Market Discussions

Lying about what? You're right though, I don't KNOW how honest I'll be when given 100bil in deposits, but I can assume. Fortunately, I am only accepting a total of 5bil in deposits. Have some faith, Kate. Not everyone is out to lie and cheat.

Interest payments have been issued for April at 10.95%.

TAUTX's lending policies are now active and can be found here: TAUTX Lending

Because I did not originally intend on offering loans, and this conflicts with the definition of a bank, I have informed account holders that monthly interest rates on Savings Accounts will be reduced to 2.5% beginning in May. This will allow TAUTX to continue offering loans and bonds at competitive rates. All posts and information pertaining to the 5% interest rate will now be edited.

All account holders have until the 5th to notify me that they wish to withdraw their funds during the May enrollment period (1st - 5th). The same goes for any new accounts opened this month.

Enrollment is now open until the 5th of April. If you would like to open a savings account please send me an evemail now. The remaining Shares available can always be found in the TAUTX corp info window.

I am aware that if I lend isk out I may not see it again. Please read the lending constraints policies on the TAUTX webpage under the "What does TAUTX do with my isk?" policy section. If you believe this is a poor lending structure, I would appreciate your feedback.

Thank you for liking my idea. And, you're right, there is no way to guarantee depositors' funds; other than my word. I have been operating this bank for a few months now, originally with those from my alliance, and now with people from the public community. My poopoo words are beginning to polish, because of my continued trustworthy actions ;).

Since all 5,000 Shares have been claimed, there is no time for illegitimate isk doubling scams! Look forward to May's enrollment period if you would like to deposit funds, I may* be increasing Shares.

Either you haven't been playing the game very long, or you haven't been paying all that much attention while playing.

If Koniforous doesn't mind, I'd be interesting in hearing just what sort of minimal tools you have in mind.

I believe there should always be an element of risk in EVE. If you can suggest tools that enhance the business experience (i.e., make it so I don't have to do everything on my own with Excel, etc.) without removing the level of risk, I'm all ears.

Aside from continually proving myself trustworthy through my actions and banking practices, I thought that posting with my main would invoke a lot more trust within the community. Trust is scarce in an anon environment; I really wanted to prove that I was legitimate to people. I guess that shows how new I was to the eve forums, though, because no one seemed to care, as much as I thought they would, that this is my main.

You're a little late to the shame parade, Muffet. Everyone has already brought up, I think, most of the typical "justify this" "what a fool that" "burned your future" comments. I don't regret any of this, either. I'm enjoying my operations, and given the recent increase in public/community depositors, I think everyone is starting to realize I meant it when I said I'm not out to scam anyone. To this date, I haven't had one client request a withdrawal, and that really impresses me. I thought for sure someone would deposit funds and request a withdrawal 30 days later just to make sure I was legit. I guess I should have given the community as much trust as I was expecting to receive. We're all in this together.

and trust can just as readily be developed in the online world of EVE, without mechanisms in place to impose consequences.

FYI, in the real world there are a huge number of systems and laws in place to get people to play nice and behave, yet people still break the rules.

"Trust no one 100% of the time" is good advice when you are just starting out, but claiming that all people in EVE are completely untrustworthy is just wrong.

EDIT: I think your reasons for being hesitant to invest are perfectly valid. For a lot of people the lack of in-game mechanisms to secure loans or investments means they won't loan out or invest their ISK. It's your clincher at the end of your first post in the thread I disagree with.

Greetings

Please use Bug Report out of game to report issues, thanks

On On

..I commend you for weathering the storm you are in, and for seemingly running an institute that is successful.

One issue that has always prevented me from 'depositing' or 'loaning' out ISK is the risk and reward relationship.

The risk is too high for me to loan out 1/4th or more of my wealth. And the reward is too low for me to loan out 1/4th or less of my ISK.

But I must say, again, congratulations on making it this far, and with this much success.

By setting a 2.5% flat interest rate on deposits, I had unknowingly capped the maximum deposits TAUTX could handle, and created an environment with an ever increasing chance of default as TAUTX expanded.

To address this, I started working on TAUTF. TAUTF would have allowed TAUTX to take on more depositors, with minimal increase of default chance on interest payments or withdrawals. But, I wanted TAUTF share prices to fluctuate in relation to TAUTX profits. I have been unable to develop an attractive formula (for both investors and TAUTX) for this. So, I am scrapping TAUTF for the time being. Thank you to all of the pilots that provided me with feedback while I worked on TAUTF.

In order maintain a relatively low chance of default, and allow regular expansion of TAUTX, I will be amending TAUTX policies, and these changes will begin June 1st. They are:

Currently, TAUTX has 5bil in depositor funds, and pays a flat 2.5% interest rate on this amount; which equals 125mil each month. If TAUTX were to earn 1bil in 1 month, 125mil would equal 12.5% of profits. TAUTX will be switching from this flat rate, and will now be paying out a monthly dividend payment in the amount of 12.5% of its estimated monthly profit report. What does this mean?! It means that if TAUTX earns more than 1bil in one month, you will see a higher interest payment from your shares than you would have with the old flat rate system. This also means that anything less than 1bil profit and you will see less returns. At 0 profits TAUTX will not issue an interest payment dividend, and this will GREATLY reduce the risk of future defaults.

Shares will not fluctuate in price. They will remain at 1mil purchase price, and 1mil buyback price. Regardless of profits. Savings account withdrawals will be honored regardless of profits.

There are 2 sides to this coin. While depositors will now have the possibility of seeing more than 2.5% interest on their investments; anytime TAUTX expands and takes on new shares, current account holders will see a reduced return on their savings unless they purchase more shares in relation to the expansion. I have also created a clear policy for TAUTX expansions so that investors will know when an expansion might occur.

To expand, the TAUTX NAV will have to equal 2 times the amount of maxmimum deposits. Once this Net Assest Value is achieved, TAUTX will be allowed (not forced) to expand by 25% of maximum available shares. I will expand TAUTX at my discretion once the required NAV is achieved.

These policies will go into effect June 1st. This means that the interest payment on May 1st will be at the current 2.5% flat rate, and that the June 1st interest payment will also be at the current 2.5% flat rate. The July 1st, and subsequent, interest payments will follow the new format. This will give current account holders enough time to send me a 30 day withdrawal request if they do not agree with these changes.

Thank you to all of my investors, account holders, friends, and professional acquaintances that have helped me with these new policies over the last few days. You know who you are, and your feedback has been greatly appreciated.

With the new interest structure, the old 30 day request policy on withdrawals is obsolete. I have updated TAUTX Policies to reflect this, and state that withdrawal requests will be honored as soon as funds permit.

For example:

TAUTX had its first ever withdrawal request on the 21st, and it was processed on the 23rd. Quicker than the old 30 day policy

Interest will continue to be paid on the 1st - 5th, so that any early withdrawals will not see an interest payment, and clients that keep their funds in savings will be rewarded.