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market scamming

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Mer88
Royal Amarr Institute
Amarr Empire
#1 - 2012-01-18 04:37:38 UTC
ok i just got scammed 750m isk by "Industrial Mining"
he had a contract of a few junks and 7x capital radar sensor cluster
i checked the market price for those 7 x capital radar sensor. there was a buy order 200m each
so 7x 200m = 1400m
so i thought i could double my money by buying the contract and quickly selling those 7x sensorsLol



well. I bought the contract and sold the sensors immediately but instead, it was turned into a buy order because his sell order was GONE.Shocked..

ok so i thought maybe he was waiting for a victim to buy his contract then quickly cancel his buy order......ok no problem
i go scammed legit. i deserve it for being dumb.Oops.....

I switch to my alt char i see him doing the same scam again and i see a buy order for 7 x radar for 200m..... I flew to jita bought 7 x radar flew back.. thinking this time there is no way he can cancel his buy order because i wont be buying his contract this time. so I went back and sold the 7 x radars .....and again it turned into a sell order.


so this guy can magically make a buy order cancel itsel the momeny someone try to sell it to himEvil??? isnt that a hack? and illegal?
KrakizBad
Section 8.
#2 - 2012-01-18 04:42:38 UTC
Sigh. That's, what, 3 threads so far this week? Can we just get a sticky for the explanation ffs?
DelBoy Trades
Trotter Independent Traders.
Disaster Strikes
#3 - 2012-01-18 04:43:19 UTC
https://forums.eveonline.com/default.aspx?g=posts&t=18942&find=unread

Needs to be sticiked, isn't that 2 threads about this today?

Damn nature, you scary!
Sevastian Liao
DreamWeaver Inc.
#4 - 2012-01-18 04:44:25 UTC
https://forums.eveonline.com/default.aspx?g=posts&t=18942

When the scammers themselves start feeling guilty at how easy they can pull it off....Ugh
Brock Nelson
#5 - 2012-01-18 04:49:04 UTC
When are all of you going to figure out that you're getting trolled?

Signature removed, CCP Phantom
Fat Buddah
Federal Navy Academy
Gallente Federation
#6 - 2012-01-18 05:28:11 UTC  |  Edited by: Fat Buddah
1. Look at the market history.

2. The trade volume has been '0' for the past 1 year

3. But the record shows exactly 7 units of the said item traded just yesterday, at a price much much lower than the current market price

4. And the contract is selling 7 units of the said item

5. And the buy order is buying exactly 7 units of the said item. (requiring all 7 units as min. qty)


Whether you know about margin trading or not, just looking at the above facts should have raised alarm.

Even if it was not a scam, look at the market history again. There is no one buying this ****.
Mer88
Royal Amarr Institute
Amarr Empire
#7 - 2012-01-18 06:04:07 UTC
thanks for the link


the price history only shows the region you are at so not 100% reliable. also, i think this game is based a loop hole in the market order so almost everyone who doesnt know anything about margin trading would easily fall for it if the scammer was a litlle more careful and not be so greedy.

"2. The trade volume has been '0' for the past 1 year

3. But the record shows exactly 7 units of the said item traded just yesterday, at a price much much lower than the current market price

4. And the contract is selling 7 units of the said item

5. And the buy order is buying exactly 7 units of the said item. (requiring all 7 units as min. qty)
"
^ those might raise an alarm but it still dont stop someone from falling into it. I mean really , who would expect a buy order to not fill if the person has no knowledge of margin trading. Believe me, i knew it was a scam but i thought i could sell it back to him quickly to make a profit.
cigarellos
#8 - 2012-01-18 06:14:51 UTC
Mu-Shi Ai
Hosono House
#9 - 2012-01-18 08:08:24 UTC
Mer88 wrote:
I mean really , who would expect a buy order to not fill if the person has no knowledge of margin trading.


Would you have called it a scam if the order had suddenly been successfully filled by somebody else just moments before you tried to do it, or if the person had simply taken the buy order down milliseconds before you confirmed the sale? When it comes to trading, you are not entitled to any specific outcome.
Professor Humbert
Project Fruit House
#10 - 2012-01-18 09:10:46 UTC  |  Edited by: Professor Humbert
Mer88 wrote:


I switch to my alt char i see him doing the same scam again and i see a buy order for 7 x radar for 200m..... I flew to jita bought 7 x radar flew back.. thinking this time there is no way he can cancel his buy order because i wont be buying his contract this time. so I went back and sold the 7 x radars .....and again it turned into a sell order.



I'm assuming it was in Dodixie FedNavy station, coz I see him there all the time. Anyway...

What you should have tried is to put the 7 capital radar in a sell order in one of the two other stations (Neguhei or whatever the f**k they are called), at a price below his contract price, and hope some other greedy bastard buy the stuff from you to fill the 'unfillable' buy order.
Or the scammer might buyout your stuff to eliminate competition, but I don't think Industrial Mining is that impatient.

Of course, due to the market mechanic, doing this won't work if the orders are in the same FedNavy station.
enterprisePSI
#11 - 2012-01-18 09:13:14 UTC
Natural selection, working as intended.

The tears of the many, outweigh the tears of the few. Or the one. enterprise-psi©
flakeys
Doomheim
#12 - 2012-01-18 09:34:41 UTC
Professor Humbert wrote:
I'm assuming it was in Dodixie FedNavy station, coz I see him there all the time. Anyway...

What you should have tried is to put the 7 capital radar in a sell order in one of the two other stations (Neguhei or whatever the f**k they are called), at a price below his contract price, and hope some other greedy bastard buy the stuff from you to fill the 'unfillable' buy order.
Or the scammer might buyout your stuff to eliminate competition, but I don't think Industrial Mining is that impatient.

Of course, due to the market mechanic, doing this won't work if the orders are in the same FedNavy station.



This , made a few extra isk this way.

We are all born ignorant, but one must work hard to remain stupid.
Sevastian Liao
DreamWeaver Inc.
#13 - 2012-01-18 12:49:29 UTC
Mer88 wrote:

^ those might raise an alarm but it still dont stop someone from falling into it. I mean really , who would expect a buy order to not fill if the person has no knowledge of margin trading. Believe me, i knew it was a scam but i thought i could sell it back to him quickly to make a profit.


That's fair, most other typical MMORPGs don't usually encourage scamming, or have mechanics that can so easily exploited for scamming purposes. Still, it's part of what defines EVE and its dystopian universe. If something seems too good to be true, it probably is. Take the time to specialize in a few goods and get a good feel for the market first before engaging in more speculative ventures. Read the forums, there's a lot of other "sure money" scams, like offering a high reward along with ridiculously high collateral for a hauling contract, then ganking the hauler en route so he fails the contract. At the very least it'll keep you wary of the more common scamming tactics around.