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Information Regarding Entropia Banks

Bertha Bot

Bertha Bot

Entropia News Fetcher
Joined
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Posts
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Information Regarding Entropia Banks
3 Nov 2008

Today, when a bank is set to a restricted state, which is a fundamental part of maintaining security when estates are traded, it also stops a loan-taker from accessing the bank teller, thus stopping him or her from reclaiming the collateral item in a loan.

In a future release a reclaim terminal will be added to the outside of each bank building, allowing all loan-takers to always be able to reclaim collateral.

Originally Posted Here
 
Good one.

More info please..

I take it loans keep on running by stating this?
 
"In A future" ... :scratch2: :laugh:

I guess this is the equivalent of "We did not expect this"
 
Bertha Bot said:
Information Regarding Entropia Banks
3 Nov 2008

In a future release a reclaim terminal will be added to the outside of each bank building, allowing all loan-takers to always be able to reclaim collateral.

Originally Posted Here
Click to expand...


So this means in a future release. But what about the people right now who have their items in Oxford bank?
 
When selling banks, there should be easily accessible information on what loans are active, their status and amounts. So that a prospective buyer may investigate. Else the buyer could be tricked into buying a bank with very bad loan deals active.
 
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I wonder what happens to items that expire during the time the bank has restricted access... :eek: :rolleyes:
 
Life could have been so much simpler if MA had applied common business sense to the sale of the banks.

The process initially ran just as an auction - we all bidded on the licenses. Once an auction was won then 1 million peds had to be deposited for the day of opening - it could then be withdrawn.

MA never asked any questions about capability or desire - just make sure we have the money in our account. They should have licensed the banks out correctly so after serious complaints, they should have been able to forfeit the licence and take operational control of the bank - a bit like putting in a receiver of a bust company.

Must wonder why MA seems to perate on the law of unforseen (yet blindingly obvious) consequences which take them by surprise all the time !
 
If you buy a bank on auction, do you need to have the added 1 million PED on your card to claim the deed? :scratch2:
 
Konve said:
If you buy a bank on auction, do you need to have the added 1 million PED on your card to claim the deed? :scratch2:
Click to expand...

Thats another question that has raised my mind, a buyer could be in for a nice surprise
 
Trifle said:
So this means in a future release. But what about the people right now who have their items in Oxford bank?
Click to expand...

All parties affected have been contacted in private and I don't see it as alright displaying this publicly from my position. Anyone who is involved may of course discuss this publicly if they feel like it.
 
Marco|MindArk said:
All parties affected have been contacted in private and I don't see it as alright displaying this publicly from my position. Anyone who is involved may of course discuss this publicly if they feel like it.
Click to expand...

Good to see that things will be alright for those people at least :)
 
Marco|MindArk said:
All parties affected have been contacted in private and I don't see it as alright displaying this publicly from my position. Anyone who is involved may of course discuss this publicly if they feel like it.
Click to expand...


Displaying what Marco?
Your communication with anshe?

We dont mind not seeing that. The only thing we want is a statement whether items can or cannot default during restricted access of a bank.
And if this is the case wether Mindark will or will not take responsibility for having obviously created a faulty sytem?
Or will they solve this quickly? And not somewhere in the furture?

That said, I honestly believe you guys will take good care of this matter and I am happy to see you are on it!
 
Marco|MindArk said:
All parties affected have been contacted in private and I don't see it as alright displaying this publicly from my position. Anyone who is involved may of course discuss this publicly if they feel like it.
Click to expand...

Thank you very much for this information. It is good to hear friends will be allright :)
 
Konve said:
If you buy a bank on auction, do you need to have the added 1 million PED on your card to claim the deed? :scratch2:
Click to expand...

No.

But if you don't have any funds available to handle a credible loan service I would expect you would get fewer customers.
 
So typical MA that they don't think about stuff like this in advance. No surprise at all, just very typical.
 
Marco|MindArk said:
All parties affected have been contacted in private and I don't see it as alright displaying this publicly from my position. Anyone who is involved may of course discuss this publicly if they feel like it.
Click to expand...

And what about the IPO? MA interfered with peoples ideas to start their own banks/loanservices since the licences were exclusive (not to start that discussion up again at all btw... just an example).
You did not interfere with Anshes choice to make a public IPO thereby making it "legal" in my book.
Are there ongoing talks with Anshe regarding giving some more info to the community herself, or will you do something there yourselves? etcetcetc.
Im very glad youre looking into people geting their items back from the bank (dont have anything there myself btw), but we kinda need alot more info regardless if its bad or good in the end... Being left in the dark having no clue what to do is about the worst that can happen.

Heres some more info btw to clarify: https://www.planetcalypsoforum.com/forums/property/132229-oxford-bank-auction.html
 
tedt said:
So typical MA that they don't think about stuff like this in advance. No surprise at all, just very typical.
Click to expand...

And how do you know that they didn't think about this in advance? :scratch2: got some insider info? :rolleyes:


btw, you think that all govs. had planned in advance what to do with the real banks now? :confused:
 
Nighthawk said:
And how do you know that they didn't think about this in advance? :scratch2: got some insider info? :rolleyes:
Click to expand...

If u've been around as long as I have you just know. They left us in the dark so many times before. Once they get those $ signs in their eyes they can't think straight. :scratch2:

So you're saying they didnt have to think about a scenario in which a bank is being traded?
 
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Fast to act on this one. Good job too, speculation doesn't do anyone any good :(

~Tracer
 
tedt said:
If u've been around as long as I have you just know. They left us in the dark so many times before. Once they get those $ signs in their eyes they can't think straight. :scratch2:
Click to expand...

Right... and I have been around long enough. I still say "we'll see" :rolleyes::D
 
Nighthawk said:
Right... and I have been around long enough. I still say "we'll see" :rolleyes::D
Click to expand...

My question again, you're saying they shouldnt have thought about a scenario in which a bank is being traded? Because that's all what's happening here, a bank being traded and immediatly customers not being able to claim back items. So you think it's alright that they don't think about stuff like this in advance, ok..
 
Marco|MindArk said:
All parties affected have been contacted in private and I don't see it as alright displaying this publicly from my position. Anyone who is involved may of course discuss this publicly if they feel like it.
Click to expand...

But there you don't mean people actually having loans at the bank, but just Anshe and maybe connection to Mindark, or ?

At least, myself as actually having loans at Oxford Bank, not accessable atm, didn't get contacted by anyone (support response pending since lunchtime today).

But good to see you already working and taking care of it :)
 
tedt said:
My question again, you're saying they shouldnt have thought about a scenario in which a bank is being traded? Because that's all what's happening here, a bank being traded and immediatly customers not being able to claim back items. So you think it's alright that they don't think about stuff like this in advance, ok..
Click to expand...

That is not what I said.

Stop twisting my words and actually read my posts... noob :rolleyes::silly2:
 
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Bertha Bot said:
Information Regarding Entropia Banks
3 Nov 2008

Today, when a bank is set to a restricted state, which is a fundamental part of maintaining security when estates are traded, it also stops a loan-taker from accessing the bank teller, thus stopping him or her from reclaiming the collateral item in a loan.

In a future release a reclaim terminal will be added to the outside of each bank building, allowing all loan-takers to always be able to reclaim collateral.

Originally Posted Here
Click to expand...

This is good news and makes me feel more secure in putting items in the bank. I was tempted to pull all my loans when I first heard "the news".
 
Optima said:
And what about the IPO? MA interfered with peoples ideas to start their own banks/loanservices since the licences were exclusive (not to start that discussion up again at all btw... just an example).
You did not interfere with Anshes choice to make a public IPO thereby making it "legal" in my book.
Are there ongoing talks with Anshe regarding giving some more info to the community herself, or will you do something there yourselves? etcetcetc.
Im very glad youre looking into people geting their items back from the bank (dont have anything there myself btw), but we kinda need alot more info regardless if its bad or good in the end... Being left in the dark having no clue what to do is about the worst that can happen.

Heres some more info btw to clarify: https://www.planetcalypsoforum.com/forums/property/132229-oxford-bank-auction.html
Click to expand...

I kind of doubt MA will agree that things are legal until they disallow them. If one of the previous loan sharks had scammed someone before MA disallowed it, I'm sure MA would have given the standard response, in the end they won't do anything without a court order. And I could be wrong, but I don't recall MA approving this "IPO" stuff. Without that, if Anshe refuses to give reasonable value for the shares, the only solution would be a class action lawsuit.
 
Shadowmage said:
But there you don't mean people actually having loans at the bank, but just Anshe and maybe connection to Mindark, or ?

At least, myself as actually having loans at Oxford Bank, not accessable atm, didn't get contacted by anyone (support response pending since lunchtime today).

But good to see you already working and taking care of it :)
Click to expand...

All loan-takers will be contacted during Monday (US Time Zone). If you haven't heard anything within 12 hours or so, please contact the Entropia Support.
 
I thought these "banks" were a stupid idea from the start.

However, it seems to me that MA had a situation come up that they did not plan for. They are handling it in a quick and responsible manner and putting a plan in place to avoid future problems. Isn't that all that can be expected?

As for the "shareholders", welcome to the real world. Shareholders rarely have any protection if a business fails.
 
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