Virtual Banking Licenses Auction begins with VU 8.9

[Jpearson]

I dont think these Licenses Will be Bidded on by many people....

1 Million PED!!!!







No fair...

[jdegre]

Originally Posted by Teilk

Actually, I ran a system like this with great success. The million ped requirement is good as well, as there is no sense in designing and placing a new building complete with NPC's and a price list if the owner cant afford to run the company.

One question: Will others be able to make interest generating player to player loans with items as security without violating the new EULA, or will anyone loaning peds be required to have a license?

A big difference between both systems is that with an officially secured system I should be able to request the bank a much lower amount of PEDs that the market value of the item, because the item is secured 100% by the system. So, I could ask for a loan of 10k PED, giving a mod fap as collateral. Then, I should only pay interests for a 10k PED loan.

OTOH, if I ask a loan for a player unofficially, then I'm kind of forced to request a value close to the market value of the item used as collateral, even if I need much less money. In case of a mod fap, I should ask for 170-180k ped, no less. Of course, nothing to do with player's honesty, but just to cover all eventualities (for instance, the player running the unofficial loan system stop having access to EU for whatever reason).

/jdegre.

[Angel D]

Originally Posted by JohnCapital

First scam I can envision:

Take out the hugest loan you can on everything you can afford to lose. Looted pixie, wool, M2100, etc.

Find a n00b and offer to sell him tons of BPs dirt cheap. (Just say you're selling out your crafting business and want to give some lucky new guy a head start.)

Start loading the trade window with tons of 0.01 QR BPs

Somewhere in the middle, guess what else you put in there. Yep. Loan voucher.

N00b suddenly has debt, and you have money.

Buy/loot more stuff. Rinse. Repeat.

Hopefully I'm misunderstanding the rules and this situation can't happen.

I don't think this would work:

a) the loans will probably be below the market value of the collateral.
b) transferring the debt will also transfer rights to the collateral.
c) other player could care less about the debt and the collateral will transfer to the bank's owner.

So you can take out a loan on items at below market value, and then give up rights to these items. You would have been better off just selling the items at market value.

If any bank offers loans worth more than the market value of the collateral then they will lose money.

[spod]

Originally Posted by helena

wooot !
how to make minimum 500000$ + all licenses prices in exchance of :
-fee
-fee
-fee
-pixel

i wonder who is gonna use that service anyway, if u have items than u can let as collateral in a loan, u better just sell it lol.

But well !!! i'll whine only if no exiting content for Players is added this vu

well i would have,

i had to have peds for the shops in teh mall to make sure i could afford a shop there, so i sold my ml35 for 6k, knowing full well that they would be at 8k in a week or 2. getting a loan on it for 6k , then paying interest for 2 weeks and then selling for 8k, i would have been better off.

[Mikah]

Virtual Licenses Final Price Predictions.

[spod]

Originally Posted by JohnCapital

First scam I can envision:

Take out the hugest loan you can on everything you can afford to lose. Looted pixie, wool, M2100, etc.

Find a n00b and offer to sell him tons of BPs dirt cheap. (Just say you're selling out your crafting business and want to give some lucky new guy a head start.)

Start loading the trade window with tons of 0.01 QR BPs

Somewhere in the middle, guess what else you put in there. Yep. Loan voucher.

N00b suddenly has debt, and you have money.

Buy/loot more stuff. Rinse. Repeat.

Hopefully I'm misunderstanding the rules and this situation can't happen.

the noob is not indebt. he has a pawn ticket that he can choose to redeem or not, in this case not. you wil hae secured your loan at less than maket value on your goods, teh noob defaults on it, bank owner gets you goods and is in profit. i bet bank owners would love for you to try this "scam"

[JohnCapital]

Originally Posted by Jpearson

I dont think these Licenses Will be Bidded on by many people....

1 Million PED!!!!







No fair...

Actually, that part is completely fair. If you're going into the banking/loan business, you better be able to have plenty of capital to back it up.

Hhmm, did I just say "Capital"?

[JohnCapital]

Originally Posted by Angel D

I don't think this would work:

a) the loans will probably be below the market value of the collateral.
b) transferring the debt will also transfer rights to the collateral.
c) other player could care less about the debt and the collateral will transfer to the bank's owner.

So you can take out a loan on items at below market value, and then give up rights to these items. You would have been better off just selling the items at market value.

If any bank offers loans worth more than the market value of the collateral then they will lose money.

Originally Posted by spod

the noob is not indebt. he has a pawn ticket that he can choose to redeem or not, in this case not. you wil hae secured your loan at less than maket value on your goods, teh noob defaults on it, bank owner gets you goods and is in profit. i bet bank owners would love for you to try this "scam"

You guys are most likely right.

[kygon]

hmm I'm trying to imagine someone from a worldwide bank trying to establish the true market value of mod fap lol

[Toast CHG]

yeah it would be sad to go to the bank to get a loan and have them say "sorry, we're out of money" and bank stays stagnant until others pay back.

I don't know how they would estimate item value when it comes to land area, uber equipment. Maybe that's a decision the bank owner will personally have to make on their own.