Yet, if you think about it, your statement "that seems like pretty extreme value for time spent" is not a actual factor. While the way you state it, you might be considered correct; but if you think about finding a penny and picking it up.
Suppose you found a penny on the ground on the way to your car. How much did it cost you to pick it up in the first place?
How much is your time worth? This obviously depends on a lot of things and varies from time to time and person to person. But for a broad estimate, I sometimes use a ballpark value of $10/hour—which is somewhere between the US minimum wage and the average wage—but you can adjust up or down to fit your preference.
If your time is worth $10 an hour, a penny is worth 3.6 seconds. If spotting and picking up a penny takes you more than 3.6 seconds, it’s a loss.
So if you want to consider the time that you grind out time in the game, and compare to the value of the items that you gain then add to that, being forceed to do this for some particular item. Well then your time vs value cannot be compared the way you are trying to use for your statement.
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Good point regarding value. What I feel mixes this concept up is the calculation of how much is my time worth. Do I take my current net value and divide by my age in hours? Do I take my annual income and use hours in a year? Do I take annual income and divide by hours worked? Do I adjust all results for cost of living? Those are just a few ways you could look at it and each will come up with vastly different results. The value I was trying to establish is simply a breakdown of cost per time spent in something that's intended to be a chosen method of entertainment. Let's say I buy a hardcover book for a newly released novel I've been awaiting, somewhere in the $19.99 range. I read a couple hours a night and finish the book in 5 nights. That's about $1.99 per hour of entertainment. Another key concept for me is that this time spent is a choice I make to do something I enjoy. It's not my job, no one is forcing me to do it and I don't feel any way obligated to do it. I choose to do it because I enjoy it. When I am engaged in an activity I don't enjoy, during my free time, I stop and choose to do something else.
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While you also make some good points, there is a factor that has to be included within the equation. That factor is the "human" factor. No matter how you would like to calculate it, and Bungie might be trying to equate this too, they have lost a lot of players; some of which may never return to any future product - and some will. Many that have come into the game and enjoyed are finding the product over valued. Now this value is not just monetary. Bungie does not seem to care about communicating directly to those that are wanting to help them make this more successful; just as their conversation with Blizzard, they have not seemed to taken the advice given. Humans are willing to spend, sometimes (most times) without much thought; that is until something bothers them enough to speak out, and sometimes even take action. They also, most times, do not know how to properly communicate their dissatisfaction in any type of meaningful way. While the chances of Bungie continuing to survive are fair, they could be doing much better. Had they made an attempt to inform their loyal players (those that have been following them since before Destiny) of why the game was released, or even what they hoped to achieve - as was implied with the first announcements of Destiny - then I think more people would have been much more forgiving. But because they have remained silent, they will not be able to continue with the popularity; loyalty, and the backing of the majority of those who looked forward to playing the game. There are many other points that could be brought up, but for now, I have said enough.
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" I can't justify spending hours upon hours doing the same activity over and over again..." - 16 days later (in the Sponge Bob voice) "I didn't spend all that time because I had nothing else better to do. There were plenty of things I could have done with my time." - Apparently you are comfortable making bad decisions. If the author played this game for 416 hour (roughly 16 days; counting PVE and PVP) , I'd say he got plenty for his 100 dollars. Don't blame Bungie for making you play a game you hated. Make grown up decisions and either pay for the new DLC or move on and play a different game. It seems odd for you to bitch about how awful the game is and then to ask for free stuff and a new gun or you wont come back.