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Ikonz
Puppets on Steroids
Veritas Immortalis
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Posted - 2006.07.19 00:07:00 -
[1]
I Don't much feel like tryping out a rant, so I'll keep it short and sweet.
Like a few others out there, I've purchased alot of stocks off of EGSE (Eve Galactic Stock Exchange), and having no problems with this, I continued to purchase stocks irrelevant of who the broker was. On Jun 28 I put through a buy order for 306mil for some OMARA stocks, brokered by Heretic Omega. I've still not recieved my stocks or heard from Heretic.
I contacted the CEO of EGSE and his reply was TOO BAD, should have checked to make sure Heretic wouldn't rip me off. So according to some other forum posts, Heretic Omega had been already missing for a couple of weeks when I put this buy order in, and as of the time of this post Heretic is still listed as a broker with open sell orders. I'm not complaining about the lost ISK, but the fact that EGSE is happy to let people send more money to Heretic knowing he's MIA.
The following is one of my evemails with EGSE CEO:
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I used EGSE regardless of the broker, because I trusted the website and the service it provided, much like an investor trusts a
brokerage house, and not an individual member of that firm. Had I known that you employed brokers that were in the trade of
ripping people off I would have done my homework and only used brokers that I trusted, but again I state, I put my trust in your
corporation and the service it provided. Yes I guess that was my mistake, but don't worry I'll be happy to let the Eve community
know that you could care less about wether your brokers are stealing from your customers.
Ikonz
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2006.07.16 10:04
One simple answer: "Do your homework before entering in this business! Only use brokers you trust, talk to them, ...,"
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2006.07.10 17:54
Hello. Ok this is starting to get ridicoulous. I put through a buy order over 3 weeks ago now for over 300mil and I'm tired of
waiting. I would like my money back or I would like my shares plz. It's not my fault that one of your brokers went missing, and
the fact that he was already considered missing when I put the buy order in is bad business. The broker was known as missing
and still is, and yet you still have his orders listed on the market.
Please respond
Ikonz
I'm still waiting for an answer to my last mail, but this post is a warning to all who intend to do business with EGSE, and their horrible business practices.
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Kylania
Gallente
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Posted - 2006.07.19 00:10:00 -
[2]
 Originally by: Ikonz
I Don't much feel like tryping out a rant, so I'll keep it short and sweet.
Like a few others out there, I've purchased alot of stocks off of EGSE (Eve Galactic Stock Exchange), and having no problems with this, I continued to purchase stocks irrelevant of who the broker was.
I figured out your problem! 
Think this should be in the Market Discussion forum maybe?
--
Lil Miner
Newbie Skills Roadmap | Visual Building Guide (Both work in game too!) |
Ikonz
Puppets on Steroids
Veritas Immortalis
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Posted - 2006.07.19 00:13:00 -
[3]
I wasn't asking for an analysis of what I did wrong. I am giving a warning to players who thought they might dab in the newly devoloping stock market.
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Verite Rendition
Caldari
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Posted - 2006.07.19 00:29:00 -
[4]
Now I'm an active stock trader and have been happy with EGSE, butI can see no flaw here in what Ikonz is pointing out. A MIA broker should not be listed, that's just deceptive on the part of EGSE.
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AUS Corp
Lead Megalomanic |
Dark Shikari
Caldari
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Posted - 2006.07.19 00:56:00 -
[5]
EGSE's only, and huge fault, was leaving Heretic listed when he was known to be MIA.
--Proud member of the [23]--
-WTS Heavy Electron II, 100mn AB II, Medium Warp Bubbles- |
Ikonz
Puppets on Steroids
Veritas Immortalis
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Posted - 2006.07.19 01:05:00 -
[6]
Originally by: Dark Shikari
EGSE's only, and huge fault, was leaving Heretic listed when he was known to be MIA.
IMO This is also an indication of how EGSE deals with problems. They don't.
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Galec
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Posted - 2006.07.19 03:06:00 -
[7]
Look at how they 'dealt' (They didn't) with the most recent problem with TornSoul stealing dividends from a brokerage client. The Broker wasn't even censured for it, EGSE's representative basically just said "too bad, so sad".
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Tachy
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Posted - 2006.07.19 03:15:00 -
[8]
You complain about problems with an out-of-game stock market? 
What exactly do they guarantee?
--*=*=*--
Even with nougat, you can have a perfect moment. |
Benglada
Mom 'n' Pop Ammo Shoppe
Axiom Empire
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Posted - 2006.07.19 03:20:00 -
[9]
im surprised your sig hasent been nerfed lol, Is nudity teen rated or ?
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Originally by: Wrangler
Unfrtinately you dnot get to vote.. 
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Galec
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Posted - 2006.07.19 03:28:00 -
[10]
Originally by: Tachy
You complain about problems with an out-of-game stock market?
What exactly do they guarantee?
That takes an in-game commission on every transaction placed through them. It's technically all 'in-game', the IGB is even required to even place a buy/sell order, it just is a third party service.
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Tachy
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Posted - 2006.07.19 03:31:00 -
[11]
It still is a third party service.
--*=*=*--
Even with nougat, you can have a perfect moment. |
Sovy Kurosei
Amarr
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Posted - 2006.07.19 03:33:00 -
[12]
Originally by: Benglada
Is nudity teen rated or ?
She is wearing a skin-tone spandex suit.
___________________
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Galec
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Posted - 2006.07.19 03:37:00 -
[13]
Originally by: Tachy
It still is a third party service.
Very keen observation. This post is pointing out the negligence of a third party service provider.
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Delwynndwn Siele
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Posted - 2006.07.19 03:39:00 -
[14]
Given how the EGSE is currently handling customer relations, at least when concerning the actions of TornSoul and Heretic Omega, this could become a prime opportunity for a competitor to rise up and offer a better stock exchange service.
Honestly, I think there should be a guarantee on processing stock transactions, making sure they're delivered in a timely manner to the appropriate buyers. Additionally, brokers should be held accountable for their actions, rather than simply saying, "Too bad".
If a broker is found to not follow the guidelines of the stock exchange corp, he should be removed from the listings, as s/he would no longer be trusted in the transaction of stocks. Also, if for any reason a broker go AWOL, s/he should also be unlisted, though at least until s/he returns from whatever RL even kept them away.
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Hllaxiu
Shiva
Morsus Mihi
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Posted - 2006.07.19 03:41:00 -
[15]
Originally by: Benglada
im surprised your sig hasent been nerfed lol, Is nudity teen rated or ?
I've seen worse nose art in an airplane museum! 
---
Our greatest glory is not in never failing, but in rising up every time we fail. - Emerson |
Tachy
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Posted - 2006.07.19 03:49:00 -
[16]
Originally by: Galec
Originally by: Tachy
It still is a third party service.
Very keen observation. This post is pointing out the negligence of a third party service provider.
Then go petition if you have problems.
--*=*=*--
Even with nougat, you can have a perfect moment. |
Omber Zombie
Gallente
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Posted - 2006.07.19 04:32:00 -
[17]
Originally by: Delwynndwn Siele
If a broker is found to not follow the guidelines of the stock exchange corp, he should be removed from the listings, as s/he would no longer be trusted in the transaction of stocks. Also, if for any reason a broker go AWOL, s/he should also be unlisted, though at least until s/he returns from whatever RL even kept them away.
I agree that if brokers go AWOL, they need to be removed as brokers until they return, but as of right this second there has never been any broker rules for the egse, and therefore no rules have been broken (including what happened with Tornsoul).
While aaro'ne was blunt in her response, I have to agree, if you don't trust the broker, don't use them. EGSE tries to vet the brokers they employ, but like everything else in eve, bad things happen, people can get greedy, and in the end, you are trusting large sums of isk to a person you would never normally deal with.
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Verite Rendition
Caldari
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Posted - 2006.07.19 05:51:00 -
[18]
The thing is that the owners of the EGSE are clearly not trying to pull off any scams and want to operate an honest business, and yet they let this kind of crap go on. I really don't understand why they hesitate to do anything.
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AUS Corp
Lead Megalomanic |
Splagada
Minmatar
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Posted - 2006.07.19 05:59:00 -
[19]
Originally by: Dark Shikari
EGSE's only, and huge fault, was leaving Heretic listed when he was known to be MIA.
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evemail me if you need a free forum for your corp
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Cherybol
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Posted - 2006.07.19 06:17:00 -
[20]
Wow, this amazes me. As i love the EGSE, and i trade shares many times to make isk. But right now, the only broker i trust is one that i talk to everyday in alliance chat. So i know he's there.
But thats just cheap, if they still list a broker thats MIA, and just go "boo hoo" you lost some isk.
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Baldour Ngarr
Artemis Rising
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Posted - 2006.07.19 07:34:00 -
[21]
Originally by: Tachy
Originally by: Galec
Originally by: Tachy
It still is a third party service.
Very keen observation. This post is pointing out the negligence of a third party service provider.
Then go petition if you have problems.
How, exactly, would filing a petition help to warn the entire EVE playerbase about EGSE's business practices? Only the GMs would ever get to read it.
________________________________________________
"I tried strip mining, but I lost, and it's cold flying around in space naked." |
Tachy
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Posted - 2006.07.19 07:43:00 -
[22]
Originally by: Baldour Ngarr
Originally by: Tachy
[...]
Then go petition if you have problems.
How, exactly, would filing a petition help to warn the entire EVE playerbase about EGSE's business practices? Only the GMs would ever get to read it.
That's exactly the point.
You can trade shares.
But there's not a single institution you go and cry to if the trade goes circle-wise.
There isn't even the ccp GM-team available if a trade ingame or in the trade forums turns out bad.
And to top it, there's no way to trade shares 'safely'.
--*=*=*--
Even with nougat, you can have a perfect moment. |
Avon
Caldari
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Posted - 2006.07.19 07:47:00 -
[23]
Originally by: Omber Zombie
I agree that if brokers go AWOL, they need to be removed as brokers until they return, but as of right this second there has never been any broker rules for the egse, and therefore no rules have been broken (including what happened with Tornsoul).
That is the fudamental flaw with EGSE.
Until that is resolved it can not be what people expect, and so it will eventually fail.
That is a shame, because it is a damn good idea.
The Battleships is not and should not be a solo pwnmobile - Oveur |
HippoKing
Caldari
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Posted - 2006.07.19 07:47:00 -
[24]
Oh, beautiful, wonderful trust 
If EGSE are putting brokers who won't pay on the list though, it doesn't bode well for them at all.
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Omber Zombie
Gallente
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Posted - 2006.07.19 07:59:00 -
[25]
Originally by: Avon
Originally by: Omber Zombie
I agree that if brokers go AWOL, they need to be removed as brokers until they return, but as of right this second there has never been any broker rules for the egse, and therefore no rules have been broken (including what happened with Tornsoul).
That is the fudamental flaw with EGSE.
Until that is resolved it can not be what people expect, and so it will eventually fail.
That is a shame, because it is a damn good idea.
Agreed, unfortunately I think (and somewhat hope) that brokering would become redundant with the introduction of contracts anyway.
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Avon
Caldari
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Posted - 2006.07.19 08:11:00 -
[26]
I hope so too OZ, it would add an interesting new aspect to Eve .. and might make corporate success (or failure) something tangible.
The Battleships is not and should not be a solo pwnmobile - Oveur |
Eilene Fernite
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Posted - 2006.07.19 08:21:00 -
[27]
Seeing as how the EGSE takes 1% from each transaction they help broker, you'd expect a fast and decent response to any problems that might arise, such as a broker going MIA or a broker skimming off dividends.
The only excuse to pay the fees that EGSE charges, is that it saves you a lot of hassle. Deals can still go wrong ofcourse, if a broker runs off with your isk/shares, there's nothing the EGSE can do about it. What they can however do is minimize the risk that something like this happens.
Right now, it looks as if all the EGSE does is run a website, while the brokers do all of the work. All the while happily taking 1% from each transaction. I dare to hope that this isn't the case, and that the EGSE is doing a lot of hard work behind the scenes.
It's very bad form not to immediately put a broker on non-active, pending investigation, as soon as reasonable suspicions arise.
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Sensor Error
0utbreak
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Posted - 2006.07.19 09:12:00 -
[28]
Originally by: Dark Shikari
EGSE's only, and huge fault, was leaving Heretic listed when he was known to be MIA.
Isn't that exactly what the OP said?
RABBLE RABBLE RABBLE!!!
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Dev Responses to common questions |
Sensor Error
0utbreak
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Posted - 2006.07.19 09:16:00 -
[29]
Originally by: Tachy
Originally by: Galec
Originally by: Tachy
It still is a third party service.
Very keen observation. This post is pointing out the negligence of a third party service provider.
Then go petition if you have problems.
Why? unless he took bought the shares from the trade forums, there is nothing he can do... Even then, the rules of the trade forums that do not involve characters or GTC are sketchy at best and depends on which GM you talk to.
RABBLE RABBLE RABBLE!!!
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Dev Responses to common questions |
D'onryu Shoqui
Gallente
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Posted - 2006.07.19 13:11:00 -
[30]
lets hope contracts kills EGSE , that guy dont deserve the 1% he gets for "running" the site when he doesnt do anything to make sure it runs smoothly
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