Not sure I agree, there's been a big spike in PLEX prices recently and big spikes are almost always followed by a downward correction soon after. Not enough of a correction to call it a bubble explosion or crash yet though.
For now, I'd just call it a downward correction. The price would have to drop back into the 800-850 mil range before I'd even start thinking maybe it might be the start of a crash and a lot lower than that before I'd say it definitely is crashing.
Then again maybe they are right. There does seem to be some momentum building. I've bought quite a few PLEX today without even really trying. It all depends on what happens over the next day or so. If speculators, hoarders and manipulators begin to panic and start dumping stock we could have a crash of epic proportions comparable to the real life gold crash of 1980.
Another Jita local comment found shortly after posting this article.
Here's a link to a thread on the official forums about multiboxing which probably has a lot to do with the drop in PLEX prices.
Update regarding Multiboxing and input automation
In a nutshell, for those who can't be bothered to follow the link and read it, on Jan 1st, 2015 controlling multiple accounts with ISBoxer or with any other method of multiplying and/or broadcasting input to multiple accounts will be a bannable offence (for 30 days the first time and permanently the second time).
That provides a great opportunity to come into the market if people really lose their heads and buy up on the cheap.
ReplyDeleteCCP is banning input broadcasting which will really affect the use of ISBoxer. As soon as CCP Falcon made the post, the price of PLEX plummeted.
ReplyDeleteHmm... If this is true (not saying it isn't) I may have to change my plans. I was planning on riding the wave, figuring I could sell off quick enough to not lose even if the price keeps going down.
DeleteBut this news makes a big difference. That crash I've been saying is inevitable may finally be here.
I think the banning of ISBoxer (and other automation) is behind it. I think many miner fleets will be shut down now and no longer PLEX-ed.
ReplyDeleteAnd I know that the price started to drop earlier. CSM leaks.
Oh! I was not aware of that!
DeleteBanning ISBoxer (and other automation) will make a huge difference and not just in the PLEX market either. It makes sense that PLEX would be where we notice it's effects first but it'll affect the price of just about everything in the end.
The markets will be in chaos and that's when players like you and I make a killing. =)
I noticed it today while I was at work checking out eve-central. There were still several buy orders up for well over 900mil and Jita Sell prices sitting at 866mil or so. Very curious to see if the 850mil range holds. Could be like you said, there could be a panic and those that panic and have tons of PLEX to get rid of, could crash it down.
ReplyDeleteYeah I think I need to log onto all my traders right now and cancel or lower all my PLEX buy orders!
ReplyDeleteIt seems inevitable that PLEX will climb back up above 900m and inch closer to 1b at some point, so maybe this is a good opportunity to buy.
ReplyDeleteI've noticed all those very large blocking orders I've mentioned before have suddenly disappeared. And no they weren't all filled, most of them were well under the going price. They just disappeared.
ReplyDeleteAt the same time a whole bunch of lowball buy orders for 100 appeared with prices like 850k.... 1/1000th of what the poor sucker who sells to that order thinks he'll be getting.
Another factor is the influx of newbs from the recent trailer. Some of them are going to conclude that to get a leg up, they'll buy a PLEX or two and sell it. Very few will be buying PLEX with ISK any time soon.
ReplyDeleteI do hope it crashes so I can buy more. But PLEX retain their gold-like quality even in the fact of banning is-multiboxers.
That's a very good point.
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