I think the key to any game is whether or not it is fun first. If the game is good, people will naturally show up so that should be the focus of any game. The economy can be solved later because people are willing to deal with some issues if it means that they can play something fun.
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Not necessarily. People who want fun would keep showing up. Farmers will milk the game economy to the ground and move on. And if the game economy is destroyed, and the game can't sustain itself, it's pretty much the end.
True but if the economy is good to an extent and there are safeguards, I think it should be fine.
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That's the challenge and often, as we have seen, an ongoing battle to adapt as weaknesses are exploited.