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[NEXFI] NEXUS Financial --{ BETA COMPLETE }--
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Xinryu
NEXUS Financial
#21 - 2014-12-03 04:49:45 UTC
Artemis Scat wrote:

As you have thoughts, I would suggest running them by the people who watch MD as they seem to be knowledgeable of past banking endeavors and will likely be able to provide insight into what went wrong, and when.

Tigerras wrote:

Raw's audit did confirm some trading behavior and a few other things but it didn't go into background (like VV's) so I strongly recommend doing your own searching prior to investing if you are going to be using other people's money to do it. Hopefully you can get this to work, but might I recommend you start with people you know, corp mates, alliance members, etc, instead of "strangers" on MD? Hard for us to trust you.

Good points, and I appreciate the advice.

I'd welcome you both to try out the system for yourselves.

The following link will take you to the SSO landing page, and you can authorize your character there. A new account will be set up so you can better see the feature set of the site, if you so choose.

In either case, thanks again for the advice

[Lotteries] New Eden Grand --{ LIVE }--

https://nexusdev.net/negrand/
Xinryu
NEXUS Financial
#22 - 2015-01-03 00:05:12 UTC
Xinryu
NEXUS Financial
#23 - 2015-02-03 23:09:00 UTC
Vaerah Vahrokha
Vahrokh Consulting
#24 - 2015-02-04 00:13:00 UTC  |  Edited by: Vaerah Vahrokha
Xinryu
[u wrote:
Breach of Trust:[/u]
Unfortunately, this is not really an area that allows for much improvement. EVE, at its core, allows (and often encourages) these breaches of trust. As long as this core exists as it does, this risk will always be inherent to any player-run bank. The systems, reports, and automation we are attempting to put in place aim to remove as many of these elements of risk as possible.
But as I said, and as I'm sure everyone is aware, this risk is a reality of EVE at its core.


Dumb question of mine: do you understand what you claim having a good grasp about (technicalities) is something MD people with money barely care about, whereas what you basically dismiss as "not really an area that allows for much improvement" is what they totally care about?

You are building a massive, advanced skyscraper, while people wonder why it shouldn't crash on itself like most others prior to it have done. And your reply is: "true, it happened all the time, not a lot I can do to prevent mine from doing the same". Plus: "Hey, I am totally unknown and I craft beautiful and lasting skyscrapers, believe me! "

EvE Online portal | EvE markets tutorials
dominickthebuff buff
Forged In Fire
#25 - 2015-02-04 12:59:07 UTC
R u interested in a investment that would b collateralized ? To make sure I don't get scammed ?
Xinryu
NEXUS Financial
#26 - 2015-02-09 20:25:04 UTC
Vaerah Vahrokha wrote:

Dumb question of mine: do you understand what you claim having a good grasp about (technicalities) is something MD people with money barely care about, whereas what you basically dismiss as "not really an area that allows for much improvement" is what they totally care about?

You are building a massive, advanced skyscraper, while people wonder why it shouldn't crash on itself like most others prior to it have done. And your reply is: "true, it happened all the time, not a lot I can do to prevent mine from doing the same". Plus: "Hey, I am totally unknown and I craft beautiful and lasting skyscrapers, believe me! "

Not a dumb question at all, but yes. In keeping with the skyscraper analogy, I'm aiming for the best that can be built using sand. Until CCP offers a more robust building material, that issue will always exist.

[Lotteries] New Eden Grand --{ LIVE }--

https://nexusdev.net/negrand/
Xinryu
NEXUS Financial
#27 - 2015-03-02 05:45:45 UTC
February 2015 financial statements have been prepared, and posted here
https://nexusdev.net/nexfi/node/11

[Lotteries] New Eden Grand --{ LIVE }--

https://nexusdev.net/negrand/
Myriad Blaze
Common Sense Ltd
Nulli Secunda
#28 - 2015-03-02 16:19:07 UTC  |  Edited by: Myriad Blaze
Out of curiosity, a few questions about your consolidated balance sheet:

  • What are "Cash Equivalents" in terms of EVE?
  • Shouldn't "Interest receivable" be classified as "current asset" unless you don't expect to receive payment from the borrower before your next balance sheet release?
  • What's the difference between "Loan account" and "Lines of credit"?
  • What's the difference between "Capital assets" and "Assets held for sale" and "Market assets"?
  • What's the difference between "Savings" and "Deposits"?
  • How can "Investments" be classified as "Deposits"?
  • Where do your "Retained earnings" come from? If your answer is "from accounting interest receivables", why then is there a difference between both values?

Furthermore a "good" consolidated balance sheet should also show the data for the previous period (for obvious reasons).
Xinryu
NEXUS Financial
#29 - 2015-03-02 18:51:25 UTC  |  Edited by: Xinryu
Myriad Blaze wrote:
QUESTIONS!

Alright, to answer in order:

1) Probably nothing (as of now), Aurum would be a large stretch

2) Interest receivable is indeed a current asset, I'm not sure why you think it's not classified that way.

3) Loan accounts: "I need 1b ISK", "Here have 1b ISK". Lines of credit: "I might need up to 1b ISK", "Here, let us know when you need ISK up to 1b". Lines of credit aren't super feasible at the moment (manual withdrawal processing), but the category still exists from the early alpha brainstorming

4) "Capital assets": intended to be held greater than 1 year. "Assets held for sale": intended to be sold within 1 year. "Market assets": effectively this would be open buy/sell orders

5) "Savings" is a type of deposit

6) Investments wouldn't be classified as deposits. The "investment" category on the BS was a placeholder for a type of "variable return savings account", where the interest rate would be tied into something in-game (basket of minerals, for example). I'd agree that I should rename that (or hide it).

7) Retained earnings are gone over in detail on page 2 of the financial statements (the Income Statement). But, to answer your question: for February 2015 it was interest receivable (20m ISK), less interest owed to savings accounts (575,579.42 ISK)

8) Regarding the previous period: yes I agree, and the annual statement is intended to have a previous period comparison. For the sake of visual clutter, the monthly statements do not.


Thanks for the questions, and I hope my answers prove helpful

[Lotteries] New Eden Grand --{ LIVE }--

https://nexusdev.net/negrand/
Xinryu
NEXUS Financial
#30 - 2015-04-02 04:52:41 UTC
March 2015 financial statements have been prepared, and posted here
https://nexusdev.net/nexfi/node/11

[Lotteries] New Eden Grand --{ LIVE }--

https://nexusdev.net/negrand/
Xinryu
NEXUS Financial
#31 - 2015-04-21 20:06:27 UTC
Updated front page with the beta completion message, as well as service suspension details. Thanks again to anyone who helped test out this system over the past 6 months. All deposits have been returned, and all outstanding loans collected.

Financial statements will continue to be generated monthly and posted here:
https://nexusdev.net/nexfi/node/11

Thanks again, and fly safe!

[Lotteries] New Eden Grand --{ LIVE }--

https://nexusdev.net/negrand/
GankYou
9B30FF Labs
#32 - 2015-04-29 04:31:15 UTC
Archibald Thistlewaite III wrote:
[RESERVED-for an 'I told you so']

Just because you go to extraordinary lengths not to use the words 'This is a bank', does not mean you avoid all the pitfalls other banks in Eve have encountered.

What makes your bank different to the other banks which have either failed or been scams?


Heheh.

I find it curious that any attempt at banking either stands at a standstill, or disintegrates catastrophically, no matter how well it is managed.

Without fractional reserve system of upkeep, that is. Blink

...And they all crave one thing - ISK. ¤

[WTS] ME10 / TE20 BPOs from Battleships/Cruisers to Fighters, Carriers, Triage/Siege, XL modules & Cap Components
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