Page 3 of 3 FirstFirst 123
Results 21 to 26 of 26
  1. #21
    Guardian Jennson's Avatar
    Joined
    Nov 02 2010
    Posts
    298
    Well was about to quote a part of Roni's post, but my tablet always breaks it. Mindark does not have a banking license

  2. Sponsored Links
  3. #22
    Dominant Roni's Avatar
    Joined
    Jan 02 2012
    Location
    Netherlands
    Posts
    429
    Quote Originally Posted by Meric View Post
    I'd say it was down to the cost of a transfer, as mentioned above.

    For example, I found this on Wikipedia:


    Those costs are more than the amount involved!
    That kinda makes sense Meric, food for thought.

    @Jensson...hum, I really thought they did. If Im incorrect I apologise for feeding wrong information.

    Exerpt from Wikipedia (which not makes it a fact):
    June 15, 2010 - Parent company MindArk AB released its 2009 annual report, showing a cash flow of -18.6 Million SEK (-$2.4M), and stating that the real-world bank is on hold, due to a lack of funds.

    Besides the screaming style of the OPer, which was a bit over the top, I thought he made a point which is interesting to seriously consider.

    Regards, Roni
    Last edited by Roni; 02-20-2013 at 19:48.

  4. #23
    Provider JohnCapital's Avatar
    Joined
    Nov 01 2010
    Posts
    120
    off topic but in order to clarify a misconception....

    Quote Originally Posted by Roni View Post
    I really thought they did. If Im incorrect I apologise for feeding wrong information.

    Exerpt from Wikipedia (which not makes it a fact):
    June 15, 2010 - Parent company MindArk AB released its 2009 annual report, showing a cash flow of -18.6 Million SEK (-$2.4M), and stating that the real-world bank is on hold, due to a lack of funds.
    A few years ago, MA was indeed vying for a banking license. It would have allowed them to do incredible things with regards deposits and withdrawals and really positioned this Universe for greatness.

    However, as the comment you pointed to mentions, their efforts were not rewarded. Whether it was due to the reason mention, or some other, I do not know.
    Always willing to learn

  5. #24
    Old Thran's Avatar
    Joined
    Nov 19 2010
    Location
    5918′50.24″N 186′50.74″E
    Posts
    109
    http://www.mindark.se/investor-relat...ndArk_2011.pdf
    says:
    MindBank
    In March 2010, MindArk put a request to the Swedish Financial Supervisory Authority(Finansinspektionen) to withdraw earlier granted approval to conduct banking activities. A board meeting in March 2011 decided to discontinue all activities related to the bank project.
    The Managing Director of MindBank, however, will continue to work closely with MindArk's CEO in the process of contracting more partners. The bank project is quality assured and thoroughly documented to prepare for a future application when the necessary funds for establishing the bank can be guaranteed.
    hope that helps with any questions about it

  6. #25
    Alpha wizzszz's Avatar
    Joined
    Nov 01 2010
    Location
    Germany
    Posts
    572
    Quote Originally Posted by JohnCapital View Post
    Consider this:

    When MA was making Entropia and was creating the withdrawal system, they asked a simple question: "What about some guy in another country that wants to withdraw just $1USD?. How about $10? Or $100?"

    So they researched and found both the cost of processing each and every withdrawal, plus the expected international bank transfer fees (which eats away at those withdrawals) and figured that allowing folks to make very small withdrawals was a losing battle.

    So they decided that $100USD was a comfortable minimum withdrawal limit.
    This limit is bullshit in a universe where you deal with a micro-currency that's only 1/10th of an US dollar.

    If they would be supporting state-of-the-art payment solutions they could easily lower that to $25 or even $10.

    I'd even go out on a limb here and say that the limit is intentionally chosen that high to have all the notorious "3-month-noobs" abandon the cash left in their accounts when leaving the game for good.

    Quote Originally Posted by JohnCapital View Post
    Have you considered how much making the limit this
    low would increase the amount of work load over at MA?
    Ever heard of "computers"?
    These wonderful things can make your life so much easier...

    Joking aside, there is no real workload connected with withdrawals - you register the withdrawal with the system, along with your credentials (account number and so on), and the system can do all the withdrawals on its own.

    There is no real risk involved for MA, because the PEDs on the card serve as a collateral - it's not like there are possible reservations.


    And frankly, the withdrawal fee is impertinently high for something a computer can do on its own.

    And don't come up with "gotta review, money laundry and such" - withdrawals below i.e. $250 should be a no-brainer anyway and the computer can monitor for suspicious activities and request user interaction based on certain thresholds (unusually high first withdrawals, many withdrawals within short time frame, ...) - the rest should be 100% automated, unless MA still runs their office on a C64.



    And WTF is wrong there with MA - why can't they simply do the currency conversion on their side, to avoid additional fees from your bank?
    Not a single fuck shall be given today

  7. #26
    Old Thran's Avatar
    Joined
    Nov 19 2010
    Location
    5918′50.24″N 186′50.74″E
    Posts
    109
    Diablo III Auction house has a 15% fee on removal on top of the 1$//€ per item or 15% on Commodities. We have a 1% with a minimum of 10USD, i think we have it good.
    Does anyone else know any other games withdraws fees and policies?

 

 
Page 3 of 3 FirstFirst 123

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •