Market Discussions

Because: "I am ensuring the validity of all Shares, present and future, by confirming their deposit value has been received prior to their issuance, just as you receive a receipt AFTER you purchase something."

Whether he sends me isk for Shares, or not, I can continue with my bank as normal, regardless. Therefore, it is entirely up to him if he, and/or anyone else in the community, wants to receive a 5% interest rate on their deposit AND have the ability to withdraw those funds at their leisure, upon conditional agreement.

I feel, as I am sure many other pilots do, that this reliable banking service is lacking within the community. Granted, there are some trusted banks, but those have minimum deposit values that are not reasonable for all pilots. I aim to address this by allowing even the poorest of pilots to open accounts with me, by setting the minimum to something that is easily gained by all: 1mil isk.

This will not be a trusted service overnight. I understand that. To accomplish this, and gain the community's trust, I will have to develop a trusted brand, just as any other business. This is the TAUTX brand. If I were to improperly manage the issuance of shares and allow for unpaid circulating shares to exist, or be forced to closed TAUTX and restart a new bank corp, this would hurt all account holders, and the TAUTX brand. Tarnishing the level of trust I hope to one day earn.

I've been playing this game for 4 years now, and I absolutely love it. I love the community and the devs, and how beautifully everyone comes together to create such a wonderful and diverse universe within a universe. And I finally want to step away from the dark shadows of solo gameplay and try to pay something forward into this game, helping to shape it and contribute to it. I want to reward the community for helping me so much in an indirect way, by offering another solid and trustworthy pedestal of interaction, like the other trusted 3rd parties. And, as I've said, I understand that some of you will attempt to collapse this venture, and prod its weaknesses. I welcome that, because I want to sew any loopholes you find for me. I hope that I'm managing this bank correctly, and only time will tell.

With the initial 172,250,000 isk interest dividends having been paid out already to help prove my community goals, I hope many of you will continue to keep a close watch on my bank, and profits, and support us as I continue to remain dependable in my capital, and banking, management abilities. As a precaution to maintain this ever-running goal, and dependable brand name, I am issuing shares only AFTER having received your savings account funds.

I'd like to buy your silence.

Silly. Like all banks in EVE. Call it a bond, which is what it is.

edit: btw, when Bad Bobby gives you a lecture on the dangers of shares, you should probably listen. It's how he stole all that ISK so long ago (wow time flies, doesn't it?).

And now for your thread's long, slow drift to the deep and distant depths of the MD archives.

I'm trying to be as polite and respectful as i say this: But I can't believe people are actually 'giving' you isk. (Or at least it sounds like they are..)

I don't need to explain anything - banks are sketchy regardless of who's at the helm. Good luck with your endeavor.

Currently, I am making 100% of my income from station trading. Like it says on my website, I am not backed by a 3rd party, and in the event of defaulted interest payments or insolvency, I will sell off any assets to repay account holders. If any ISK remains I will pay owed interest. So, its effectively uncollateralized with someone else, but essentially all funds on deposit are continually converted into liquid and back into collateral assets. I am not currently offering loans or bonds with bank funds, only personal funds, so the chances of default are basically nil since funds are always in my possession (either as assets or liquid capital) and not loaned out to others that might default on their loans.

I see what you're saying about the self backed full reserve banking model. It doesnt make a lot of sense if you're the bank, only if you're the account holder. That's probably why the majority of banks in the world use the fractional reserve model, and why I'm not using the full reserve model. But, if the Far Bank is using it, and it's working for them, then that's awesome because their account holders are 100% insured. Assuming she doesnt run off with all their money. ;)

Those fail safes I was referring to were in regards to things other than the taking everyone's money issue. I was referring to fail safes that limit losses and defaults.

To address the taking everyone's money issue, or getting hit by a bus issue, the only thing that insures deposits is 3rd party collateral funds/assets and/or an external board of trustees (which also has its failures, evidently!).

Personally, within TAUTX, I do not and will not ever take anyone's money and run off. I play Eve much like I live my life. I realize, however, that you have no reason to believe that. The only thing I can do is state my intentions and prove them through action, like I am doing and will continue doing. Sadly, if I get hit by a bus and die your funds will be lost. I guess I could write down my username/password in a will for my loved ones to return your funds, but that seems a little ridiculous. If I survive the bus encounter, well, I have placed policies on the website that render TAUTX shares valid forever and wil always recognize them as being worth 1mil each, minimum.

I will not be expanding TAUTX shares during the April enrollment period, and I think there are something like 500 shares available for deposit remaining. If you would like to take advantage of my bank, I think you should do it this coming April 1st while shares are still available, because I'm not sure when I'll take on more deposits next. 5bil is actually very comfortable for me, considering I've already manged to turn that into 12bil. As always, you can deposit anywhere from 1mil up to the remaining amount of shares in circulation. So, if you want to "test the waters" to see if I'm reliable and honest, by all means, you are welcome to invest 1mil with me and earn 5% until I get hit by a bus.

This sounds like the typical 2x isk scam. Try it out with only a few millions.

You can't convince people of something that can't be proved. The only way you could do that is to not steal what you're entrusted with, which no one will entrust you with until you can prove...

It's a Catch-22. And, as we all know, a Catch-22 is the best kind of catch there is.