highest bid OF COURSE.
Anyway, the high bid is 11,800 gems. Divide that by 1000 to separate it into gem stacks, multiply it by $1.19, and the amount Satan is paying to torment Wilsons is...
About $14! Not bad, considering the game sells for $15. It's close to the edge there, so he probably has the highest bid, and we can assume he had enough extra gems kicking around that he didn't have to buy a 15th sack to cover it. Well done Satan, you saved a dollar.
Now what everyone's been waiting for:
THE RIDICULOUSLY OVERPRICED AND FUNCTIONALLY USELESS ITEM (PRICE IS RIGHT CROWD ROAR)
This showcase of a gold tint to your avatar and persona name...that's it, that's honestly it and I really hope to GOD it doesn't actually expire in a month...for this showcase, what would you bid?
Is that your final answer?
The highest bid for this item is...
Well, you probably didn't go over.
When I pay for something that I know the company spent a fraction of a fraction of the percentage of the price of and can distribute endlessly for free, it's because 1) it's a company that is free to use, like Neopets or Flight Rising, and 2) the content has some use, even if it's purely cosmetic. And that's GOOD cosmetic, like $2 for an animated background on Neopets. Steam has free server use, but they're a retail company making money on every game sold and every item sold. And cosmetics...542 clams is a lot for a gold tint, is what I'm sayin'.
The thing is, there's no one to blame here. If people are willing to pay this, Steam is obviously providing supply to meet demand, and, well, people are willing to pay this, so that's their own business.
It just boggles me, is all. It's a fascinating microcosm of dolers, and I've been watching it go by the past couple of days and trying to learn from it. It's from studying examples like these that we can get a better idea of our society's perception of money and how our economy works on a large scale.
...oh who am I kidding I WANT A CHUNK OF IT SOMEONE TELL ME HOW TO GET IN ON THIS I WANT A PIECE OF THE PIEEEEEEE











