Market Discussions

So first off, I know that there will be a lot of opinions on this as there is on almost every bank that gets created (and rightfully so), but this is truly, honestly a serious attempt at a simple saving bank. While I understand that there will be many opinions on the matter it would be most appreciated if attempts to derail the thread were kept to a minimum. If you do not wish to invest, by all means don't invest, but please leave the assumptions at the door.

Chrysus Industries
Chrysus Industries is a new savings bank designed to be a simple, automated (mostly) way of making your excess funds work for you rather than sit idle. You can deposit as little and as often as you like, and withdraw twice per month for free with additional unlimited withdrawals charged at 1 million ISK per withdrawal (as withdrawals are manual there has to be a limit to frequent withdrawals). While there’s no upper (or lower) limit to the amount that can be deposited into accounts, it's not particularly aimed at large scale investors, instead focussing on being a place that anyone can store their spare ISK during times they don't require it where it can still work for them.

Interest - Automatic and Simple
The initial interest rate is set at 4%, which is reviewed monthly and set by the 5th of any given month (if any change is made). The interest is calculated monthly based on your daily balance averages on the first of each month and automatically credited to your account. The interest rate is calculated based on projected interest payout over a set period, which ensures that the current float of the bank is able to pay out interest for a set amount of months without further income.

Keeping the show on the road
The way the bank will initially make ISK is by investing in industry and trade, outsourcing to trusted partners where required. Once a sufficient float has been achieved the bank will open a loans wing, which will allow players to take out fully collateralised loans. Details of exactly how the bank will generate revenue will not be released, but plans have already be documented for each possible stage of the banks development for the foreseeable future.

Profit made by the bank above the interest rate is held by the bank as a float, which is then used to determine if the interest rate needs to be raised or lowered. I do not take any cut of the profit and instead rely on being an account holder, so it's in my own best interest to aim to achieve the highest interest rate possible without risking the integrity of the bank. If for any reason the bank is forced to close (very unlikely) assets will be sold and the accounts will be fully paid out and closed, but the float is designed and already filled enough to keep the bank running even at a zero profit rate for a substantial period.

It's not a scam
Many banks have appeared in EVE and the majority of them have been scams to some degree. I aim to break that and want to create a long running scam-free savings bank system. I've chosen to create this under a fresh alt, but my main is Lucas Kell, as confirmed here. There's no real way to prove that this isn't a scam, so all that can be said is that if you don’t feel comfortable investing, don't invest. But that said, I'm certainly not looking to destroy the reputation of my main.

For further information please visit Chrysus Industries. I'll be happy to answer any questions here or via ingame mail.

And yet another bank from a unknown. Shesh. Give up already.

That stance is perfectly reasonable and understood. I imagine that by using an alt I've cut out a fair portion of the potential market, but after much consideration this was the direction I chose to go for the time being. If it means the bank remains small for some time, that's an acceptable scenario.

As it stands I'm able to make a reasonable amount of isk though trade and don't particularly require more capital, so it's not really a loan as such. It's more a way of using the excess trading capacity I have to run a business that I've always seen as interesting but that has always been a let down. I want that to change. I want to look back in a few years over a business that is solid and built on it's own foundation.

Understandably a lot of people here provide loans and such, and will, like you, decline to invest, but you aren't the target market. The target market is the guy that's not touched his 20m here or his 30m there and would rather see it ticking up slowly than idling away in his wallet. Id rather build the business on large numbers of small consumers than on small numbers of large scale investors, if that makes any sense .

Those are some of the reasons I created my bank !

On my end, however, I state clearly how much the bank (Me) has in it's net asset value, how much it has in deposits, its potential maximum deposits value, and several other matters of business transparency like monthly profit amounts and from which sources those profits came. From these reports it is easy for clients and the public to determine how much debt TAUTX has at any given time, and there are precise policies that explain how and when TAUTX is allowed to expand (increase its debt ratio).

Have a look at the TAUTX website and think about adopting some of these policies. A great start would be to open an Eve-Mogul.com account so that we can get an estimate of how much you are earning each month. This will help determine how much in maximum deposits you can take on and still cover the interest payments. So far, it looks like, to us, that you have zero funds.

If any of this sounds negative, I apologize. But if you want to run a successful and trustworthy business, at least develop a clear business plan. Not just some wild interest rate that apparently came to you from thin air. I, for one, would like an explanation as to how this interest % came about, and an eve-mogul account would do a great job of explaining how much interest you can handle right now.

There isn't really any way I can prove it one way or another. I'd rather avoid having to jump through hoops to achieve the level of transparency that many other banks have shown over the years, since it's obvious that it proves nothing beyond that the character in question can make money. That in no way proves that it's not a Ponzi scheme or any other type of scam as evidenced by nearly all of them being scams.

Large scale investors, yes, but this bank is really targeting consumers, not high level investors. You guys can already invest your isk, you can weigh up the risks of investing billions into a loan for a given player and make your fee back. This bank isn't really for people like that. It's for Joe Bloggs who doesn't have the capital or the knowhow to decide if a character is likely to pay back billions of isk.

I'll certainly take a look and take it all on board, but I really want to avoid jumping through hoops to display transparency. A lot of my trading is done on my mains, so keeping them hidden would become a chore in itself, all just to prove that ISK can be made from trading and industry. As I said above, history shows us that transparency doesn't mean something isn't a scam, it just means the scammer can make isk and show that they can.

The interest rate on there at the moment was based on a few predictions of what likely investment totals would be at the end of the month and what interest rate would need to be held to sustain the interest for a minimum of 6 months if no trading was done from the float alone. The monthly interest rate suggestion (which I'll currently review manually at the beginning of each month) will be worked out in a similar fashion, but that will be in the works until I have real data for how the investment totals work out. As this is designed to be consumer grade, the main goal is for the interest rate to be stable and keep the bank at a minimal risk of collapse.

Savings made simple - EVE Wallet™

It's easy to burn an alt you don't care about.

I pledge 20b

Reveal your main to me, and develop your business plan more precisely and I will consider investing in your bank. Honestly.

The reason I am interested in investing in you is because regardless of the returns I see from your business, my Investment Account holders will see a portion of those profits due to the way my interest payments are structured. I was hoping to help you gain trust and prove your profitability to others, so it's a little confusing to me that you would deter potential investors in your bank while at the same time requesting investors. I hope this works out for you, though.