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The Bank of Far -- Closed

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Koniforous
Tauren Transit
#141 - 2014-05-27 13:28:57 UTC
RAW23 wrote:
I like your new terms:

Far Wanderer wrote:
7.2 BFAR reserves the right to revise or delete the terms of the Prospectus at any time.
7.3 In the event of extraordinary circumstances, BFAR reserves the right to ignore the terms of the Prospectus.


Or in plainer langauge:

Quote:

Nothing I say can be relied upon and I am free to ignore any of the conditions you thought you were investing under, as I have done in the past. I know I have said I will pay you back but please note that I am free to ignore that obligation if I choose to do so.


Edit

Quote:

Q. Will BFAR ever allow deposits beyond one hundred million ISK?
A. REVISED 5/26/2014: at this time BFAR is looking into the possibility of a July or August expansion based on new account types.


And so it begins. A change from 'I will never take any more deposits' to 'I will take as many deposits as I like and anyone who formed a risk assessment on the basis of my previous claims of limited exposure can go hang'.

As I said some time ago, investments such as this one simply cannot be pursued on a rational basis as it is impossible to form a risk assessment involving someone who feels no obligation to do what they had said they would. Anyone who invests in such a scheme is investing irrationally and any success they have can only be attributed to luck rather than judgement.



I'm glad to see you're taking some of my advice, Far. I really think you should delete sections 7.2 and 7.3, though. Try to think of the circumstances that would warrant these sections, and then clarify the steps you would take during those circumstances, and place them in their own sections. There's no real point in having a prospectus if you have a section that says the prospectus might be ignored, changed and/or deleted at anytime. I like to issue 30 day notices for any changes to my policies, because it's what I would appreciate if someone else had my funds. Consider changing 7.2 to reflect some sort of time frame for changes to take effect so that clients who dislike the changes have an opportunity to withdraw their funds before those changes happen. Anytime you think of something new that might invoke sections 7.2 and 7.3, put it and BFAR's response in your prospectus.

With only ~60mil more to go before I start seeing a profit from your bank, I hope I've got luck on my side here, as RAW puts it. Question

Goodluck with your expansions. I hope you can develop a structure for those new accounts that is both attractive to investors and does not draw further RAWing of your thread. Blink

TAUTX: Private Bank & Lending

TAUTX: Collateral Liquidation / Discount Items
Scion Lex
The Unspoken Ones
OnlyHoles
#142 - 2014-05-28 23:12:18 UTC  |  Edited by: Scion Lex
Far Wanderer wrote:
Scion Lex wrote:
Yet, I find that the most successful organizations are the one that remember this is a game. A place I personally come to relax and enjoy. I don't want grind just to maintain a presence and I don't want my friends to either.
This is the same philosophy we have taken with the game. It governs our banking activities and our play style in general.

We know from experience how much of an enjoyment killer it is to grind out ISK in order to satisfy customers and other commitments, and that's not something we're interested in repeating.

Scion Lex wrote:
Another thing that effected my investment style was when I realized I wasn't going anywhere. I have loved and hated this damn game for 8 yrs. I finally just admitted this was my main hobby and started thinking long term. 5 yr plan and all.
A true five year plan?

Color us curious (and impressed). By any chance do you review your plan on a yearly basis, and have you made any significant revisions since you've been underway?


Pls don't be impressed. Like any adult I have hobbies im passionate about. I simply don't suffer from a short-timer's mentality. I understand how much energy I am willing to spend here and I am willing to spend that amount of energy/time/money until I die. Therefore, it only made sense to make a plan. I feel the same way about sharp shooting, mountain bikes, strippers and drinking.....you should always have a plan when doing any of these things.
Far Wanderer
Center for Advanced Studies
Gallente Federation
#143 - 2014-05-29 05:54:00 UTC
Scion Lex wrote:
I feel the same way about sharp shooting, mountain bikes, strippers and drinking.....you should always have a plan when doing any of these things.
I can't speak all that much to sharp shooting, mountain bikes or strippers, but I agree with you 100% on drinking.

My New Year's Resolution a few years back was to visit the neighborhood bar every day for a calendar year.

Best drinking plan I ever made.

I really am wasting my breath though, when you can avoid questions from Hexxx and RAW23 like that you must have some seriously devoted investors. --Elizabeth Norn
Far Wanderer
Center for Advanced Studies
Gallente Federation
#144 - 2014-06-04 05:08:36 UTC
What are your thoughts on savings accounts in EvE?

What sort of monthly interest rate would you want?

What minimum amount would you want to invest to make it worth your while?

Would a cap on deposits (but not accrued interest) turn you off?

Do you plan to play the game long enough for compound interest to be something you would consider taking advantage of?

I really am wasting my breath though, when you can avoid questions from Hexxx and RAW23 like that you must have some seriously devoted investors. --Elizabeth Norn
Lord LazyGhost
Sebiestor Tribe
Minmatar Republic
#145 - 2014-06-04 14:00:47 UTC
Far Wanderer wrote:
Erotica 1 wrote:
I think this is a fabulous idea, and you should open up additional investment.
Thank you for the compliment and the suggestion, Erotica 1. That's very nice of you to say. Big smile



well as soon as you see Erotica saying its a good idea in a Post. your feet should be smoking the speed you should be running in the other direction
Far Wanderer
Center for Advanced Studies
Gallente Federation
#146 - 2014-06-08 04:17:23 UTC  |  Edited by: Far Wanderer
Lord LazyGhost wrote:
well as soon as you see Erotica saying its a good idea in a Post. your feet should be smoking the speed you should be running in the other direction
Even in death(?), Erotica1 has power.

Not exactly He Who Shall Not Be Named status, but close.

Interesting, the notoriety some capsuleers achieve.

EDIT: And still interested in responses to the questions posted (two posts) above this one.

I really am wasting my breath though, when you can avoid questions from Hexxx and RAW23 like that you must have some seriously devoted investors. --Elizabeth Norn
Koniforous
Tauren Transit
#147 - 2014-06-08 07:48:54 UTC
Far Wanderer wrote:
1. What are your thoughts on savings accounts in EvE?

2. What sort of monthly interest rate would you want?

3. What minimum amount would you want to invest to make it worth your while?

4. Would a cap on deposits (but not accrued interest) turn you off?

5. Do you plan to play the game long enough for compound interest to be something you would consider taking advantage of?

1. Great idea, but they're not regulated by CCP, so they suffer from the indecency of scammers.

2. The highest possible! If I wasn't running TAUTX, I think I would be comfortable with as low as 2% on fully collateralized loans, and closer to 10% without collateral.

3. The lowest possible! 100mil-500mil is a nice investment level for my current situation.

4. No...?

5. Yes.

P.S. - How goes last months profits?

TAUTX: Private Bank & Lending

TAUTX: Collateral Liquidation / Discount Items
Far Wanderer
Center for Advanced Studies
Gallente Federation
#148 - 2014-06-09 04:45:06 UTC
Koniforous wrote:
P.S. - How goes last months profits?
Thanks for taking the time to answer my questions.

The May report will be posted shortly. Big smile

I really am wasting my breath though, when you can avoid questions from Hexxx and RAW23 like that you must have some seriously devoted investors. --Elizabeth Norn
Far Wanderer
Center for Advanced Studies
Gallente Federation
#149 - 2014-06-09 05:17:18 UTC
May 2014 payout:


May ROI: 231,014,525


Participants...........Deposits............Percentage......Distribution
BFAR....................540,000,000......56.84%.............131,313,519
CUSTOMERS.......410,000,000......43.16%............99,701,006
Sum......................950,000,000......100%................231,014,525


===============

Customer 1: 24,317,318*

Customer 2: 24,317,318

Customer 3: 24,317,318

Customer 4: 24,317,318

Customer 5: 2,431,732


*Total payouts exceed deposit balance.

I really am wasting my breath though, when you can avoid questions from Hexxx and RAW23 like that you must have some seriously devoted investors. --Elizabeth Norn
Far Wanderer
Center for Advanced Studies
Gallente Federation
#150 - 2014-06-09 05:45:21 UTC  |  Edited by: Far Wanderer
Bank of Far News:

  • We at the Bank of Far (that's all four of us) are pleased to announce Customer #1, aka Issac Haydron, has received payouts in excess of his deposit balance.
  • Doubling our customer's ISK is one of BFAR's primary goals and we're happy to have achieved this goal for the first time since resuming operations.

I really am wasting my breath though, when you can avoid questions from Hexxx and RAW23 like that you must have some seriously devoted investors. --Elizabeth Norn
Koniforous
Tauren Transit
#151 - 2014-06-09 06:12:43 UTC
Payment confirmed. Thanks, Far, you really pushed it to the limit too...

TAUTX: Private Bank & Lending

TAUTX: Collateral Liquidation / Discount Items
Far Wanderer
Center for Advanced Studies
Gallente Federation
#152 - 2014-06-11 04:22:45 UTC  |  Edited by: Far Wanderer
Koniforous wrote:
Payment confirmed. Thanks, Far, you really pushed it to the limit too...
Apologies if we upped your anxiety level at all. Blink

We simply decided to let the week run its course before wrapping things up. And we're glad we did. Big smile

Regarding your answers in response to our post about savings accounts, you wrote:
Quote:
2. The highest possible! If I wasn't running TAUTX, I think I would be comfortable with as low as 2% on fully collateralized loans, and closer to 10% without collateral.
When you say loans, do you mean to say you consider your deposit into a savings account as a sort of loan?

Additionally, another question that should have been part of the earlier set:

What is the highest amount, give or take, that you'd feel comfortable depositing into a savings account?

I really am wasting my breath though, when you can avoid questions from Hexxx and RAW23 like that you must have some seriously devoted investors. --Elizabeth Norn
Koniforous
Tauren Transit
#153 - 2014-06-11 07:26:39 UTC
Far Wanderer wrote:
Koniforous wrote:
Payment confirmed. Thanks, Far, you really pushed it to the limit too...
Apologies if we upped your anxiety level at all. Blink

We simply decided to let the week run its course before wrapping things up. And we're glad we did. Big smile

Regarding your answers in response to our post about savings accounts, you wrote:
Quote:
2. The highest possible! If I wasn't running TAUTX, I think I would be comfortable with as low as 2% on fully collateralized loans, and closer to 10% without collateral.
When you say loans, do you mean to say you consider your deposit into a savings account as a sort of loan?

Additionally, another question that should have been part of the earlier set:

What is the highest amount, give or take, that you'd feel comfortable depositing into a savings account?

Yes, I consider a savings account a loan to the bank to use my funds and reward me with interest for using those funds. Just as others can perceive your bank's savings accounts, and my bank's investment accounts, as personal loans to our banks.

500mil is just about as high as I go right now.

TAUTX: Private Bank & Lending

TAUTX: Collateral Liquidation / Discount Items
Azidano Valkran
Perkone
Caldari State
#154 - 2014-06-12 16:19:06 UTC
Are you taking on any more customers?
Far Wanderer
Center for Advanced Studies
Gallente Federation
#155 - 2014-06-12 19:01:46 UTC
Azidano Valkran wrote:
Are you taking on any more customers?
Hello Azidano,

Thank you for your interest in BFAR. At this time we are not taking on new customers.

Look for BFAR to expand on or around August 1st of this year.

I really am wasting my breath though, when you can avoid questions from Hexxx and RAW23 like that you must have some seriously devoted investors. --Elizabeth Norn
Far Wanderer
Center for Advanced Studies
Gallente Federation
#156 - 2014-06-14 05:50:51 UTC
Due to circumstances beyond my control I will no longer be able to play EvE online.

I'm disappointed, as I'd hoped to be in it for the long haul and expand BFAR at a slow, steady pace for several years.

As of this writing customer deposits have been returned in full--which is to say we got to use the Reserve in a most unexpected way.

I'd like to thank Scion Lex and Koniforous; the former for his thoughtful analysis and willingness to not prejudge, the other for his continued support and good advice over the last few months.

Most of all we at BFAR would like to thank our customers for allowing us to play the game with their ISK.

The Bank is now closed.

Thanks for reading. Big smile

♪ ♫ ♪

(mods, if you please)

I really am wasting my breath though, when you can avoid questions from Hexxx and RAW23 like that you must have some seriously devoted investors. --Elizabeth Norn
Koniforous
Tauren Transit
#157 - 2014-06-14 16:18:30 UTC
Confirming my 100mil deposit was returned. Total return to date is now ~65mil!

This is sad news, Far, I hope that you come back to EVE soon Cry

TAUTX: Private Bank & Lending

TAUTX: Collateral Liquidation / Discount Items
The Greenmachine Greenmachine
Green's Bicycle Shop
#158 - 2014-06-14 16:40:04 UTC
ISD Ezwal
ISD Community Communications Liaisons
ISD Alliance
#159 - 2014-06-15 21:34:01 UTC
Thread locked at the polite request of the OP.

ISD Ezwal Community Communication Liaisons (CCLs)