THE BIGGEST CS2 SKIN CRASH EVER (3 BILLION DOLLARS LOST)

Summary

In this video, Ben from Sweden discusses the game-changing update to CS2, which allows players to obtain knives and gloves via trade-up contracts, shaking up the market. Prior to the update, these items were only available through case openings, and the chance of getting them was incredibly rare. The update significantly impacted skin values, with some items losing up to 80% of their worth. Ben delves into the reasons behind the update, its effects on the skin ecosystem, and the long-term consequences for traders, all while expressing concern over Valve’s trustworthiness moving forward.

Takeaways

• 😀 Valve’s recent CS2 update allows players to trade up red skins for knives and gloves, drastically altering the skin economy.
• 😀 Prior to the update, gold skins (knives and gloves) could only be obtained through case drops with a very low chance (0.256%).
• 😀 The update led to massive market crashes, with skin prices dropping by 50% or more, affecting high-value skins like gloves and knives.
• 😀 The CS2 skin market’s total value plummeted from $6 billion to $3 billion in just two days following the update.
• 😀 Some skins saw extreme price drops, such as the butterfly emerald losing over $15,000 in value after the update.
• 😀 Ben speculates the update was introduced to boost transactions on the Steam Market, as previously, high-value skins weren’t listed frequently enough for Valve to profit.
• 😀 Valve may also be trying to circumvent legal issues with loot boxes by moving away from case drops, especially as regulations tighten in countries like Belgium and the Netherlands.
• 😀 Ben had sold most of his inventory before the update, saving him from the market crash. Some viewers speculated he had insider information due to his timing.
• 😀 The update has made it easier to obtain factory-new gloves, which were previously rare due to float cap limitations.
• 😀 The future of CS skins is uncertain, with the market needing time to stabilize. Ben is concerned about Valve’s ability to maintain trust with the community, fearing future drastic updates could further devalue skins.

Q & A

What major update to CS2 is discussed in the video?

The update discussed allows players to obtain knives and gloves from trade-up contracts by using five red skins, which completely changed the market dynamics.

How did the market react to this update?

The update caused a massive crash in the CS2 skin market, with skin values dropping by about 50%, and some gold items losing over 70% of their value.

What was the initial public reaction to the update?

The public's reaction was one of panic and confusion, fueled by misinformation. Early glitches in the update led people to believe that traded-up gold items would be non-tradable and non-marketable.

What are trade-up contracts, and why are they significant in this update?

Trade-up contracts allow players to trade lower-tier skins for higher-tier ones, and this update made it possible to obtain knives and gloves through these contracts, fundamentally altering how gold items could be acquired.

Why do some believe Valve implemented this update?

One reason is to drive more activity on the Steam community market, by increasing the value of lower-tier skins (reds) and making higher-tier items (golds) more accessible. Another reason could be Valve's strategy to find alternatives to loot boxes, due to growing regulatory pressures.

What changes did Valve make to the pricing and availability of skins?

Valve's update altered the balance between reds and golds, making it easier to acquire golds and less rare, which led to a drop in their value. The prices of many knives and gloves also plummeted by 60-80%.

How did the update impact the prices of specific skins?

Some skins saw massive price drops, such as the Sport Gloves Hedge Maze, which lost 70% of its value, and the Butterfly Emerald, which dropped by over $15,000.

What is the significance of factory new gloves in this update?

Factory new gloves became much easier to obtain due to the update’s new trade-up mechanics, which guaranteed the outcome of factory new gloves if certain conditions were met. This has led to a potential increase in the supply of these gloves.

What was the author's experience with the update?

The author was fortunate enough to sell off most of their inventory just before the update dropped, making a significant profit by selling items worth around $80,000. Some viewers speculated the author had insider knowledge, but it was just a stroke of luck.

What does the author think about the long-term effects of the update on the CS2 skin market?

The author predicts a stabilization in the market over the long term, but expresses concern about the loss of trust in Valve. They also worry that Valve could make further drastic changes that could negatively affect the value of skins.