Banking Licenses Sold!

[F1r3]

Originally Posted by Joker

I dont understand how they have become "pawn shops"

and i am glad that some big banks didnt get all the banks... because they are unfirmliar with items worth...

Say someone with no experience comes in and might just pick the year price...

for Imp fap thats 110k...
say a neverdie who is a bit more knowledgable about the market might offer 180k...


Its not a pawn shop... its a loan... just like IR assets(house car....) your virtual items will be assets against the loan you take from these in game banks.. if u default on your loan the banks keep your stuff... i dont see how this is a pawn shop...

a pawn shop keeps your item while you have their money untill you can pay back, and after a given ammount of time when you cant pay back (or just havent) they own your item for good and sell it again

> a normal bank will give you the items and you dont give them anything but if you fail to pay they will come to you to claim your items..
you get credit depending on your income, your possessions in real estate etc
(ever seen someone dragging antiques to a bank?)

now tell me, are these.. services: the services of a pawn shop or the services of a bank?

[Joker]

but... they do take your asset... they take the Title to your car? or the Deed to your house?

but in game you can not do that.. its still a bank... just a very secure loan


not a pawn shop at all.. IMO

pawn shops dont hold your items.. they buy them... and then sell them...

this bank is holding your item till u pay back the loan.. much like a real bank...

[Angel D]

Originally Posted by Joker

but... they do take your asset... they take the Title to your car? or the Deed to your house?

but in game you can not do that.. its still a bank... just a very secure loan


not a pawn shop at all.. IMO

Yes, but you still have access to your car or your house. In the game you will not have access to any item while it is used as collateral. That is the very description of a pawn shop.

Edit: Pawn shops do provide loans and they hold items until you repay the loans.

[Joker]

Originally Posted by Angel D

Yes, but you still have access to your car or your house. In the game you will not have access to any item while it is used as collateral. That is the very description of a pawn shop.

you have access to them because the bank owns the title to your house/car...

in game you can just surrender a title or deed yet... this is the only possible way atm to make a secure loan... its a bank in every sense no where near a pawn shop.. some people can abuse the banks and just let their items Default...

but in the end it wont be worth it.. since bank owners will offer much lower prices than current market to make sure you pay them back... its very simple...

[Constantine]

Originally Posted by Joker

I dont understand how they have become "pawn shops"

The difference is in who keeps possession of the collateral during the loan period.

If I get a loan using collateral, and the bank keeps it until the loan is paid, it's essentially pawning the item.

If I get a loan using collateral, but I keep possession as long as the loan is paid, then it's more like a traditional bank loan.

MA could easily have done either route, however, given how decay works, option 2 makes little sense: I put Shadow armor up for a large loan with a promise to repay in a week - if I keep the armor, I could easily decay much of the value in the week, keep the loan, and the bank is stuck with badly decayed armor that's worth a fraction of the value at the time the loan was made. (This is a problem in the real world as well).

Until MA also introduces in game credit scores and the like that a bank can access and use, option 1 (the pawn shop method) is the most logical.

[Angel D]

Originally Posted by Joker

you have access to them because the bank owns the title to your house/car...

in game you can just surrender a title or deed yet... this is the only possible way atm to make a secure loan... its a bank in every sense no where near a pawn shop.. some people can abuse the banks and just let their items Default...

but in the end it wont be worth it.. since bank owners will offer much lower prices than current market to make sure you pay them back... its very simple...

Take your computer to a pawnshop and ask for a loan. They will give you a loan and hold your computer until it is paid.

Take your computer to a bank and ask for a loan. They will laugh at you.

Which sounds like the EU banks?

[Joker]

Originally Posted by Angel D

Take your computer to a pawnshop and ask for a loan. They will give you a loan and hold your computer until it is paid.

Take your computer to a bank and ask for a loan. They will laugh at you.

Which sounds like the EU banks?

I have never been to a pawn shop just know one of thier functions...

that is buying things cheap... selling them higher... never knew they could make loans eh? where i live there are pawn shops all around.. but non ever say LOANs here....

[Xen]

Originally Posted by Joker

but... they do take your asset... they take the Title to your car? or the Deed to your house?

but in game you can not do that.. its still a bank... just a very secure loan


not a pawn shop at all.. IMO

pawn shops dont hold your items.. they buy them... and then sell them...

this bank is holding your item till u pay back the loan.. much like a real bank...

No man, pawn shops *do* hold your items, for an agreed upon amount of time.

From what I've heard about how they will work, it is exactly like a pawn shop. I have not heard of any bank-like functionality, like being able to deposit and collect interest, or unsecured loans with irl credit checks, not even secured loans with you keeping the collateral and it being transferred upon default.

[kira-red]

Originally Posted by Joker

you have access to them because the bank owns the title to your house/car...

most certainly NOT!

the legal mechanism is called a lein. the bank places a lein against your collateral to secure the loan in the case that you default. the lein doesn not mean they hold title or possession. it means that you cannot sell it without informing the buyer of the existence of the lein and, should you default, the lender can take possession in leiu of your debt.

[Angel D]

Originally Posted by Joker

I have never been to a pawn shop just know one of thier functions...

that is buying things cheap... selling them higher... never knew they could make loans eh? where i live there are pawn shops all around.. but non ever say LOANs here....

Call and ask...Pawnshops offer loans.