Insta withdrawal solution

[AxeMurderer]

Not that I mind waiting 3 months, but I'm tired of reading about it so:

You have 10k peds you want to withdraw 5k peds. You get 5k peds the same day, but the rest 5k peds are blocked for the next 3 months. Then you can withdraw 2,5 k peds if you wish again. Or basicly maximum of 50% of your peds and as much as you withdraw the same is blocked for 3-4 months.

 

[whiteknut]

Why would it be good?
In MA Perspective it would mean, that credit card fraud who depos 100k usd can withdraw with other avatar 50k usd and get away with it.

The timeline between withdrawal application and commited was at first to prevent such situation not sure about 50 days of nowadays..(used to be 30days and it seemed to work very nicely)

So in my opinion it would be big flaw in the current security system, and lost money for MA means less loot for us.

 

[slither]

Delays are nothing to do with fraud, it's lack of cash.

OP idea makes no sense. If I withdraw I should get it all in a timely manner, simple as that.

 

[whiteknut]

Delays are nothing to do with fraud, it's lack of cash.

I think you cant say that. As MA have said it was about fraud prevention, and until you have proof about your claim, i think thats how we should look at it.
If it was lack of cash then there would be error in that logic - Lets say every single month one million ped is being withdrawed (january,february,march ... december) With the 50day delay the payout are made at (march,april,may....february). MA has to have the peds to commit the withdrawals and waiting 50days doesnt give them more peds than they have at the beginning of the period. (it is like lending 200bucks every month to give it back in 2 months and lend it again at that time and so after every two months, in the end you always have the amount of money)

 

[AxeMurderer]

Yeah it was stupid idea before my morning coffee.
Well atleast my post count is up by 2

 

[whiteknut]

Yeah it was stupid idea before my morning coffee.
Well atleast my post count is up by 2

It was far better than many of the morning ideas i keep seeing here every morning. Just too risky, i would love to have to old entropia credit cards back (which you could use to withdraw from ATM)

 

[AxeMurderer]

It was far better than many of the morning ideas i keep seeing here every morning. Just too risky, i would love to have to old entropia credit cards back (which you could use to withdraw from ATM)

That would be realy sweat and I hope some day we will have them with the logo of your favorite planet.

 

[Guarana]

We didi have insta withdrawel with the Entropia "ATM" Cards. kindaish

Go to bar. Drink shitless. Pay with a cards everyone laughs at you about. Accepted on the machines. Walk out paying directly from your game account ^^

 

[slither]

I think you cant say that. As MA have said it was about fraud prevention, and until you have proof about your claim, i think thats how we should look at it.
If it was lack of cash then there would be error in that logic - Lets say every single month one million ped is being withdrawed (january,february,march ... december) With the 50day delay the payout are made at (march,april,may....february). MA has to have the peds to commit the withdrawals and waiting 50days doesnt give them more peds than they have at the beginning of the period. (it is like lending 200bucks every month to give it back in 2 months and lend it again at that time and so after every two months, in the end you always have the amount of money)

But extending payout time does give them 'extra' cash.

Withdrawals used to be 30 days due to security checks.

This was extended to 30 business days, then to 40 biz days, then to 50 biz days. People are now starting to say that there are delays beyond 50 biz days so it wouldn't surprise me if they extended it to 60 biz days in the near future.

You're seriously saying that MA keep extending the payout times because of increased security and not because they need a little extra time to sort out payments?

 

[GandalfSzary]

In the past we had instant withdraw option (back then fraud wasn't a problem was it?).

Also there is many companies which deal with fraud and still withdraws take up to 1 day. Lets just name sport books or poker rooms. I don't know what stand behind MA's policy. I'm pretty sure if they wanted to make it quicker they would do it. Lets be honest 3 months (and often no strict date) is a crap.

 

[Admiral]

If they retturn back to 30 days that whoud be nice, i am sure ppl whoud not complain

 

[mai isma apari]

Is bad idea
maybe 25 to 40 days is good

 

[AxeMurderer]

May be they can make ATM cards for people with over 10K USD deposits or something and 5+ years avatars.
with daily and montly limits

 

[whiteknut]

But extending payout time does give them 'extra' cash.

Withdrawals used to be 30 days due to security checks.

This was extended to 30 business days, then to 40 biz days, then to 50 biz days. People are now starting to say that there are delays beyond 50 biz days so it wouldn't surprise me if they extended it to 60 biz days in the near future.

You're seriously saying that MA keep extending the payout times because of increased security and not because they need a little extra time to sort out payments?

YOu still miss my point.. No matter how long they extend the amount of money they have to pay out is the same - therefore there is no financial bonus for delaying the withdrawals.
Or you think they take the money put it in savings account for 2months and then pay out? Even then they could use the money they already have to do exactly the same thing without any delays.

If they had money problems they would stop withdrawal for 2months (then they would earn money while not giving it out) and not delay 2 month from the moment of application received.

I get what you are trying to say, but the sums are not that big, and they could make some mod merc auctions from lost accounts etc and be back on track (i am sure they could sell some stuff with one month that covers the whole month withdrawals, and would lead back to 30day withdrawal time if it was as you described) But i seriously doubt it.

I think the long delay is caused by massive amounts of withdrawals requested, (many ppl try withdrawing 1000ped etc.. But every single case needs to be handled manually, where did the peds come from etc etc just not enough manpower to deal with it all) Why all this manual work needed? Because where there is money there are allways someone hoping steal it (credit card frauds, money laundering, stolen accounts etc). They cant say nah it is just 100 usd withdrawal, because then there would be hundreds of small account withdrawing that sum because they know it is fast. Hell even i would use my friends to withdraw peds.

Delay is here for the security and your theory is plausible but i doubt that MA is on the edge of bankruptcy (maybe someone smarter can look at their financial reports, i think it would show quite easiliy wether MA is in deep depts or not)

 

[HardWrath]

I hate to dry up the sky is falling parade but anytime MindArk needs more money, they just sell more deeds, lands, or whatever new thing they think of. It's pretty simple and there is no shortage of people willing to buy.

Cash on hand is a different subject. I do think MA puts that money into something (it's not like they stuff it under a mattress) and who knows what's involved when they need to tap into that money for additional liquidity.

 

[raxxor]

Be patient.. Wait.. And you'll get your money.
What's the hurry?

 

[shoti]

MA don't have fluent cash to fulfill all withdrawals pending. Their last annual report clearly shows that they have c.a. 1/2 of cash needed at any given time. Worse is december every year.

So in order to fullfill any withdrawal MA need to wait for new deposited money to be able to do so.

All that assuring about fraud checking is pure PR bulshit. MA can't simply admit they don't have enough money - it's obvious why. Long time ago withdrawals used to be even 14 days then 30,40,50 close to 60 now. So i bet those 14 days is minimal time they need to make any fraud check ( if they do any at all ). At theese time MA was't spending deposited monet instantly, just was keeping them and taking for their purposes only what was decayed/consumed by system and coudn;yt be requested for withdrawal. Last MA annual report showing that they are using out instantly any cash hitting their account.

Letting alone withdrawal wait time i think this whole method of handling players money and "reserves" for it is very dangerous. Ma is unable to fulfill pending withdrawals, let alone ingame TT in case of some kinf of "run".

 

[HardWrath]

MA don't have fluent cash to fulfill all withdrawals pending. Their last annual report clearly shows that they have c.a. 1/2 of cash needed at any given time. Worse is december every year.

So in order to fullfill any withdrawal MA need to wait for new deposited money to be able to do so.

All that assuring about fraud checking is pure PR bulshit. MA can't simply admit they don't have enough money - it's obvious why. Long time ago withdrawals used to be even 14 days then 30,40,50 close to 60 now. So i bet those 14 days is minimal time they need to make any fraud check ( if they do any at all ). At theese time MA was't spending deposited monet instantly, just was keeping them and taking for their purposes only what was decayed/consumed by system and coudn;yt be requested for withdrawal. Last MA annual report showing that they are using out instantly any cash hitting their account.

Letting alone withdrawal wait time i think this whole method of handling players money and "reserves" for it is very dangerous. Ma is unable to fulfill pending withdrawals, let alone ingame TT in case of some kinf of "run".

If you truly believed all the bad things you say about MA all over the forum, you would sell out, withdraw, and quit.

Yet here you are.

 

[SpikeBlack]

Why would it be good?
In MA Perspective it would mean, that credit card fraud who depos 100k usd can withdraw with other avatar 50k usd and get away with it.

The timeline between withdrawal application and commited was at first to prevent such situation not sure about 50 days of nowadays..(used to be 30days and it seemed to work very nicely)

So in my opinion it would be big flaw in the current security system, and lost money for MA means less loot for us.

Part of the process is supposedly to check for such things, they also had an interview with the FBI a few years ago so they probably report big withdrawal requests. Nothing shouts dodgy more than a new avatar withdrawing a load of cash.

 

[whiteknut]

Part of the process is supposedly to check for such things, they also had an interview with the FBI a few years ago so they probably report big withdrawal requests. Nothing shouts dodgy more than a new avatar withdrawing a load of cash.

Yup thats why i think delay might be caused by it, and not financial problems that somehow dissappear with 50 days (as shoti describes).

 

[AxeMurderer]

Not that I mind waiting 3 months, but I'm tired of reading about it so:

You have 10k peds you want to withdraw 5k peds. You get 5k peds the same day, but the rest 5k peds are blocked for the next 3 months. Then you can withdraw 2,5 k peds if you wish again. Or basicly maximum of 50% of your peds and as much as you withdraw the same is blocked for 3-4 months.

Funny when thread started with 'I'm tired of reading about it' I didn't expected few hundred pages more of this

 

[slither]

It's good to see MA fighting fraud when multi-billion pound companies like Ladbrokes just ignore it and send you payment straight away.

 

[whiteknut]

It's good to see MA fighting fraud when multi-billion pound companies like Ladbrokes just ignore it and send you payment straight away.

Yeah lets compare EU to strictly regulated betting firm. I am sure Ladbrokes has to check lots of details also, and they have much more funds to do it. Internet offers lots of anonymity and in Ladbrokes i doubt you can trade with other customers like we can in EU.

You cant compare these two, one is strictly regulated business to customer system, while other is almost no regulations at all customer to customer to customer to business system.

 

[WhiningSkeptic]

MA don't have fluent cash to fulfill all withdrawals pending. Their last annual report clearly shows that they have c.a. 1/2 of cash needed at any given time. Worse is december every year.

So in order to fullfill any withdrawal MA need to wait for new deposited money to be able to do so.

All that assuring about fraud checking is pure PR bulshit. MA can't simply admit they don't have enough money - it's obvious why. Long time ago withdrawals used to be even 14 days then 30,40,50 close to 60 now. So i bet those 14 days is minimal time they need to make any fraud check ( if they do any at all ). At theese time MA was't spending deposited monet instantly, just was keeping them and taking for their purposes only what was decayed/consumed by system and coudn;yt be requested for withdrawal. Last MA annual report showing that they are using out instantly any cash hitting their account.

Letting alone withdrawal wait time i think this whole method of handling players money and "reserves" for it is very dangerous. Ma is unable to fulfill pending withdrawals, let alone ingame TT in case of some kinf of "run".

If MA at any point have all the cash needed I would be outraged. Due to taxation laws in Sweden you can't save money for more than three years using a fund. After that, or if you keep it in the regular bank account, you have to pay taxes on it.

Didn't I tell you in another thread I recently spent 100.000$ on a house because of this? The money needs to be tied up.

 

[Svarog]

No matter how long they extend the amount of money they have to pay out is the same - therefore there is no financial bonus for delaying the withdrawals.

I believe they mostly pay withdrawals with deposits. The less deposits, the longer it takes to gather up the requested sums, the longer is the wd period. They can speed up the process by launching events, creating estates or doing sales from "banned accounts", but it can't work indefinitely (unscheduled events already don't impress people very much) so better not to abuse those options without a real need.

If they had money problems they would stop withdrawal for 2months (then they would earn money while not giving it out) and not delay 2 month from the moment of application received.

That would be the worst thing they could ever do. Currently no matter how long it takes to withdraw, one fact stands firm - they have never stopped payouts and no one ever was refused it. The day it happens for the first time would be the day when wd requests increase tenfold while investments decline.

 

[whiteknut]

That would be the worst thing they could ever do. Currently no matter how long it takes to withdraw, one fact stands firm - they have never stopped payouts and no one ever was refused it. The day it happens for the first time would be the day when wd requests increase tenfold while investments decline.

Thats exactly my point THey have never stopped payouts, and that means they dont have money problems : Every month the amount withdrawed is payed out (it has no difference for MA if it is given out this month or in two month, as the money going out is always the same)

If they receive 1mil requests and pay out 1mil each month, then it doesnt matter if they wait for 2 months or 0 months, the payout is the same. And for those who say they receive additonal money to pay out, you do understand that with those 2 extra month 2mil requests will add to it and real amount of money left is the same?


There is no difference (MA has to pay out 5mil (the numbers are made up, but show what i mean, there is no difference if they delay 2months)

 

[Svarog]

If they receive 1mil requests and pay out 1mil each month, then it doesnt matter if they wait for 2 months or 0 months, the payout is the same. And for those who say they receive additonal money to pay out, you do understand that with those 2 extra month 2mil requests will add to it and real amount of money left is the same?

The thing is, months aren't equal. I don't know how it's with EU, but I'd speculate that there are many WDs and not much deposits before the winter holidays, and totally opposite picture right after a summer (so they can save some funds to cover the future deficit).

 

[whiteknut]

The thing is, months aren't equal. I don't know how it's with EU, but I'd speculate that there are many WDs and not much deposits before the winter holidays, and totally opposite picture right after a summer (so they can save some funds to cover the future deficit).

Yep that is also true, but in the end amount paid out is the same, so no difference to MA if paid out today or in two months when there are 2months worth of withdrawal requests added.

 

[Few Scars]

Most companies can do transfers within 24-48hrs. For some reason I suspect MA doesn't have much fluidity in its capital base and as such, has to allocate funds to withdrawal requests. If it was a big company and someone put a request for $10000 it should transfer immediately. The fact it takes 3 months suggests its a big issue for MA.

 

[Sissi]

I would be very surprised if Mindark didn´t tie down liquid assets for a 1-3 month periods for a small but important gain in interest rates.