The reliable gold and bonus gold is a bonus, but it's probably most valuable for the Experience multiplier.
It's for farming levels, if not for gold. You don't always get to free farm creep waves, because after a while, enemies have levels and critical mass to explode people, so you can't stay in lane 24/7 after around level 6.
If you farm a midas, you can use it every 60 seconds on a big creep, and it's as if you farmed an entire creep wave each time you use midas.
There are many times where players are doing nothing but standing or hesitating.
If you're continually farming and using midas, there is likely hood that you will outlevel and outfarm at least 1 hero on the opponent team, average 2 players, unless they are killing your teammates alot.
Midas also means that you will have an abrupt level-up upon use in some timings, so that when someone is level 3 you will be level 4, or if 4 then 5, or if 5 then 6.
Sometimes the timing is huge because of spell damage or spell acquisition that requires levels.
Some spells' damage increases by alot, per level.
Early on, your hp is very low, and if you don't buy health items, you're bound to die to nukes.
Each level you average gain 40 hp.
Many heroes average spell damage gain per level is 100-150.
So by the time you're level 6 you've gained 200 hp but some opponent gained 800 spell damage, like shadow fiend.
Sometimes you don't want to fight as much as the opponent, but you might be harder to kill later on with some levels.
If you delay long enough and get leveled up, stats, farm then you have a better chance at fighting later on.
Think about the cost for midas. It's 500 for glove then 1550 for recipe.
If you're a hero that doesn't need blink, it's fine.
If you're a hero that is very tanky, it's fine.
If you're a hero that is squishy and will die alot, then it's still fine (because you were going to die anyway, might as well midas to keepup in level and gold, reliable gold doesn't disappear on death)
midas is when you need levels to actually contribute to the game, exactly why you just NEED it on invoker and pheonix.
^ true..but you dont need midas on a slark against a spec. Seen so many scrub slarks in 4k-5k range who went for midas when they can rush some core items and end early.
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I am still wondering how many scrubs are still trying to build Midas if the game is almost over at 15 min. They are hiding in the forest when team is trying to defend towers 4v5 and losing all team fights.
This is not make a sense at all.
Midas is very situational item and good only for several heroes which can´t farm easily. It is good only if you have it fast and your team is not losing. In other case you don´t have your core items fast and game is lost.
So please, use your brain and don´t buy items blindly.