If one gold is worth one item...
Let us buy items with one gold each.
Right, that’s ludicrous. Just like ever thinking that one gold will balance item drops.
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These types of arguments are missing a lot of nuance and information.
For example, Riot has stated on twitter that there is a rubber band effect where your chances of getting items increases later in the game if you got fewer items earlier. This is something easily noticeable since it's the cause of later camps like raptors popping like pinatas with items everywhere if you had few items early game.
The gold you get early instead of items is intended to give you more options with champions early instead of options with items. It's just one lever in the design that allows the developers to limit the ability of players being able to walk into the match hearthstone style with a static plan they can execute all the time.
...because building the perfect plan before the game starts is strategy. Using experience, knowledge, awareness, and luck to adapt on the fly to the situation is more in line the the 'Tactics' part of TFT.
They never said they wanna balance it that way I guess they mean it as some kind of consolation.
But in fact it feels worse to open a chest just to realize there is only gold in it, than getting nothing at all.
It feels like a big "Ha Haa!"
honestly could be interesting if we actually could buy items.