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They were great fun, maybe a bit buggy in mods.
1) No penalty for going "wide" - an MR can simply be played as a much wealthier alternative to other governments for empire-scale expansion, especially since tribals can choose to become an MR instead of feudal
2) Fake elections - The AI really sucks at ruling a republic. It is so bad that you can never let them win an election under any circumstances.
However, AI houses get huge amounts of free gold to invest into elections, and a guaranteed "old guy" candidate (age being the most important factor).
If you want to play by the rules, you can only invest all your money into the elections, and/or use old candidates which you probably don't want or have. This really stagnates your funding of armies and holdings, which is required to expand and defend your realm.
3) Murderization - because of the elections, you basically just want to nonstop murderplot the candidates of the other patrician houses. And since you also get the lion's share on their trade posts if their house goes extinct, there is a huge incentive to eradicate all their families down to the last member.
The game will simply create new houses, going back to point 2 -> 3
Everything else about the DLC was really great though, combined with the trade routes from Jade Dragon it had a major impact on the various world regions. Even if you weren't playing an MR yourself.
The current implementation of republics isn't even a placebo, they just sit around doing nothing for the entire game with zero impact on anything. Though the historical republics were major players in medieval politics.
Shouldn't be that hard to go back to the drawing board, and come up with something better?
Give them severe limits on territorial expansion, so you can't simply run an MR kingdom/empire larger than one duchy. Some minor maritime outposts could be possible though, like Venice temporarily owned Crete.
Focus expansion gameplay on the trade posts instead, and the conflicts with other republics.
Besides the economical impact of MR trade zones, the MRs should have unique advantages in diplomacy, information and trade. So first off they need their own culture, then we can go back to spying on other realms for technological advancement (rather than snowballing hybrid cultures which is the current meta).
Trading and "Intel" as a feature, like Venice sold maps of europe to the Mongol Empire while selling weapons to the other side.
What's also weird about the trade zones in CK2, you can simply establish trade posts anywhere you want. Instead you should be required to negotiate a contract with the host, with options similar to how feudal vassal contracts work. And then of course a CB in case a local ruler doesn't want you to establish trade posts.
The CB for a hostile takeover already existed, in this case you'd also take over the contract of the previous owner.
I also wonder why players still cannot be knights for their liege or just for themselves, its very annoying.
It's a mistery, there is nothing to do in this game except trying to shag your family
Republics are not OP.
"But muh moneyz"
Every player run country in CK2 eventually gets to the point where you have more money than you can spend. Merchant republic's gimmick of being the money government is completely pointless. The best Venice player in the world will get crushed by a medium Byzantium player, every time, because in MP you don't get 100 years to prepare. You get 10.