Not if the goldsellers sell the gold for a lot less than the WoW currency costs.
Games that already have this system in place still have farmers selling gold on websites.. so plenty still buying via that route for them to be in business.
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It drastically reduces that volume of gold being bought through gold farm sites. Yes.. they will try and compete, but most players tend to go the "safe" route to get gold in games where that is an option. Even if it costs a tad more to buy it the legit way. So it helps a lot. I'm pretty sure Bliz has investigated this option thoroughly.
I have a nice stock pile of gold from my farming/auction house days in MoP - about 2M gold worth :)
Wonder how much game time that will be.
Right now on certain "sites" 20k goes for ~$15 bucks. I would imagine it will be in the 10K-20k range per token if each token is worth 30 days game time. This is all speculation though based on current prices for 3rd party gold and I expect the prices will rise and fall with how many tokens are up on the AH at any given time.
If the gold sellers make their gold sell for less than tokens there will still be buyers for them. If they cant they will be pushed out of the market by the playerbase.
Given this price range range for tokens, I should never have to pay for wow again with my current inventory of gold. Which is only a little more than you.
edit: Blizzard of course could manipulate the market themselves by having "fake" sellers selling tokens at a constant price. "what the hell this gnome named gimpy is selling tokens at 10k all the time!!"
As long as gold sellers can basically farm gold for nearly free (bots), they will be able to undercut the in-game sales and still be a viable option. With obvious risk, of course. If Blizzard start selling gold, it will definitely give a lot of people a legitimate purchase option that lots will prefer over the more shady folks. Will it make much of a dent? Who knows. Depends on what the goal is for Blizz.
Rift still has gold sellers and botters, I don't see WoW bots stopping over this. I don't think Blizzard would even implement it as a way to stop bots, a money making decision only.
There are plenty of places by which gold has plummeted even below their old wholesale buying costs. Some places are selling it for .3$ per thousand. The gold market in general seems to be tanking as some of those sites have even been peddling their wares on places that use 3rd party currency (not $) which were never really there before a week or so ago but now 3-4 websites are selling their stock on "any server."
There is no question it will be cheaper to go Your $ > Black Market Gold > In game token.
But lets be honest here... why would blizzard care? The only way they would care is if even more people started to exploit the currency ratio exchange rates for things like BR and RU currencies which allow you to pay less than half the store value already (though they all require some fennagling to make work like needing russian client/account etc). They don't give a shit about the gold real market value as long as they are getting the money to have people continue to play. Someone is buying the time at full price and to them that is likely all that matters. 10k or 100k for game time makes no difference to them.
Blizzard would never directly sell game-time tokens for gold would they? I would think that they would sell game-time tokens in real-currency transactions, and only after those tokens enter the game could they help set a gold-price in-game. After all, blizzard has no use for in-game gold, and whether or not a realm has a token market with sufficient liquidity would depend on whether there are enough "gold buyers" willing to go through the real-currency transaction -> token -> gold route (versus direct real -currency transaction -> gold with the gold sellers).