Originally by: IGBANK ucntkilme

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Edited by: IGBANK ucntkilme on 13/04/2009 10:22:03
Edited by: IGBANK ucntkilme on 13/04/2009 10:21:03
The server load has been fine since IGB's inception. The high server load is the result of someone, or several people trying to brute force into the root of the site, without any success might I add.

edit: the new website url will be: eve-ingame.co.uk

at some point, we will be obtaining a .com as well.

Alec is in the process of doing file transfers now. Website will be down until all transfers are complete.

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Originally by: IGBANK ucntkilme

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The server load has been fine since IGB's inception. The high server load is the result of someone, or several people trying to brute force into the root of the site, without any success might I add.

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Originally by: Manalapan

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I believe that he would using a VPS, but look at the bright side it is an improvement over a machine in his house.

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Originally by: LaVista Vista

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Originally by: IGBANK ucntkilme

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The server load has been fine since IGB's inception. The high server load is the result of someone, or several people trying to brute force into the root of the site, without any success might I add.

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Well, that's ironic.

Alec was boasting in the EBANK channel yesterday about how linux(And associated pieces of software) are superior to windows. Running a bunch of Linux servers myself, brute force is hardly an issue. If the server administrator is at all competent, then he would have a firewall which black lists IP's which are used for said attack.

And please tell me that you aren't moving the site to a VPS.

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Originally by: cyno here

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As for new machine "power", anyone who worked with servage knows that they oversell 1 machine so badly that even running hello world there would take serious time.

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Originally by: LaVista Vista

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Originally by: cyno here

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As for new machine "power", anyone who worked with servage knows that they oversell 1 machine so badly that even running hello world there would take serious time.

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Hence why I only go with VPS hosting, where the SLA promises to have at least x amount of CPU power available over any given period of time.

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Originally by: SencneS

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Edited by: SencneS on 13/04/2009 17:16:58
All thought the thread IGBank Alex has been saying "Why US over EBANK" and I although I'm on the Board of Directors at EBANK I'll give a perfect reason why EBANK over IGBank..

EBANK pays more.

I re-checked over the math just to make sure and I check every one of these pages to make sure the math wasn't updated.

I then opened Excel, put in 1B into cell A1
Then put the =A1*(1+0.000021) into A2, A3..... all the way to A720 (30 days multiplied by 24 hours.) Each cell increased the number - So A3 was =A2*(1+0.000021) etc

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Originally by: Kwint Sommer

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First off, EBANK pays 3% as well as 1.5% so regardless of what value the 7th digit beyond the decimal has, EBANK pays more.

But it's a moot point because there's no way in hell someone with a non existent reputation and history should be paying any where what EBANK pays. Aside from invoking the word 'bank' he isn't anywhere near the same category as EBANK, not any in any regard whatsoever and god help me, if the lemmings are actually stupid enough to give him money at that rate I'll be closing down Kwint Industries common bonds that very week. If this fool can pay 1.5% then why on earth would I continue to pay 5%?

Do you know why we have so few banks or for that matter why I argued against Dynasty Bank from the very beginning? Because it's way too easy to run a ponzi scheme with them and because such perpetual institutions have a nasty tendency to collapse under their own weight, much as I suspect happened to Furry Bank. With fixed term bonds and the like you have to pay the principle and interest back all at once which not just prevents a ponzi scheme but avoids the many dangers of a perpetual Institution, see FRPB for those.

A bank is the ultimate offering, it is something that the very best of us come together to produce. It should be run not merely by a man who's integrity is above question but by a whole team of them, much as EBANK is and DBANK is slowly coming to be. This offering could not be farther from that model and the fact that he thinks it is is an insult to those who have spent years carefully establishing those higher institutions. If we allow banks like this to rise, their inevitable fall will greatly undermine the legitimate ones and that will be to the detriment of the whole secondary market.

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Originally by: Hexxx

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So in clear terms, I am personally recommending that everyone stay away from it. There are just too many fundamental problems with this.

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Originally by: Dzil

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=power(number,power) would accomplish what you wanted to accomplish much faster.

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Originally by: Manalapan

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Originally by: IGBank Alec

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I didnt know about DBANK - we do want to be compeitive, but we cant quite yet, due to our very small state
we are under 0.1% of ebanks capital, its that bad, i can admit it though

I probs relesed this too early i see that now, but rather then request it be locked, please let me see what i can do

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Do not let this fact deter you. DBANK started little over a year ago with 1.3B and was definitely shadowed by EBANK in much the same way you are now. However, determination and listening to a ton of advice (lots of changes were made that first month) helped us to stay competitive and survive into the almost 600B we have in deposits today.

Also, good job on getting a PR he seems very polite so far. I hope he does look through the entire thread and answer each question one at a time.

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Originally by: Kazuo Ishiguro

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Much of what Kwint and Hexxx have save about Alec regarding trust and investment management applied equally to DBANK when it first launched. Here's the original DBANK thread, for all those who haven't seen it.

As for criticisms of technical competence and investment in the site, it would be unrealistic to expect changes to appear overnight. I think we can afford to wait and see how this fledgling bank reacts.

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Originally by: Viktor Raybach

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Originally by: Kazuo Ishiguro

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Much of what Kwint and Hexxx have save about Alec regarding trust and investment management applied equally to DBANK when it first launched. Here's the original DBANK thread, for all those who haven't seen it.

As for criticisms of technical competence and investment in the site, it would be unrealistic to expect changes to appear overnight. I think we can afford to wait and see how this fledgling bank reacts.

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There's a massive difference between Dbank's launch and early threads and this thread.

The difference in professionalism is even more apparent if you've spoken to Alec and been subjected to his emo-type declarations such as how he'd rather die than be mature. His views on the role of the bank, why he did it and understanding of banking are even more apparent if you should engage him in conversation in game.

As for the technical side, frankly it shouldn't have launched with such a poor technical systems.

You might well feel inclined to sit back and wait to see what happens. But, given all the warning signs, do we really need another failed bank weakening the secondary market still further?

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Originally by: LaVista Vista

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But given the fact that Alec is known to advertise with his bank in Jita.......

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Originally by: SencneS

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Without going into even more detailed math the quickest way to find out which one of those 740 or 8,760 interest payments was the one that could over take EBANK's daily interest is to have individual calculations. There is always a method to my madness.

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Originally by: Thoraemond

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Originally by: SencneS

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Without going into even more detailed math the quickest way to find out which one of those 740 or 8,760 interest payments was the one that could over take EBANK's daily interest is to have individual calculations. There is always a method to my madness.

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There's also a bit of madness in this particular madness.

A little bit of secondary school math can help you out here: if the hourly interest doesn't overtake the daily interest in the first day, it can't overtake it in later days, since they'll be identical to the first day except that the account that ended up with more ISK on the first day will now also have a 'head start'. Good ol' induction!

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Originally by: SencneS

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Originally by: LaVista Vista

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But given the fact that Alec is known to advertise with his bank in Jita.......

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Maybe Alec's objective is to appear to be a scammer and at the same time bring down the reputation of the word "Bank" in the EVE universe.

As a teenagers your actions sometimes don't consider the overall effect it would have on everything around you. You're more focused on the here and now and also centered around yourself. Even if you have the best of intentions, some actions have a much larger effect then you believed in the first place.

Imagine this.....

Alec successfully launchers a Bank because of unwitting Jita occupants, the bank gains some respect and becomes somewhat popular with a majority of long term Jita campers. Eventually the Bank reaches the critical point where deposits far exceed withdrawals, the Bank grows out of control, that hourly interest rate turns starts to require 55 MILLION ISK (This is what EBANK has to pay in interest every hour).

IGBANK starts to turn into a Ponzi scheme because one man can't generate 55mil a hour every hour every day. Eventually he's unable to make the withdrawals, people start calling scam!, with threat of his now grained Reputation going into the toilet he starts explaining the whole thing. People like US know what happened and call it a Ponzi scheme gone wrong.

Now we have a large chunk of the EVE Population saying ALL Banks are Ponzi schemes, no one should trust banks. Any other Bank starts to lose deposits, DBANK and EBANK see this and start to remain more liquid because of it. With more ISK being required to be liquid it forces them to turn a slower profit, the cascading effect of higher liquidity, and lower returns forces the Banks to shrink, the Banks start shutting down deposits. The confidence of both banks becomes in question, the scared start withdrawing ISK, so the Banks start liquidating their slower return assets to overcome the rush on withdrawals.

As the Banks lose two thirds of their holdings, the start to become smaller and smaller, still requiring a high liquidity and a major loss to their ISK generating ventures the Banks start to question the requirements to have a Bank, is it worth it to manage 100b? probably not considering it's limiting on what you can do.

The Banks shut down, all be it successful closure with no loss of ISK to customers. Since the largest secondary market options have closed things like Block's Indexes start to see a Massive spike in popularity. However only a handful of the ISK floating around is utilized, as people start to scream for more IPOs more ventures, real scammers join the party, start taking people for BILLIONS because they WANT to invest in anything available.

The massive influx of scammers and the mods of investers just looking for a place to throw their ISK collapses the secondary market. With Billions now in the hands of scammers no one invests anywhere apart from some small trusting entities.

The failure of the secondary market
The word BANK becomes ear marked as a Ponzi Scheme and no one will be able to open any bank every again.

These are just two of the things that could happen if a teenager starts thinking he understands how the secondary market works.. Failure is abound..

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Originally by: SencneS

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Either I click and Drag for 24 cells or I hold the mouse button down for another 3 seconds and get to 740+ and remove all doubt.
[And so on...]

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