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Margin Trading Scam...

First post First post
Author
Haulie Berry
#21 - 2013-03-07 03:21:47 UTC  |  Edited by: Haulie Berry
Quote:
"This is too good to be true"


Good rule of thumb for Eve: Trust that particular thought first and foremost. :D If it's too good to be true, it's almost definitely-for-sure not true.

Also:

Quote:
Interestingly no mention made of the ethics of the scammer.


Look, it's a game, and this particular game is supposed to have a dog-eat-dog motif. Nothing that happens within the game is really of any ethical concern.

Having said that, I would still recommend attempting to pass the hurt on to someone else.
Karrin Rawlter
The Darieux Society
#22 - 2013-03-07 04:37:55 UTC
I feel for you, OP. It's one thing to know the challenges ahead and try to beat them; then even failure is rewarding. But to be blindsided by what is essentially to a new player a secret in-game cheat? There is no reward, you just get cheated.
Bruce Kemp
Best Kept Dunked
#23 - 2013-03-07 04:59:06 UTC
Scams like this pray on greed.

Stop being so greedy. Pirate
mechtech
Ice Liberation Army
#24 - 2013-03-07 05:04:44 UTC  |  Edited by: mechtech
That feeling really sucks, but as a new or average player it's about the knowledge that you have about how to make isk, rather than the isk you have.

I've been cleaned out a few times in my day, and in the end it really didn't matter. On the other hand, the knowledge that I've acquired is basically priceless.

As for advice. If it's too good to be true, it probably is. Have someone else check deals which raise flags, and consciously triple check every market transaction. Double checking really isn't enough, you might miss a decimal ;)
Xearal
Dead's Prostitutes
The Initiative.
#25 - 2013-03-07 05:06:42 UTC  |  Edited by: Xearal
As said.. the simple solution to this problem and any other problem is...

Use your head, do your homework, research.

Before I knew of the margin trading scam, I saw people posting the scam trick in that hive of scum and villainy called Jita, checked the market, saw the prices, this is what I thought:

1) This could make me some serious money
2) There's 1500 people here, why hasn't someone else grabbed this already?
3) What's the catch here?

Then I started doing my homework, I checked other tradehubs, Even central, and the movement of the item in question, noticed that in other hubs and places the prices were VEEEERY different, and also that said item had very little movement. So I figured this had to be a scam of some kind. ( This is Eve after all )

Did more research and found out about the margin trading scam, and didn't fall for it.

Keep in mind at all times, this is Eve, this is the place where everyone and their dog is out to get you in one way or another.

T.A.N.S.T.A.A.F.L.

There Ain't No Scuh Thing As A Free Lunch. Especially not in Eve.

As for the 'double sting', the reason that happened was because you set your sell window to 'advanced', which generates a sell order which gets processed if there is a proper buy order. Setting your sell window to 'simple' when selling to buy orders alleviates this problem. Or just make your own sell order for the price you want instead of selling to a buy order.

Does railgun ammunition come in Hollow Point?

Mara Pahrdi
The Order of Anoyia
#26 - 2013-03-07 05:07:58 UTC  |  Edited by: Mara Pahrdi
Beekeeper Bob wrote:
It's lack of game play information provided by CCP.

How games do you play, where a lot of very important information, like margin scamming, trade scamming, Ganking, griefing, using Jita lag to scam in direct trades, is not provided for in tutorials?

CCP, needs to provide a detailed breakdown of how the game works, and what type of people you are likely to encounter, explain trade scams, ganking, griefing, pirating, and how the police only come to clean up the mess, they won't save you...Lol (Mirrors real life in that regard)

Then new players will have no excuse not understanding the mechanics, but then, so many griefers would be angry if new players understood what was going on.

Really all they are doing is exploiting CCP's failure to provide a real overview of how the game works....Shocked


There's information on this all over the internet. I learned about this before I even started my trial when I read up the basic stuff I wanted to know before deciding, whether it would be worth to spend my time on a trial.

Also:

You have the trade skill descriptions which are pretty clear and it is not forbidden to use your brains. CCP does not have to teach you everything. Where would the adventure be in this? Discovery is part of the gameplay too.

Remove standings and insurance.

James Amril-Kesh
Viziam
Amarr Empire
#27 - 2013-03-07 05:12:02 UTC
Jonathon Oday wrote:
Interestingly no mention made of the ethics of the scammer.

Maybe because nobody cares.

Enjoying the rain today? ;)

Alavaria Fera
GoonWaffe
#28 - 2013-03-07 05:16:52 UTC
Mara Pahrdi wrote:
There's information on this all over the internet. I learned about this before I even started my trial when I read up the basic stuff I wanted to know before deciding, whether it would be worth to spend my time on a trial.

Also:

You have the trade skill descriptions which are pretty clear and it is not forbidden to use your brains. CCP does not have to teach you everything. Where would the adventure be in this? Discovery is part of the gameplay too.

Honestly, I think I read about it from the goon wiki, which all newbees should take a while to read in between being cute on ops in a frigate.

Triggered by: Wars of Sovless Agression, Bending the Knee, Twisting the Knife, Eating Sov Wheaties, Bombless Bombers, Fizzlesov, Interceptor Fleets, Running Away, GhostTime Vuln, Renters, Bombs, Bubbles ?

Orlacc
#29 - 2013-03-07 05:25:16 UTC
No grift works without greed on the Mark's part.

"Measure Twice, Cut Once."

Swag Han Yolo
School of Applied Knowledge
Caldari State
#30 - 2013-03-07 06:14:53 UTC  |  Edited by: Swag Han Yolo
I used to scam all around Hutt cartel space. Saying things like I got a light saber here for sale, light saber here in some Naboo market. id offer it cheap couple million cred, but enough to be believable. Some naive guy/gal come up to me ask what color it was (guess that's important) id say "Oh here take a look" and Chewie would brutally smash them over the head with what ever object he could find with his bear like strength, one time we used a person to smash another person, that's what we call a double win. The moral of story is if a guy is selling something and has freakishly tall ominous figure behind him the deal is probably a bust.
Xen Solarus
Furious Destruction and Salvage
#31 - 2013-03-07 07:18:20 UTC
I've always hated this scam. Tho never a victim of it myself, its one of the ones that can effect newer players, and there's little chance of spotting it unless someone has already informed them about it. Like you mentioned, it can hurt your trust in the very market system itself, which is never a good thing.

That being said, EvE is a harsh and unforgiving mistress. Like the many things that can happen that can lower your spirit, its best to mark them up as lessons, and move on. I'm sure they'll be many more to come if you decide to keep playing. Each will leave you poorer in your wallet, but richer in experience. You'll be able to hold your head high, and say "Well, i'm not going to do that again!"

Plus I sent you some isk to help you on your travels! Cool

Post with your main, like a BOSS!

And no, i don't live in highsec.  As if that would make your opinion any less wrong.  

Zheketri
Caldari Provisions
Caldari State
#32 - 2013-03-07 09:29:12 UTC
Xen Solarus wrote:
I've always hated this scam. Tho never a victim of it myself, its one of the ones that can effect newer players, and there's little chance of spotting it unless someone has already informed them about it. Like you mentioned, it can hurt your trust in the very market system itself, which is never a good thing.

That being said, EvE is a harsh and unforgiving mistress. Like the many things that can happen that can lower your spirit, its best to mark them up as lessons, and move on. I'm sure they'll be many more to come if you decide to keep playing. Each will leave you poorer in your wallet, but richer in experience. You'll be able to hold your head high, and say "Well, i'm not going to do that again!"

Plus I sent you some isk to help you on your travels! Cool


Have you considered that the "sob story" in a much older scam than the margin trading scam?

"Once you have taken his place, have you then defeated your enemy?"

Benny Ohu
Royal Amarr Institute
Amarr Empire
#33 - 2013-03-07 09:41:11 UTC
Newbie Benny saw a guy selling a contract with a strange item that sold for billions in the market. It was pretty obviously a scam of some kind (I mean come on), so I went to another hub, bought the item for a thousand ISK, hauled it back and tried to sell it to the buy order. Loss of a few million ISK tops for not being stupid.

The margin trading scam doesn't harm newbies any more than it does older players. It only gets greedy people, young and old. It's not hard for a newbie to spot it as a scam - it's damn obvious
Tub Chil
Deep Core Mining Inc.
Caldari State
#34 - 2013-03-07 09:46:01 UTC
didn't read the wall of text but margin trading is a flawed feature and needs to go.
Sidrat Flush
KarmaFleet
#35 - 2013-03-07 09:53:10 UTC
Where's the profit?

Its time to stand up against the bad empire based CEO telling falsehoods about what new characters can accomplish and pushing them towards an in game experience of drudgery and loneliness keeping them in the shadow of ignorance for at nest their own profit at worse apathy towards all the experiences that Eve has to offer.

Sarah Schneider
Native Freshfood
Minmatar Republic
#36 - 2013-03-07 10:27:12 UTC
Jonathon Oday wrote:
Interestingly no mention made of the ethics of the scammer. Just the, undoubted, naivety of the buyer.

I'm going to say this nice and slow...

EVE

is

a

game.

"I'd rather have other players get shot by other players than not interacting with others" -CCP Soundwave

Ifly Uwalk
Perkone
Caldari State
#37 - 2013-03-07 10:42:13 UTC
Sarah Schneider wrote:
Jonathon Oday wrote:
Interestingly no mention made of the ethics of the scammer. Just the, undoubted, naivety of the buyer.

I'm going to say this nice and slow...

EVE

is

a

game.

You can spread that out over the entire page - some psychos will never be able to differentiate between reality and alternity.
Portia Venetia
Science and Trade Institute
Caldari State
#38 - 2013-03-07 14:16:17 UTC
Generally I agree with the sentiment that most scams in EVE are "legitimate" and every buyer should beware. The Margin Trading scam is the only one that I feel is unbalanced far in favor of the perpetrator over the mark, and that the fault lies mostly with CCP.

First and foremost, as has been mentioned here, this scam is perpetrated in what is supposedly a broker-operated commodity marketplace. The impression is given, particularly to the new player, that the market may not offer the best "deals" but is a forum for open and transparent transactions, unlike the wild and woolier contracts or direct trades.

Building on that point, many people likely approach EVE with some working knowledge of trading on commodities/securities markets. But as just about anyone here knows at this point, there is a distinct and profound disconnect between what "Margin Trading" is in EVE versus the traditionally accepted definition of that activity in any other market. Buying on margin is a well established practice in RL markets, and at least in every trading system I've ever seen has this in common: a buy order that is filled will be completed. It will always be the buyer and not the seller that is on the hook for a margin call.

EVE, of course, works completely in reverse. When the margin is called and the buyer comes up short, the seller is left holding the bag (of unsaleable goods).

I would personally like to see "Margin Trading" in EVE aligned with what trading on margin actually is; if you overreach with a buy order and it is filled, then tough luck Charlie you now owe a pile of money to the brokerage. This however will result in negative wallet balances which everyone screams is "completely unfair."

At the very least, it would be nice that "unbacked" buy orders (those buy orders that cannot be completely filled) were highlighted in red text in the market; it would give a clear indication that something was up instead of the (relatively) invisible nature of this scam now.
Purity
Deep Core Mining Inc.
Caldari State
#39 - 2013-03-07 14:29:12 UTC
This is clearly a stealth begging post.

You made a mistake. We've all done it. But understand that it was your mistake, no-one else's. It was you who invested all your isk into one trade. it was you who were so blinded by greed that you failed to look at the situation rationally and ask questions such as "why are there so many of these items for sale at the higher prices?" It was also you who failed to search the web for any clues as to whether this was a scam or not.

Dust your self off and start again. This will not be the worst thing that happens to you in Eve.


IF you can keep your head when all about you
Are losing theirs and blaming it on you,
If you can trust yourself when all men doubt you,
But make allowance for their doubting too;
If you can wait and not be tired by waiting,
Or being lied about, don't deal in lies,
Or being hated, don't give way to hating,
And yet don't look too good, nor talk too wise:
If you can dream - and not make dreams your master;
If you can think - and not make thoughts your aim;
If you can meet with Triumph and Disaster
And treat those two impostors just the same;
If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to, broken,
And stoop and build 'em up with worn-out tools:

If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breathe a word about your loss;
If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: 'Hold on!'

If you can talk with crowds and keep your virtue,
' Or walk with Kings - nor lose the common touch,
if neither foes nor loving friends can hurt you,
If all men count with you, but none too much;
If you can fill the unforgiving minute
With sixty seconds' worth of distance run,
Yours is the Earth and everything that's in it,
And - which is more - you'll be a Man, my son!
Cebraio
State War Academy
Caldari State
#40 - 2013-03-07 14:39:19 UTC
Tub Chil wrote:
didn't read the wall of text but margin trading is a flawed feature and needs to go.

Didn't read the wall of text, but greed is a flawed attribute and needs to go.