Let’s talk about a hot topic recently, “Yuyou Youpin is suspected of shorting the jewelry market.” Let’s not talk about what Youyoupin is for the moment. Let’s do some simple science for readers who don’t know much about short selling. To put it simply, short selling is an investment strategy. Its basic idea is to first borrow assets such as stocks, then sell them when the stock price is relatively high, then buy them back after the price falls, return the borrowed assets, and earn money from them. Price difference, very intuitive technique of selling high and buying low.
But the problem is that transactions on the Steam platform usually involve payment of money and delivery at the same time. Both the buyer and the seller perform the contract at the same time. There is no time difference. How to short-sell the CS:GO jewelry market? Here we have to introduce a relatively special group - "charterers". In the jewelry market where money and goods are both clear, there are a group of players who don't like buyout transactions very much. After all, the purchased jewelry may lose money at any time due to changes in market prices. Moreover, the platform transaction itself is accompanied by handling fees and withdrawal fees. If I just want to try out the skin I have been dreaming of for a long time, so spending a little money to rent accessories is probably the most reasonable choice.
Sellers who are unwilling to sell their "heirlooms" usually have the mentality of "leaving them is just a waste, it is better to rent them out to make money." If there is demand, there will be a market. As a result, a large number of third-party rental jewelry platforms have naturally spawned. The Youyou Youpin mentioned above is currently the largest third-party rental platform in the CS:GO circle. Relying on a series of profit-sharing methods (no deposit for high-credit buyers, low withdrawal fees, no handling fees, etc.), Youyou Youpin is very popular. Quickly gaining a foothold in the rapidly changing market, it attracted a large number of charterers who were unwilling to take risks.
This is where the problem lies. "Buy" becomes "rent," adding uncertainty to a buy-and-let deal with the superposition of multiple factors. A large number of posts denouncing Yoyo Youpin for shorting the market broke out on November 14. At that time, some netizens took the opportunity of several recent posts complaining about Yoyo Youpin's delay in paying compensation in a timely manner and pointed out the possibility of shorting the jewelry market.
To give a simple example, the renter listed a piece of jewelry worth 10,000 yuan and wanted to temporarily rent it out for a month to earn a cup of milk tea. Then the jewelry was rented by the small account A created by the platform. After getting the jewelry, A immediately resold it and deliberately set low prices to lower the market price through large stockings. In the process, the price was gradually lowered to 9500 and 9300, and finally to 9500 and 9300. 9000 ended. When the lessor reacted, the platform compensated the market price of the jewelry on that day, which was 9000 yuan, in accordance with the user agreement. At this time, the jewelry sold at 9500 and 9300 had already earned a lot of 500 and 300, realizing the true meaning. Go short at 0 cost.
In addition, some netizens discovered that the Yoyo Youpin platform had jewelry with the same wear, templates, and decals. Quotes could not be issued, and orders could not be created. There was suspicion that the platform created virtual jewelry to lower prices. However, there is one most obvious flaw in this logic - as a trading platform, Yoyo Youpin's domestic user base is not as good as NetEase BUFF. Even banks cannot withstand large-scale runs in the short term. How can such a small company shake it? Global CS:GO accessories market?
Hey, don't mention it. What a coincidence, the CS:GO jewelry market has begun to collapse again in recent days, and this collapse has been particularly violent. Since CS2 was officially launched, the entire market has been falling. However, if we carefully study the market index, we can find that the collapse is indeed a crisis situation that has occurred in recent days. Take the original leather butterfly knife, which is a market benchmark, as an example. The price a month ago was about 12,000. On November 14, it dropped to 10,000, and immediately fell to the freezing point of 8,800 the next day. Although it has recovered somewhat, it is still difficult to return to a month ago. high price.
Um? Are we playing games or trading stocks? Butterfly knives are not a special case. Most popular accessories have experienced price drops to varying degrees. These days, the CS:GO related discussion community is full of people. Players who stock up on goods have exposed their bloody loss records. It is embarrassing to say that they have not lost tens of thousands. I am playing with accessories.
Objectively speaking, although the short-selling logic put forward by players is self-consistent, there is currently no evidence to prove that Youyou Youpin is shorting the CS:GO jewelry market. The current collapse is obviously not controlled by Youyou Youpin. If There really is a mastermind behind this incident. According to the current market conditions, there should be tons of victims. However, the reality is that there are only a few cases reported by users who found that their jewelry was maliciously sold.
Yoyo Youpin, which is standing at the forefront of the storm, quickly responded to everyone's doubts, including issues such as jewelry with the same degree of wear, and jewelry being removed from the shelves in a timely manner, and promised to adjust the compensation rules. If users do not take the initiative to ask for compensation at the market price, Yoyo Youpin will give priority to paying out jewelry of the same or better quality without exceeding the set deposit. Careful friends may have noticed that the core contradiction of the problem lies in the penalty mechanism, that is, the platform's compensation standard. Even if the jewelry is resold by the buyer, as long as the compensation is in place, everything will be fine.
In an environment where the price of accessories is declining day by day, "compensation based on the market price of the day" is obviously not good for players. Considering that Steam accessories need to wait 7 days after they are obtained to be sold, players can only watch the money disappear from the market again and again. Flying away from the wallet, how much you lose depends on God's will. When listing accessories, the charterer usually sets a deposit equal to the value of the accessories. "Compensation based on the deposit" is probably the most reasonable judgment. But looking at it from another perspective, suppose we are in a bull market and the surrounding jewelry is rising. At this time, "compensation based on the deposit" is not the optimal solution. The market price of jewelry is rising, and the deposit remains intact. It is not possible to increase the price. There is no way to increase it. At this time, "compensation according to the market price of the day" is probably the result that players want.
So how should the compensation standards of third-party rental platforms be formulated? It’s hard to say. Flexible standards may be the answer that everyone expects. Whichever is higher, the deposit or the market price, will be compensated, but things involving money are never that simple. At this point, it doesn’t matter whether the short-selling rumors are true or false. It has become a fact that it caused players to panic. A large number of players have withdrawn cash and left the market. In the short term, the market will inevitably lose a large amount of liquidity, and the trading volume will inevitably decline accordingly. Jewelry sales If it doesn't move, prices will continue to fall, not to mention that according to the usual experience of the CS:GO jewelry market, there will generally be price cuts of varying magnitudes at the end of the year. Where is this?
By the way, I forgot to mention that this matter does not have a big impact on those who love to play games. There is even a chance to pick up cheap skins. The most intuitive and real harm is to the hoarder. As the funds continue to escape, Market confidence has been repeatedly frustrated, and jewelry prices will continue to decline for a while - obviously, this is not a bad thing.