The recent changes regarding Habbox Credits-Club Sofa Crisis

[-:Undertaker:-]

Hey,

You may of noticed a lot of rares seem higher now than they were before tonight but in reality that is not the case, let me explain and why we had to take this. It was infact because for weeks now as the price of the Club Sofa has got lower, Habbox has been out of step with the market and marketplace. We felt we had to take this action in consultation with some traders and rare values staff because it was becoming apparent day by day that Habbox values (especially regarding the Throne) were totally out of step.

For example;

The Club Sofa has been going for around the 7 C/8 C mark, on examining this I found the best price was the 7 C mark.

The Throne was going for 112 CS+ in Club Sofas, meanwhile on marketplace and in rooms it was selling for around 750 C to 800 C in Credits. This means that it was becoming increasingly hard for us to value, because of the gap.

112 x 7 = 784 C

This fits in with the market prices and the price they are going for credits, which means the Club Sofa being classed as at 7 C is the most accurate value possible. In terms of other rares, they are going for high credits on the market and trade rooms. Here are some more examples of this;

Security Fence - sells around 145 C on marketplace. Therefore you could and some probably have sold it for 145 C on marketplace, and been able to buy around 21 CS with those credits meaning the value of the Security Fence, is 21 CS as you could get that from that. The same also applies to the Bird Bath (grey) where it was going for 280 C on marketplace and in credits, and you could sell for 40 CS in trade rooms - not to mention the fact once you have your 280 C, you could then buy 40 CS with these.

Now dont get me wrong, there will be some errors occuring maybe and these will sort themselves out in time. The reason why we have not converted fully to credits is because of panel problems and a possible risk of a backlash where the market finds there are not enough creds to go around, thus creating chaos and the blame would lie firmly at the hands of Habbox for swapping the currencies.

The fact of the matter is, we are going to have to go more by credit value snow as they are taking a stronger grip all the time, for the time being the Club Sofa looks as though it can continue to survive as a currency, although be it - its value and use has dropped.

Thanks, any questions or queries you may have can be answered below by myself or a member of the Rare Values Team.

[Document]

What a great idea Dan! I think this will definitely be more efficient on setting the correct values for rares/supers. Excellent job! +rep

[amarj]

why not stop using CS as currency?

so instead of sayin an item is worth 2 hcs, just say its worth 14c

because if hc goes down to 6c people will starting pricing that item for 12c

I think CS prices are unstable and if you still use it as currecy you will always be behind in the prices because they change quickly

[Twazzle]

I think its mainly because atm you as the rest of us can see Hc's dropping but credits gaining value, yet if you look closer credits are getting harder and harder to get, which to be fair you can understand, for example I spent 2400c this weekend, and if you think many more are doing that, credits are basically running out slowly, yes you can argue that oh people still buy creds, but can they buy over 2000 a week?

Switching the currency to credits would be moving to an even more unstable market, that eventually will collapse. If the credits did run quite low for example, what would everyone start using again? Hc's so keeping them as the currency but realigning the credit>Hc value is backing up the current value system, but also protecting the values against any future market crash.

I do think this is the best option they have in the current trading market, and yes you could say oh well Wbb for example doesn't sell for 40cs but it does go for the price in credits (280) and the whole point of this move is to try and create some stable situation, there will be errors but Im sure the value team will aim to fix instantly.

But at the end of the day? I for one am annoyed that say veno went down to 30cs I couldnt get the credit value as it was, so this should only improve the trading situation, and I fully agree this is the best move.

[karter]

O WOW
i am sure hcs will fall down to 1c soon...

[marine]

I reckon they'll go down to around 4/5c

[brodeo]

As the demand for HC's goes down so will the credit value of them, only because they are used as a currency does their value stay so high - there are simply loads of HC's out there.

[Ajthedragon]

Good move.

[CurtisJohns]

Whata fantastic concept, it seems only logical t make the change eventually to creds, but by not completely taking the hcs out of the market, adapting the market aorund the hc price changes seems a very clever idea for future market problems, well done Rare Values Team :-)