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Suggestion: Loan Contract / Deed system without collateral (enforced by system)

siremi

siremi

Old Alpha
Joined
Sep 18, 2007
Posts
817
Avatar Name
Emi Odyssey Sir
In order to stimulate the economy and further tiering of items, a loaning system without collateral is needed.

The loan system will generate markup in the economy, as Investors are motivated to buy items that generate revenue via rent and provide markup opportunities for tiering components and materials. High tier items generate more rent income.

On the renting side, there is a need to specialize in different professions e.g. rifle, handgun, melee as part of the natural avatar progression.

This simple system below will ensure a safe and secure rent environment while removing the need for any collateral, as it is system enforced.


=== Loan Deed System (without collateral) ===

Requirements:

* Re-use already existing game mechanics to create a automatic loaning system without collateral

* Create a new table to store the loan deeds, RatePerDayAmountPED, ReservedTTValue, ExpirationDate
=> A system fee e.g. 3% of `RatePerDayAmountPED` can be charged by system for the service

* Loan Deed is created between two users, Alice (Owner) and Bob (Renter)
=> Alice places the item into a window to create the loan
=> Item should be fully repaired
=> Alice defines RatePerDayAmountPED (required, can be 0) and ExpirationDate (required)
=> Bob is presented with Loan Quote from Alice (Item, RatePerDayAmountPED, and ExpirationDate)
=> If acceptable, Bob needs to place PED amount of
-> ( RatePerDayAmountPED * (ExpirationDate - TodayDate) + ItemFullTTValue )
-> ItemFullTTValue is added to escrow to guarantee return of item back to owner with full TT value
-> e.g. rate of 100 PED / day with expiration in 7 days and item TT of 1000 PED, Bob needs to add (100*7 + 1000 = 1700 PED)

* Once the loan is created, the Item is automatically protected and non trade-able
=> The funds are put into escrow in the loans table
=> Should insert RatePerDayAmountPED, ReservedTTValue, ExpirationDate
=> The loan deed should always be accessible by both Alice and Bob

* At the conclusion of the `ExpirationDate`, Bob (Renter) does not need to do anything (a scheduler / cron can run this)
=> The item is automatically repaired using `ReservedTTValue`
-> Any remaining PED value after automatic repair is returned to Bob (Renter)
=> The item and `RatePerDayAmountPED` is forwarded / returned to Alice (Owner)
=> Alice and Bob receive an in-game mail / receipt about the conclusion of the loan with amounts
=> The loan is successfully completed.

* Additional functionality
=> Loan offers tab in auction where users are able to see offers of items for loan
-> e.g. Alice does not need the item at the moment, so she creates a loan offer similar to how an auction is created for an item
=> Bob is able to browse / view loan offers in the auction system and take best offers

Feedback welcome :)
 
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Would break the UL system. (Any official rental service)

Couple avatars would hold all items and just rent them.

L weapons would increase in mark up, which in return we would see higher turnover of players due to lower overall returns.

UL items become unattainable due to higher cost. Due to investment value.

MA cant keep adding new UL items to the game, we already have a lot.

People would get suck using 1.0 or having to rent or pay higher MU for L
 
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Art Jennifer said:
Would break the UL system
Click to expand...
I think it will stimulate people to buy and tier more UL items, as items could generate income.

There can also be a loan offers section as a separate tab in auction.
 
siremi said:
...

Feedback welcome :)
Click to expand...

I like this idea, just soome suggestions :
  • "RatePerDayAmountPED" maybe should be an Amount instead of a Rate ?
  • Add possibility to rent for few hours only, for example for testing a weapon ?
  • Add minimum and maximum duration ?
  • Allow decreasing amount if Loan for long duration, recurring clients, etc ?
I have no visibility (and don't care) about the impacts on markets. :D
 
Could incorporate a sales system into this. Something like a buyer borrows and keeps paying rent and topping up with payments which could be irregular until they have paid the total amount required to buy the item.

Or to keep it simpler could use the same system but tweaked slightly so the buyer is buying in small increments until they have paid the total.
 
I see little value in renting weapons, might as well buy a good L weapon, which are considerably cheaper based on some of the insane rental prices I've seen. Besides most of those rentals advertised are just 'bs' trying to maintain a weapon resale price. Who pays (example) 500 ped a day with 300k collateral.... I tell you.... no one. 🤣🤣

Besides MA sells weapons now via tokens, with the ability to tier at huge cost. The purpose of that is to lock in revenue inside the weapon and make them extremely difficult (I'd say near impossible over 100k+) to sell for pure ped. If a player throws 120k ped at gun don't expect to sell it (they bought into bs, sadly will learn the hard way). So; the point is MA don't want rentals. they want players throwing lots cash at new token guns. That's MA income. You anit getting a share in that. 🤣🤣

Even many deeds are starting to lose more in capital per day, than they pay in income these days. Funny stuff. Laughing at why I believed in that. Anyway carry on.

Ps; why would you want to own weapons you think you could rent, that will lose more value over time than you could get back in rentals? It's a nuts business idea. Good luck with that though. You know new build your own weapons with parts are coming in unreal right? Was mentioned somewhere.(I'm not digging it out). That will render most existing stuff obsolete. You've been warned.😜

Rick.
 
siremi said:
I think it will stimulate people to buy and tier more UL items, as items could generate income.

There can also be a loan offers section as a separate tab in auction.
Click to expand...
I’ve added more to my original post. Had to go out while writing the first time round and just had time to add more
 
We had this request many times. The answer remains a stern NO to creating opportunities of passive income for a small number of item holders, with the consequence of slim chances for stuff to ever be circulated again.
 
Please, let UL weapons already take over. Be rented without collateral. Or release more of them so everybody can have one. Or, even, add them to TT.
I just really want to see the aftermath.
 
This has been suggested over the years in different forms, and discussed ad nauseam.

Not sure if would improve game or not tbh, but guess would encourage "hoarding" to rent stuff, and on flipside things available to rent to rest of players who are on lower budgets. Plus many other effects as result, UL item price increase and to many others to guess at.

No idea if good or bad longterm.
 
Can imagine this causing a pretty bad time for L items also...
 
Were we go again...

A rental without collateral would generate way less income to MA (less depos fees and less withdrawal fees) and for that reason alone I doubt it will ever happen.

Plus all the other reasons people told above.
 
Item = 10k
Rent item fee - 50 ped/day
Rent item 100 days = 5k
Make a loan pay 110%-115% - Item is yours
Moral = Instead of loosing 5k you only loose the % of the loan.
Renting is bad, and it only worked when there was just a few top tier weapons that beat everything, now with this huge infusion of top tier weapons renting is useless.
 
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