[Suggestion] Make Banks Allowed (DENIED)

Okay hey EMC!

This is a topic I feel very strongly about, I really think banks should be allowed, I think it would be a great new thing to bring to EMC and it would be nice to see. I know that there are a lot of reasons why people don't want banks but I think I have a solution to most of these.

Loans
It's possible for a player to build up lots of debt, draining them of all their rupees. Because bank loans are all word of mouth, we can't track this, which makes it easy for people to scam others. Although we're not saying you would do this, the few bad eggs that do decide to scam means we disallow loans.

Solution to players building up lots of debt: Once the player has proven that they can no longer pay the interest rate for example they get a loan for 10 000r and the rate is 2.5% per week, so the player is paying 250r per real life week. Once they have proven that they can't pay the interest rate with screenshots of their rupee balance or something or the bank owner doesn't find any of their items of value, the bank owner may choose to halt the interest that must be paid. Another solution is that when a player gets a loan they give the bank an item of value incase they can no longer pay. To protect bank owners a credit rating forum will be posted if players pay back their loans on time or not to help bank owners know who and who not to trust.

Solution to word of mouth loan that can't be tracked: All bank loans are accepted by the player getting the loan and the bank owner through PM and when payments are made they are verified by the bank owner. E.g When a bank owner lends 10k to a player, the player gives the bank owner an item of value of 10k and then they both agree to the terms and conditions, say 2.5% interest must be paid every week, and the amount must be paid by a certain time, so the full amount of 10k must be paid by say 2 weeks and the 500r must be paid with that, so 10.5k must be paid within 2 weeks. Just an example.

Saving Accounts: When you give your money to someone else, it stops being yours, and is now theirs. By opening a saving account with someone, you're effectively giving them your rupees, and trusting them to give them back, with more rupees (or items). Again, although you personally wouldn't do this, there are unfortunately some people that are more than happy to steal other players' rupees for personal gain.

Solution to opening a savings account with someone: Only give your money to someone you think is trustworthy don't give it to a player with 24 days, give it to a player you can trust. For example I would offer you a price. You pay me 100k and I will give you a 1% rate, so you basically make 1000r a week for giving me your money. But if you want to pull your money out you must give the bank 1 week notice to get it out.

The Staff Team is not there to act as your lawyers, and because the scam potential is so high, they will not get involved. Do not expect assistance from the Staff Team if you are scammed by opening a savings account, since, like loans, they are done through word of mouth. This means there's no way for the Staff to know how many rupees are in your savings account, and therefore we don't allow such services.

Solution to Staff being bugged with scams etc: Staff do not get involved, if you are scammed from a loan and do not have proof or an agreement than you may not be refunded your rupees, and when you put money into a savings account players may report but it's up to staff to make a final verdict.

As with all items lost (due to bugs, rule breaks, or other similar things), do not expect a refund if you lose your rupees or items due to using Bank systems.

There have been issues with player banks in the past, and this will probably never happen. This rule is in place for all the right reasons. The only way this can happen is if its automated, which will just be another thing on the list to do.

I would just love to be a bank owner is always been a thing I've always wanted to own, I think you should maybe have to get a permit to open a bank maybe? Possibly have to go through a process with staff?

the potential problems that arise far outweigh the advantages.
unless it was don through an automated service it just isnt advantageous

I think that it would be advantageous if not just a new player can create a bank, say for example I would have to talk to staff and get a permit from them and then you will be given a permit maybe on a piece of paper and players are only recommended to get loans etc from them? I dunno I would just really love it

No, just no.

yeah but then what happens if say you are banned? or someone takes out more loan then you can give? or any other number of things that could happen to your rupees account. there were banks at some point, bad things happened. so from experience emc decided no player run banks

Can you give a reason? What if one day you needed extra rupees? Invest money into a bank, what if one day you needed a big loan, get it from a bank, please explain why you don't like this idea, don't just say "No, just no.

Your first point about getting banned, that's why there would be a process of getting a permit, staff would decide and aprove only trust worthy players, for example a player with a few 100 days.

Your second point, that is why the player must give the bank a reassurance item for example they need 20k so they give the bank their holiday pick, they can't pay the loan back so the bank sells the holiday pick for 26k, they keep the 20k for the loan and whatever the interest is then they pay back the player what remains so 6k.

Your third point, if something happens to your rupee balance, could you give me an example? thanks!

No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never EVER. No. Never.

Okay, let me start off by saying, banks would be a fun feature at EMC.
Now, I am sure everyone would love banks, but as bitemenow15 says, there has been bad experience.

Verdict from me and I am sure many more: We would love banks but it is just too risky, no matter what the solution.

Because, what happens if the owner of the bank makes the bank go bankrupt, all the investors of the bank will lose all their rupees.

all your solutions rely on the banker remaining trustworthy, but that isnt always the case, so essentially it would be seen as legitimising scamming for those 100 plus days people that potentially get mad one day, or someone else gets on their account, or someone stocks their entire shop, suddenly you have no money and theres nothing to cover everyones losses

http://empireminecraft.com/threads/banks-not-allowed.24117/
I think this is pretty clear...

He's suggesting that the ban on them be lifted

my uncle told me once when i was a little bato
"they dont make rules for the rule followers, they make them to punish the rule breakers."

this applies in this situation, we cant set policies based off what good people might do but rather have to prepare for or counter the evil do'ers of the world

As I said earlier if a player cannot make repayments then the item they supplied will be sold and the bank will make back what they are owed and give the remaining amount to the player.

What about this, if I can make (am given permission) a trial run, just for a few weeks and at the end of the week players will vote whether or not they like the idea? Literally 2 - 4 weeks is all I'm asking

It is very hard to judge trustworthyness.

PThagaard, Copherfield and roblikescake are only a few names I need to mention.

Sorry to be blunt, but no.

Bite has already covered some of this, but there's too much risk and too little protection possible to ensure a safe practice for everyone.

In your system of the bank taking items as collateral, lets say the loan is 20k and the item given for collateral is 26k. What's to stop the banker from selling the item immediately for the 26k? Where's the tracking on what item was given? Playing the "bad guy" here, what's to stop me from saying I gave you a dragon egg as collateral, and payed you back the 20k. Now where's my dragon egg? The banker can cause even more issues.

The point is, there's too much room for scamming. Also for your example, why doesn't the player just sell you the pick for 20k if they need the loan (or 26k considering it's value) and be done with the whole transaction? If they want the pick back, they can buy another one for the new 26k they have?

hahaha very good reference.