The reason withdrawals take so long

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Lesson to learn: knowledge is dangerous, there's always a good chance u might find out u're an idiot.. :laugh:
 
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ofcourse, even banks cant handle ppl emtying their accounts at the same time.

Well, not at the same time, but they can handle every normal day withdrawals and they would be able to give them back the money if is over a longer period. Also depend what you are talking about, if you are talking about the physical cash or the money on the account. I mean, most of the cash is taken out on ATMs and stores that don't have any connection to the bank where you have the account.

Even if a bank at the moment don't have money free to pay out all the money that people want to withdraw, they can always just borrow the needed money from other banks or the Central bank and get the cash from there. As long as the bank have a good economy it's not a problem.

And is not like "all people at ones" are trying to get their money out from EU.
 
Maybe we should all take a closer look at what is happening in Greece, but regardless MA is not a lending institution they are a game developer so I don't see why this discussion is running away with banking comments and on that note it could be bank or whoever is handling the withdraw that is holding it up and not necessarily MA. Just saying.
 
Maybe we should all take a closer look at what is happening in Greece, but regardless MA is not a lending institution they are a game developer so I don't see why this discussion is running away with banking comments and on that note it could be bank or whoever is handling the withdraw that is holding it up and not necessarily MA. Just saying.

It always some people that drags up the Banks when we are talking about the money MA have or not have, don't know why.....
 
Its kinda of a funny thread..
1.The topic is why withdrawals take so long.

2.And the reason given for this is, they dont have enough money untied to do pay out faster.

3.Argument is given that not even a bank would managed to pay out all.

4.Counterargument is that yes, banks can do this but not all at once, it needs a little time.

If you dont understand the funny part.. look at 1 and 4.. those who say banks are better are basicly saying its exactly the same thing for both MA and Banks


:laugh::laugh::laugh:
 
It always some people that drags up the Banks when we are talking about the money MA have or not have, don't know why.....

"We will be in a position to offer real bank services to the inhabitants of our virtual universe," said Jan Welter Timkrans, boss of Mindark. It plans to offer players interest-bearing accounts, let them deposit their salaries and pay bills or lend cash via the in-game bank.
The licence also means that each account is backed by deposit insurance to the value of $60,000 (£42,000).


nvm :silly2:
 
It always some people that drags up the Banks when we are talking about the money MA have or not have, don't know why.....

Think about it for awhile, its quite obvious :)
 
Well, according to the FAQ:

"The time frame between submission of a withdrawal request and payment is primarily due to the risk of chargebacks. The large majority of deposits are made via credit cards, while withdrawals are made directly to the account holder's bank account. Chargebacks can be submitted up to six months after deposit, but most frauds are discovered within two month. After 50 business days, the risk of chargebacks is minimal while giving MindArk time to perform internal security checks."
 
Its kinda of a funny thread..
1.The topic is why withdrawals take so long.

2.And the reason given for this is, they dont have enough money untied to do pay out faster.

3.Argument is given that not even a bank would managed to pay out all.

4.Counterargument is that yes, banks can do this but not all at once, it needs a little time.

If you dont understand the funny part.. look at 1 and 4.. those who say banks are better are basicly saying its exactly the same thing for both MA and Banks


:laugh::laugh::laugh:


Yes but you miss the point.... The players are "not withdrawing all the money at the same time" from EU, it just normal withdrawals and the standard is that everyone have to wait to get their money. So I don't understand what you think is so funny? You are comparing two different situations.
 
Yes but you miss the point.... The players are "not withdrawing all the money at the same time" from EU, it just normal withdrawals and the standard is that everyone have to wait to get their money. So I don't understand what you think is so funny? You are comparing two different situations.

No im not, im not comparing anything, I just summed up the tread. Its everyone else that are comparing things :D

And if you read the original post he claims that MA have no money for withdrawls so you have to wait for money to come in before getting yours. Which is basicly the same thing as the banking ppl compare with, even if its in a lower scale.
Ofcourse, the original post is full with false assumptions.

But read it again and maybe you will find the funny parts :eyecrazy:
 
OFF F-:censored:-ING TOPIC




Look,it was me who brought up the bank as a simple analogy (least I thought it was simple) that if withdrawals continued and deposits stopped -as the OP suggested they would go bust in a month-as would any company that revolves around deposits and withdrawals.The bank is a perfect example of that!

Someone disputed that and it went from there,Simple!

In no way did I suggest any other connection between MA and banking,it's not that difficult to understand if people read the entire thread properly.

And as for suggesting if MA had more cash they could process withdrawals faster is simply not true.
They have the time delay for a specific reason,Its a safety measure!
It has nothing to do with the amount of cash they have on hand.



I'm biting my tongue so hard here trying not to be rude but please people read before posting,this is getting ridiculous :scratch2:


EDIT:
I'm actually going to go through and put a F-:censored:-ing big OFF TOPIC sign on my posts about banking just to make it easy for the skimmers who don't read everything but still feel informed enough to post.


I've never used so many :censored: things in a thread before,in fact I don't know if I've ever had to use one at all in over 8 and half years.:duh:
 
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OFF F-:censored:-ING TOPIC

And as for suggesting if MA had more cash they could process withdrawals faster is simply not true.
They have the time delay for a specific reason,Its a safety measure!
It has nothing to do with the amount of cash they have on hand.

I think it's both. Yes, they probably have a delay because of safety measures, but I also believe the withdrawals takes longer time because of the lack of cash. The would not be able to pay all the pending withdrawals tomorrow if they wanted too, it they not suddenly have started to earn a lot of money or people suddenly have withdrawn less money. At least we can agree on that the low cash is not helpful for the time it takes to withdraw money.
 
Mindark is NOT a bank or financial institution in any way.

Mindark is a company that sells PEDs and running a platform where the gamingmoney can be spent.

Mindark are in not way obligated to have funds equal, or in any way, the amount of ped ingame.


Can someone confirm this? I know nothing about the laws in Sweden but this seems highly unlikely.
 
Can someone confirm this? I know nothing about the laws in Sweden but this seems highly unlikely.

MA is only responsible for the deposits of the last 2(might be 3 cant remember..its not much anymore) months in the event of default legally.

It had been the TT value of items on account, but I think they ended up in court on another case (someone banned who they had to reimburse) that argued intrinsic value, thus the reason for 2-3 month deposit limitation. (think it was in the last year or two they made this change)

MA is a toy company. There is nothing legally necessary to back up a virtual economy, because its virtual.

The reasons for the 45 day withdrawal periods are simple...it is a safety net. They can make sure no incidents of scams or fraud passes through which would be the most damaging thing to happen to a game like this. It is also a safety net for accounting, giving them time to process things without the expense of having an on demand service available, also saving employee costs.

For the company and ultimately the players...the wait is a good thing.
 
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Can someone confirm this? I know nothing about the laws in Sweden but this seems highly unlikely.


So MA need to hold liquid funds in the region of 100 Million according to your thinking.

hahahahahaahahahahahhahahaahahahahaha
 
Can someone confirm this? I know nothing about the laws in Sweden but this seems highly unlikely.
It's not only highly likely, it's a fact.

Just look at the books (annual reports). MA is so short on fluid funds they need three months (+) consecutive deposits to be able to fund a single withdrawal. That is a verifiable fact.

They have been flying EU on a wing and a prayer for many years now, and continues to survive only by doing stuff like this (extending withdrawal periods explained with lies like "preventing crime"), and the recurring "events" (which then would be the actual crimes?).
 
Can someone confirm this? I know nothing about the laws in Sweden but this seems highly unlikely.

Refer to this and see for yourself (I guess).
https://www.planetcalypsoforum.com/forums/showthread.php?274613-Mindark-Annual-Report-2014

;)

Just to add:
If the Annual Report is anything to go by, then to answer your question...(refer to pg 10 and 11)

For the year of 2014, MA has a total asset of 32 015 159 SEK and a total "unconsumed user holdings" of 96 990 148 SEK.

Which means that they have roughly enough to cover about 33% of the total amount of PEDs we have ingame (TT value).

BUT

I'm not quite sure whether that value is inclusive of "you know what" or exclusive.

"You know what" - Stuff you can't quite get back their TT value (PEDs) when selling them back to the Trade Terminal. For example, Universal Ammo, certain pills, certain items...etc.

AND SO

Ya...if "everyone" withdraws, they will surely topple. But considering that they will only cover about X months of deposits, you know for sure that they won't be the ones on the losing end of things.
 
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if they realy needed to take 3 mounth becasue there low on money it been like that for year it would be by now 3 year to get your money unless they have a printing machine
 
Mindark use words like withdraw and deposits but in reality its purchase and refund.
 
The reasons for the 45 day withdrawal periods ...
Perhaps you've been out of the loop for half a decade. It's more like 90 days+ nowadays, from my understanding.
 
MA is not a lending institution they are a game developer so I don't see why this discussion is running away with banking comments and on that note it could be bank or whoever is handling the withdraw that is holding it up and not necessarily MA. Just saying.
If it wasn't for the fact they continually return to the megalomaniac delusion they can become a bank. Just look at the annual reports. They haven't given up on it yet!
 
Perhaps you've been out of the loop for half a decade. It's more like 90 days+ nowadays, from my understanding.



I know you are smart. Why the hell are you making shit up?
 
I know you are smart. Why the hell are you making shit up?

Well.. is it not close to 90 days on some? I have never withdrawn anything myself so I don't know from own experiences, but a lot of threads in this forum suggest that it is at least 2-3 month?
 
Well.. is it not close to 90 days on some? I have never withdrawn anything myself so I don't know from own experiences, but a lot of threads in this forum suggest that it is at least 2-3 month?

50 business days. 53 was the last one I heard that went over time.

Depending on time of the year, that's 2-2.5 months.

People in here confuse business days with days already, they hear "50 days" and then read 3+ months. It overall gives a bad impression when people put it like that, when MA in fact does deliver the money almost every time.
 
... when MA in fact does deliver the money almost every time.

You just gave me a chuckle... :laugh:

To the topic: It is virtually irrelevant what causes such excessive withdrawal times. They are inacceptable, period. A remedy would have to start with the strict separation of participants' assets from the company's revenue accounts.
 
50 business days. 53 was the last one I heard that went over time.

Depending on time of the year, that's 2-2.5 months.

People in here confuse business days with days already, they hear "50 days" and then read 3+ months. It overall gives a bad impression when people put it like that, when MA in fact does deliver the money almost every time.

Yes I know they often talks about "Business days", but normal people count their time in normal days, so in that case some have been waiting for 90 days, but not many. But 2 month at least, and I can't see that +2 month is necessary for "crime prevention".

You just gave me a chuckle... :laugh:

To the topic: It is virtually irrelevant what causes such excessive withdrawal times. They are inacceptable, period. A remedy would have to start with the strict separation of participants' assets from the company's revenue accounts.


Tru, but some people said that the OP was wrong, but in fact it probably is close to the truth.
 
The 3 months has nothing to do with the money laundering laws:wise: so forgett that thought!

If they would fall under that category you would have give much more information about your money and where it came from then you do now.

and the reason why they dont fall under that category is because you are buying peds!

how do I know? I opened a account to a stockbroker where if had to fill in that information the law demands.
 
You just gave me a chuckle... :laugh:

To the topic: It is virtually irrelevant what causes such excessive withdrawal times. They are inacceptable, period. A remedy would have to start with the strict separation of participants' assets from the company's revenue accounts.

This is such a silly argument, "If everyone withdrawl MA is unable to pay everyone", SO WHAT, there are players like myself who will never withdrawl ped and enjoy EU as a game not a job.
 
Orly

This is such a silly argument, "If everyone withdrawl MA is unable to pay everyone", SO WHAT, there are players like myself who will never withdrawl ped and enjoy EU as a game not a job.

And you are?

Dont get me wrong, don't want to come out as arrogant or anything since its all good that there are players that "play as game, not as job"...

but your 10EUR deposit per month isn't going to save MA nor will it enable MA to pay out the withdrawals to players that wish to extract USD...

And m8....SO WHAT if MA is unable to pay everyone? Are you efing serious? This statement alone shows the level of ignorance you posses, in all honesty - you shouldn't have even replied to this thread.

Bullshit level over 9000 from this guy :eyecrazy:
 
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