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Author |
Thread Statistics | Show CCP posts - 2 post(s) |
Far Wanderer
Bank of Far
7
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Posted - 2014.03.14 06:08:00 -
[1] - Quote
This thread shall serve as the thread of record for the banking activities of the Bank of Far (BFAR), comprising its list of customers, their earnings, BFARGÇÖs total customer payouts to date, a Prospectus and a list of Frequently Asked Questions.
********************
CUSTOMER LIST:
Customer 1: Issac Haydron Since: February 2014 Deposit: 100,000,000 ISK Earnings to date: 25,571,345
Customer 2: Cas Aiger Since: March 2014 Deposit: 100,000,000 Earnings to date: 0 ISK
Customer 3: open April 2014 Since: Deposit: Earnings to date:
Customer 4: open May 2014 Since: Deposit: Earnings to date:
Customer 5: open May 2014 Since: Deposit: Earnings to date:
********************
BFAR'S TOTAL CUSTOMER EARNINGS TO DATE: 25,571,345 ISK
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Prospectus
FAQ
********************
WeGÇÖre happy to respond to questions and comments that are on topic and posted in good faith.
WeGÇÖre just as happy to ignore comments and questions that are not.
Thanks for reading.
GÖ¬ GÖ½ GÖ¬ Don't fly what you can't afford to lose. --Azual Skoll |
Far Wanderer
Bank of Far
7
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Posted - 2014.03.14 06:08:00 -
[2] - Quote
PROSPECTUS
Don't fly what you can't afford to lose. --Azual Skoll |
Far Wanderer
Bank of Far
7
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Posted - 2014.03.14 06:10:00 -
[3] - Quote
Frequently Asked Questions Don't fly what you can't afford to lose. --Azual Skoll |
Nedly Stark
Caldari Provisions Caldari State
12
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Posted - 2014.03.14 07:45:00 -
[4] - Quote
Oh this is going to be interesting..
So you're a 'regional' bank but you don't offer loans. What this really is, is a bond offering with no collateral. People give you 100 million isk for what appears to be revenue generating tasks such as P.I & mining. I'm confused as to how or where your revenue comes from under the "banking" category if you don't offer loans? There are only so many ways you can dance around and entice what you're really after, other peoples isk to do whatever with it.
Sorry but this is going to be a total flop just like the other 3,000 banks before you. |
Far Wanderer
Bank of Far
7
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Posted - 2014.03.14 07:59:00 -
[5] - Quote
Nedly Stark wrote: I'm confused as to how or where your revenue comes from under the "banking" category if you don't offer loans? See the prospectus.
Don't fly what you can't afford to lose. --Azual Skoll |
Koniforous
Tauren Transit My Other Laboratory is a Distillery
7
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Posted - 2014.03.14 08:03:00 -
[6] - Quote
I would like to reserve the next available account for the maximum amount, please. 5% Interest Rate on all investments.-áRead the forum thread here, for more info: https://forums.eveonline.com/default.aspx?g=posts&t=322582&find=unread |
Nedly Stark
Caldari Provisions Caldari State
13
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Posted - 2014.03.14 08:07:00 -
[7] - Quote
Far Wanderer wrote:Nedly Stark wrote: I'm confused as to how or where your revenue comes from under the "banking" category if you don't offer loans? See the prospectus.
Yea.. This is a bond offering. Banks make their flagship revenue off of interest rates from loans (and other fees).
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Far Wanderer
Bank of Far
7
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Posted - 2014.03.14 08:16:00 -
[8] - Quote
Koniforous wrote:I would like to reserve the next available account for the maximum amount, please. Done.
BFAR will be happy to accept your deposit between the 1st and 10th of April, 2014.
An email will be sent to you confirming your deposit once it has been received by BFAR.
Thank you for your interest and (most importantly) for your trust.
GÖ¬ GÖ½ GÖ¬ Don't fly what you can't afford to lose. --Azual Skoll |
Koniforous
Tauren Transit My Other Laboratory is a Distillery
8
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Posted - 2014.03.14 08:36:00 -
[9] - Quote
Nedly Stark wrote:Far Wanderer wrote:Nedly Stark wrote: I'm confused as to how or where your revenue comes from under the "banking" category if you don't offer loans? See the prospectus. Yea.. This is a bond offering. Banks make their flagship revenue off of interest rates from loans (and other fees).
Banks generate income from a variety of sources, most common among those being loans. Maybe Far will expand into loans and bonds if her bank performs well in the future. Give her a chance and maybe ask some clarifying questions rather than joining the typical this-is-a-bond bandwagon witch-hunt against bank threads. People like to role play banks. Let it happen, man. Lets try to be constructive. A savings bond is identical to a savings account at a bank. It's pointless to come into a banking thread and call it a bond. Why? Because, a bond aims to pool funds together to perform its desired service. Guess what, a bank does that too! With both, the end service result is always to generate profitability / sustainability. If her 'bank' of funds is doing that, I don't really care what she, or you call it.
I like the idea of full reserve banking, Far. I'm considering doing it for my bank, and similar to your "in-house" style of backing yourself with a separate wallet division.
I would like to see some form of proof of profit. Have you signed up for Eve-mogul, yet? I especially like that service! It's free for the first few days, and 50mil for 30 day subs thereafter. It would be nice to be able to check in on your public profile there and see how well your bank is performing, and see what kind of payout might be expected towards the end of the month. 5% Interest Rate on all investments.-áRead the forum thread here, for more info: https://forums.eveonline.com/default.aspx?g=posts&t=322582&find=unread |
Setsune Rin
Collapsed Out Shadow Cartel
160
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Posted - 2014.03.14 09:03:00 -
[10] - Quote
all in favor of banning the word 'bank' from topics in MD and sending every poster off with a tar&feather coat raise your hand
o/
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Far Wanderer
Bank of Far
8
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Posted - 2014.03.14 09:47:00 -
[11] - Quote
Koniforous wrote:People like to role play banks. Let it happen, man. Lets try to be constructive. (snip) If her 'bank' of funds is doing that, I don't really care what she, or you call it. Thank you for the support and positive attitude. Both are rare in bank threads.
Koniforous wrote:I like the idea of full reserve banking, Far. I'm considering doing it for my bank, and similar to your "in-house" style of backing yourself with a separate wallet division.
Koniforous wrote:I would like to see some form of proof of profit. Have you signed up for Eve-mogul, yet? (snip) It would be nice to be able to check in on your public profile there and see how well your bank is performing, and see what kind of payout might be expected towards the end of the month. We have toured the Eve-mogul website. While its services appear useful and the interface and layout look both impressive and easy to use, we found the cost-benefit to be lacking.
Specifically: we'd rather distribute 50,000,000 ISK in payouts to customers than deduct a like amount from our monthly income to pay for a service that mimics a set of skills we've already mastered, and otherwise utilize a simple spreadsheet for.
None of this services your legitimate desire for transparency, of course.
If you will allot us a measure of patience, we feel that you will come to regard the regular monthly payments that will be made to your soon-to-be-open account to constitute all the proof of profit you will ever need. Don't fly what you can't afford to lose. --Azual Skoll |
Magnu Stormhawk
Stormhawk Enterprises
35
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Posted - 2014.03.14 12:00:00 -
[12] - Quote
Charles Ponzi wrote: If you will allot us a measure of patience, we feel that you will come to regard the regular monthly payments that will be made to your soon-to-be-open account to constitute all the proof of profit you will ever need.
I think you will find that many people will be wary of such reliance, given how similar ventures have in the past gained investment and momentum through 'proof of profit' through payments alone, and ended up sour. |
Elizabeth Norn
Nornir Research
180
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Posted - 2014.03.14 12:53:00 -
[13] - Quote
Far Wanderer wrote:DEPOSIT INSURANCE BFAR maintains a separate wallet division with an ISK ballance equal to the sum total of all customer deposits. BFAR does not service more accounts than it is capable of insuring with this wallet division.
If you keep liquid ISK equal to what investors give you, and you're assuming the risk by insuring they will get their ISK back, then why would you need to take anyone else's ISK in the first place? .
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Setsune Rin
Collapsed Out Shadow Cartel
162
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Posted - 2014.03.14 13:38:00 -
[14] - Quote
lol, i didn't even see that part
thats the dumbest thing i've ever heard. |
Hel O'Ween
Men On A Mission
67
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Posted - 2014.03.14 14:40:00 -
[15] - Quote
Apart from everything mentioned so far (sic!), this part of the FAQ ...
Far Wanderer wrote:Frequently Asked QuestionsQ. How can BFAR guarantee a 10% minimum return per month?A. As a corporation, BFAR has conducted market activities out of Clorteler and otherwise operated in the Essence region since 2010. We know our way around the neighborhood. See also BFARGÇÖs list of income sources (below) that will be utilized to fund monthly customer payments, if necessary. Q. Including banking, what are BFARGÇÖs sources of income?A. BFARGÇÖs per month income averages 380 million ISK, broken down as follows:
- Banking: 100 million
- Mining: 30 million
- PI: 250 million
..., which gives away your locations and sources of income is an invitation to every highsec ganker in EVE. That's not a way to ensure customers, even when "transparency" might be the motive. EVEWalletAware - an offline wallet manager. |
Qalix
Long Jump.
165
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Posted - 2014.03.14 15:02:00 -
[16] - Quote
What's with the banking thread proliferations over the past two months? I hereby classify all such threads as a subspecies of trolling unique to MD.
Seen one banking scam, you've seen them all. |
PyroxQ
Pinpoint Pierce
0
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Posted - 2014.03.14 15:11:00 -
[17] - Quote
Setsune Rin wrote:all in favor of banning the word 'bank' from topics in MD and sending every poster off with a tar&feather coat raise your hand
o/
o/
I especially like the using 'we' have done this, 'we' have done that. It clearly shows that the entire bank supports this, and it makes it legit! |
Koniforous
Tauren Transit My Other Laboratory is a Distillery
9
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Posted - 2014.03.14 16:04:00 -
[18] - Quote
Elizabeth Norn wrote:Far Wanderer wrote:DEPOSIT INSURANCE BFAR maintains a separate wallet division with an ISK ballance equal to the sum total of all customer deposits. BFAR does not service more accounts than it is capable of insuring with this wallet division.
If you keep liquid ISK equal to what investors give you, and you're assuming the risk by ensuring they will get their ISK back, then why would you need to take anyone else's ISK in the first place?
This type of banking is called full reserve banking. Fractional reserve banking, the type of banking that caused the great depression and also the insolvency of EBANK, is by far more profitable, but less dependable from an account holder's viewpoint.
I noticed you said something similar on my thread, and I think what you're missing is that some people actually like to provide a service for people, offering them a slice of the pie, where others (like you) might consider that service simply being in debt.
Far, can you expand on the customer dropping policy? Do you issue your client's deposit back, and any partially accrued interest, or do you just give them the boot and keep the loot? 5% Interest Rate on all investments.-áRead the forum thread here, for more info: https://forums.eveonline.com/default.aspx?g=posts&t=322582&find=unread |
Elizabeth Norn
Nornir Research
180
|
Posted - 2014.03.14 16:31:00 -
[19] - Quote
Koniforous wrote:Elizabeth Norn wrote:Far Wanderer wrote:DEPOSIT INSURANCE BFAR maintains a separate wallet division with an ISK ballance equal to the sum total of all customer deposits. BFAR does not service more accounts than it is capable of insuring with this wallet division.
If you keep liquid ISK equal to what investors give you, and you're assuming the risk by ensuring they will get their ISK back, then why would you need to take anyone else's ISK in the first place? This type of banking is called full reserve banking. Fractional reserve banking, the type of banking that caused the great depression and also the insolvency of EBANK, is by far more profitable, but less dependable from an account holder's viewpoint. I noticed you said something similar on my thread, and I think what you're missing is that some people actually like to provide a service for people, offering them a slice of the pie, where others (like you) might consider that service simply being in debt. Far, can you expand on the customer dropping policy? Do you issue your client's deposit back, and any partially accrued interest, or do you just give them the boot and keep the loot?
it just makes no sense unless you're going to scam or just really, really like to roleplay. If you don't scam then you are basically paying interest rto someone else to use your own ISK. Collateral makes sense if the items are slow moving, expected to increase in price (if you trust the person holding them), or need the money instantly. Nobody trusts you guys popping up every other day shouting about your "banks", you're just like the scammers in Jita who copy the newest successful scam, except you're all a few years too late. .
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Far Wanderer
Bank of Far
9
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Posted - 2014.03.14 18:48:00 -
[20] - Quote
Koniforous wrote: (snip) and I think what you're missing is that some people actually like to provide a service for people, offering them a slice of the pie. Exactly.
We at the Bank of Far are not interested in pushing all of our ISK into the marketplace.
Because we enjoy playing with other people's money (up to a point), it only makes sense that we use our ISK reserve (read: ISK sitting in a wallet division, doing nothing) in a responsible manner such that we cover our customer's deposits in the event those deposits are lost.
Koniforous wrote:Far, can you expand on the customer dropping policy? Do you issue your client's deposit back, and any partially accrued interest, or do you just give them the boot and keep the loot? If we fire a customer, they get their full deposit back and we keep any interest earned. We then notify them of the return of their deposit and thank them for their business and their trust. Don't fly what you can't afford to lose. --Azual Skoll |
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Far Wanderer
Bank of Far
9
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Posted - 2014.03.14 19:07:00 -
[21] - Quote
Hel O'Ween wrote:..., which gives away your locations and sources of income is an invitation to every highsec ganker in EVE. Your point is one we considered when deliberating on whether or not to include other income information.
We decided that transparency was more important. Also that we could afford to lose all customers who felt otherwise. Don't fly what you can't afford to lose. --Azual Skoll |
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ISD Ezwal
ISD Community Communications Liaisons
1002
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Posted - 2014.03.15 00:39:00 -
[22] - Quote
I have removed some rule breaking posts and those quoting them. As always I let some edge cases stay. Please people, keep it on topic and above all civil!
The rules: 4. Personal attacks are prohibited.
Commonly known as flaming, personal attacks are posts that are designed to personally berate or insult another forum user. Posts of this nature are not beneficial to the community spirit that CCP promote and as such they will not be tolerated.
26. Off-topic posting is prohibited.
Off-topic posting is permitted within reason, as sometimes a single comment may color or lighten the tone of discussion. However, excessive posting of off-topic remarks in an attempt to derail a thread may result in the thread being locked, or a forum warning being issued.
ISD Ezwal Commander Community Communication Liaisons (CCLs) Interstellar Services Department |
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Loraine Gess
Confedeferate Union of Tax Legalists
155
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Posted - 2014.03.15 03:17:00 -
[23] - Quote
Far Wanderer wrote:Hel O'Ween wrote:..., which gives away your locations and sources of income is an invitation to every highsec ganker in EVE. Your point is one we considered when deliberating on whether or not to include other income information. We decided that transparency was more important. Also that we could afford to lose all customers who felt otherwise.
"we"
You might as well just admit it's an uncollateralized bond, because then you can actually get people to invest. And then you steal their isk, which is your objective. |
Erotica 1
Krypteia Operations CODE.
4296
|
Posted - 2014.03.15 07:40:00 -
[24] - Quote
I think this is a fabulous idea, and you should open up additional investment. See Bio for isk doubling rules. If you didn't read bio, chances are you funded those who did. |
Far Wanderer
Bank of Far
12
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Posted - 2014.03.15 07:50:00 -
[25] - Quote
Erotica 1 wrote:I think this is a fabulous idea, and you should open up additional investment. Thank you for the compliment and the suggestion, Erotica 1. That's very nice of you to say.
Don't fly what you can't afford to lose. --Azual Skoll |
Raano Thorson
Fugazi Incorporated
3
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Posted - 2014.03.15 12:02:00 -
[26] - Quote
The interest rate is quite feasible without question. The way you are doing the "set aside funds in case the Fit hits the Shan" is kinda cool. And good on you for keeping the investments low. Good to start small and since you are doing it for fun that will prevent the ordeal from becoming a 9-5.
Good luck with the endeavor. And have a blast! I may very well jump in with you at a later time when I am not being invested in myself. I'm not comfortable with being lent money and investing in this form of banking at the same time. |
Slemtiger
Legion Of Spork
2
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Posted - 2014.03.15 16:23:00 -
[27] - Quote
Far Wanderer wrote:PROSPECTUS
Example: Customer 1 deposits 100,000,000 ISK. Customer 2 deposits 10,000,000 ISK. BFAR invests 50,000,000 ISK The total investment pool is 160,000,000 ISK.
Customer 1 receives 62.5% of any profit. Customer 2 receives 6.25%. BFAR receives 31.25%.
A profit of 100,000,000 ISK would be allotted as follows: 62,500,000 ISK to Customer 1 6,250,000,000 ISK to Customer 2 31,250,000 ISK to BFAR
Not a bad payday for customer 2 with his 10m deposit :D |
Erotica 1
Krypteia Operations CODE.
4319
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Posted - 2014.03.16 02:52:00 -
[28] - Quote
I swear I wasn't customer 2. See Bio for isk doubling rules. If you didn't read bio, chances are you funded those who did. |
Jerome Gouillot
Pangalactic Frontline Supply Agency
6
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Posted - 2014.03.16 14:11:00 -
[29] - Quote
Erotica 1 wrote:I swear I wasn't customer 2.
We all know, otherwise it would have been doubled |
Far Wanderer
Bank of Far
12
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Posted - 2014.03.17 08:20:00 -
[30] - Quote
Slemtiger wrote:Not a bad payday for customer 2 with his 10m deposit :D
Just because I write the stuff doesn't mean I read it.
Don't fly what you can't afford to lose. --Azual Skoll |
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