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By their professionally dedicated effort converting farmed items into gold, they devalue gold making fixed price game items cheaper. Buying that Epic mount for 900g is not as big an obstacle anymore when gold is devalued. But, conversely since everyone has (esp. those with credit cards) vast sums of gold then the prices on very rare items become even more astronomical. It would have been been inconceivable for someone to ask 15000 gold for an item six months ago, and in another six months we can expect to see 30000 gold price tags on items.
Eighth Point: Detrimental effect on the WOW economy.
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I probably agree with the rest of the Numbered Points, but I've always wondered about the effect on the economy.
Gold farmers should introduce both gold AND items into the economy, thus leaving it pretty much as before. Consider Noob Ebayer. Noob buys a bunch of gold (from farming company) and then SPENDS a bunch of gold on items that gold farmers have found. This gold is then sold (for real world money) to Othernoob Ebayer -- and so on.
Selling a lot of blue/purple items created by farming should make YOUR prices lower - your gold more valuable. On the other hand, introducing the extra gold from mob drops or vendor sales should make a bigger gold supply, and make your gold worth less - your items worth more. These effects should approximately balance. In other words, the gold farmers are producing both gold and gold-sinks.
There may exist some specific cases where this isn't true, where some epic [or other item] which is not farmed or farmable goes up in price due to people being able to buy gold ... perhaps that is what the Eighth Point is really about. Then, your (expensive) labor playing WoW is competing against cheap labor and being outbid -- buying the product of cheap labor is more efficient than applying your own expensive labor in WoW to produce the product. (This wouldn't apply where the item itself could be farmed.)
But the basic effect of gold farmers should be the same as introducing a large number of normal players who have somewhat different motivations for play. In the general sense, the fact that people can buy gold is irrelevant to the WoW economy.
I would still like to see gold farmers gone, though, just because it does destroy the context.