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 Is Moneymaking Inefficient? 
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Joined: Fri Jul 29, 2011 7:49 am
Posts: 181
RSN: Aero Dreamz
Post Is Moneymaking Inefficient?
Hello old friends,

[This post is long. Please feel free to wait until you have spare time and energy to fully take in the entire post before feeling obliged to read it. A TL;DR at the bottom has been provided for those that are too impatient.]

It seems like every year or so I end up returning to the game for a while to live out the nostalgic days before I take another extended leave to grind IRL. After jumping in for a couple hours last night, I discovered that Jagex has completely abandoned subtleties and straight up introduced a legal system to trade IRL wealth for in-game wealth. "Bonds" they are called. This, I am sure that for almost everyone who actually stays up to date with the game, is not news.

While these bonds have no IRL value (as they cannot be converted back to cash through Jagex), they can be used in place of membership subscription costs, which, considering the number of players that can more than easily cover their membership costs just by playing the game as a member, gives them a significant indirect value. Thus bonds are an effective conversion currency between IRL money and RSGP.

Since the only thing I really bother doing these days is QBD and a bit of slayer, as these tasks require little to no knowledge of meta and/or skill to accomplish to an acceptable degree of success, it's obvious that I pretty much only scape to do a little growing of my cash stack and occasionally transfer some money to my OSRS noob account. But with the option to buy in-game wealth, it leads me to wonder if there is any point in bothering to do activities for the sole purpose of generating wealth.

Before you lose your mind and go ham at me with questions like "why would you ever spend money just to get gee-pees?", hear me out as I explain my perspective on my situation.

As a student in an extremely time-consuming post-secondary program, my personal scarcest resource is time. It has gotten to the point where at the end of the day, I have to choose between getting exercise, using Facebook, spending time with IRL friends, watching YouTube videos, going out, or writing absurdly long posts on XP-Waste, and I definitely cannot have it all.

I even frequently eat out just to save myself the time it takes to cook, clean, shop for food, etc.: I do this as much as I can such that it doesn't damage my health just so that I can squeeze out a few extra hours to do schoolwork. Obviously, this is not financially optimal, but it is definitely the most time-efficient option.

The illustration I am trying to present is this: I am not rich, but I am willing to spend quite a bit in order to save time. Ergo, I am willing to spend more money than the average person to buy a couple extra hours a week.

Now, connecting this train of thought to my Runescape situation:

Where I live, the minimum wage is $11.00 CAD. A single Runescape Bond costs $5.00, and is worth 6,280,472GP (as of June 30, 2014). As a result, each Canadian dollar is worth 1,256,094GP, and at minimum wage, a Canadian worker hour is worth 13,817,038GP or almost 14M.

14M/hr.

Now I'm not very up-to-date with the game these days, but 14M/hr seems exorbitantly high compared to my measly $3M/hr in-game at QBD. (Bandos + Dual Rapier with OVL/Turm; 2012 gear)

Further to that, for 4 months each year, I work a full-time internship that pays above $20/hr, and in the Fall I will take on a teaching position that compensates almost $50/hr.

Those corresponding RSGP/hr rates are 25,121,888GP (25M) and 62,804,720GP (63M) per hour respectively.

Now, going back to my 3M/hr QBD rates, I have to wonder... If I enjoy working or teaching significantly more than grinding out tasks in Runescape for cash, does it make sense to spend the little free time I have to do tasks that are completed solely for RSGP wealth generation?

Regardless of my personal income rates, even a minimum wage worker is likely to be able to make significantly more equivalent RSGP by contributing to the real world rather than doing work in-game, which leads me to wonder: is money-making in Runescape inefficient?

Now don't get me wrong. I know that money can't buy everything and things like Slayer you still have to take the time to do (Treasure Hunter microtransactions?) Also, it's rather pointless to spend IRL money on a game that you don't even have the time to play seriously.

But I do like the game, it's fun, and I don't like playing with hopelessly inferior equipment, spending endless time with that equipment trying to afford better gear. I would enjoy running around with Drygores and Torva much more than Chaotics and Bandos, and the utility of time spent in-game with superior gear makes me much happier than I would with inferior gear. Which improves the usefulness of the time I dedicate to playing Runescape over other things that I do with my free time.

So are there any other considerations that I should factor in consideration of these circumstances?

At the end of the day, 12-year-old me would be willing to grind Runescape to afford "free" membership. But 20-year-old me is not so willing to grind Runescape (given opportunity cost of how much an hour is worth to me) to get good gear.

TL;DR: Suppose I want a set of full Torva and Drygores. It would only take a day or two of work IRL, but months to obtain in-game. I enjoy working IRL more than I enjoy grinding for cash in-game. Is there anything else to consider in what would otherwise be an obvious business decision to leverage the fact that my IRL GP/hr is much higher than my in-game GP/hr to make money?

Cheers.

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Mon Jun 30, 2014 9:19 am
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Joined: Mon Nov 05, 2012 10:12 pm
Posts: 490
Location: Souf Afrika
RSN: Corrupt Idea
Post Re: Is Moneymaking Inefficient?
time-value-cutoff-a-primer-t2479.html

Yes buying gp has always been faster than making gp, it has been this way since about 1856.

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Mon Jun 30, 2014 10:19 am
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Joined: Thu Jul 28, 2011 12:32 am
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RSN: Calisme
Post Re: Is Moneymaking Inefficient?
Lots of people make money losslessly on RS(in terms of their primary account). Flipping via the ge is the oldest example, but recently a lot of high level players have been, for example, runecrafting on osrs and transferring the gp back to their main account. In a playstyle such as that, you will generally be making more money than you're spending, while not losing any time on your primary account, which artificially increases your income to infinity.

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Mon Jun 30, 2014 11:16 am
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Joined: Wed Jul 27, 2011 10:29 pm
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Post Re: Is Moneymaking Inefficient?
WOOOOOOO NEW AERO DREAMZ POST.

WILL UPDATE WHEN I FINISH READING IN A FEW DAYS!

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Mon Jun 30, 2014 1:03 pm
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Joined: Tue Oct 11, 2011 10:53 pm
Posts: 30
RSN: Deacon Blue
Post Re: Is Moneymaking Inefficient?
I don't know about the rest of XPW, but I'm not exactly hemorrhaging money.

At my job, I get 40 hours a week except on rare occasions, and that provides me just enough to pay all my bills. On the side, I do a lot of computer work I charge $50 an hour for (data recovery, building custom PCs, even just basic cleaning if people want me to.) That money goes into a separate "fuck it" fund that I use for whatever entertainment I want.

Even though I have that set aside for an entertainment fund, I don't want to spend it on runescape. I want runescape to be a separate entity entirely to my mind. If I use real money to buy advantages (TH keys, bonds for gear/skills, whatever) in the game, I'll stop disassociating RS with work and I don't think it will be nearly as enjoyable an experience. Runescape, to me, is a game where I can be as productive or completely useless as I want with no real penalties.

I would inevitably buy bonds (or TH keys) and see how useful that is, and then it would just become another of my weekly bills eventually. I would also feel the need to use whatever it was to justify the purchase rather than just dicking around ingame.

That is entirely based on my personal experience with purchases made on whims in real life, and I'm sure that not everyone feels that way. I just don't think it would be wise for me to start buying them.


Tue Jul 01, 2014 10:35 am
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Joined: Mon Nov 05, 2012 10:12 pm
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Post Re: Is Moneymaking Inefficient?
ibe....

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Sun Jul 06, 2014 7:52 pm
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