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virm pasuul
Viziam Amarr Empire
314
|
Posted - 2015.08.11 17:51:39 -
[1] - Quote
This is the rough outline of an idea. It's short on specifics and not finely tuned, or polished, but I'm curious about what people think of the idea in principal.
Background. Trust has value in this game. Characters like Chirbba and RAW23 provide the trusted third party service that the game mechanics cannot. The premise being the value of their good reputation is worth more to them than a scam, even a large one. Other factors help too, they can make more money by maintaining this service over a long period than any short term grab and run. Again also they are probably nice people.
Problem. It's difficult to get into the trusted 3rd party game. Trust has to be earned over a long period of time. Eve is an very hostile environment in terms of trust and loss. The supply is limited, it's only worth a high level trusted third party's time and effort for large deals. Want a trusted third party for a 1 billion deal? Who's going to do that?
Idea. ( Concept based on the chain of trust of SSL certificates ) Say you fancy a go at the trusted 3rd party game, and are prepared to start small. 1 billion ISK deals for a small fee each time. You have no trust credibility of your own. You deposit a sum of 10 billion ISK with a well trusted existing root 3rd party + a fee for their time. The root 3rd party holds onto this deposit for the entire time you are offering 3rd party services yourself. You then offer 3rd party services on a much smaller scale to other people. If you break trust on any agreement for which you are acting as a 3rd party the more trusted root 3rd party up the chain makes it right from the money you have on deposit with them. - It all comes out of your pocket, they already have your money. If you ever want to leave the 3rd party business yourself, once you have proven you are not holding any assets, and all deals are concluded your deposit is returned. The fee is kept by the root 3rd party.
Lots of minor details would have to be figured out to protect all parties and minimise the effort on behalf of the top level 3rd party. Each deal start and close would need to be mailed to the root 3rd party to ensure the sum of all your 3rd party holdings did not exceed 50% of your deposit at any one time.
Basically by lodging a deposit with someone who is already trusted you can be trusted yourself up to a portion of your deposit. Possible downside - the trust people place in you is based not their trust in you, but their trust in a public trusted figure and the size of your deposit. Will people come to trust you over time? I believe possibly yes, someone who kickstarted their own reputation this way could over time generate trust in themselves by their behaviour.
Inevitably it needs to be looked at in depth from a scamming point of view. Is it possible to make sure customer's of your 3rd party service can't collude to defraud you by claiming against your deposit? Is it possible to make sure that the 3rd party business can't defraud it's customers? Any possible solutions need to involve the absolute minimal time and effort on behalf of the root level 3rd party.
Any comments on the concept? |
Elizabeth Norn
Nornir Research Create Alliance
642
|
Posted - 2015.08.11 18:37:10 -
[2] - Quote
https://forums.eveonline.com/default.aspx?g=posts&m=5500953#post5500953
Doing this with strangers would put his name at risk (it wouldn't stop other people scamming) for little benefit. Also imagine all the effort of having to read all the mails from subcontracting third parties, nobody wants that hassle.
WTS ME 10 TE 20 BPOs & BPO Packs
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Tupac ice
Brutor Tribe Minmatar Republic
1
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Posted - 2015.08.11 19:01:03 -
[3] - Quote
Why do I go to you, and not the overarching third party? I assume you are cheaper.... But then how do you make a profit? I would then assume you a leveraging your third party associates name to become a third party for more than what he is holding in your name,
You have 5bil held with a third party, but are yourself a third party for 10 bil.... You default on both, but there is only 5 bil to pay me and another....
You're spot on that trust is the issue, and you need to start small to get that trust, I suggest you start so small that new or like-aged players as yourself use your service. As they grow, and you grow,,. You will become trusted through the association of their successes and reputation. At some point the little guys will be big...ger guys.
My opinion
Tupac
Who the hell is this Tupac guy.... And what would he know?
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virm pasuul
Viziam Amarr Empire
314
|
Posted - 2015.08.11 19:11:54 -
[4] - Quote
Thanks for the link Elizabeth.
Tupac I'm not so much proposing the fine details as giving an example of the general concept, and asking could it be done? In the example above the deposit would always be much large than all of the deals you could 3rd party combined. E.g. 10 bill deposit and max 5 bills in simultaneous 3rd party deals. The deposit would always more than cover if you ran with it all.
The reason you would come to "me" under this scheme is for small deals that the big boys wouldn't touch because it would be too small. e.g. 1 billion. They have a minimum fee and deal size below which they wouldn't even get out of bed for. This would be a way for a smaller person to start at the bottom, but get the initial trust bit kickstarted, and have it tangibly guaranteed.
I'm not thinking of doing it myself, I was just floating it as an idea.
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Koniforous
Tauren Transit
265
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Posted - 2015.08.11 19:57:21 -
[5] - Quote
This idea serves to avoid exactly what it does. It serves to help trusted 3rd parties alleviate their work load and requests for smaller requests that wouldn't be worth their time by subcontracting directly to sub 3rd parties, but then it loops the work load right back around to the trusted 3rd party anyways.
Its a great idea! But the specifics are wrong. There should be a site or forum thread hosted by the trusted 3rd party, it should list all sub 3rd parties with a trust deposit held by the trusted 3rd party, and how much that deposit is.
It should go on to explain that subcontracted 3rd party services are not entirely guaranteed, and that fact checking and current debt limits of the sub contractor should be researched prior to any funds being sent.
It should also state that only deals made in public, on that forum thread will be insured, and that to have a deal completed all parties (except the trusted) involved must confirm its completion.
It should also go on to explain that all transactions are to be screenshotted by both parties and that without screenshot proof from either side or API key proof, it never happened.
I think in this way, we could avoid the continuous workload on the trusted, and simply post the rules for all parties once, and update it as necessary.
While this is great idea, it might not be very practical, since it would take years to earn in fees for the sub contractor how much they placed in deposit, since this type of service wouldn't actually earn them any trust. They could never venture out onto their own and use the transactions performed within this service as clean history.
But great idea for those wanting to buy their way into 3rd party services on the earned trust of others.
TAUTX: Private Bank & Lending
TAUTX: Collateral Liquidation / Discount Items
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virm pasuul
Viziam Amarr Empire
314
|
Posted - 2015.08.11 22:26:07 -
[6] - Quote
I think the devil is in the details. The thread Elizabeth linked where Chiribba commented was quite enlightening. It seems I'm quite late to the table with the idea, it's not new. Chribba's views are interesting and sound.
To work: The workload on the root 3rd party would need to be absolutely minimal, none would be preferable. In the event of a default the root 3rd would need to be revoked and the deposit used to cover any damage.
One problem with keeping the workload minimal for the root 3rd would be keeping track of the contracts covered by the deposit and making sure that approval is not given if an attempt is made to cover contracts worth more than ( say ) 50% of the deposit.
You also can't retroactively change that 50%. For the sake of a hypothetical example I start offering this service. I deposit 10Bill + fee with a respected 3rd party and declare a maximum 50% contract cover. This means I can only cover contracts up to 5bill in total. I cover a 3rd party service for 3 bill. So far so good Then someone else comes along and asks me to cover another 3 bill. Covering this would take me to 6 bill total and my max is supposed to be 5 bill. I tell the second party I cant cover it and maintain a deposit double my total contracts. They say not to worry they are happy for me to go up to 6 bill cover against my 10 bill deposit. If I were to accept this new contract whilst the second client may be happy I've suddenly retroactively changed the terms for the first contract I accepted. My liquidity and totals contracts to deposit ratio has gone lower than I promised. This would be unacceptable. Preventing this happening is one of the devil details.
Also to start a new hypothetical case. New 3rd party business starts up, sets up a nice deposit. Then goes and signs up loads of 3rd party contracts with no regard for deposit to total contract ratio. Once they have more in contracts than the deposit they just keep the contract goods and forfeit the deposit for a tidy profit. Deliberate scam from the get go.
The clients need to be able to check the value of the total contracts for any given 3rd party but not by asking the 3rd party. Which comes back to where we started, at trust :)
If someone could solve some of these issues, there's money to be made :) |
goodlady Smith
Exit-Strategy Exit Strategy..
6
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Posted - 2015.08.11 23:00:22 -
[7] - Quote
Actually this sounds simple. Agree with 3rd party amount Send 3rd Party Amount Open forum state amount deposited with 3rd party 3rd party posts to confirm
Maintain log on within post of deposits to 3rd party and collateral taken
I think Darkness already put something 'like' this forward a while ago, and people weren't keen: https://forums.eveonline.com/default.aspx?g=posts&t=405798
What I don't understand is why the 3rd party would essentially give you their business ..... |
Koniforous
Tauren Transit
265
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Posted - 2015.08.11 23:08:13 -
[8] - Quote
Koniforous wrote:.....There should be a site or forum thread hosted by the trusted 3rd party, it should list all sub 3rd parties with a trust deposit held by the trusted 3rd party, and how much that deposit is.
It should go on to explain that subcontracted 3rd party services are not entirely guaranteed, and that fact checking and current debt limits of the sub contractor should be researched prior to any funds being sent.
It should also state that only deals made in public, on that forum thread will be insured, and that to have a deal completed all parties (except the trusted) involved must confirm its completion.
It should also go on to explain that all transactions are to be screenshotted by both parties and that without screenshot proof from either side or API key proof, it never happened.
I think in this way, we could avoid the continuous workload on the trusted, and simply post the rules for all parties once, and update it as necessary..... Minimal workload on trusted 3rd party source... clearly visible and agreed upon terms by subcontractor and client viewable by all future and present parties....fine print that explains only listed public deals are backed... Obvious and easily viewable subcontractor deposit values...no necessary attention needed from the source 3rd party between subcontractor and client deals, since they will all be publicly posted, and visible by all. Anyone could go back through the thread to search previous deals, their value and if they completed to determine if a sub contractor has reached his insurable limit.
The problem I see is in changing forum posts, but another disclaimer could be added that says if at anytime a post shows "edited" the deal is considered to be broken, if the sub edited a post then the client gets some of the subs trust deposit. Other specifics would ha e to be figured out if the client edits posts. ..... I foresee people offering posting history fact checking services within the thread!
TAUTX: Private Bank & Lending
TAUTX: Collateral Liquidation / Discount Items
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Alexi Stokov
State War Academy Caldari State
62
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Posted - 2015.08.11 23:16:03 -
[9] - Quote
In regards to edited posts, the OP could quote their original post immediately to lock in the original text so that if any changes need to be made you have a reference.
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Elizabeth Norn
Nornir Research Create Alliance
643
|
Posted - 2015.08.11 23:32:25 -
[10] - Quote
The biggest problem is that people looking to buy/sell Supercaps already trust others with no or terrible reputation due to their own naivete and you want to give people the ability to claim that another trusted third party is securing their third partying. Scammers will exploit this and offer their services to desperate, lazy or slightly less naive people for transactions above their deposited collateral.
If you were a trusted third party, would you want to be associated with such a sitation and have to pick up the pieces when someone runs away with 20b more ISK than you have of theirs?
Darknesss was talking about something like this, but I assumed he would only be using people he personally trusted as he said he would replace anything lost through his associates.
https://forums.eveonline.com/default.aspx?g=posts&t=405798
There's no short cut solution that's as good as the real thing, but nobody sensible is going to trust newcomers without a lot of history due to the massive number of scams that populate the Sell Orders forum.
How many people, that you don't personally know, are there that would would trust with to third party a Titan sale for you? There's 10 offering various third party services in the first five pages at the moment. Imagine how it'd be if they could deposit 20b with Chribba and say 'Guaranteed by Chribba for trades up to 20b'.
WTS ME 10 TE 20 BPOs & BPO Packs
WTS Collectible Large Rigged Small/Medium Ships
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Koniforous
Tauren Transit
265
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Posted - 2015.08.11 23:48:48 -
[11] - Quote
I'm approaching this from a business perspective..... The trades aren't guaranteed, they are insured.... An insurance company.
3rd parties could insure all day, and no matter how many failed deals, as long as all fine print was performed, the clients would get their insurance values, and trusted 3rd party sources could keep their rep. The rep in this case would be used to guarantee insurance value and payouts (pending policies).
Its a business plan for a 3rd party backed insurance service, I think maybe it hasn't been thought of as such before?
TAUTX: Private Bank & Lending
TAUTX: Collateral Liquidation / Discount Items
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Koniforous
Tauren Transit
265
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Posted - 2015.08.11 23:54:27 -
[12] - Quote
Instead of saying it wont work, 3rd parties wont give up their rep, blah blah blah..... Lets assume they would, assume its an insurance company idea, and punch holes in it to make it better, like: How could it be scammed
TAUTX: Private Bank & Lending
TAUTX: Collateral Liquidation / Discount Items
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Elizabeth Norn
Nornir Research Create Alliance
643
|
Posted - 2015.08.12 00:12:48 -
[13] - Quote
A character called Legit 3rd Party signs up for this chain of trust, deposits 100b with a participating trusted third party, then edits their thread to display that they are now insured by Trusted Third PartyX who confirm this in the thread, this provides reassurance to people looking to use Legit 3rd Party's service. Legit 3rd Party then waits for two people looking to buy Titans to contact them and attempts to have both of them send the ISK at the same time while skipping the steps to required to prevent a scam by the third party because as a third party insured by Trusted Third PartyX their time is valuable and everything will work out fine since they are insured anyway. If both go through now Trusted Third PartyX has to deal with the fallout. Any dissent can be reported and once deleted dismissed as trolls, because this service is insured so a scam isn't possible.
Sure there would be a vetting process, character investigations and other extra work for Trusted Third PartyX, but the above is still a possibility, one that'd hurt your reputation and possibly wallet.
WTS ME 10 TE 20 BPOs & BPO Packs
WTS Collectible Large Rigged Small/Medium Ships
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Koniforous
Tauren Transit
265
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Posted - 2015.08.12 00:18:01 -
[14] - Quote
Elizabeth Norn wrote:A character called Legit 3rd Party signs up for this chain of trust, deposits 100b with a participating trusted third party, then edits their thread to display that they are now insured by Trusted Third PartyX who confirm this in the thread, this provides reassurance to people looking to use Legit 3rd Party's service. Legit 3rd Party then waits for two people looking to buy Titans to contact them and attempts to have both of them send the ISK at the same time while skipping the steps to required to prevent a scam by the third party because as a third party insured by Trusted Third PartyX their time is valuable and everything will work out fine since they are insured anyway. If both go through now Trusted Third PartyX has to deal with the fallout. Any dissent can be reported and once deleted dismissed as trolls, because this service is insured so a scam isn't possible.
Sure there would be a vetting process, character investigations and other extra work for Trusted Third PartyX, but the above is still a possibility, one that'd hurt your reputation and possibly wallet. Proper posting procedures, as stated above, were not performed properly. Neither trade is insured. Next!
TAUTX: Private Bank & Lending
TAUTX: Collateral Liquidation / Discount Items
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Mephiztopheleze
Republic University Minmatar Republic
121
|
Posted - 2015.08.12 00:25:16 -
[15] - Quote
If I was Chribba or some other 'trusted' EVE persona, I would run like the wind from having anything to do with such a system.
All it would mean is hassles, headaches and general un-fun'ness for what appears to be almost zero reward for those already trusted by the wider community. Indeed, such a system would have a very real chance of eroding that trust or, they wind up building up those who will eventually undercut them.
Occasional Resident Newbie Correspondent for TMC: http://themittani.com/search/site/mephiztopheleze
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Elizabeth Norn
Nornir Research Create Alliance
644
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Posted - 2015.08.12 00:27:03 -
[16] - Quote
So Trusted Third PartyX then returns the 100b to the Legit 3rd Party because they no longer want their now-tarnished name associated with them, or do they keep the ISK and say tough luck to all scammed parties? You can add all the clauses you want, but a few of those happening and people won't want to use even Trusted Third PartyX. Third party's entire business revolves around there being no such trust issues and just one can ruin you.
Have you ever heard of F90OEX? (http://evewho.com/pilot/F90OEX) Find out why nobody uses him as a third party today.
WTS ME 10 TE 20 BPOs & BPO Packs
WTS Collectible Large Rigged Small/Medium Ships
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Koniforous
Tauren Transit
265
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Posted - 2015.08.12 00:27:45 -
[17] - Quote
Mephiztopheleze wrote:If I was Chribba or some other 'trusted' EVE persona, I would run like the wind from having anything to do with such a system.
All it would mean is hassles, headaches and general un-fun'ness for what appears to be almost zero reward for those already trusted by the wider community. Indeed, such a system would have a very real chance of eroding that trust or, they wind up building up those who will eventually undercut them. My sentiments exactly, but I enjoy entertaining hypotheticals.
TAUTX: Private Bank & Lending
TAUTX: Collateral Liquidation / Discount Items
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Elizabeth Norn
Nornir Research Create Alliance
644
|
Posted - 2015.08.12 00:31:33 -
[18] - Quote
I am a glass empty kind of person .
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WTS Collectible Large Rigged Small/Medium Ships
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Sabriz Adoudel
Black Hydra Consortium. CODE.
5244
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Posted - 2015.08.12 01:04:51 -
[19] - Quote
This does not allow the prospective new third party to build trust at all.
All it does is prove that they can be trusted when it doesn't count - that they have a track record of not defaulting in situations where they have no incentive to default. In short it lets them prove they are rational, not that they are trustworthy.
Trust is earned by not defaulting when there is something to gain from defaulting.
The established third parties offer their services so cheaply that it makes little sense to enter the market for any reason *other* than to scam (much as is the case with empire hauling services).
Shoot everyone. Let the Saviour sort it out.
I enforce the New Haliama Code of Conduct via wardec ops. Ignorance of the law is no excuse - read about requirements for highsec miners at www.minerbumping.com
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virm pasuul
Viziam Amarr Empire
314
|
Posted - 2015.08.12 07:55:48 -
[20] - Quote
Seriously - an idea that would require sticking to some as yet undefined set of rules and procedures to make it work and you come up with "what if they don't stick to the rules?" Isn't that true of everything? Pointless.
Anyway I think Sabriz has the best critique of the general concept above. Because the activity is guaranteed or insured ( yep I like that ) by the deposit, would any trust be earned. Ironically the better the fine details and procedure was worked out, AND PEOPLE WOULD NEED TO STICK TO THEM ( thank you ), the bigger Sabriz's question gets.
I think it could generate trust over time. Here's my reasoning why. Using MD loan and bond requests etc... as an example. There is one "test" that exists currently that isn't really explicitly stated but in my opinion is quite an important test applied to requests for money. It's the attitude test. Someone makes a loan request and faces the usual picking apart of their idea to see where it falls short. Sometimes this can be quite harsh. One of two things then happens, they respond in a friendly manner, act mature and try and address those concerns. Maybe post some information they forgot, or take on board the criticisms and change their application to reflect this feedback. The other thing that can happen is they get in a huff, react badly, get defensive or aggressive. Needless to say the second course of action sets off alarm bells, and all the usual investors are put off by this bad behaviour.
If you send any length of time reading the MD forums you will see this factor making a lot of difference in requests. Especially if the amount is small. Behave well and people are much more likely to take a punt.
Demonstrators of good behaviour in a load request: Realistic request, shows understanding of how the loan request process works. Good understanding, shows research and effort. Good attitude, again shows understanding that you are asking other people for something. Deals with criticism and feedback positively, indicator of likely future behaviour.
I feel this judgement by behaviour is quite important within the Eve community. How does someone handle themselves when things go a bit bad. It's taken as an indicator of how they are likely to behave when things go much worse.
If you accept most of the above as true then I think a person who kickstarted their trust with this general concept could earn genuine trust during their dealings by a public display of good behaviour whilst doing business. There would probably be plenty of opportunities. Some deals for which you are the 3rd party will go wrong. You will then have to take on the duties of a 3rd party in trying to resolve the issue. Inevitably scammers will look for weaknesses and try and exploit you or your clients. The best scam attempts will probably come from both parties colluding together against the 3rd party to try and make a claim against the 3rd parties deposit. There will be plenty of opportunity for people to see just how you handle yourself, and to form opinions about what kind of business you are running by your actions. I think over time it will be possible to build trust by starting off with this method.
e.g. what's your deposit to cover ratio? Some might choose a deposit twice their combined deal coverage thus generating lots of trust that they want to offer the best coverage and peace of mind to their clients. Some others might choose 1:1 or even lower than 1:1 which would be more profitable, but be far less reassuring to the clients. A successful 3rd party after a period might increase their deposit to be able to take more contracts on board whilst maintaining the same deposit ratio. Surely a good sign of a very trustworthy 3rd party?
Although the deposit is intended to kickstart the trust process, I do believe it would be possible to build real trust on top through good business practices. |
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RAW23
905
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Posted - 2015.08.12 09:28:13 -
[21] - Quote
Koniforous wrote:Elizabeth Norn wrote:A character called Legit 3rd Party signs up for this chain of trust, deposits 100b with a participating trusted third party, then edits their thread to display that they are now insured by Trusted Third PartyX who confirm this in the thread, this provides reassurance to people looking to use Legit 3rd Party's service. Legit 3rd Party then waits for two people looking to buy Titans to contact them and attempts to have both of them send the ISK at the same time while skipping the steps to required to prevent a scam by the third party because as a third party insured by Trusted Third PartyX their time is valuable and everything will work out fine since they are insured anyway. If both go through now Trusted Third PartyX has to deal with the fallout. Any dissent can be reported and once deleted dismissed as trolls, because this service is insured so a scam isn't possible.
Sure there would be a vetting process, character investigations and other extra work for Trusted Third PartyX, but the above is still a possibility, one that'd hurt your reputation and possibly wallet. Proper posting procedures, as stated above, were not performed properly. Neither trade is insured. Next!
That's not really how being a third party works. People don't use you as a third party because of quasi-legalistic following of small print, they use you because you can be trusted not to screw them. Once a third party starts writing off 100bil losses because people aren't following the fine print they will lose a lot of their credibility because they will be the one responsible for setting up and endorsing a system where you can lose 100bil for 'not posting properly'. Personally, that approach goes against everything I have ever tried to do as either a borrower or a third party. My aim has always been to look out for the interests of the people I am working with to the best of my abilities and the idea of moving from that kind of personal relationship to the role of an impersonal, mechanical contract facilitator doesn't have any appeal (especially given the other issues involved, such as monitoring like a pro combined with pretty low returns).
That's not to say the idea of subcontracting third party work is non-viable on a 'boutique' scale. Having a few reliable friends who have lodged deposits with you and who you parcel out work to directly could certainly work and help with large volumes of work. But for me, I don't really see third-party work as a business to be expanded. I do what I do for free because it is low effort and allows me some rewarding interactions with other players but anything involving concentrated effort would have to pay at least 500mil an hour to be viable as an actual business, since I can earn that through normal day to day activities. Any business version of what I do would have to a) bring in more than that, and b) bring it in frequently enough for the set-up and ongoing admin to be worthwhile. And the only thing I can think of that would be viable in the first field would be sub-contracting supercap handovers (directly, not through a thread - 'Fred, X wants a transfer - give me 100bil deposit and you can go do it and take 60% of the fee). I doubt the volume would satisfy the second criterion though.
_There are two types of EVE player: _
those who believe there are two types of EVE player and those who do not.
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RAW23
905
|
Posted - 2015.08.12 09:33:42 -
[22] - Quote
Sabriz Adoudel wrote:This does not allow the prospective new third party to build trust at all.
This is also an important point. No reputation for safe-dealing accrues to someone who has covered the exposure with a deposit, just as no reputation for honesty accrues to someone who completes a secured loan. The fact that some people do give credit for completing secure loans and probably would for secured third-partying constitutes an unfortunate flaw in those guys' thinking and I certainly wouldn't want to facilitate that kind of error, which is precisely the sort of thing that leads to scams.
tl;dr - Anyone who trusts someone more after they have completed a secured loan or secured third party work is an idiot, since the individual involved has not actually been put in a position of trust.
_There are two types of EVE player: _
those who believe there are two types of EVE player and those who do not.
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virm pasuul
Viziam Amarr Empire
314
|
Posted - 2015.08.12 10:05:30 -
[23] - Quote
RAW23 wrote:Sabriz Adoudel wrote:This does not allow the prospective new third party to build trust at all.
This is also an important point. No reputation for safe-dealing accrues to someone who has covered the exposure with a deposit, just as no reputation for honesty accrues to someone who completes a secured loan. The fact that some people do give credit for completing secure loans and probably would for secured third-partying constitutes an unfortunate flaw in those guys' thinking and I certainly wouldn't want to facilitate that kind of error, which is precisely the sort of thing that leads to scams. tl;dr - Anyone who trusts someone more after they have completed a secured loan or secured third party work is an idiot, since the individual involved has not actually been put in a position of trust.
Raw - agreed on a technical level, but doesn't how someone conducts themself during business build a small degree of trust or maybe more accurately confidence over time? |
virm pasuul
Viziam Amarr Empire
314
|
Posted - 2015.08.12 10:11:52 -
[24] - Quote
Hey Raw a question please.
Of your entire Eve experience how much benefit do you get from 3rd party services. Not numbers, but "yeah it adds to my enjoyment" or "it's a pain but I help people out a bit".
My gut feeling is that being a 3rd party is a probably pain in the arse for you, but you do it out of social responsibility. I'm also guessing any fees you make are small when considered against the time and effort involved. However that's all guess, and you are the one who actually knows.
Thanks for your input above, it's quite insightful seeing yours and Chribba's points of view.
Oh one last cheeky question sorry. In real life do you hold a position of significant responsibility at all analogous to your position of trust within the Eve community? |
RAW23
905
|
Posted - 2015.08.12 10:32:08 -
[25] - Quote
virm pasuul wrote:RAW23 wrote:Sabriz Adoudel wrote:This does not allow the prospective new third party to build trust at all.
This is also an important point. No reputation for safe-dealing accrues to someone who has covered the exposure with a deposit, just as no reputation for honesty accrues to someone who completes a secured loan. The fact that some people do give credit for completing secure loans and probably would for secured third-partying constitutes an unfortunate flaw in those guys' thinking and I certainly wouldn't want to facilitate that kind of error, which is precisely the sort of thing that leads to scams. tl;dr - Anyone who trusts someone more after they have completed a secured loan or secured third party work is an idiot, since the individual involved has not actually been put in a position of trust. Raw - agreed on a technical level, but doesn't how someone conducts themself during business build a small degree of trust or maybe more accurately confidence over time?
How someone conducts themselves is, of course, important but its on a level with something like how they post on the forums. You might get a sense of their character but trusting someone with large amounts of isk when they haven't been through the trial of actually holding and returning isk or assets at lower levels is silly. Conducting yourself well should get you onto the bottom rung of the ladder, the equivalent of a couple of bil unsecured loan, but not into the autonomous third-party business for non-trivial amounts.
_There are two types of EVE player: _
those who believe there are two types of EVE player and those who do not.
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RAW23
905
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Posted - 2015.08.12 10:59:40 -
[26] - Quote
virm pasuul wrote:Hey Raw a question please.
Of your entire Eve experience how much benefit do you get from 3rd party services. Not numbers, but "yeah it adds to my enjoyment" or "it's a pain but I help people out a bit".
My gut feeling is that being a 3rd party is a probably pain in the arse for you, but you do it out of social responsibility. I'm also guessing any fees you make are small when considered against the time and effort involved. However that's all guess, and you are the one who actually knows.
I've probably made a few hundred mil from third party fees as I stopped charging years ago unless it was a complicated deal. That said, there have been a few occasions when I have made a decent return having guaranteed the loan amount, rather than the collateral sale value, and had the collateral (speculation stocks) rise dramatically. I think I made 10bil on one of those when the collateral tripled in value but because I was guaranteeing the value of the loan I was also assuming the risk if it had dropped. So I can't say it has been an entirely revenue neutral endeavour.
On the whole, though, its both a case of helping people out and adding to my enjoyment because most of the time the first leads to the second. That's not to say it can't be a pain at times and I do sometimes take on extra work to try to do the best for the guys I'm holding collateral for, even if I'm not obliged to do so. My original motivation for holding collateral on MD was to help lubricate the wheels of the investment market but I have dialled back a bit on that mission these days (post 2012 MD is a lot quieter than it was) and do it more out of habit and for the satisfaction of doing the job well. I'm no saint though and I certainly keep my eyes open for chances for personal profit. If you see me guarantee the loan value rather than the collateral in a thread you can be sure that half of me is hoping the borrower defaults as the collateral will be considerably in excess of the value of the loan if I have taken that approach! Sadly, those ones are the least likely to default.
Quote: Thanks for your input above, it's quite insightful seeing yours and Chribba's points of view.
Oh one last cheeky question sorry. In real life do you hold a position of significant responsibility at all analogous to your position of trust within the Eve community?
I'm not sure how analogous the jobs are but I have been in positions of responsibility in my career as an academic, although the responsibility has been for education rather than for money.
_There are two types of EVE player: _
those who believe there are two types of EVE player and those who do not.
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virm pasuul
Viziam Amarr Empire
314
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Posted - 2015.08.12 11:32:09 -
[27] - Quote
Thanks for your replies Raw.
I would consider academia a pretty responsible position. Passing on human knowledge and encouraging the next generation to think critically is a big responsibility especially in today's politically charged climate.
I think from what you, Sabriz, and Chribba in the other thread have said. It's not possible to remove the human trust element by a technical means. The human part is integral. The idea is fundamentally flawed, although I'd love to see someone make a go of it. |
Koniforous
Tauren Transit
265
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Posted - 2015.08.12 12:23:24 -
[28] - Quote
In your example of what you call the attitude test, the subcontractor has put in a lot of time and performed a lot of trades. And through a maintained good attitude start to earn trust. I look at it differently. And I spoke aboit this once before. Its the time factor. As time goes on and someone's service continues to operate, pilots begin to trust the service operator regardless of any proof the service or operator are legit. I mentioned this phenomenon when talking about my bank.
So, youre right. Subs would gain trust through this service, because lazier, less cautious pilots incorrectly, view TIME as a source of trust. But for everyone else: The subcontractors will gain zero trust. The trust is in the insurance, not the subcontractor.
TAUTX: Private Bank & Lending
TAUTX: Collateral Liquidation / Discount Items
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virm pasuul
Viziam Amarr Empire
314
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Posted - 2015.08.12 12:45:47 -
[29] - Quote
humm Kon
I think the subject is probably a bit more subtle. Mankind has always used inductive logic - the sun has risen every morning so far, therefore it will rise tomorrow. Lets not forget that whilst the well know 3rd parties have built a solid reputation of trust that is also based on the same inductive logic. Any one of them could get bored at any time and just keep the lot. It's the number of times that they could have and didn't that generates our trust.
Surely a long period of any business working exactly as advertised is the most that any of us could hope for, especially in Eve.
Take the gambling sites as an example. Despite the many conspiracy theories it's my belief that they can make far more over the long term by keeping themselves honest than the short term snatch of cheating and loosing customers.
I don't however see that trust placed in someone who operated a service well for a long time would be any fundamentally different from trust in existing parties who already have a history of good practice. The exception being as has already been pointed out, where the trust of one is enforced by deposit and security and the other isn't.
Running a business well and doing a good job does inspire at least confidence in competence, if not actual trust.
I do acknowledge that all the above can be exploited by a dedicated scammer willing to put the work in. Ironically the scammer would need just as strong work ethic as the geniune service provider, possibly more even. But most scamming today is the laziest unoriginal Jita copy and paste spam. Kids of today eh? Can't even be bothered to criminal properly!
PS do you have a link to where you spoke about this before please? |
Koniforous
Tauren Transit
265
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Posted - 2015.08.12 13:30:20 -
[30] - Quote
I'll try to find it when I get home, I think it was in one of the many how do I ask for isk threads. Its pertains more to, for example, earning trust by doing collateralized loans and then using that trust to perform uncollateralized loans.
The only trust earned is by the insurance, and any false sense of trust, is gained simply because of time itself (not behavior, and not details within that time. Just time.)
TAUTX: Private Bank & Lending
TAUTX: Collateral Liquidation / Discount Items
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