Bots can bypass Captchas.
Gold selling will exist with or without the token and as long as capital remains at stake Blizzard is fighting a losing battle against botters since they will always be incentivized to escalate any measures they take. However many humans Blizzard hires to combat the issue, botters will hire just as many (if not more) to find new ways to waste their time. There's a point where it become less profitable to run the game than it does to fight bots and I have a feeling most people who comment negatively about the token would prefer for Blizzard to go out of business spending billions of dollars trying to fight a war they cannot win. The other alternatives would be for Blizzard to defang GDKP by forcing personal loot (which would just cause all the GDKP community to become boosting communities instead) or for Blizzard to rewrite the entirety of WoW's code from the ground up to prevent botting and disable the ability for add-ons to exist since most bots are coded with lua. (They'd still exist, though, because capital is at stake.) This would cost more than developing an entirely new MMO from the ground up so it's not financially feasible either. They could prevent players from trading with each other but I think this would be met with just as much ire as their current solution so I don't think that's plausible either.
The sad and unfortunate reality is that the only way for Blizzard to have any impact on RMT is to give players a way to do it from within the game itself. I think the timing is a bit shit and they should have waited til after WotLK wrapped to do this but it's possible with them currently banning 2 million accounts a year that it reached an internal tipping point within Blizzard where they felt they were spending too much of their resources trying to combat the losing battle of stopping botting. I don't excuse them for profiting from it but if we're being real here that ship sailed when Blizzard decided to monetize WoW with a subscription model decades ago.
All this is to say that I really encourage players to try to apply critical thinking to these situations. The WoW token sucks but Blizzard clearly didn't add it just out of pure malice and contempt for their playerbase. It sucks that so many people are interpreting it this way because the nature of this situation prevents a no-win scenario for the developers: They do nothing, botting gets worse and worse until they're spending insane amounts of resources trying to win a losing battle; they do something to ease RMT and the entire fucking playerbase interprets it as breeching one of the core pillars of their game design. Damned if they do. Damned if they don't. The worst part is that you cannot explain any of this to anybody who's already made up their mind about this. If you do, you're just shilling for Blizzard.
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I think it was pretty obvious to anybody who pays any attention to how Blizzard operates that the token would be coming eventually. I openly wondered when it would be happening all the way back before TBC Classic had launched.