Clarification about Entropia banking operations

[Teilk]

Originally Posted by LostInEntropia

chinese democracy

[aridash]

so will this apply to all loans between parties where a security is given, and rigorously enforced? i see the landlord hanger owners and pilots having some trouble here.

and how will it be enforced? just how do you tell betweeen a loan and a trade? what if its advertised as a item borrowing service? Gamers Knab can offer to use your items while you sleep for a small fee, offering some security to you while it is in their care

ffs, why not do something about the actual scammers instead? no, of course not becuase its nothing more than state sponsored protectionism. Just like real economies i suppose...

[Teilk]

Originally Posted by aridash

so will this apply to all loans between parties where a security is given, and rigorously enforced? i see the landlord hanger owners and pilots having some trouble here.

and how will it be enforced? just how do you tell betweeen a loan and a trade? what if its advertised as a item borrowing service? Gamers Knab can offer to use your items while you sleep for a small fee, offering some security to you while it is in their care

You know, your right.. I demand that MA enforce this new rule evenly across all aspects of EU. Go for it.

[TelM8]

Originally Posted by Bertha Bot

Clarification about Entropia banking operations
04 June 2007

Since we released news about the virtual banking licenses, several questions regarding loan services and banking affairs within Entropia Universe have been raised. The main concern has been the lending of items for interest. We feel that we need to clarify our policy about this.

Recently MindArk PE AB issued official virtual banking licenses. These licenses comprise a secured bank system for processing loans and securities in the form of items. All transactions made via this official bank system, such as loans, defaults, securities, interest etc., are safe and as such guaranteed by MindArk.

By contrast, loan services offered outside this official bank system cannot be guaranteed by MindArk. If an item is exchanged between avatars, this transaction will be logged as a regular TRADE. And as all trades are final, MindArk will not investigate claims if a loan giving avatar refuses to return items or money.Many people do not fully understand the true value of their virtual items until they are lost. They will then contact MindArk PE AB for assistance and will realize that we cannot help them; this can cause a lot of unnecessary grief and frustration.

We do not wish to discourage entrepreneurship within Entropia Universe, but based on experiences from community feedback and support case history, unfortunately not all entrepreneurs offering loaning services are trustworthy members of the Entropia Universe and therefore we need to be strict in our policies in order to protect the community from scams and cheating.

Therefore, any loan services offered outside the approved bank system will be considered by MindArk as scam attempts and the avatar offering such services risk a permanent lockdown of his/her account.



Originally Posted Here

Apologies for being cynical, but I thought the entire EULA says that MA can't guarantee anything. Correct me if I am wrong.

[AtamiKiangola]

Originally Posted by LostInEntropia

.
Maybe it's just a preview to what chinese democracy is gonna bring us ?

haha ... so right

Anyway, all those responses. It surprises me MA (Marco) hasn't reacted yet. I bet it is not all that clear to them too.

More like, we will not stop you but as soon we get 1 complaint you are locked.

[Unity]

Statement like that probably does more bad than good to "banks" and EU especially when it hits media outside EF.

[Xen]

Originally Posted by AtamiKiangola

haha ... so right

Anyway, all those responses. It surprises me MA (Marco) hasn't reacted yet. I bet it is not all that clear to them too.

More like, we will not stop you but as soon we get 1 complaint you are locked.

Looks to me more like if you try to compete with the banks, they will slap you down, complaints or not (all scammers, etc.).

[kira-red]

Originally Posted by Optima

but they are shares in one of the exclusive banks that ma sold,

they most certainly are not. they are unofficial, unsecured fake stocks. in fact, the scheme fits into the description MA provided - just replace the word "loan" with "securites".

of course, there currently are no licences for stock brokerage within EU. the exchange and terminals still exist though, so a reasonable conclusion is that MA does intend on having this functionality - in a secured, official manner.

the fake stocks have no voting power and no value other than that which you yourself may put on it. buy one for 1, sell it for 1.05, buy it again at 1.1 sell it again at 1.25. add to the hype about how great it is. it's re-seller heaven.

in the meantime, anshe recovers her investment and rakes in a whole pile of cash as profit. she laughs at all the stupid investors who paid her money to accept a free pawn shop in EU. a free pawn shop that can only make more money - even if it is only a little.

[Optima]

Originally Posted by Xen

Looks to me more like if you try to compete with the banks, they will slap you down, complaints or not (all scammers, etc.).

Agreed... Just MA being "bombastic" in their statements like usual?
Still a shitty way to put it making it seems like everyone is @risk instead of specifying it out.

[soundboy]

Shame on you MA

But then you showed your true colours which is a good thing. You hate anybody who makes any money in this game unless they are in your millionaires club and on your FL.

Free enterprise is not a spaceship in Star Trek you know?

soundboy