Blue Essence Store

I can't be the only one looking at these conversion rates for runes/pages to blue essence and wondering what the hell is happening, right? I've been this game for almost five years now, and have about two hundred total runes (if someone wants to do the math on that, please, be my guest) and about ten pages bought with IP. Now, I'm looking at getting less than 50,000 blue essence for these runes/pages. That's a third of just the Urfwick skin that they teased. This is ridiculous, right? If items that we bought with IP are being removed, why aren't we receiving their IP value? I would understand if there was a flat algorithm, but there isn't, as the IP we have in our pockets is converting one to one. This almost feels like they're punishing players for buying things with the IP system they designed. Riot shouldn't do everyone dirty like this just because they decided to change their system. I know it's their game and they have the right to do as they please, but I just don't understand why they wouldn't give out what players put in.

P.S. On a side note, I can't find any info on what's happening to rune pages bought with RP. If anyone has info, posting it here would be fantastic!