Mindbank

Thanks bertha for tipping us off to such hard hitting investigative journalism!

In this day-and-age, I tend to get jaded when I think of how many news sites just quote directly from corporate press releases...

ah...

This is refreshing;)
 
FFS, stop tooting your own horn for every bloody "snippet" of news that comes out regarding this.

If this fucks up....geez....I honestly pity MA.

...what I said in this post

just wait and see it is coming with the beer and the other updates they been looking into :D

/sarcasm off
 
FFS, stop tooting your own horn for every bloody "snippet" of news that comes out regarding this.

If this fucks up....geez....I honestly pity MA.

...what I said in this post


and you take your own advice, stop jumping in with your massive gob.

I was interested to know at least.

We can all be trusted to read thanx, and make our own opinions.
 
I would like to have a Entropia Universe credit card .. though the logo changes quite often.




Bones
 
Put a lock down on this article! It contains the name of another game! :eek:
 
Will it be possible to get loans in this bank and depo that into EU? If you have the economy for it that is, ie the player has the economy for it.
 
Will it be possible to get loans in this bank and depo that into EU? If you have the economy for it that is, ie the player has the economy for it.

I would say it was highly unlikely they would lend anything unless they were certain they could get it back (in the real world). After all any loan would appear on there real balance sheet so it would have to be backed by something equally real. So perhaps they might lend to someone from Sweden but certainly not cross border.

And why should they lend against in game assets? They already own those to all intent according to the EULA and in any case they only have real value to MA if a seller could be found who brought real money in to buy them.

This bank in not about supporting EU - its about supporting their other operations in providing Virtual trading sites.
 
hmmm..

The bank will function like an Internet bank and be able to provide users with every basic banking service offered by real-world banks, including loans, savings accounts, and checking accounts.

This is interesting... but will it be good for us as participants?...

Savings accounts will be nice, but what will the rates on these be? I guess MA will have to buy out the in game banks when their licenses expire and just use them as the banks for in game transactions?

It would be nice to have a real world atm card to pull peds out and put them in... BUT what will the cost above the TT value be in doing so, right now visa deposits eat quite a few peds that never land on the pedcard.
 
I don't think people should be confusing MindBank with Bank Neverdie.

MindBank is a real-world financial institution based in Sweden that functions according to the same rules and regulations as other banking institutions, and can engage in real-world financial transactions, such as deposits, withdrawals, etc. I presume this will also include, as an example, real-world bank cards that work at ATMs around the world.

Bank Neverdie, Moneta Bank, and the others are in-game pawn shops exclusively relegated to existing in the virtual world of Planet Calypso. Bank Neverdie is not going to have a real-world cash card because it is not a real-world bank. As far as I know, Neverdie and the others did not have to submit to financial regulation regimes in order to open up their in-game pawn shops. MindArk did set some requirements, but they were all internal to the game universe.

And I doubt MindBank is going to be opening up these in-game pawn shops, as I believe they'd rather focus on the over-arching financial system rather than engaging in these smaller operations.

The difference I see between MindBank and other real-world banks is that with most banks, you can take the money that is in your checking or savings account and use that to purchase bank services, such as purchasing new checks, or having a new replacement bank card overnighted to your location if you've lost your current card.

With MindBank, one of the services you can purchase with the money in your account is to convert the funds in your account into game funds (PEDs) which then give you access to the online game worlds.

It just so happens that this will be the primary function of MindBank, as opposed to simple deposit accounts or making loans and other banking functions. But I'm guessing this bank status was necessary in order to be able to hand cash back out through a debit card without running afoul of financial regulations in Sweden and elsewhere in the world.

At least this is my understanding of it all. :)
 
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Very mixed on this, and I don't think MA did this for *OUR* benefit. they might save some transaction fees.

Professional banks have lost their asses of late. What makes MA capabale of running their own bank, in their own game...

...sounds awful fishy...just my gut feeling...
 
Yo.

make that 6....

You can count that 7, this "break" is lasting much long than I originally anticipated.

Although, I do visit this forum from time to time to see if any progress has been made and how much longer my break is likely to last.

You can only watch the same old movie so many times in anticipation of a sequel.

;)
 
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MMO Entropia Universe developer MindArk becomes a real bank (Geek.com)

In a first for the MMO industry one of the companies running an online universe has officially become a real bank allowing them to handle all transactions without the need for a 3rd party financial institution. The company is MindArk and the MMO they developed and run is called Entropia Universe. Entropia is free-to-play and boasts [...]

More...

News feed provided by Yahoo! News.
 
Bertha, you should be banned for spamming!
 
News feed provided by Yahoo! News.

....... :laugh::laugh:

And isnt it time to start posting the whole messege insted of just the start of it? its rather useless not to be able to read the whole lol
 
Aquiring that bank-licence is a simple step up on the money-ladder which includes:

- the opportunity for MA to maximize profits ( the step up from an industrial state of business to bank-business can easily double the profit by giving out loans /// they even jumped over the state of stock brokers, and i find this very appeasing these days)
- the relocation of responsibility to the customer ( if you take a loan a bank offers you, you do i on your own risk)
- the coverage of our invstmens into EU upto 60k uuhh what has it been USD? SEK? EURO? PED? ( i might look into it, at the day i need to know, hopefully never)
- banking services for the customers including Maestro-Card, maybe even CC and whatnot
- last but not least a step towards a state where we can step up the money-ladder along with MA like a few have done so far

since EU is dynamic i do not wish to speculate about the ingame changes this will bring
 
....... :laugh::laugh:

And isnt it time to start posting the whole messege insted of just the start of it? its rather useless not to be able to read the whole lol

Copyright laws and intellectual property issues make doing so a Bad Thing(TM).
 
Copyright laws and intellectual property issues make doing so a Bad Thing(TM).

Are u sure this goes for forums supporting a game as well?
I mean, the info is to us the players and forums users afterall.
 
Hrmmmm does this mean the BS excuses for the time it takes to withdraw have been blown outta the water? Does this mean it will cancel the lie / fraudulant advertising of the EU bank cards and actually implement them for real?

Or is it a new way for MA to "Aquire" finances thru "mistaken" depos blaming wrong account numbers? Maybe the ultimate in the madeoff parachute club?
Why does the Steve Miller Band come to mind all the sudden....



Trust em much?

bout as far as I can toss my ava and she is super tiny.

Only time and someone elses account will tell. Ill let you guys beta test that one.
 
The forum is privately owned, and those google ads may even make 711maven some profit, so yes those do apply.

Those articles are the product of other web sites that rely on their own advertising revenues to stay afloat, so to copy then entire text deprives them of their income source.
 
The forum is privately owned, and those google ads may even make 711maven some profit, so yes those do apply.

Those articles are the product of other web sites that rely on their own advertising revenues to stay afloat, so to copy then entire text deprives them of their income source.

You beat me to it but I second that... besides thegeek.com is not part of Mindark so they can only quote them anyways and not do a true copy and paste.
 
OOOOOOLD News AGAIN :rolleyes::eek:
 
This means we do get interest

This would be awsome if true. Especially when directly accessible ingame and maybe with a funcion to get the interests anytime instead of getting them once a year like in real world banks.

I'd love to deposit a few thousand PED, withdrawh the interest from time to time (e.g. 10k ped deposit at a annual interest rate of 3% after one month = 25 PED = 2500 rounds of free ammo for my opalo :yay:) and go hunt with it.
That sounds amazing, but too good to be true, in the end this would cost MA lots of money compared to now, since our PEDs currently aren't getting any interest.
As much as i wish this might be introduced, as much i doubt that this will happen :(
 
I'd love to deposit a few thousand PED, withdrawh the interest from time to time (e.g. 10k ped deposit at a annual interest rate of 3% after one month = 25 PED = 2500 rounds of free ammo for my opalo :yay:) and go hunt with it.

3%??? :laugh:

Are you up-to-date with the news? From what I've read today Spain is the first in EU-area with deflation (now -0.1%). Of course these aren't interest rates but IMO we could be happy to get whatever a real bank has set as interest rates. As usual you might get an extra 0.5% if you're really special.

And I doubt that you'll get the interest rates on all your deposits. I'd rather say you'll need to open a bank account and transfer the PEDs outside of EU. I'd assume then that the transfer between the bank account and PED-card is free of charge.

Otherwise it will probably get too complicated for the support staff when people write support cases about their PED-card balance.

:twocents: :twocents: :twocents: :twocents: :twocents: :twocents: :money:
 
3%??? :laugh:

Are you up-to-date with the news? From what I've read today Spain is the first in EU-area with deflation (now -0.1%). Of course these aren't interest rates but IMO we could be happy to get whatever a real bank has set as interest rates. As usual you might get an extra 0.5% if you're really special.

And I doubt that you'll get the interest rates on all your deposits. I'd rather say you'll need to open a bank account and transfer the PEDs outside of EU. I'd assume then that the transfer between the bank account and PED-card is free of charge.

Otherwise it will probably get too complicated for the support staff when people write support cases about their PED-card balance.

:twocents: :twocents: :twocents: :twocents: :twocents: :twocents: :money:

Well ok, i forgot the crisis. Of course the rates are down now, since the european central bank lowered the basic rate of interests several times. 3-4 % were realistic before, now the banks in my country (germany) offer 2,25 and 1,5 % as of the beginning of April (https://www.ing-diba.de/main/sv/exko/produktinfos/. So 3 % are not realistic at the moment, maybe in few monts if the crisis is over. But 1-1.5 % p.a. would be nice aswell, better than nothing. However, i said it myself that this probably isn't going to happen, at least not in a way that one could deposit lots of PED and then withdraw the interest monthly or weekly in order to buy some shots of ammo and hunt till the interest is eaten ... whishful thinking that is and a little hope.
 
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