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Wilma JugsJiggle
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Posted - 2008.11.17 17:24:00 -
[91]
Originally by: Polly Prissypantz eBank = Biggest. Ponzi scheme. Ever.
Those who forget the lessons of history are doomed to repeat it.
It may not happen today, it may not happen tomorrow, but it will happen. Enjoy your ISK while you still have it, suckers.
This.
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Dal Thrax
Multiverse Corporation Cosmic Anomalies
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Posted - 2008.11.17 17:31:00 -
[92]
I can think of one very good reason EBANK is not a scam. They have 1T ISK of someone elses isk to invest. Sure they could scam, but would you repay a loan to a scam?
Lets stop and think for a minute. Say after all overhead EBANK turns a 9% monthly profit. Now the rule of thumb with compound interest is that your money will double in 70/percentage return (in this case 9) compounding periods. That means that Ebank is generating 1T in profits every about 7 months (assuming they're reinvesting).
The EBANK principals are being paid VERY well not to scam.
Dal
Originally by: HEXXX In all seriousness; I think I made a miscalculation originally. . . We either need to fix this or fix our advertising.
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Kaiden Exeider
Gallente Astrowork Systems
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Posted - 2008.11.17 18:47:00 -
[93]
First off Jacob Mei.
I never said it was like EIB. I was mentioning it as a matter of history.
you have listed how Ebank is different from EIB, this statement needs to be made, and reminded of to the people who visit the website. it should be part of the FAQ. take it head on and explain how and why it is not like EIB.
On a further note, I have spoken to the heads of Ebank, and upon investigation. the Ebank is not a bank per se as much as it is like a Hedge Fund or a Trust fund.
with out going into too much detail, Banks essentially CREATE money out of thin air. Obviously since the proprietors of the Ebank are players, they cannot do this.
So calling them a bank is a bit of a misnomer. They are a corporation, that are essentially trading publicly in EVE, as opposed to privately(IE Corp Members). they take the money you give them to go into ventures that in turn those make money, this money they get from the purchases of those ventures are used to pay off the investors who have invested money into them.
Also because money CANNOT be created in EVE by player interaction. Banks CANNOT exist in eve. the most any player corp can do is to become a hedge fund or trust of sorts that invests into actual production and manufacturing to make its money. but it essentially is providing a means for adding money to the pile while not counting it as apart of the deposits. IE. Selling ships to people, who trade their isk for the ship.
Money is still not being created in respect to the overall ISK supply in the game.
but that's neither here nor there. the point is upon further investigation, Ebank seems alright.
-Kaiden Kaiden Exeider - CSM Candidate |
LaVista Vista
Conservative Shenanigans Party
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Posted - 2008.11.17 18:55:00 -
[94]
Originally by: Kaiden Exeider
So calling them a bank is a bit of a misnomer.
I still disagree. Creating money out of thin air is not a property that defines a bank. It's just how banks happen to operate IRL.
Look up "bank" in your dictionary or even wiki, and it will sound exactly like EBANK.
However, comparing anything in EVE to RL is a waste of time.
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Kaiden Exeider
Gallente Astrowork Systems
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Posted - 2008.11.17 19:05:00 -
[95]
Edited by: Kaiden Exeider on 17/11/2008 19:07:39
Originally by: LaVista Vista
Originally by: Kaiden Exeider
So calling them a bank is a bit of a misnomer.
I still disagree. Creating money out of thin air is not a property that defines a bank. It's just how banks happen to operate IRL.
Look up "bank" in your dictionary or even wiki, and it will sound exactly like EBANK.
However, comparing anything in EVE to RL is a waste of time.
Well you can disagree all you want, you still wrong. its not a point if view. How a bank operates and how your corp operates is not the same, hence your not a bank.
Banks expand the money supply, by creating money through loans, by issuing credits to loanee's accounts but not pulling it from their reserves.
You cannot do this in EVE, hence you are NOT a bank. You are an Investment Firm.
-Kaiden |
Threv Echandari
Caldari K Directorate
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Posted - 2008.11.17 19:21:00 -
[96]
Originally by: Kaiden Exeider Edited by: Kaiden Exeider on 17/11/2008 19:07:39
Originally by: LaVista Vista
Originally by: Kaiden Exeider
So calling them a bank is a bit of a misnomer.
I still disagree. Creating money out of thin air is not a property that defines a bank. It's just how banks happen to operate IRL.
Look up "bank" in your dictionary or even wiki, and it will sound exactly like EBANK.
However, comparing anything in EVE to RL is a waste of time.
Well you can disagree all you want, you still wrong. its not a point if view. How a bank operates and how your corp operates is not the same, hence your not a bank.
Banks expand the money supply, by creating money through loans, by issuing credits to loanee's accounts but not pulling it from their reserves.
You cannot do this in EVE, hence you are NOT a bank. You are an Investment Firm.
-Kaiden
Ok Without going into too much detail and using the US as an example ONLY the banks designated as Federal reserve banks (Agents of the Treasury Dept.) make money "out of thin thin air" or Fiat) as opposed to having a gold standard whereby the amount of "money you can print is limited by your gold reserves.
Regular "non Federal Reserve" Banks cannot Make money out of thin air but operate like E-bank. So yes E-bank is more bank like. |
LaVista Vista
Conservative Shenanigans Party
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Posted - 2008.11.17 19:25:00 -
[97]
Originally by: Threv Echandari
Ok Without going into too much detail and using the US as an example ONLY the banks designated as Federal reserve banks (Agents of the Treasury Dept.) make money "out of thin thin air" or Fiat) as opposed to having a gold standard whereby the amount of "money you can print is limited by your gold reserves.
Regular "non Federal Reserve" Banks cannot Make money out of thin air but operate like E-bank. So yes E-bank is more bank like.
Both yes and no really.
Fractional reserve banking can create "money". |
Aleria Angelis
Strix Armaments and Defence
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Posted - 2008.11.17 19:29:00 -
[98]
Originally by: Dantes Revenge
I've seen banks come and go in Eve and frankly, there isn't a great deal a bank in Eve can do that my wallet can't. Except be used as a means to scam
I can see it comming in usefull if you've generated a large amount of ISK and don't have the time or means to do anything with it, ISK not doing anything is wasted ISK. Atleast with E-bank you can make it work for you even if only for small returns. |
Jacque Custeau
Knights of the Minmatar Republic
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Posted - 2008.11.17 19:37:00 -
[99]
So I was curious about EBANK when it came to lending. I had a situation just before QR got deployed. The Orca BPO had capital corp hangars added to it at the last minute, so I bought the bpo and the additional minerals. Unfortunately I had over extended myself and did not have enough for the Orca BPO itself. I had a Nomad for sale on contracts, and luckily it sold at the last moment. But if it didn't, what would I have needed to do to secure a loan from EBANK to get the Orca BPO after the servers went live? -------------------
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Threv Echandari
Caldari K Directorate
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Posted - 2008.11.17 19:44:00 -
[100]
Originally by: LaVista Vista
Originally by: Threv Echandari
Ok Without going into too much detail and using the US as an example ONLY the banks designated as Federal reserve banks (Agents of the Treasury Dept.) make money "out of thin thin air" or Fiat) as opposed to having a gold standard whereby the amount of "money you can print is limited by your gold reserves.
Regular "non Federal Reserve" Banks cannot Make money out of thin air but operate like E-bank. So yes E-bank is more bank like.
Both yes and no really.
Fractional reserve banking can create "money".
Thats part of the "details" I left out because it tends to make peoples eyes (mine included) glaze over. Since in Fractional Reserve Banking the money that is "Created" when giving out a loan, is technically canceled out when the the loan is repaid and as that article points out there is a hard cap on the amount that can be "created" in this fashion. As opposed to the fed which can literally "make more money" with out any of it being canceled out or hampered by the provisos of Fractional reserver Banking. (except in devaluation of the currency which another matter entirely)
Should this be in the Markets Section? ---------------------------------------- Happiness is a Wet Pod
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Kaiden Exeider
Gallente Astrowork Systems
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Posted - 2008.11.17 20:16:00 -
[101]
Edited by: Kaiden Exeider on 17/11/2008 20:19:09
Originally by: Threv Echandari
Originally by: Kaiden Exeider Edited by: Kaiden Exeider on 17/11/2008 19:07:39
Originally by: LaVista Vista
Originally by: Kaiden Exeider
So calling them a bank is a bit of a misnomer.
I still disagree. Creating money out of thin air is not a property that defines a bank. It's just how banks happen to operate IRL.
Look up "bank" in your dictionary or even wiki, and it will sound exactly like EBANK.
However, comparing anything in EVE to RL is a waste of time.
Well you can disagree all you want, you still wrong. its not a point if view. How a bank operates and how your corp operates is not the same, hence your not a bank.
Banks expand the money supply, by creating money through loans, by issuing credits to loanee's accounts but not pulling it from their reserves.
You cannot do this in EVE, hence you are NOT a bank. You are an Investment Firm.
-Kaiden
Ok Without going into too much detail and using the US as an example ONLY the banks designated as Federal reserve banks (Agents of the Treasury Dept.) make money "out of thin thin air" or Fiat) as opposed to having a gold standard whereby the amount of "money you can print is limited by your gold reserves.
Regular "non Federal Reserve" Banks cannot Make money out of thin air but operate like E-bank. So yes E-bank is more bank like.
That is Incorrect. ANY Bank makes upon its accounting books, credits onto the accounts of its holders. When any entity, whether person or country makes a deposit into its account, 10% is immediately isolated and put into the reserves, the remaining money is considered 'Excessive Reserve' and there fore can be used as the basis for new loans. since the bank takes all of the money you gave them and not 10 percent, that total deposit becomes the 10% reserve for 9 times that amount.
when a loan is taken, the money given to you is not taken out of the banks reserve. it is credited to your account but not from the reserve. the reason they can do this is that they have met the legal reserve requirement to do this, and there is a demand for such a loan. hence new money is created.
this is known as the Loan/Deposit Money Creation Cycle.
this goes for ALL banks, not just the private companies that work with the government and call themselves the federal reserve bank.
the money that is created is always loaned out at interest. interest which must be paid back. But if all money is created from loans, and those loans are issued from banks who charge interest on that money. then where does the money to cover the interest comes from?
The money supply created through loans would be known as the 'Principle', the money that was loaned out. so if all money is from a loan at one point or another, and eventually that loaned money must be returned to the bank, then where is the money for the interest?
the answer is you don't pay it off and that money to pay the interest doesn't exist.
For the amount of money you can ever have will always be less then the money your owe, since all you have is principle (P) and you owe interest(I) but your debt is (P+i). there fore the community, who uses this money supply can never be out of debt.
Ebank doesnt do this, thank god. If It did, it would cause inflation of ISK and make every 1.00 ISK worth less and less as time went on.
as the money supply grows the value of each ISK would go down, because of the supply of isk would be grown irrespective of the demand for its use.
Since Ebank cannot create Isk this way, it is NOT a bank. it is an investment firm.
-Kaiden |
Threv Echandari
Caldari K Directorate
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Posted - 2008.11.17 20:39:00 -
[102]
@ Kaiden
Well played... I will do something rarely done in Forums and that is "Cry uncle" and gracefully concede the point .
---------------------------------------- Happiness is a Wet Pod
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Arctur Ceti
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Posted - 2008.11.17 20:42:00 -
[103]
#1 Rule of Eve: Trust NO one.
Given an infinite amount of time EBank will be a scam. The managers just haven't realized it yet (hopefully this is the case).
Remember: When they do (and it's only a matter of time) it's your fault.
Unfortunately, Eve isn't designed to support player-led financial endeavors, such as banking institutions. No matter what they tell you there is ZERO fail-safe protection against corporate wrong-doings. You solely go on faith, trust, and history, such as reputation and previous bank behaviors (EIB anyone?).
It's your money, your gamble. Good luck to all.
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ramification
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Posted - 2008.11.17 21:16:00 -
[104]
Edited by: ramification on 17/11/2008 21:25:13
Originally by: Dal Thrax I can think of one very good reason EBANK is not a scam. They have 1T ISK of someone elses isk to invest. Sure they could scam, but would you repay a loan to a scam?
Lets stop and think for a minute. Say after all overhead EBANK turns a 9% monthly profit. Now the rule of thumb with compound interest is that your money will double in 70/percentage return (in this case 9) compounding periods. That means that Ebank is generating 1T in profits every about 7 months (assuming they're reinvesting).
The EBANK principals are being paid VERY well not to scam.
This. I'd rather keep that money myself, thanks.
Ignoring all the fearmongering about EBANK possibly being a scam, it seems to me the only reason to hand over any sum of isk for 3% interest would be for the "let's play house" RPG novelty value that such a bank enables by providing a real-life service in-game, thereby making Eve seem more 'real'. Anyone with enough isk to make a useful monthly profit on 3% should be happy enough using the money to make more money themselves: that, after all, is the core of the game. The only other explanation is that the thrill of risking money by investing in a potential scam is itself the reason people are willing to open accounts.
If I was an EBANK board member I'd immediately leave and start up a competitor offering a 5% rate just to start. Then we could have Finance Wars: the Battle of the Banks, with relatively victim-free forum drama, and everyone involved would be given a proper emotional motivation for not simply running off with their employer's assets.
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Kylar Renpurs
Dusk Blade
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Posted - 2008.11.17 21:38:00 -
[105]
Quote: it seems to me the only reason to hand over any sum of isk for 3% interest would be for the "let's play house" RPG novelty value that such a bank enables by providing a real-life service in-game, thereby making Eve seem more 'real'.
Really? Because that 3% is a far greater ROI than a nighthawk BPO.
Last time I checked, the Nighthawk BPO went for about 50 billion which, given market prices, takes about 5 years to pay off.
A 50 billion ISK sum deposited to EBank would 'pay itself' (i.e. double your money) off in 3 |
Miss KittyDelight
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Posted - 2008.11.17 21:44:00 -
[106]
Another good use would be if you had to quit playing Eve for a few months. Before your Sub ran out, you could Xfer some of you ISK to E-bank and let it collect interest... Ghost Training your money if you will... |
Jacob Mei
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Posted - 2008.11.17 21:50:00 -
[107]
Originally by: Kylar Renpurs
Quote: it seems to me the only reason to hand over any sum of isk for 3% interest would be for the "let's play house" RPG novelty value that such a bank enables by providing a real-life service in-game, thereby making Eve seem more 'real'.
Really? Because that 3% is a far greater ROI than a nighthawk BPO.
Last time I checked, the Nighthawk BPO went for about 50 billion which, given market prices, takes about 5 years to pay off.
A 50 billion ISK sum deposited to EBank would 'pay itself' (i.e. double your money) off in 3
Except you would never be able to dump 50 billion isk into EBANK. At present for new players all you can deposit is 6 billion max. |
Seth Ruin
Minmatar Ominous Corp Ethereal Dawn
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Posted - 2008.11.17 21:52:00 -
[108]
Originally by: Arctur Ceti Given an infinite amount of time EBank is a scam. The managers just haven't realized it yet (hopefully this is the case).
Given an infinite amount of time, everything is a scam.
Originally by: ramification If I was an EBANK board member I'd immediately throw a self-righteous public tantrum and leave, to start up a competitor offering a 5% rate.
My memory completely fails me at the moment, but there is a competitor offering higher interest amounts.
Originally by: Kylar Renpurs A 50 billion ISK sum deposited to EBank would 'pay itself' (i.e. double your money) off in 3
Haven't done the math myself, but does that take into account the maximum balance limitation? EBANK Terms & Conditions 2.1.2: "... Checking balance limitations are 6 billion and savings are 3 billion." |
Ricdic
Caldari
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Posted - 2008.11.17 21:52:00 -
[109]
In the end my biggest satisfaction will come from proving everyone wrong.
For some history. About 16 months ago I made this post as my first ever EBANK related one.
Anyone who wants too can have a read. Our biggest critics were the Market Discussions forum people as the EIB scam had affected a lot of them. You will see even from that first post discussing EBANK that our key point was to create an EIB done right.
A few key differences between EBANK and EIB.
1) EIB website only came towards the end of EIB. The website didn't allow account balance checks, it simply gave updates on the corp. EBANK website has complete API automation, live audit tracking (stats page) and a very complex database running to support the bank (much like your RL bank website).
2) EIB was a 1 man operation. Cally/Dentara Rast ran it alone. No-one else could see how much he was holding, how much was out on loans, where money was being moved too, nothing. EIB had no-one checking the books or auditing the corporation until it was too late. EBANK has 4 different people with API data for EBANK Ricdic. They can see every single isk that comes in and goes out. Whilst this wont stop a scam it ensures that funds cannot be slowly siphoned out of the corp.
3) EIB had all different accounts with various withdrawal restrictions. EBANK acounts have no limits on withdrawals. We also have an average 6 hour process time for a withdrawal. Due to EBANK being run by multiple people in the event of one not being present others can still action your transactions without issue.
EIB used a largely messy spreadsheet that was emailed around to other tellers when finishing their shifts, not an automated secure database.
I did go on vacation recently and some may note nothing whatsoever changed within EBANK. Tellers were given the same amount of funds to complete their duties and Mr Horizontal (the head coder for EBANK, chairman and one of our most trusted staff members) was also given approximately 70b to ensure there were plenty of funds on hand. There was no account sharing or anything of the sorts.
There was a backup plan in place whereby I could be emailed or sms'd by the staff and get access to a pc to wire more funds if necessary. As I have said in previous posts, security, consistency and quality are our key factors. Chances are if you have an idea it has been internally discussed a dozen times already.
Our Terms and Conditions actually go heavily into detail regarding our security practices, ongoing audits, expansion limitations and the likes. If after reading all this information, our annual report, using our previous 13 months of good service as historical data & not being able to find a drop of dirt to bring up on EBANK, then I will say EBANK may not be for you.
In the Eve-Mag article I was asked if I had a financial goal with EBANK. The honest answer was that we believed 1 trillion isk was the milestone. Frankly I don't care if EBANK holds onto 1 trillion or 100 trillion of customers funds. I want brand awareness, I want people to know of the EBANK name and to be able to discuss it openly. I want the initial reaction to EBANK to not be instant dismisal as scam but openness to the possibility that they are legitimate based on everything they have done to date.
I would never tell people to invest blindly or even to invest if they aren't feeling comfortable. But at the very least throw 100 isk to EBANK Ricdic for an account and check out our features. Check out our player to player transfer options, loan application forms, interest generating accounts.
We dont expect people to support EBANK 100% without question. We want people to be open to the possibility that EBANK is legitimate and has far bigger things in store for Eve than a petty scam. |
Doctor Penguin
Amarr Imperial Academy
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Posted - 2008.11.17 21:58:00 -
[110]
And ultimately, if you're really that bothered about the risk of a virtual bank in a virtual spaceship game ripping you off, you badly need to realise that there is something outside called a sun and things walking around out there called people. |
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ouroboros trading
Gallente Medics On Fire
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Posted - 2008.11.17 22:12:00 -
[111]
Edited by: ouroboros trading on 17/11/2008 22:14:06 It's much harder to create than it is to destroy; likewise the existence of EBank and it's thriving in a virtual economy, and the role it plays in making it quite not so virtual, is an achievement that casts it's destruction by petty theft and scamming into a wreckless act by which far more would be lost than gained. It is afterall greater than the sum of it's parts, and it would be a horrible shame to break it back down into them, and i believe the staff of evebank believe this to be true.
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SugeR RusH
Caldari Red.
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Posted - 2008.11.17 23:24:00 -
[112]
be carefull with 'Ebank', anyone that remembers red moon rising will remember what happened last time with the last eve bank that stole trillions... invest carefully....
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Gamer4liff
Caldari Deep Core Mining Inc.
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Posted - 2008.11.17 23:35:00 -
[113]
I'd put money in it if I didn't need every cent for blueprints. La Vista seems on the level to me.
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ramification
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Posted - 2008.11.17 23:49:00 -
[114]
Originally by: Kylar Renpurs 3% is a far greater ROI than a nighthawk BPO.
Last time I checked, the Nighthawk BPO went for about 50 billion which, given market prices, takes about 5 years to pay off.
The difference is that despite the possibility of Nighthawks being nerfed, a BPO is still a secure asset that can be re-sold and gives a relatively reliable rate of return. Short of CCP deciding to remove the Tech II BPO cap without compensating current BPO owners (which will never happen), no one who buys a Tech II BPO is risking losing 100% of their investment. They're also paying for guaranteed market share: the fact that there are only 5 Tech II BPOs of each type means that the level of competition is predictable.
By putting isk into EBANK for "t" months, you're speculating that the 3% rate of return compensates you for BOTH the risk that for one reason or another something will happen that will prevent you from getting your isk back, AND for the fact that you can't use that money in a safer investment such Nighthawk production. You're looking at this as if EBANK has a 0% chance of being unable to return your balance. But for it to be a genuinely worthwhile investment, then
isk * 1.03^t - isk * (1+Prob)^t
would have to be greater than the isk you could make by other investments during the same time period (where Prob = probability of a scam, bank run or collapse per month).
What the naysayers are pointing out is that the value of Prob is most likely not fixed: it may go up or down for any number of reasons as time passes and the total amount invested in the bank changes. It could also be affected by circumstances outside Ricdic's control, such as a scam in another bank that triggers a run on EBANK, just like happened in the aftermath of EIB's collapse.
Just sayin'. |
ouroboros trading
Gallente Medics On Fire
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Posted - 2008.11.18 00:12:00 -
[115]
titans blowin up outposts itt |
ramification
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Posted - 2008.11.18 00:14:00 -
[116]
Originally by: Seth Ruin
Originally by: ramification If I was an EBANK board member I'd immediately throw a self-righteous public tantrum and leave, to start up a competitor offering a 5% rate.
My memory completely fails me at the moment, but there is a competitor offering higher interest amounts.
That's why it would be best for a member of EBANK's own board to quit and start a competitor while espousing greater love for the consumer. As Ricdic seems to realise, trust is everything, and EBANK won't get serious competition from anyone that can't establish a similar level of public recognition and trust.
If there were several viable, well-known banks, the chance of a scam in one of the big ones taking them all down would be much lower.
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ramification
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Posted - 2008.11.18 00:15:00 -
[117]
Originally by: ouroboros trading titans blowin up outposts itt
Lol, I'm such a carebear. |
ouroboros trading
Gallente Medics On Fire
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Posted - 2008.11.18 00:29:00 -
[118]
Originally by: ramification
Originally by: Seth Ruin
Originally by: ramification If I was an EBANK board member I'd immediately throw a self-righteous public tantrum and leave, to start up a competitor offering a 5% rate.
My memory completely fails me at the moment, but there is a competitor offering higher interest amounts.
That's why it would be best for a member of EBANK's own board to quit and start a competitor while espousing greater love for the consumer. As Ricdic seems to realise, trust is everything, and EBANK won't get serious competition from anyone that can't establish a similar level of public recognition and trust.
If there were several viable, well-known banks, the chance of a scam in one of the big ones taking them all down would be much lower.
but what if the banks all started lending to each other and there was a global credit crunch in eve :O
ebank does actually invest in numerous small schemes with higher returns run by players who simply can't manage a huge user-orientated operation as it is :) |
Seth Ruin
Minmatar Ominous Corp Ethereal Dawn
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Posted - 2008.11.18 00:32:00 -
[119]
Originally by: ramification
Originally by: Seth Ruin
Originally by: ramification If I was an EBANK board member I'd immediately throw a self-righteous public tantrum and leave, to start up a competitor offering a 5% rate.
My memory completely fails me at the moment, but there is a competitor offering higher interest amounts.
That's why it would be best for a member of EBANK's own board to quit and start a competitor while espousing greater love for the consumer. As Ricdic seems to realise, trust is everything, and EBANK won't get serious competition from anyone that can't establish a similar level of public recognition and trust.
If there were several viable, well-known banks, the chance of a scam in one of the big ones taking them all down would be much lower.
EBANK and Dynasty Bank have an unofficially "good" relationship. (source) |
EBANK Ricdic
Eve-Tech Savings n Loans
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Posted - 2008.11.18 00:33:00 -
[120]
Originally by: SugeR RusH be carefull with 'Ebank', anyone that remembers red moon rising will remember what happened last time with the last eve bank that stole trillions... invest carefully....
Just to clarify here.
Eve Intergalactic Bank ran by Cally/Dentara Rast scammed around early 2007 iirc. The amount alleged to scam was 750 billion (definitely not trillions). As someone who was a bank teller for EIB and had access to the spreadsheets and records on file I can state that the only amount listed on the spreadsheets totalled 250 billion isk. When querying Cally on this he advised that alliance loans constituted the remaining 500 billion. I still question this, I don't believe he ever exceeded 250 billion isk. Still a considerably large amount but nowhere near the trillions I have quoted above.
EBANK is the only public financial operation in Eve that has ever raised over 1 trillion isk in funding. The next closest was Fury Bank with around 600 billion.
There is one other traditional bank in Eve (allows deposits/withdrawals, earns interest etc) and that is Dynasty Bank. They are relatively young (around 6-7 months old) and their CEO is a fair bit younger however they seem to be doing great so far. Currently they are sitting on 100 billion isk in funds and they do have much higher interest rates than EBANK.
We both have very different structural setups. EBANK have chosen to cash in on their reputation as a solid base with heavy safeguards in place in return for the lower interest whilst Dynasty (whilst having some good safeguards) have offered higher interest in return for a slightly higher risk profile.
The final bank is BMBE run by TornSoul. It isn't directly a bank, a public company that offers loans. You can't deposit or withdraw however.
So there is some competition there. We prefer very safe investments and procedures in return for a lower than normal interest rate whilst Dynasty takes a slightly higher risk profile and restrictions on some withdrawals (CD's, bonds etc) in return for a better rate of interest.
The Market Discussion forums here are fantastic for reading up about this kind of economic stuff, other public operations etc. |
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