Ema Razool
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Posted - 2008.10.23 16:56:00 -
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Edited by: Ema Razool on 23/10/2008 17:27:22
About Razool
Razool is an auction game where people attempt to win ISK by bidding on digital security rings; these security rings provide sole access to specific transaction accounts containing varying values of isk.
If the account that the security ring unlocks contains 10,000 isk the ring is said to be valued at 10,000 isk, since anyone who owns the ring can freely access 10,000 isk.
A game of Razool starts when a seller offers a ring for sale and a player bids on that ring. The Empire standard ratio for Razool is 1:1. So to win an auction for a ring valued at 1,000 isk you must bid at least 1,000 isk.
In Empire Razool when you bid on a normal ring the LBM deposits an equal amount into the ring's transaction account. So if there is a 1,000 isk ring and you bid 1,000 and acquire it you actually acquire a ring worth 2,000 isk since the value of your bid was deposited into the ring's account.
Even if you are outbid the amount you bid remains in the ring's account because Razool is an all-pay auction, when you bid you must pay that amount and all bids are non-refundable.
Since other players are also trying to win you are competing with them for the increasingly valuable rings. Remember all bids increase the ring's value by an equal amount. So after you bid 1,000 isk the ring is now worth 2,000 isk and can still be bid on by other players.
Should another player chooses to bid 2,000 isk to acquire that ring, the ring then becomes worth 4,000 isk; one thousand of which was added to the ring's value because of your original 1,000 isk bid.
You have a choice now, either to give up any chance you have of seeing your 1,000 isk or spending 2,000 more, which would bring the ring's value to 6,000 isk and bring you back to a legal win ratio.
Bidding back and forth can continue on like this for some time, but once no one has made a bid in a specified time, usually one minute, the Razool Parlor determines if anyone has bid the reserve price of half the rings's total value (Empire 1:1).
If someone has met the reserve price then they are awarded the ring and can immediately access the account; sellers fees are removed prior to ownership transference.
If no one has met the reserve price then all the bids remain the property of the original ring owner and that game ends without a winner being awarded.
Under Empire rules (1:1) it is impossible to more than double your ISK in any single sale, since you must spend 1 for every 1 acquired. You can of course make less, if you choose to spend more than that.
Security Rings
Once you own one or more rings you can cash them out by transfering the ring's account balance to your LBM wallet. Each ring has a transfer rate that the razool parlor charges when you transfer isk into your wallet, the standard rate is 4.5%. After you empty a ring's account the ring is pretty useless as it has no value. There are some notable exceptions.
For most rings, as the ring's owner you can choose to deposit some isk into the account and attempt to sell it yourself, as the owner you can't bid on your own sales but you will receive the sellers fee once the account is sold. The sellers fee is also 4.5%. This is usually only beneficial if you have very little isk and can generate interest in your sale to drive the price up. Nevertheless it's a viable option if you are looking for something to do with your rings.
It also bears mentioning that there is a slim chance that people might bid on your ring but not bid the minimum, in which case you would earn all the bids and retain ownership of the ring.
There are also special rings that have unique properties that enhance the owner's profit opportunity.
More: All Known Rings
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