Financial products and intangible goods.

Discussion in 'Marketplace Discussion' started by 72Volt, Feb 14, 2013.

  1. In this thread, we discuss the possibility of the sale of financial products (such as securities, bonds and shares) and intangible goods (such as one's soul) via EMC.

    - People are making a living for themselves
    - Allows more capital to be invested in ventures like shops and services

    - Not enough work is done to make such products
    - The intangible product might be illegitimate or the financial good might not be honoured by the issuer (if I sell 20% of my business to someone, I might not pay them their dividend)

  2. Bonds would be a good idea but idk how that would work on Emc here
  3. Someone buys 10 bonds, you invest that money in a shop, you give them their money back plus an agreed percentage of interest at the end of the month derived from your investment, you make a profit from not having spent all your money from the investment on paying your customer interest. Although this could be very easily converted into a Ponzi scheme where the interest is actually revenue from bonds bought by others.
  4. However it works I don't think EMC would be willing to sponsor it as an official aspect of the server.
  5. I'm not suggesting that
  6. I see this causing many issues for the mods. I do not think that something like this will get approved.
    bonzd67 likes this.
  7. We're just discussing it, I'm not proposing it. Although I do advocate free trade of everything.
    Jcplugs likes this.
  8. Just one problem. Who calculates interest? and what percent? compounded? somebody calculates it wrong? someone reports them? Moderator has to tell people its their own fault for engaging in a non-sanctioned activity, ragequits, ragegriefings, retribution threads on forums, lawsuits?, headaches all around.
  9. Firstly, I should make it clear I was not advocating Ponzi schemes
    As with games of chance, anyone who makes an excessively difficult system which they cannot calculate prices for and tell to the customer should not be allowed to run financial services
  10. I think it would be overly hard to regulate. For example, there'd never be enough mods to audit everybody's rupee history, so there would be no way to ensure that people are being honest with their calculations of profit, income etc.
    To do that would probably need a lot of programming by Aikar, to totally overhaul the rupee system, which would be using time that could be spent programming things like the Wild Updates ( :D ). my opinion
    Curundu likes this.
  11. People could be advised not to buy products from people who do not explain how prices are calculated and should seek independent calculation from others when in need of products.
  12. It's basically gambling. Which is against EMC regs.
  13. False, financial products are an investment, and gambling is indeed allowed.
    gtabmx likes this.
  14. It sounds like a lot of bureaucracy, which gets very boring very quickly. I'm not sure the majority of players would be interested enough to actually bother with the paperwork, so the financial products would either be unused or abused, I reckon
  15. The bureaucracy would be profitable to the broker if they undertook it.
  16. Obviously I can't disprove that, but I just reckon it isn't a very fun way to spend free time on minecraft. It's a bit like the kind of things that people do at school/work, almost, and I'm sure a lot of people play on EMC to get away from such things.

    They're my comments on the idea, anyway :)
  17. I didn't read most of the responses, so forgive me if this has already been said verbatim. This is a great idea, but it'd be very hard to track without simply trusting people for information.
    Gap542 and southpark347 like this.
  18. yeah the idea of a Ponzi Scheme was the problem i had seen from the bond idea
  19. I believe the word is . . speculation. So yeah gambling. Games of chance with a set probability of outcome are allowed. Speculative investments are a different horse altogether. ;)
    southpark347 likes this.
  20. This would be something hard to manage.