Just as a note, Valve did indeed remove one game from users' libraries: Order of War, due to Squenix shutting down the games' servers. They haven't followed suit for games such as Nexuiz however, which are likewise unplayable.
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The only thing that would happen is that card prices would probably skyrocket on the market since no one would be able to buy the game anymore. Once all the current owner of a game have had their card drops, no more could be created ever. (Unless booster packs for that game were still being handed out.)
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iirc Booster packs are only created and randomly assigned when someone crafts a badge for the particular game in question. Since boosters don't fully replace the card supply lost in crafting, the supply of cards would then be fixed, and would still diminish.
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Can you provide any examples of such an occurrence?
Even if games are removed from the storefront that does not mean they're no longer available to play for those people who bought the game. And since the cards are tied to the community and not to the storefront, I imagine that as long as you can dl and run the game (or spoof it such as through Idle Master), you'll still get drops.
As far as market desirability, if the game was taken down odds are the game was not that successful to begin with. It would follow then that the demand for cards would be very low, and would likely remain such. Now the prices for those cards would likely rise over time as the now fixed supply of cards diminishes, sort of like what happened to some of the 2013 summer sale items. But there still wouldn't be much market traffic.
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Well the game is still available to download, so that won't be a problem just yet.
According to the data from the relevent market pages, just use the booster and get the cards. Simply put, the boosters don't sell, and you should be able to quickly cash in on the cards if you undercut.
-edit-
I decided to try to do a little maths to determine what price for the booster would be most sensible given the current prices of cards. Normally, selling the booster would be preferable because of the mechanics of Valve's markup scheme. So for instance, a regular 3 card booster for cards regularly clearing the market at 12c could be sold for 34c for the seller to earn the same amount as 3 cards, while giving the buyer an effective 2c discount.
Given this, the total average for March of War cards is ~30c. So 90c for three cards, net gain of 81c. Equivalent gain from a single sale would mean a list price of 93c, 3c over the cost for buying the individual cards. So using the booster and then selling the cards still makes more sense. Curiously this still holds true even if you planned to undercut the average cost. It appears that given the choice, cards are more effective >=19c, and boosters are more effective at <=15c.
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