Virtual Banking Licenses Auction begins with VU 8.9

[JackFree]

"Lend money to Entropia Universe Participants and collect interest for the service."

Lending money to participants who will pay back their loans with the money they make hunting? mining? Before you could lose all your PED and still have your gear, now you can lose both. Do we really need banks in EU? I'm sure the banks will find plenty of "customers" among the population of Calypso.

I for one will never take a loan, real or virtual, to play EU!

I want to know what else MA has developed for the next VU, aside from the banks. If I remember correctly there was mention some time ago about factories and creating job opportunities...I have to go dig...

In any case, the banks I can do without.

Cheers

[AlphaGeek]

Originally Posted by Teilk

For one, you are playing a game based in Sweden. I dont think that the great state of Virginia has any authority in Sweden.

Actually, warrants have been served and arrests made on residents from other countries upon their entrance to the US on travel. Those can be served at any point of entry, not merely those within the boundaries of the Commonwealth (Technically, Virginia is not a state.).

Also, many countries have reciprocal agreements with the US to allow extridiction. Try reading "The Cuckoo's Egg: Tracking a Spy Through the Maze of Computer Espionage" by Cliff Stoll sometime to see how different countries law enforcement agencies do cooperate sometimes.

AG

[Teilk]

Originally Posted by AlphaGeek

Actually, warrants have been served and arrests made on residents from other countries upon their entrance to the US on travel. Those can be served at any point of entry, not merely those within the boundaries of the Commonwealth (Technically, Virginia is not a state.).

Also, many countries have reciprocal agreements with the US to allow extridiction. Try reading "The Cuckoo's Egg: Tracking a Spy Through the Maze of Computer Espionage" by Cliff Stoll sometime to see how different countries law enforcement agencies do cooperate sometimes.

AG

Still, you gloss entirely around the fact that this is indeed a game, regardless of claims to the contrary. Until they come up with a way to regulate and tax monies flowing in and out of this game, there are no laws that I am aware of that cover in game lending. To further that, unless the banks actually resemble banks more than pawnshops, (which at the moment is a very accurate term) there is even less room for seeking "relief" for willingly submitting yourself to high interest rates. Pawnshops in the US generally only give 20% of retail value on a pawned item for a secured loan. They then charge a nominal time based fee for the loan. If you were to add those fees up annually, you would discover that they are much higher than 38% apr.

I will do some research and see if it is legally permissible to willingly enter into an international loan agreement with higher interest rates than those dictated by our countries laws. I suggest you do the same before suggesting that people seek "relief" for entering into an agreement of their own accord. Again, I detest people who speak of taking legal action after they willingly enter into an agreement in which the terms are made very clear.

[Angel D]

Originally Posted by AlphaGeek

If these actually sell and the loan rates exceed 38%, US Virginia residents and all AOL users may be able to seek remedy through the Virginia State Police. Why AOL? Their mainframes are in VA, so all their traffic passes through there.

Virginia cybercrime laws are written in such a way that if the TCP/IP packets pass through Virginia, the transactions are subject to Virginia law.

I don't think this is true because this is a game and all items and money in game are virtual. The virtual funds can be bought with real money and sold for real money through MA, but while in game they are virtual. I think it would be going beyond the state polices authority to try to control how loans are given for virtual funds in a game.