Interview with MA BOSS (David Simmonds)

[Mary Jane]

For the ones always criticizing our economy there is a prove Mindark is bigger then ever and you can trust them.
About the loot not much to say
But about investing yes they are here

Have a look

And good luck in game...

 

[Ace Flyster]

At one point he talked about reinstating getting the MA bank up and running again....fyi

Rgds


Ace

EDIT: thanks for sharing, +rep

 

[Mikass]

Funny to see David Simmonds on a panel with some guy from UK that wants to adopt Feathercoin as a local council currency. Feathercoin is like cousin of Bitcoin but way more obscure.

 

[Mega]

Feathercoin is like cousin of Bitcoin but way more obscure.

Blimey, its not as if Bitcoin is the gold standard.


I may start collecting seashells as it might become a currency (again) one day.

 

[OZtwo]

Ohhhhhhh ok so that's why loot has been so good the last few days.

 

[Mac]

"There is a lot of currencies out there...one of the most important things is confidence from the customer. If you haven't got that confidence [from] the customer your not going to have people using it, your not going to have people depositing in it, so making sure the customer is confident in your product is one of the biggest things."

David Simmonds

 

[das]

put in 100$, don't use it.. take 100$ out is where i stopped watching

 

[melander]

Good to hear that they are still aiming to restart the Mindbank project, the fact that they are moving closer to taking that step can only mean that things are looking up for Entropia as a whole.

Also a good discussion about the applications for virtual-currency in a grounded manner, certainly a interesting idea to use it as a closed loop reward point system rather then a free floating currency.

+rep for linking this.

Cheers
Zweshi

 

[Zorander]

Certainly an interesting discussion. I can't help but wonder how future development of alternate currencies and the technologies supporting them might affect Entropia. It's also great to know that MindBank hasn't completely dropped off MA's to-do list, I know it would make me feel better about holding larger sums in EU if this became a reality.

 

[Nor Alien]

Subscribing.

 

[aframo]

sub......................

 

[Sionkiewicz]

Sub...........................................................

 

[Doer]

Mindbank commentary starts at around 23:00 for those that have a low threshold for dry alternative currency discussion in low-volume brogue.

I wonder if Mindbank is even possible. What % total deposits are Swedish banks required to have on hand?

 

[Count Joe]

Certainly an interesting discussion. I can't help but wonder how future development of alternate currencies and the technologies supporting them might affect Entropia. It's also great to know that MindBank hasn't completely dropped off MA's to-do list, I know it would make me feel better about holding larger sums in EU if this became a reality.

Every dollar u deposit is used by MA to cover cost and for profit.

Mindbank is useless

 

[Few Scars]

I stopped listening after the first few minutes
Yes we can put in 100Ped, but what he didn't mention is that you spend more than that in credit card fees and deposit fees. Then to withdraw takes 50 business days and again lose money on withdrawal fees. What they need to do is make depositing free and make withdrawals be placed in a holding card. If deemed fair after 2 weeks the money is released to your real world account. I don't understand why it takes 50 working days??

 

[whiteknut]

Every dollar u deposit is used by MA to cover cost and for profit.

Mindbank is useless

You clearly missed what David Simmons was saying.

He made it very clear why Mindback is good for customer confidence.

Every dollar atm is used by MA to pay out withdrawals and cover running costs, but with bank system, every microtransaction that you make from your account (buying ammo, trading, paying au fees etc etc) is used by MA to pay out withdrawals and cover running costs.

Mindbank if working like Simmons described it, would be very nice thing to raise confidence (atleast of those who hold big sums on account )



To OP ty for sharing and +rep, as it is good to hear that Mindbank is back on the agenda.

 

[Count Joe]

You clearly missed what David Simmons was saying.

He made it very clear why Mindback is good for customer confidence.

Every dollar atm is used by MA to pay out withdrawals and cover running costs, but with bank system, every microtransaction that you make from your account (buying ammo, trading, paying au fees etc etc) is used by MA to pay out withdrawals and cover running costs.

Mindbank if working like Simmons described it, would be very nice thing to raise confidence (atleast of those who hold big sums on account )



To OP ty for sharing and +rep, as it is good to hear that Mindbank is back on the agenda.

I didnt missed anything David said in the interview.

Mindbank would give customer confidence but a false one.
MAs businessmodell is when u deposit a dollar they take it and pay cost and later draining the systems with ped so the risk of needing to pay back is lowered.

Why would MA change their businessmodell and I very much doubt they would afford it.
Mindbank would only be an extra middlehand with no use because MA cant wait for u to spend the peds, they need it the second you deposit.

 

[whiteknut]

I didnt missed anything David said in the interview.

Mindbank would give customer confidence but a false one.
MAs businessmodell is when u deposit a dollar they take it and pay cost and later draining the systems with ped so the risk of needing to pay back is lowered.

Why would MA change their businessmodell and I very much doubt they would afford it.
Mindbank would only be an extra middlehand with no use because MA cant wait for u to spend the peds, they need it the second you deposit.

Ahh yeah you didnt miss anything.. thats even worse.. it means you are on of those tinfoil hat guys, who never believes anything they are being told.

MA doesnt need the money the second you deposit, otherwise everything you buy would be non tt´able. As tting items always gives you chance to withdraw any amount, unless you have a case where someone was denied withdrawal because MA didnt have enough money, i call you Mr.Tinfoil Hat.

The system Simmons described would work exactly the same for MA as the current system, only difference is that our tt money would be backed by Swedish banking system, which means when MA goes bust we get atleast part of our tt value back. Thats it.

 

[Few Scars]

Mindbank commentary starts at around 23:00 for those that have a low threshold for dry alternative currency discussion in low-volume brogue.

I wonder if Mindbank is even possible. What % total deposits are Swedish banks required to have on hand?

Unless they offer interest on accounts in MindBank it will fail. If it cost me money to put money into my Savings accounts I would not use the bank, let alone if the charged me to withdraw it.

 

[MarieWoodell]

I didnt missed anything David said in the interview.

Mindbank would give customer confidence but a false one.
MAs businessmodell is when u deposit a dollar they take it and pay cost and later draining the systems with ped so the risk of needing to pay back is lowered.

Why would MA change their businessmodell and I very much doubt they would afford it.
Mindbank would only be an extra middlehand with no use because MA cant wait for u to spend the peds, they need it the second you deposit.

You don't seem to understand what a bank is. By law a bank can't spend all its money. It has to have a minimum amount of money deposited as a reserve (which, by the way, mindark already do, if you read their company accounts each year). The government also backs a certain percent of all money held in an account if the bank goes boom. In that way Mindbank is very very good for customer confidence.

 

[AkiranBlade]

Blimey, its not as if Bitcoin is the gold standard.


I may start collecting seashells as it might become a currency (again) one day.

Have you considered stones and pebbles? If it's good enough for Penguins...?

 

[WangXiang]

I like very much what David Simmonds said.

+ rep for sharing.

 

[Abdul Nomad]

put in 100$, don't use it.. take 100$ out is where i stopped watching

He is forbidden to have a normal account in Entropia Universe... maybe he thinks it works like that

 

[Futurama]

I stopped listening after the first few minutes
Yes we can put in 100Ped, but what he didn't mention is that you spend more than that in credit card fees and deposit fees. Then to withdraw takes 50 business days and again lose money on withdrawal fees. What they need to do is make depositing free and make withdrawals be placed in a holding card. If deemed fair after 2 weeks the money is released to your real world account. I don't understand why it takes 50 working days??

50 days - BECAUSE MA NEED TO MANAGE THEIR CASHFLOW!!!! Jesus, its really that hard to understand, besides years of people writing this over, and over, and over again??

 

[Count Joe]

Ahh yeah you didnt miss anything.. thats even worse.. it means you are on of those tinfoil hat guys, who never believes anything they are being told.

MA doesnt need the money the second you deposit, otherwise everything you buy would be non tt´able. As tting items always gives you chance to withdraw any amount, unless you have a case where someone was denied withdrawal because MA didnt have enough money, i call you Mr.Tinfoil Hat.

The system Simmons described would work exactly the same for MA as the current system, only difference is that our tt money would be backed by Swedish banking system, which means when MA goes bust we get atleast part of our tt value back. Thats it.

call me what evey u want you brat and no I didnt miss anything. Have u ever read their financial reports? I reckon u havent coz thats where u will see that im right.
Do u really believe that MA have funds to cover all the peds ingame?

 

[Doer]

You don't seem to understand what a bank is. By law a bank can't spend all its money. It has to have a minimum amount of money deposited as a reserve (which, by the way, mindark already do, if you read their company accounts each year). The government also backs a certain percent of all money held in an account if the bank goes boom. In that way Mindbank is very very good for customer confidence.

call me what evey u want you brat and no I didnt miss anything. Have u ever read their financial reports? I reckon u havent coz thats where u will see that im right.
Do u really believe that MA have funds to cover all the peds ingame?

I wonder if Mindbank is even possible. What % total deposits are Swedish banks required to have on hand?

The point is that banks aren't required to have cash on hand for all deposits, just some percentage of the total. The US upped that percentage not long ago for reasons that are probably obvious. Whether MA can do this or not depends of course on what that percentage is for banks in Sweden.

 

[Mac]

He is forbidden to have a normal account in Entropia Universe... maybe he thinks it works like that

I bet he has a "brother" or "sister" toon that he crafts explosive projectiles on full condition with

 

[Count Joe]

You don't seem to understand what a bank is. By law a bank can't spend all its money. It has to have a minimum amount of money deposited as a reserve (which, by the way, mindark already do, if you read their company accounts each year). The government also backs a certain percent of all money held in an account if the bank goes boom. In that way Mindbank is very very good for customer confidence.

Can you plz show me where it says that MA holds an reserve?

Stop be so ignorant. PED is just a product, a product owend by MA even tho u bought it

 

[billairboy]

I can't see how MA would get the money to make a bank and make a system like David says. The would need to get money to cover all the tt value in game, around 75MSEK or more. That means someone would make a big investment in the company, can't see that happen right now. They would also need the change how the company get's it revenue, not when we do the deposits, but when we consume the tt value in game. It would be great if they did and could do it, but I can't see how they would be able to get the money to do it.

 

[das]

He is forbidden to have a normal account in Entropia Universe... maybe he thinks it works like that

then he should do like a lot of other ppl & make a few alts & get the reality check