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Bad Bobby
Bring Me Sunshine
86
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Posted - 2012.07.16 06:53:00 -
[1] - Quote
Mr Bushar wrote:and most importantly, reputation and history of repayments.
What could possibly go wrong?
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Bad Bobby
Bring Me Sunshine
89
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Posted - 2012.07.16 13:23:00 -
[2] - Quote
Take this from someone who has spent many years in MD, on both sides of the law...
For the average scammer the objective is to make easy money. Making an operation appear legitimate enough to pass an audit is more work than many are willing to put in. Therefore audits are somewhat effective at reducing the number of scams that succeed.
However, the skilled and determined scammer will not be stopped by an audit. Indeed the additional trust they will obtain by having an audit done on them may actually make it easier to execute a large and effective scam.
For MD, I believe audits prevent more scams than they promote by a substantial margin and I think they are a positive and neccessary part of MD's attempt to build a viable investment market.
Audits are only one measure and they work best when combined with other things.
The MD's best defence against scams, failures and poor deals is (and always has been) the careful examination of each offering by experienced MD members who then offer extensive public criticism.
Next to that, in my opinion, is collateral. But obviously collateral doesn't work in all cases and cannot be expected to fully remove risk.
Next is limiting the total amount of investment any one person holds. This is very difficult in many cases because one player can often have many identities.
Next is the audit. It helps, but only so much.
The last and least useful measure in protecting against scams, is reputation. If someone shows a history of competence and trustworthness then that indicates a capability to be competent and honest in the future. It does not however indicate an intent or likelyhood of that person being competent and honest in the future. |
Bad Bobby
Bring Me Sunshine
91
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Posted - 2012.07.16 15:49:00 -
[3] - Quote
Mr Bushar wrote:If you do it out of the goodness of your heart
I believe that's exactly why he does it.
He also runs an EVE-based charity that sends aid through the PLEXes for good system to help out the real world when a disaster occurs. He also spends a lot of time attempting to educate and help people that really aren't worth the time.
I think of him as a benign old fool. A valuable counterpoint to some of the other characters in EVE, me included. |
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