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LevinMage

Eternal Lands Bank

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I heard this mentioned once in a previous thread, but havent seen it put forth as an actual suggestion. The Eternal Lands Bank (i think there is one in PL?), which would allow us to store our gc and get a small interest rate/return on our deposit, maybe (2-4%). This would allow alot of the gc that people are worried about out of the actual market and maybe bring prices down on some items.

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If people had to put money in CD's of 10k, 50k, 100k, 500k, 1million for periods of xmonths to get return, overall less money that is available to be spent on items, which may help to bring prices down.

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if intrest say + 0.01% per day... lol... (6 hours) so in a rl week thats roughly a month ingame right? so thats 0.3% a week

 

and if people want loans say 80% intrest a month :happy:

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perhaps the bank requires a complete revamp on thinking. such as instead of money lending and interest giving, why not a rent warehouse where folks can rent items for a week month etc at a cost. this amount to be debited automatically from their invs or item automatically returning to bank if proceeds unavailable.

 

just a thought but i see a lot of folks unable to fund cloaks so perhaps a rental system may work.

 

bit new to the ideas sketch so if kak i apologise :)

 

 

blessings grin

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There is already a huge infusion of GC from peeps selling flowers/fruits/whatever to NPCs, and getting drops from critters. More money poofing into the game would probably inflate the economy even more.

 

I think the only way a bank might work is if it was player-run. Meaning you could go to the bank and deposit GC available to lend, at a fixed or self-determined interest rate. Other players could borrow from whoever at the rates posted. Of course, there's no recourse for delinquency, which I'm sure would be rampant, and flood the outlaws forum. :)

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For a bit more trouble, it would be possible to not loan to specific players at loan posting. For a little less effort, a limit of one loan at a time would circumvent this problem to a lesser extent. Yes, they ran out on their loan, and there's nothing to do about that, but they can't take out another.

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For even more effort, it might be possible to build a "trade" bot where you trade collateral for the loan. Something you don't want to sell, but can use to secure the loan. If you default, the item can then be sold to recover the loan amount. Assigning value would be hard, but safe as long as the item(s) used to secure the loan were worth at least 50% more than the loan (for example).

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I could see the potential in an EL bank. Maybe it should be operated by an npc or bot, and it should work just like a bank in rl. I think that minimum balances and deposits with fixed or cariable interest rates would be nice. And concerning loans, Its presumable that some people may abuse this feature, which is why I think it should be EL operated. I think that if in the event of someone abuseing a loan, the "bank" should be able to repossess anything from theyre storage or inventory worth the amount of gcs that was loaned or even just not have loans at all but just the ability to deposit gcs at the EL bank and let them gain interest at a set rate. I know that it would be good for the economy because EL banks would allocate gcs and form a system kinda like in rl.

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I think that the EL economy cannot allow the presence of a bank, or, not like the ones that we have in the real world.

 

First, only in recent times the banks offers you an interest on the money that you put in. In relatively old times (like in the far west time, in the USA) you have to PAY to keep your money safe. But, our storages don't have the chance to be robbed (or.................till now, they haven't ;)...it could be an interesting implementation O.O, and this will make the bank taking that ancient role).

 

Second, offering interest will make the richest pg in this game even more richer, and richer, and richer. Like in the real life, to permit people to become very rich, without limits, is not a good idea, especially in this kind of economy, IMHO (the richer pgs can change the market at they wish, rising or lovering the prices for their economical purpose). In fact, the bank offers interest on your money because in real world the banks are competing each other, and has invented this system to acquire new customers. In EL this has no sense, while only one bank will exist.

 

btw, the bank system can work in this way: you give to the bank an item that you temporary don't use, or an item that you have in multiple copies. The bank will lend you an amount of gc, lower than the price of the market, that you have to give back to the bank (with a little fee on it, like 5-10%) in a certain period of time, unless you will lose the object and keep the money. This can permit to people to "sell" that items that they don't use, or to take some loan to other projecs, to later take back the pawn.

 

see you ingame :D

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there have often been times when i thought i wish i could borrow money from the bank, so i thought about this idea, and decided that people would abuse it.. or take out loans to frivolously or w/e, unless you got NO EXP in ANY SKILL (even oa) until youve paid back your debt. so it helps when you need help - you see a must-have on the market, and you can buy it.. but its not a free gc source

 

as for saving money i wouldnt use that, i'd alway be running back to the bank (maybe switching continents) every time i need to buy something right when i need to buy it, instead of stocking up my storage with things i always need (feasts for instance). the internal battle between stocking up and earning interest would destroy me.

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