Clarification about Entropia banking operations

[Akoz]

Originally Posted by Marco|MindArk

I fully understand that frustration and emotion is running high right now. The policy update was the result after having discussions and feedback with the support department, who got dozens of requests from participants who wanted to start loan services. A lot of the people behind the requests are ones with a shady background in the Entropia. We saw a rapid rise in fraudulent enterprise forming, which would hurt the little guy. We decided to act pre-emptevly and state that those who publicly offers loan services hereby us to be viewed upon as scammers, because that is the only real way to act. My horror scene would have been seen 50 loan sharks in Port Atlantis scamming newcomers from their first PEDs, killing all fun and all hope for them. The biggest sad thing in this is that those who manage a trusted venture gets tossed in with the rest, but at this point we cannot differentiated in a way that MA can guarantee.

With all do respect marco isn't it up to the gamer to choose what activities to trust and invest in?

I must say I have a hard time imagening scammers running a business model like ours. We lend out up to 90% of the items value. That means a possible scammer can run off with 10% of items value while having to risk the remaining 90% he has to put up as peds as he can be locked at any time. Who would risk 90k to gain 10? In fact in the few days we have been opened we -the bankers have already been the subject of several scam attempts from players trying to get way more peds for items than they are really worth.

A lot of possible shady businesses has come and gone. Common for most are that they unlike us require the user to invest in them with no waranty. Everything from investment funds to the sale of "stocks" in their ingame businesses for quardouble their ingame businesses value. The scam potential in each of these cases are up to hundreds of thousands of peds. Every day many dozens of newcomers are scammed by people "loaning" items. Why do you really have to shut down a business where no actualy scamming has even occured on the pure thought that it could?

You are communication manager for a reason Marco. You are good at stocking the words so they sound convincing, but I don't think even you can manage to make this new rule look like anything but a desperate measure to protect your headline investors from competition.

[Agnus_Dei]

Originally Posted by Marco|MindArk

I fully understand that frustration and emotion is running high right now. The policy update was the result after having discussions and feedback with the support department, who got dozens of requests from participants who wanted to start loan services. A lot of the people behind the requests are ones with a shady background in the Entropia. We saw a rapid rise in fraudulent enterprise forming, which would hurt the little guy. We decided to act pre-emptevly and state that those who publicly offers loan services hereby us to be viewed upon as scammers, because that is the only real way to act. My horror scene would have been seen 50 loan sharks in Port Atlantis scamming newcomers from their first PEDs, killing all fun and all hope for them. The biggest sad thing in this is that those who manage a trusted venture gets tossed in with the rest, but at this point we cannot differentiated in a way that MA can guarantee.

Ah, excellent answer Marco. Now I understand. So you will not allow anyone without a license to own an asteroid anymore, if some of that "shady" people ask you to have an asteroid too, right?
I am looking forward to see "asteroid-licenses" in auction then.

Marco, both of us know this was BULLSHIT from MA-department. Just say sorry and we all are happy again. It's okay, we all have bad/funny days...

Ag.

PS: You might not know, but most of us are older than 3 years and can read (and maybe think)... (no smilie, because this was meant serious)

[Nadie]

Originally Posted by Marco|MindArk

My horror scene would have been seen 50 loan sharks in Port Atlantis scamming newcomers from their first PEDs, killing all fun and all hope for them.

I normally don't post in these threads but then I read the quote above

Scamming newcomers is happening every day but nothing is ever done about it! Armor upgrade anyone?! I'll sell you my Opalo for tt+2ped etc. And please tell me why, if there are some in game with 'shady backgrounds' are they still permitted to play?! I can't see this as protecting anyone except maybe MA's income as they are large depositers

[Teilk]

Originally Posted by Marco|MindArk

I fully understand that frustration and emotion is running high right now. The policy update was the result after having discussions and feedback with the support department, who got dozens of requests from participants who wanted to start loan services. A lot of the people behind the requests are ones with a shady background in the Entropia. We saw a rapid rise in fraudulent enterprise forming, which would hurt the little guy. We decided to act pre-emptevly and state that those who publicly offers loan services hereby us to be viewed upon as scammers, because that is the only real way to act. My horror scene would have been seen 50 loan sharks in Port Atlantis scamming newcomers from their first PEDs, killing all fun and all hope for them. The biggest sad thing in this is that those who manage a trusted venture gets tossed in with the rest, but at this point we cannot differentiated in a way that MA can guarantee.

I dont think that there was much discussion at all. I think that one or more of the high dollar investors sent you an angry email stating that they were upset about the fact that we were bright enough to realize that we did not need to spend what they did to do the same thing, and better. I am gonna take another shot in the dark, and guess that either way you landed on this issue was a losing situation for you. Let us do what we have been doing (with no scam attempts, I may add, your little "official statement" not withstanding) and alienate the big money that just bought overvalued businesses, or side with them and alienate the majority of the population by stomping out small business like you think your wal-mart or something. After choosing the latter, while I understand that there is at least a profit to be made from the trades done with the banks, you have made it quite clear that you do not support small business endeavors in EU.

As far as your little statement about tossing us in with "the rest" goes, I guess that clarifies MA's position better than I ever could. There are the big money investors, and "the rest". Frankly, after this stunt, I am quite happy to be part of "the rest". I at least have some morals and a code of ethical standards.

[ragethecorp]

Originally Posted by LuckyStrike

In the real world, you cannot go around calling yourself a "bank" or offer identical services as a bank without a license.

But you can lend your friend $500 and they give you $550 a month later.

This game isnt supposed to be the same as the real world. In the real world can you go hunting without a license? Does that mean soon theyre going to make us buy hunting licenses?In the real world do robots attack you? In the real world do people try to scam you as soon as you walk off a ship and are "born" as an adult?

This game is supposed to be fun and allow people to do what they want and create what businesses they want. Banking is one of them. Just because there are some risks with this business if they dont have a license doesnt mean MA should ban it. What about coloring? The colorer could steal the clothing but we take the chance, and its our choice to do it.

[JohnCapital]

LuckyStrike, I've given the data as I know it. To answer your questions best, I believe will now be best left to those you mentioned.

[LuckyStrike]

Originally Posted by ragethecorp

But you can lend your friend $500 and they give you $550 a month later.

You charge your friends interest? Nice friend you are. And only 10% a month, how nice of you!

Originally Posted by ragethecorp

This game isnt supposed to be the same as the real world. In the real world can you go hunting without a license? Does that mean soon theyre going to make us buy hunting licenses?In the real world do robots attack you? In the real world do people try to scam you as soon as you walk off a ship and are "born" as an adult?

This game is supposed to be fun and allow people to do what they want and create what businesses they want. Banking is one of them. Just because there are some risks with this business if they dont have a license doesnt mean MA should ban it. What about coloring? The colorer could steal the clothing but we take the chance, and its our choice to do it.

This isn't a game, never was.

[Nadie]

Originally Posted by ragethecorp

The colorer could steal the clothing but we take the chance, and its our choice to do it.

You'd be surprised how many newbies ask me for collateral on a 3 ped pair of pants, needless to say I don't give any

Oops am I now considered a scammer and going to get my account blocked?!

[Teilk]

Originally Posted by LuckyStrike

Are you sugeesting that Teilk created the whole concept of making a secured loan??

By no means was I the creator of the idea. Moneylenders have been around since, well, money.

I am however, the first to actually make it work successfully and profitably here on EU.
As far as the rest of your slander and unresearched opinions go, you might want to get all the facts before spewing that bile that you seem to consider thoughtful insight.

[LuckyStrike]

Originally Posted by Akoz

It would be foolish to say that nobody ever did a loan from another player before Teilk started his business, but if you check the date of this thread:
Teilk's Secured Loan Service
And the date that MA announced the banks would come on auction there should be no doubt who was first.

Loan services existed before Teilk's.

in fact, Dub provided links to just 4 of them in Teilk's thread that you so kindly linked:

Originally Posted by dub

Oh boy, another yawn shop. An inspired creation, and with his superb attitude I'm certain it will be a roaring success!

ViagraFalls' Yee Old Pawne Shoppee

Archangels Pawn Service

Offering Various Services and Jobs.

Skillin' Villains Pawn and Gun shop!

I guess the only thing to say here is:

OWNED