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ISK loaning system
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Judas Feenix
Pandemic Horde Inc.
Pandemic Horde
#1 - 2012-02-25 13:20:03 UTC  |  Edited by: Judas Feenix
How about ISK loaning contracts?
Every player gets 100 shares, each share is worth 1% of his income,
lets say you want a 100mil loan and have to pay back 120mil within 30 days.
You have to make a security deposit with something that is worth at least as much as your loan.
Your loaner gets 10 shares, these are worth 10% of your income so your loaner gets his 10% till you paid your loan off or if you cant within 30days your security deposit is gone.
mxzf
Shovel Bros
#2 - 2012-02-25 15:53:03 UTC
It's already completely possible and often done to make loans in the game, CCP just won't hold your hand through it. Check out the MD forum, there's plenty of loans going on there.
Aqriue
Center for Advanced Studies
Gallente Federation
#3 - 2012-02-25 16:59:29 UTC
lol welcome to EVE newb.

Quote:
"Freeform contracts can no longer be created. This is due to griefing problems. You will still be able to view your completed freeform contracts for now but in an upcoming expansion older freeform contracts will be removed as well."


This is from a couple years ago. Have some gulliable mark saintly newb accept a contract after you ask them how much is in their wallet and you were offering to double that amount....they accept and then fail it immedietly. It basicly took the money from your wallet after you accepted...thats all it would do.

A contract requires you to trust someone and well....trust is a massive weak link in EVE. Don't ever lend money unless you are willing to lose it, don't give it away unless you don't care, and if you are going to steal it....make sure you can't be caugh.
Antal Marius
Allied Operations
Mechanicus Macabre Immortale
#4 - 2012-02-25 19:22:25 UTC  |  Edited by: Antal Marius
They could make it where an amount is taxed from your payouts of any kind until that money is paid back?
Judas Feenix
Pandemic Horde Inc.
Pandemic Horde
#5 - 2012-02-25 19:58:02 UTC
Because you cant trust anyone there needs to be an escrow, ccp needs to implement this.

Loaning contracts could look like this:

Looking for: 100mil
Interest: 10%
You get: 30 shares worth 30% of income
Security deposit: Raven
Time: 30 days
killorbekilled TBE
The Scope
Gallente Federation
#6 - 2012-02-25 20:00:36 UTC
the amount that can be borrowed could be capped against the borrowers total assets in case he or she doesn't pay up concord will seize there assets to cover the payments (bay-lifts) on behalf of the lender

in addition to consequences of not meeting payments the lender gets kill rights and the pilot who defaults on payment(s) and the slimy maggot who didn't pay takes a small sec status hit

the person lending the money could ask for interest on the repayments or a deadline on the total repayment

the entire mechanic of this could be governed a new type of loan contract much like courier contracts and auctions etc

my ten pence :)

:)
Antal Marius
Allied Operations
Mechanicus Macabre Immortale
#7 - 2012-02-26 04:04:09 UTC
I like killorbekilled's idea, I know quite a few people that burn their wallets but have an insane amount of assests =)
Monty Kvaran
State War Academy
Caldari State
#8 - 2012-02-26 04:43:19 UTC
Based on the above idea, what is to prevent:
1. Transfer lots of assets to alt to use as collateral
2. Alt takes out maximum loan based on assets
3. Transfer assets and loan principal to main
4. Default and profit.


Ok, so maybe we restrict the alt from just transfering the assets back, so instead load up a hauler with assets, and get ganked. Loose half the collateral, but still come out ahead. We have added an arbitrary restriction on sandbox activity, and done nothing to solve the problem.

The only way it wouldn't be subject to scamming would be if the collateral is some how secured for the duration of the loan. But the problem then becomes why not just sell the collateral upfront, make your profit, and then buy back the collateral, loosing only 1% + market fluctuations, which is likely to be lower then the interest on any loan you could get. There are a very few asset classes, notably BPOs, that can be secured and still utilized, but for almost everyone else, anything that would effectively secure the asset will also render it useless for the duration of the loan.
Senarian Tyme
Serenity Rising LLC
Controlled Chaos
#9 - 2012-02-26 05:41:55 UTC
I really like the idea of implementing a loan system of sorts in EVE.

However I think linking it to individual players raises the risk to a higher level than most folks would be willing to accept.

If you tied this idea into a bond which a corporation could issue with preset, regular payments (like rent payments) which would provide the interest and principal over time, I think it would work out somewhat.

I also really like the idea of giving killrights for defaults on payments that was mentioned here. If any bond holder suddenly got full (and ongoing) kill rights to any member in the defaulting corp, it would provide a degree of incentive to either repay the bonds, or leave the corp.

If you could also make the bonds transferable it would create the opportunity for a secondary market as well.
Antal Marius
Allied Operations
Mechanicus Macabre Immortale
#10 - 2012-02-26 10:54:49 UTC
A certain amount of the loanee's assets could be placed into escrow as collateral as soon as the loan is made, therefore even if they default, the loaner can still get some of his money back?

This would mean that the loanee couldn't even get the loan until both they and the loaner agree on the assets to be placed into stasis and held by -new npc bank corp- until the loanee has paid the loan back in full including interest if that was agreed on, or they default and then the loaner gets those assets instead.
Verone
Veto Corp
#11 - 2012-02-26 13:17:19 UTC

Problem is, with the constant fluctuation in prices because of market PvP, the value of assets does not stay static.

Just look at the GoonSwarm fun that's been going on with POS fuel and suchlike. Eve's market is too unpredictable to use assets as collateral.

Verone CEO & Executor Veto Corp WWW.VETO-CORP.COM
Antal Marius
Allied Operations
Mechanicus Macabre Immortale
#12 - 2012-02-26 17:55:27 UTC
That's what makes it a gamble and why both sides must agree on what is used.
Adunh Slavy
#13 - 2012-02-26 19:26:46 UTC
This link http://eve-search.com/thread/1524146-0/page/1 goes to a rather long thread about bonds and loans. It's a long read so doubt many will read it all.

The short version is this: There is no enforcement on Eve, the only thing we have is reputation. The entity with the reputation most difficult to remove by way of metagaming is an alliance. So, if there were to be any form of bonds/loans coded in the game, attach it to the alliance and all relevant past history regarding this be available to everyone. That way risk can be estimated, and the history of activity is difficult and expensive to remove, to the tune of at least one billion ISK to create an alliance in the first place, sovereignty infrastructure, etc.

Necessity is the plea for every infringement of human freedom. It is the argument of tyrants; it is the creed of slaves.  - William Pitt