Pinned The Bot Central Bank (BCB). Guaranteed Gold Exchange

    • *Click Clack*

      I just wanted to mention something briefly as the gold rate for BankerBot has now fallen to 250:1. Last set I did quite a bit to support the value of gold for BankerBot. If the price of gold dropped too much I would buy plat and exchange it for gold on BankerBot myself or make an effort in trade chat to sell some gold off.

      I don't intend to continue to do that. BankerBot is meant to function somewhat independently, meaning I'm not trying to control the value of gold or something like that. My thinking was gold had been pretty stable at the 220-230 range for a long time with new kismet packs and other gold sinks pulling gold out of the economy. I didn't want to see a wild swing from 260 to 200 in one day when a new kismet pack came out as that's pretty detrimental to BankerBot's reserves. Therefore I tried to help keep it where it traditionally had been.

      However, without a significant gold sink (which we haven't had in awhile) I can't keep trying to support gold prices where they "should" be because the traditional equilibrium is gone. So, essentially I'm saying people should expect gold values to fall further on BankerBot IF MARKET DEMAND MERITS IT. This isn't a prediction of where gold value is going, just a notice that I won't be buying plat to turn into gold to keep ratios at 240:1 or above anymore. The market may very well be stable at 240:1 or near there anyway, but as this is a change in what was happening I thought important for people to be aware.

      I do want to be clear that I will still add plat to BankerBot if it ran out of platinum. However, I believe that's highly unlikely given that BankerBot has built pretty good reserves by this point.

      Incidentally for those who like these sort of things, BankerBot is pretty close to 2500 completed transactions at this point and is as popular (or maybe more so) than when it started. As far as I'm aware there's only been one problem over that time period which cost someone 168,000 gold (a mail was deleted with the intention of the CoD being returned but wasn't a CoD). So a pretty good track record I think.

      Thank you everyone that is so polite and thankful when you message BankerBot. I know not a lot of replies get sent out but I do enjoy reading the messages.
    • *Click Clack*

      Just to be completely up front about this, BankerBot is pretty close to the edge of "bankruptcy". "Bankruptcy" meaning no plat left, obviously there's tons of gold. Essentially no one has been buying gold in the recent week with 90%+ of transactions being gold sales to BankerBot. I should have adjusted the gold ratio to try and compensate for this more quickly but unfortunately it also coincided with some real world issues that were more important.

      So, the point is there is the possibility that some transactions will unfortunately have to be rejected at some point. If this happens I apologize but hey, maybe the government bails BankerBot out and it isn't a problem.

      o/
    • BankerBot wrote:

      *Click Clack*

      Just to be completely up front about this, BankerBot is pretty close to the edge of "bankruptcy". "Bankruptcy" meaning no plat left, obviously there's tons of gold. Essentially no one has been buying gold in the recent week with 90%+ of transactions being gold sales to BankerBot. I should have adjusted the gold ratio to try and compensate for this more quickly but unfortunately it also coincided with some real world issues that were more important.

      So, the point is there is the possibility that some transactions will unfortunately have to be rejected at some point. If this happens I apologize but hey, maybe the government bails BankerBot out and it isn't a problem.

      o/
      Sad, but inevitable. Thanks for your service BankerBot
    • BankerBot wrote:

      *Click Clack*

      Just to be completely up front about this, BankerBot is pretty close to the edge of "bankruptcy". "Bankruptcy" meaning no plat left, obviously there's tons of gold. Essentially no one has been buying gold in the recent week with 90%+ of transactions being gold sales to BankerBot. I should have adjusted the gold ratio to try and compensate for this more quickly but unfortunately it also coincided with some real world issues that were more important.

      So, the point is there is the possibility that some transactions will unfortunately have to be rejected at some point. If this happens I apologize but hey, maybe the government bails BankerBot out and it isn't a problem.

      o/
      What is your current gold Stock?
    • Remember that in times when plat is low the ratio has to flip. As an example if gold buy is 300:1 but the bank is low on plat then it must sell gold 310:1 to recover plat reserves. When plat reserves reaches stable levels the ratio can flip back. Given the state of the trade economy I am a bit surprised this has not happen sooner.
    • Mokog wrote:

      Remember that in times when plat is low the ratio has to flip. As an example if gold buy is 300:1 but the bank is low on plat then it must sell gold 310:1 to recover plat reserves. When plat reserves reaches stable levels the ratio can flip back. Given the state of the trade economy I am a bit surprised this has not happen sooner.
      This is fine and good in theory, but when 90% of the transactions are selling gold no adjustment that will make sense will work unless you start buying gold at 1000:1 and selling gold at 300:1. They had admitted they were trying to keep gold in a certain range and maybe they shouldn't have, but when there are no new gold sinks this was inevitable.
    • sell gold at 1000:1 and I will bite as soon as I get home.

      Silliness aside, there is a price and it is likely not terribly far away from the natural exchange rate. Note this may not be the current rate on BCB but we can estimate. The key is that the BCB has to translate real world time value through the plat lenses into gold. Yay amorphous double conversions. It like a ditto bred with a Goodra.

      Take current gold per pack divide by AH plat price per pack divide by cash price per pack. That number should quickly induce gold purchases. That would be the fire sale price in my estimation. So if a pack in gold is 40k gold and 135 plat and packs are bought at .40 usd then.... it maths to 722:1.

      I use this method because most see time value in money if not moments, and I dont think folks believe in the power of plat atm.

      Sell me gold at that rate and I will drain the bank to roll some chests.
    • Arkansaw wrote:

      Are packs still sold for gold? Otherwise the effective ratio could be Infinity:1
      Since Bankerbot is accepting all transactions again, it would be pretty easy to change gold into Plat and buy them off the AH. By my calculations, Doombringer packs are available for around 43,000 gold. There is a pack up for gold directly at 88,000, but that is obviously not a good deal.