I see no problem with the example you used with Joe buying the gem for 100 gold. Look at it the other way round, Joe can't/won't spend money on microtransactions for whatever reason. Instead, Joe got the gems that are associated with MTX's, without spending a penny. It's a win/win situation where you were happy to get the hundred gold and he was happy for the gem. It's a system that also elimates gold farming; if you want the gold, you buy the gems from Anet and sell them on for gold.
Secondly, it adds another layer to the economy; Gems may be worth 100 gold today but if you hold out, you might be able to buy some tomorrow for 90 a piece. It helps alleviate the feeling that it's an MTX, it's just another currency in game that if you want, you can pay money for but you can obtain other ways if you have the time.
Finally, there's the trading post, an auction-house like place where players trade items for gold with each other. Anet have said they have big news regarding this and they are confident in its quality.
On paper, it's the perfect system. Obviously when put in practice there may be falws or expolits but they will be for Anet to solve... I'm mad looking forward to it.
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