Can we be allowed to convert orange essence into blue essence and vice versa?

SUPPOSEDLY, you will EVENTUALLY be able to buy blue essence or champ shards or something with IP. (you can "disenchant" champ shards into blue essence)

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But that doesn't make any sense... You can't do anything with IP in the hextech crafting system, how are you buying skins with IP? If there's a 2 for 1 conversion rate, it would be extremely hard to get a skin with just blue essence conversions.

Yes, Currently IP has no effect on the Hextech system but that is not the case soon (as stated by RIOT, i'll explain further down).

But here is an example of how your conversion system would cause problems:

We all know the standard system allows you to buy champions for free by earning IP, and their primary revenue source (what keeps the game going) is customers buying RP to purchase skins and other content. More simply stated: Want Champions? Play lots of games to unlock or Pay $$. Want Skins? Pay $$.

Now similarly to IP/RP, blue essence/orange essence unlock the same content. As a gift from RIOT you can earn both blue and orange essence through gameplay, meaning you can get lots of skins and champs for free that you would normally have to buy RP for (lowering their revenue). However, In order to offset and control this (so they don't lose a shit ton of money) an limited RNG system was put in place (S rated hextech chests). This way, it's possible to earn skins, but you aren't getting tons and tons of skins for free in a relatively short period of time without having to pay $$.

By asking for a conversion process, you are essentially asking to convert IP into RP (blue into orange). Or more simply stated: You are asking them to rapidly increase the amount of free skins you get. Even at a 2:1 ratio, this tips the scales of how often you can get skins for free, essentially bypassing the need for pay $$ all together. This would be an utterly terrible business decision for RIOT, and if enough people abused that system it would destroy the company; They would never make enough revenue to keep the game running.

Now since IP essentially = Blue essence, They are not too concerned with your ability to earn champions since you can already earn them at a steady rate through IP. This is why they are introducing a "Buy a random champion shard" with IP feature into the store soon. The point of this is to help alleviate the RNG on obtaining blue essence for those trying to unlock champion mastery 6 & 7.

If a conversion process was in place, especially after being able to buy Blue essence with IP, you could essentially buy everything in the game with IP.

Earn IP > Buy Blue Essence > Convert to Orange Essence > Unlock Skins for free.