So these units are like credits? Or are they role-playing points?
I would say that a 500-word essay wouldn't be that hard. Some people write 500-word essays here on the boards! I'd like to find out what game this is, I could use my writing talents to earn points in a game instead of just in my job.
As far as pay-for-perks go, I don't like them that much. I don't think my hours of role-playing and training are worth $1.60. But my main issue with pay-for-perks, and I'm not trying to go off topic here, is the fact that there is no IC explanation for buying a bunch of perks in real-life. Therefore, most pay-for-perks MUDs tend to be "grinders" where you sit around and cut a swath through monsters all day, and some sort of random celebration pops up every once in a while. Those MUDs a rarely role-playing centric.
I'm sure there are exceptions, but this is what I have seen from my personal experiences.
If I were to price my time, I wouldn't be able to put a price on it. Solid work in a MUD, in my opinion, is the only way you can truly appreciate it. If you've built your character from the ground up, you will like him/her more than some trophy character with the giant weapons that you use to show off to all your friends from "IM".
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