The (Terrible) Economics of Hypixel Skyblock
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- čas přidán 1. 08. 2023
- The Economy of Skyblock is a mess. The last few months have seen a lot of inflation, and many players are quick to point the blame at The Garden update. But is that the end of the story, or is the economy more involved than you may think? In this video, I explain everything about how Skyblock's economy is managed, how its going, and what is being done to help improve it. I'm a nerd.
CORRECTIONS:
At 7m 23s the first 5 months worth of data are inaccurate. My data source did not track any auctions before October 2019 and the numbers for before then are of players who claimed old auctions after October 2019.
The jump in December 2020 may also be due to a change to the API that allowed BIN auctions to be accessed easily and not necessarily due to the updates mentioned, so my analysis here is likely inaccurate. All data and everything after and including January 2021 should be completely accurate though, and the bazaar should be fully accurate.
DATA SOURCES:
Hypixel.net
www.skyblock.bz/
sky.coflnet.com/
CHAPTERS:
0:00 - The Stock of Stonks Mystery
1:21 - Coins as Currency
4:25 - Supply & Demand
6:32 - The Bazaar & Auction House
8:57 - Inflation (caused by the Garden)
14:40 - Coin Sinks & Coin Generators
20:53 - So, Whats up with the Stock of Stonks?
Use code : "Hellcastle" in the hypixel store when checking out to support the channel :)
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I LOVE THE ECONOMY!!!!!
(jokes aside this was an amazing video!! super informative and well-written. i love data like this and it's interesting learning who and what is actually contributing to the prices of everything in the game)
I love gd cologne
I also love gd cologne
Ah shit here we go with gd references
5th reply
Imagine being a normal Player just tryna play some normal Skyblock on your favorite Server and you end up Having to Understand how Economics and Math work lmfao
lmao
The rift literally makes you do taxes lmao
I once said SaD to answer a math question and everyone thought i was sad, but NO SaD means Supply and Demand
@@crabulonbestgirl9130why i dont play rift:
@@crabulonbestgirl9130that quest was pain, I was in a call with my asian friend who did ap calculus and app physics in 9th grade and he couldn't even figure out what it was saying 😂
Why do I bother paying for college economics classes when I learned more from this video than my entire college class.
I'm using this to study for my ap macro test
im to european to understand that u have to pay for school
in europe you pay for college too 💀
ON GOD THIS VID CONTAINS MORE INFO THAN MY 1ST SEMESTER
RIP my dad's money only learn economics from a Minecraft video
I did 50% my assessessment pieces for my introductory microeconomics university course by discussing hypixel skyblock and relating it to the real economy, so im glad to see someone else nerding around with this
Post it el por❤favor
Reason deflation is bad: “I’ll sit on my billions until the price of a hype drops even lower! I’ll grind items myself for now” In perpetuity. Always better to save than spend.
Hyperinflation -> “Ill never be able to save enough to buy a hype, ill have to drop it myself”
An economy that ends up behaving like an Ironman player isn’t exactly functional
Ok and
Except in real world perpetually deflating markets, people eventually go out and buy whatever they need. If they don't, then they didn't need that thing in the first place, and the economy doesn't waste resources (and pollution) making that thing.
@@FunkyJeff22 you should research the economic crisis that happened in japan they went from 2. largest economy to barely top 5
not every "need" is urgent especially big purchases such as cars and houses. also it makes taking and paying loans much harder its way worse than inflation
@@FunkyJeff22causing layoffs as companies lose profit and leading to unemployment and less purchases then before, and repeat this for a while....
As an ironman player, I really wouldn't mind some deflation (please, I don't want to keep on paying 7m per booster cookie)
At least for me it's only like 1m for cookie bc I can sell the bits but damn
And pls ender artifact
In general I'm kind of sick of this. :(
Set up a fixed price for cookies ,
make Ironman players able to buy Skins from AH to tackle Deflation and make Ironman dark auction lobbies :c
@@chefbenito1I get 1m profit per cookie
@@miraraa629Making ironman buy skins would increase inflation because those coins would flow into the normal economy
Item sinks also help control inflation.
The garden visitors cause the demand for certain crops to go up, which means the bazaar price goes up, oftentimes above the npc price. more people sell to the bazaar than to the npcs, and less coins get generated
You know it's a great decade when hellcastle uploads
During the inflation example with the hyperions, a real example that actualy happened was with juju shortbows! At first everyone could get them and everyone wanted them so the supply and demand was at an equilibrium, but when the admins changed the requirement to eman 5 everyone sold their juju shortbows so the price went from 17-20m coins to about 8million. Nowadays people are getting juju shortbows with ease but the demand is the same so the price went up to about 33m (might be a bit confusing the way I said it but) Amazing video guys!
Bro really used the word equilibrium 💀
@@AverageRNGHater yes
@@AverageRNGHater yes
@@AverageRNGHateryes
@@AverageRNGHateryes
its insane that there are hundreds of millions of dollars circulating in a game, in a server, in a block game.
Not really. While booster cookies do allow for converting from real money to skyblock money, it doesn't go the other way around. You can't just go to a real bank and trade skyblock coins for real money.
What the coins are worth in real money is whatever people are okay with paying for them (i.e supply and demand along with IRL trading lmao). I think an actual skyblock -> real world coin conversion is better based on what the IRL trading rates are, which will be less than booster cookie rates.
@@apotato4873 it is still possible to sell numbers in a pixel game for around $50 dollars an hour
@@apotato4873Not entirely true. You can make sales for real world cash with more valuable items.
I love how half of all skyblock players probably don’t know half of the stuff that Tylerrrr has been talking about
great video, insane how you can make such a unique and insightful video about one of the most talked about subjects in skyblock
Your life is a skyblock. Go PB it.
banning you from the channel
@@HellCastleYT lol
In life you have skyblocks. Don't let them stop you, cause we aint stoppin.
What is a pb
What does this mean PB
Never would I have thought I would be learning economics from a block game
What if farming was more integrated into combat progression? Like hot potato books, but for all crops and actually requiring a ton of crops to make and then be consumed. Wouldn't that help inflation? Since the value of the crops would rise significantly above npc sell value, players wouldn't be generating coins from crops but exchanging them with eachother instead.
Kinda, it would only stop inflation for a while and not reduce it (since it's just player to player trading)
garden visitors are the main resource sink for farmed resources but theyre always requesting less crops than an individual can farm
@@HellCastleYTspaceman moment
What a great video teaching macro economics, I took macro courses last semester and I'm glad I could understand these concepts perfectly well in this video.
great video, really informative, well edited, and also a good reminder that the admins have a lot more to do than you think
i kinda want a full roll back of skyblock but at the same time all grinding would have sadly gone to waste
Yea idk about losing 3k hours and billions from a rollback
They should make the foraging update skyblock 2 where they make a new game mode where it’s a new server that’s reset and skyblock just stops updating
It wouldn’t matter because people can grind out a billion coins within probably just a week anyway
@@FlopNonStop That's a fucking horrible idea
@@Max-uo4ud April fools update but permanent
The thing about farming is it isn't even the best way to make money per hour. Mining still makes considerably more money than farming, but the fact the barrier to entry for farming is so low along with the fact its much easier to AFK (and macro tee hee) means everything has inflated, yet if you really wanted to maximize the money you made per hour, you're still better off mining, which means now everything costs more and I'm still making the same amount of money WWTFFFFFFFFF!!!!!!!!!
average low skill ironman player
@@lukedeutschbauer6724 its true im only skyblock level 82 and a half
@@Andonerf mining is 100m a hour htf do you make farming rates
@@lukedeutschbauer6724 I don't understand what you just said.
@@lukedeutschbauer6724 farming makes 15m an hour with a 1.5b setup, its not worth it compared to mining, just that mining requires 50-100 hours to get into
Thank you for testing me on what I learned for my GCSEs.
hahaha making this tested me on what i learnt in my GCSE
This was a really great video and was really insightful about a lot of things I've always kind of wanted to know but didn't really have the effort to figure out myself. Also, when people sell stuff to each other on the BZ and AH, they get taxed, so that removes even more coins from the game.
Fascinating and well produced video 👍
if the admins just make you pay taxes then problem solved
Bro casually explained the basics of economy better then the average teacher, and did it in a minecraft video
Wow what a video. Never saw something like this. Due to the fact I have economics at school I can even tell that the economic fundamentals are explained super well
best content around, always love these videos! keep up the great work :)
Great video! I've noticed that, while everything is a lot more expensive than when it first came out, I feel that it's definitely declined a bit since its peak.
this video unironically has some pretty good educational value as an introduction to economics. Love it.
Very good video ! Highly interesting thanks
Thank you HellCastle & Tylerrrr very great video!
Amazing video! I always look forward to every one of your videos, and I was not disappointed. It's even bookmarked.
2:20 dude I thought I was watching a Hypixel Skyblock video, now I’m in a whole History lesson. 🗿
Really interesting video, I hope to see more like this and specifically about the economy of skyblock
No taxation without representation though 😡😡😡
Very interesting,
actually never combined the data of multiple items for a long timespan before
It is cool seeing you i was in a depresion state and you helped me get threw but i had a good state thanks
How to fix the economy: make an event where the highest bidder wins a one of a kind item but the players lose the amount they bid regardless of if they won. Skyblock players will still try and get this item likely taking billions out of the economy
I play Ironman, have been for almost 3 years. Inflation has been insane if skyblocks lifetime. Some items, especially dark auction items, have massively inflated. Flower minions are 30m instead of 8m, ender artifact tripled to 300m in less that a year, and midas staffs are 250m or something. Good explanation though!
I love the styles of these videos they’re so good
I was waiting for something like this, thank you hellcastle.
I love you for mentioning Economics. Now i feel like studying it makes much more sense - if it's applicable even in Minecraft... :)
Tyler, Furfsky Reborn has a bug (sorta). when I use it dragon armor helmets, and runes look like steve heads. I'm pretty sure the reason why is because of the version 1.8.9. I think this because when I use other texture packs or no pack at all the issue is still present so my suggestion is to release a version of it for later versions that don't have this bug
Dude you single-handedly taught me more in this video than my Econ teacher did in a year 😆
As an economics student I was surprised by how well you actually taught the subject.
Thanks for explaining economics it will genuinely usefull for my economics classes bc i had a hard time understanding
Nice video Timedeo. Another banger as usual
i remember buying like 2 stock of stonks for the bazaar for like 20k coins each, i probably still have em in my enderchest but the last time i played was around 2 years ago
Even though i quit sb so long ago i still love watching your vids
do you still have your stuff?
@@IamRelayy ye
i don’t even play skyboock but i will watch anything you make 😂 keep up the good work bro
The best video to explain economy
Very interesting video!
Also of note that a similar "flattening" if you will of the graph is applicable in the Y axis for items that NPCs sell
Thanks for the economics lesson!
amazing video!!
Good videos i used to play this when i was you get before they had the dungeons
GD colon is the new guy without a mustache
Edit: these kinds of videos were considered very cool in 2017. Glad they're making a comeback. So, when will we compare Zimbabwe and Runescape?
Edit 2: them saying that the *price* inflation is caused by hysteria is what a central bank would do
YIPPIEEE I LOVE HELLCASTLE TYLER
we all do lol
ngl i would enjoy like regular economics if one of these guys explained it in a video
I enjoyed this money since I like finance and this was an interesting and unique topic about skyblock.
Correction. Commodity money is not a thing. You were on the right track that people listed payments in terms of items that were universally applicable. However it's not that everyone just had buckets of salt to use as money, payments were just written in those value terms. The same way we write values in terms of dollars, like you probably wouldn't trade something worth 5 dollars for something worth 1 dollar. 1 cow or whatever was equivalent to however much salt
The stock of stonks is like an etf in real life, it represents the health of a certain market, or in this case, the entire market (like S&P 500 world)
160 views rn, i luv hellcastle and tylerrr
This is probably the best skyblock video I've seen this year
Now I want a video about the economics using skyblock as a basis
Probably a whole high school economics class in one video about hypixel skyblock.
very cool vid!
woooahhhhh. i played this game way before dwarven mines came out and its insane that the economy started to pick up after that update. i guess i really overestimated the economy back then, compared to now.
About the coin sink part- isn't bazaar taxes also a way coins are taken out of the economy? Anyways great video.
Thank you for economy lessons I will watch more economy lessons if you do make
W video. Keep up the good work! :D
nice vid.
Amazing Video!!!
Buying stock of stonks is really usefull to avoid inflation. So instead of having milions of coins in bank or purse and not getting anything/or even losing because inflation, which make everything more expensive, you can just buy stock of stonks and when you need coins just sell it and the cost of this item may increase with inflation. It's something like buying a house and then selling it for more.
Until the 2008 housing market crash occurs
the smart thing to do would be to keep the stonk of stonks as a anti-inflation opportunity if garden problem v2 happened or worse they could simply give the stonk of stonks a worthwhile sink for players
Is this a gaming video or a video about gaming economy that's getting me to study?
glad you covered this mess. pretty interesting how it got this way.
7:48 655 was released with Crystal Hollows, not dwarven mines
This actually covered like half of my Economics exam (in college btw lmao)
Holy, when I saw the first 30 seconds, I saw money symbols. I bought a whole slew of these stocks of stonks before I quit skyblock (every last coin was spent). It seems like now that I may have a few billion coins to come to.
I love how i dropped economics in school after one year and still chose to watch this video
This was really good
I'm saving this video for when I introduce my middle school students to economics. This is genuinely incredible.
Tyler and Hellcastle I'm your squelchiest fan
With the introduction of the raffle event I hope prices go down a bit so that normal players have a chance
Just a question, so if im right there's taxes on bazar and auctions, do they also work as coin sinks?
This might actually be the best skyblock video ever ❤😂
The economics revision I needed.
good vid
This man can become a math teacher easily
I just thought of something genius. Since there are only around 3000 stonks around, maybe some rich dude could buy them all up and sell them for more than the average hyperion.
I took 3 financial classes and none of them covered supply and demand lol. Good thing I knew it beforehand.
Good video
My favorite plug quote was "essentially, (for small items)"
Consistent youtuber fr fr
Okay pause, my mom is a finance major and I’ve taken quite a few personal finance classes. This is LITERALLY just a college level Econ course, no hate whatsoever it’s a huge commitment, you better explained this than some of my professors, and being able to use SB as an example helps visualize it really well
dawg this was deadass my 1st unit for my high school Econ class 😭
Flipping in Hypixel Skyblock sometimes takes more math than my finance classes...
3:25 now I wanna see Skyblock with a command economy
It's my first time playing, I started playing 41 days ago and I just reached 1 bil networth. My current goal now is to make enough money for a hyperion and then upgrade it. I decided to get into mining to do this. I'm being dumb and going for 4 mil / 4 mil powder before I dillo mine. When I last dillo mined, I had 3m/3m and full sorrow. I made around 12 mil an hour and didnt like the results so I made routes and sold them and now I have full divan and going to go back for round 2 and see my profits then. in my first week of playing, I had around 1-200 mil. (I just grinded mobs for money, first sludge and then I learned about treasure hoarders which where far better)
i instantly liked and commented because you are a great youtuber
As an economics student being able to understand this is very cool