Some more thoughts on the black market AH: you say things will go to whoever happens to have the most gold. I suspect that for the rarest/coolest items, the closing price will be high enough that it goes to 'whoever happens to have the most gold' in the same way as it might have originally gone to whoever 'happens' to be a cutting-edge raider or gladiator-class PVP player or something. As others have said, it probably takes at least as much time, effort, and thought to raise that kind of gold as it does to faceroll your way through low-level content and get a lucky drop.
Whether or not the amount of effort is comparable, it's a fair point that it's a very different kind of effort, and it doesn't often involve, you know, playing World of Warcraft. I look at it two ways: as someone who has rare things that will probably show up, and as someone who is still missing those things, and wants them, and has a lot of gold.
Off the top of my head, there are actually a lot of things that have been removed from the game (and not even counting things that have been 99% removed, see Invincible and Mimiron's Head). Amani War Bear, Black/Plagued Proto-Drakes, the 10 and 25-man TOC reward mounts, all the old gladiator mounts, the original non-epic brewfest mount, Atiesh and all the other Naxx gear? Probably more. I have several such things. I'm proud of my war bear, or Invincible, but I know there are people who bought both when they were current. The thing is, I really don't think stuff like this, or Ashes of Al'ar, is going to show up very often. I'd be very surprised if there were more than a couple appearances per year of any single item in this class. The price will also probably go extremely high because of this. Therefore, the membership in the proud owners clubs for my cool stuff will be diluted by at most a few and probably zero random scrubs, and a few gold barons. That's fine. There are probably more phoenixes out there from random lucky drops at 85 than there ever will be from 'real' kills and black market sales combined, anyways - for the stuff that isn't completely removed, that's much more significant.
And then, as someone who has some of the cool stuff that's likely to show up, but not all of it, and is also a bit of a collector with lots of gold? Well, I'm stoked. I know which in-game accomplishments I've earned, and which I couldn't quite reach, I don't feel too bad about checking off the boxes for the rewards anyways this long after the fact.
One final thought: by the time this feature is mature and has been in game for a few years, there will be teenagers playing the game who might want some classic Naxx stuff, who were barely old enough to read (let alone play WoW) when it was current content.



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