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Margin Trading Scams and Proposed Fixes

Author
Sable Moran
Moran Light Industries
#21 - 2013-09-10 07:44:45 UTC
William Bradley wrote:
As I said above, all of these statements are nonsense; blaming the victims of scams as greedy is nonsense


They are not victims of scams, they are victims of greed, plain and simple.

William Bradley wrote:
since it is the greed of the scammer in the first place that creates these problems.


Most likely this scam is used because of the amount of tears it generates. Any and all monetary gains are just a nice bonus.

William Bradley wrote:
It is highly likely that you are all just a margin trade scammers trying to prevent a broken system from being fixed.


So just because I'm opposing your silly ideas makes me a scammer? Sterling argumentation :)

Sable's Ammo Shop at Alentene V - Moon 4 - Duvolle Labs Factory. Hybrid charges, Projectile ammo, Missiles, Drones, Ships, Need'em? We have'em, at affordable prices. Pop in at our Ammo Shop in sunny Alentene.

Verity Sovereign
Sebiestor Tribe
Minmatar Republic
#22 - 2013-09-10 10:16:57 UTC
In IRL, there are severe penalties if you can't cover your margins...

There should always be a certain % of the ISK in escrow as long as the buy order is up.
When a margin call comes and they can't cover, this ISK should be lost to them forever.

Just as we have "security standings", perhaps we should have "credit ratings"
Fail to cover a margin -> hit to your credit rating.

Margin trading would require the trader to have a positive credit rating.
The higher your credit rating, the less you need to put in escrow.

Also, buy orders (maybe sell orders too) would list the credit rating of the toon who set it up
Electrique Wizard
Mutually Lucrative Business Proposals
#23 - 2013-09-10 10:42:32 UTC
Margin trading is fine as it is. Every now and then an angry highsec dweller comes along and cries about life not being fair, about there not being anything in the "SupriseBoxes", about his 15 bil atron being ganked outside jita 4-4, about a bag of rare crap bought in local not really being worth 2 bil on the market buy orders.

Eve isnt fair and it never should be fair.

I am the Zodiac, I am the stars, You are the sorceress, my priestess of Mars, Queen of the night, swathed in satin black, Your ivory flesh upon my torture rack.

Silvetica Dian
Imperial Shipment
Amarr Empire
#24 - 2013-09-10 11:06:30 UTC
It isn't broken and the scams are so obvious it is painful.
Especially the ones that spam in local with the scam .
It doesn't need fixing and people that lose isk to this deserve it.
The skill is required for most traders to function efficiently.
If a "fix" is really needed then maybe lose a percentage of the escrow for a failed market order. This would at least let us punish the noisy spamming guys by failing their orders for them but likely leave the subtler ones in place.
At 5-10% of escrow posted would maybe also add a level to market PVP by trying to catch out overextended traders by calling their bluff on how many buy orders they have up.
Anyway it is fine as it is and if they change it to what i have just written that is also fine. Fixing it to protect the idiots who fall for this is not fine though.

Money at its root is a form of rationing. When the richest 85 people have as much wealth as the poorest 3.5 billion (50% of humanity) it is clear where the source of poverty is. http://www.theguardian.com/commentisfree/2014/jan/20/trickle-down-economics-broken-promise-richest-85

Lephia DeGrande
Luxembourg Space Union
#25 - 2013-09-10 11:24:13 UTC
You want less Scam? Improve the UI so can Identity scams faster (if your able to read of course).
Iorga Eeta
Hekatonkheires Industries
#26 - 2013-09-10 12:28:07 UTC
Really, you want a measure of creditworthiness of the buyers. Is this a margin buy order? Has that buyer defaulted on other buy orders?

Unfortunately, the market system doesn't tell you whom your buying and selling from before you purchase or sell an item. But a flag on the buy order, like "MO" or some such would be a good indicator.

First, though, you simply shouldn't trust any order that has a minimum buy amount greater than 1.

After that, you can start your own website, like eve-scammers.com, or something, and allow people to post buyer and selling ratings and report bad buy and sell orders.
Infiltrator2112
Untitled Goose Corporation
#27 - 2013-09-10 12:46:19 UTC  |  Edited by: Infiltrator2112
Training Common-Sense to level 2 should fix your problem with this "scam".

It is easy enough to avoid beeing scammed by checking the market details on the specific item either using the ingame market and out-of-game tools.
No need to fix what isn't broken.
Caliph Muhammed
Perkone
Caldari State
#28 - 2013-09-10 14:00:38 UTC
Iorga Eeta wrote:

First, though, you simply shouldn't trust any order that has a minimum buy amount greater than 1.



Why? If someone is buying x of something across a region they might not want to pick it up in small quantities.
Mag's
Azn Empire
#29 - 2013-09-10 14:51:13 UTC
William Bradley wrote:


Scammers wrote:

Sable Moran wrote:
Putting it in another way. You want CCP to add a not insignificant amount of game breaking new code into the game to prevent greedy people from having their arses handed to them?

TheGunslinger42 wrote:
I have a better proposal: Don't be greedy, and put in a little bit of effort before blindly buying up expensive things hoping to make a huge quick profit

Mag's wrote:
The only problem that needs fixing, is the poor judgement that some people make when investing their ISK. Margin trading is not broken, or in any way needing of a fix.

Domanique Altares wrote:
There is no problem with Margin Trading. There's a problem with greed, ignorance, and illiteracy; these three things are the primary cause of anyone allowing themselves to be scammed in any fashion at all.

TheGunslinger42 wrote: Why should he lose isk for an order that doesn't complete? Give me a single reason that isn't "because I'm butthurt and want other people to be punished for my greed and stupidity"

As I said above, all of these statements are nonsense; blaming the victims of scams as greedy is nonsense since it is the greed of the scammer in the first place that creates these problems. It is highly likely that you are all just a margin trade scammers trying to prevent a broken system from being fixed.
I don't even have the margin trader skill injected, let alone use it on any character I use.

Your fundamental problem seems to be your lack of understanding how this scam works, therefore missing the ways that are already available to avoid being caught out.

Price checking an item, is not gained by taking the over priced buy order as the correct value of an item. You need more knowledge of an items price, gained from the market in different regions. If you only take the buy order as the indicator, or choose not to gain more knowledge, you are to blame.

The actual scam relies upon you buying the overpriced items. So if you do have the knowledge required to make investments, you would avoid such over priced items. But being caught out, simply means you paid over the odds for something, which was your fault. You still have those items and can sell them, but at a loss. A loss which was your fault, due to lack of knowledge.

The whole point is that those who dive into these deals, do so thinking they are going to make a quick buck. A quick buck off someone, who has seemingly sold an item for less then someone else seems to want to pay for it. It seems that greed for some in these situations, takes precedence over knowledge. This is their undoing and they only have themselves to blame.

Oh and Eve is a harsh dark universe, please don't try to compare it to real life because that's ridiculous.

Destination SkillQueue:- It's like assuming the Lions will ignore you in the Savannah, if you're small, fat and look helpless.

Doddy
Excidium.
#30 - 2013-09-10 15:08:20 UTC
William Bradley wrote:

In the real world, such an action has a single term: Fraud.


Man, what country do you live in that saying you want to buy something then not buying it is fraud? In the civilised world that is a customers privilege.
TheGunslinger42
All Web Investigations
#31 - 2013-09-10 16:07:58 UTC
It's fun to watch the nutters compare EVE to real life. Market manipulation or fraud is illegal in the real world, and a bad thing that should be prevented. Sure. So is murder, theft, other forms of scamming, etc. They're all allowed in EVE because it's a game. You can't drag real world laws and morals into this because it's a game. The fact you seem to not understand the difference is incredibly scary.

People who put up these margin trading orders lose money if the order fails. Nothing more needs to be done.

Well one thing needs to be done: You need to do your research when playing the markets, this is your fault and your fault alone. It is not a problem with mechanics.

Tears for the tear bucket please
Alphea Abbra
Project Promethion
#32 - 2013-09-10 16:20:59 UTC
Alphea Abbra wrote:
William Bradley wrote:
I'm not aware if these ideas have been posted or not, so with that said here goes:

As many players are aware, there is a serious problem in the game with margin trading scamming going on.
I wasn't aware, please do explain the problem!
AFAIK when a margin trader "defaults" on his buyorder, your sell is rejected, meaning you retain your goods.

Am I mistaken? Are you able to order on margin, "default" and get the sellers' goods?
Is there something I missed here?
Now that OP is insulting his own intelligence, can he try to answer this?
RubyPorto
RubysRhymes
#33 - 2013-09-10 16:41:43 UTC
Verity Sovereign wrote:
In IRL, there are severe penalties if you can't cover your margins...


In real life, trading on margin is using borrowed money to buy things. If I lose the borrowed money, the bank loses the money they loaned me.

In EVE, the margin trading skill has nothing to do with borrowing money. If I can't complete the escrow, the only thing that happens is that I'm out the broker fee without having a completed transaction to show for it. The seller is left entirely whole, having lost nothing due to the order failing.


And that's where that particular argument falls apart.

"It's easy to speak for the silent majority. They rarely object to what you put into their mouths." -Abrazzar "the risk of having your day ruined by other people is the cornerstone with which EVE was built" -CCP Solomon

Domanique Altares
Rifterlings
#34 - 2013-09-10 17:44:13 UTC
William Bradley wrote:

As I said above, all of these statements are nonsense; blaming the victims of scams as greedy is nonsense since it is the greed of the scammer in the first place that creates these problems. It is highly likely that you are all just a margin trade scammers trying to prevent a broken system from being fixed.


They are the only ones to be blamed. They chose to be a victim, and what's more, they chose it when they purchased an overpriced item on the market or from a contract, without bothering to properly research the item in question. Their money was lost before they ever tried to sell to a failed buy order. The fact that said buy order provided an enticement is of no account. There are many reasons that buy order may fail, to include being issued on an unbacked margin; if someone has so little self control that they cannot take a moment to research what they are buying into in hopes of turning a profit, then they have absolutely no one to blame for it but themselves. The tools are available to everyone.
William Bradley
Doomheim
#35 - 2013-09-10 18:27:37 UTC
Since practically none of you are posting anything constructive on the matter and are merely regurgitating the same "I want to be able to cheat anyone I please; it's not my fault, it's their fault" scumbag rhetoric as always, I'm not going to be bothering to respond to such vapid posts beyond this point. There is no logical or reasonable argument being presented from any of you for why the margin trading system should not be fixed; your only obvious interest is in keeping the system as it is so that you can continue to exploit other players for your own sick amusement. That EVE Online is a game is no excuse for you to treat the real Human beings on the other end of each character as inanimate objects for you to use and abuse at your leisure; such an attitude is deplorable, and speaks to your lack of integrity in the real world.

I sincerely hope CCP does do something to fix the margin trading system, if for nothing else to protect the undeserving victims of such scams from the greed and bile of sociopaths like you.
Verity Sovereign
Sebiestor Tribe
Minmatar Republic
#36 - 2013-09-10 18:44:38 UTC
FWIW, I've lost *time* to these "scams"

I think once I saw a Phantasm with a buy order for 125 million, and in dodi I saw many sell orders for about 15 mill less not too far away in Dodi.

I figured I could ferry some Phantasms over there, sell them, and make a bit of a profit - Nope, I was left with Phantasm purchased at market value. They've gone up in price since then (due to inflation), so no big deal.
(there was a 2nd buy order up for Phantasms at a fraction of market value, I think the scam there was for people not paying attention when they try to sell)

I don't necessarily consider it greed, people provide a service by moving stuff to where it is wanted.
Elizabeth Aideron
The Scope
Gallente Federation
#37 - 2013-09-10 18:49:39 UTC
William Bradley wrote:
Since practically none of you are posting anything constructive on the matter and are merely regurgitating the same "I want to be able to cheat anyone I please; it's not my fault, it's their fault" scumbag rhetoric as always, I'm not going to be bothering to respond to such vapid posts beyond this point. There is no logical or reasonable argument being presented from any of you for why the margin trading system should not be fixed; your only obvious interest is in keeping the system as it is so that you can continue to exploit other players for your own sick amusement. That EVE Online is a game is no excuse for you to treat the real Human beings on the other end of each character as inanimate objects for you to use and abuse at your leisure; such an attitude is deplorable, and speaks to your lack of integrity in the real world.

I sincerely hope CCP does do something to fix the margin trading system, if for nothing else to protect the undeserving victims of such scams from the greed and bile of sociopaths like you.


http://i.imgur.com/YJyZGTj.jpg
Alphea Abbra
Project Promethion
#38 - 2013-09-10 18:53:48 UTC
William Bradley wrote:
Since practically none of you are posting anything constructive on the matter and are merely regurgitating the same "I want to be able to cheat anyone I please; it's not my fault, it's their fault" scumbag rhetoric as always, I'm not going to be bothering to respond to such vapid posts beyond this point. There is no logical or reasonable argument being presented from any of you for why the margin trading system should not be fixed; your only obvious interest is in keeping the system as it is so that you can continue to exploit other players for your own sick amusement. That EVE Online is a game is no excuse for you to treat the real Human beings on the other end of each character as inanimate objects for you to use and abuse at your leisure; such an attitude is deplorable, and speaks to your lack of integrity in the real world.

I sincerely hope CCP does do something to fix the margin trading system, if for nothing else to protect the undeserving victims of such scams from the greed and bile of sociopaths like you.
"Projection" is a term that comes to mind.
And that makes it easy to conclude your personality:
Quote:
such an attitude is deplorable, and speaks to your lack of integrity in the real world.
Don't judge yourself too harsh.
Your lack of integrity and your ability to project your faults unto others is deplorable, but don't worry too much.
RubyPorto
RubysRhymes
#39 - 2013-09-10 23:27:49 UTC  |  Edited by: RubyPorto
William Bradley wrote:
Since practically none of you are posting anything constructive on the matter and are merely regurgitating the same "I want to be able to cheat anyone I please; it's not my fault, it's their fault" scumbag rhetoric as always, I'm not going to be bothering to respond to such vapid posts beyond this point.


"I can't respond to anything anyone's said, so I'll just dismiss it."


Quote:
There is no logical or reasonable argument being presented from any of you for why the margin trading system should not be fixed; your only obvious interest is in keeping the system as it is so that you can continue to exploit other players for your own sick amusement.


"The only reason people are arguing contrary to my position is that they have an untoward interest in the outcome."

Quote:
That EVE Online is a game is no excuse for you to treat the real Human beings on the other end of each character as inanimate objects for you to use and abuse at your leisure; such an attitude is deplorable, and speaks to your lack of integrity in the real world.


"Your actions in a game carry the same moral weight as actions in the real world, thus taking a Queen in Chess should have you hanged on a count of Regicide."

Quote:
I sincerely hope CCP does do something to fix the margin trading system, if for nothing else to protect the undeserving victims of such scams from the greed and bile of sociopaths like you.


"Bad people in EVE are all Sociopaths in real life."



BINGO!

"It's easy to speak for the silent majority. They rarely object to what you put into their mouths." -Abrazzar "the risk of having your day ruined by other people is the cornerstone with which EVE was built" -CCP Solomon

NEONOVUS
Mindstar Technology
Goonswarm Federation
#40 - 2013-09-11 02:30:22 UTC
So tell me why this margin trading skill should be introduced?
What precisely does it cover and allow to benefit the game?