Price jackers, scammers, hackers and more. These are examples of the YoGreedy people that intentionally destroy the stability of our YoEconomy. YoGreed is a real issue–a deadly YoSin that a lot of YoVillians suffer from. In this series, we will introduce to you the 7 deadly YoSins that constantly terrorize our YoWorld.
YoGreed: Price Jacking
Why is price jacking so common and how does it work? Well for those of you who are unfamiliar with the idea of price jacking, it is properly described as a deliberate effort in which a player or group/s of players work together in order to manipulate the market, and make players think that a certain item is going for a a price way higher than its usual range. These players and/or groups of players usually work together by flooding the game with events buying and selling a certain item they have agreed to “price jack” for a price way beyond its normal selling range.
Price jacking is very common with items that have a low supply (not being sold very often). Once people realize that these items are very rare in the market, or that there is very little of it available, then they attempt to work with other players by creating a false demand for the certain item. By making false events, these players try to “brainwash” others into thinking that the item is “hot” or that there is very high demand for it. But what many fail to comprehend is that this “demand” is fake, and was forced on people by the price jackers who just want to sell their items for a high price in order to gain a lot of profit.
So what happens after fake events are made in the game? Most often than not, panic strikes. A lot of people actually fall for the fake demand, and start to panic thinking that the item is really gaining in price. So they try to buy the item in hopes of selling it a lot higher further along in its price jacking journey. The players, however, who have always wanted the item and have been saving up for it without the goal of using it to gain profit from the price jacking, are left with no chance of getting the item.
In many people’s eyes, this behavior is frowned upon since it disrupts the current prices of items and leads people to start selling at higher prices, leading to an eventual increase of an item’s price since a seller will not want to realize a major loss. Furthermore, price jacking causes instability in the prices of that item, if people buy at this new high price. People that see the price jacker selling will attempt to undercut him/her by a small amount, an amount that is still above the normal maximum price, which leads to more price jacking. This is a vicious cycle that is is constantly recurring–all thanks to greed.
Do you think price jacking is a major issue in Yoville? Should people be more wary of the normal selling price? Let us know how you feel in the comment section below.