Excelsior

Dear All,

I want to (re)introduce to you a nifty idea, which I have been running for about 6 months now, but I thought I'd repost it since there has been an influx of newer players recently that might benefit from this. This remains a work in progress (please send me any suggestions you may have, positive or negative).

In every real world economy, the level of economic development of each country depends on the size and penetration of the banking system and ability to obtain loans to fund SMEs. The idea is for me to loan gold to any player that meets the loan specifications at the set terms and conditions. The idea is for mostly new and medium leveled players to pawn items they may have acquired (that they already have or may need at a later point in time) in order to obtain gold instantaneously to purchase items that could help them reach the next level. For example, a player may obtain a Power Scroll 120 Archery (valued at 2 million gold) and a Power Scroll 120 Mining (valued at 1 million gold) from doing champs, but is already at 120 in each of those skills. Instead of waiting for it to sell on a vendor or selling it at a low price (firesale), now he or she could go pawn both items, and receive 1.5 million gold instantly (1 million from the Archery and 500k from the Mining). This could mean one step closer at purchasing the batwings, SOT, nobles, or GOC piece he or she was missing to progress. In order for this to work, I have set several terms and conditions (below), as well as loan specifications (below)that will need to be followed closely. If all works well, it will create a greater flow of gold within the UOEX economy, benefitting all levels of players with the purchase of more items from players and vendors, and especially the newer and mid level players.

I want to make it very clear that this relies on the honesty and integrity of both parties (myself and the counterparty). It will be managed by me and the GMs are not involved. Any issues or problems will need to be resolved by the two parties without the need of GMs going through journals to verify any wrongful doings. We all know they are sufficiently busy with the new facets, events, etc. All transactions will be recorded by both parties.

If you are interested in a loan please [pm Alejandro with the loan amount and collateral items. I will respond as soon as I am available.

Summary Terms and Conditions:
- 5% weekly interest rate (interest is compounded weekly)
- 250,000 gold minimum loan amount, 3.0 million gold maximum loan amount
- 1 week minimum loan tenor
- 10 week maximum loan tenor (items held longer will foreclosed and sold to the highest bidder)

Loan Specifications:
- Minimum collateralization of 2:1 (i.e. Spirit of the Totem valued at 2 million -> maximum loan amount 1 million)
- Players that have failed to repay loans 3x are no longer eligible to receive loans
- Only certain items are accepted as collateral (pm me for possibility)

Let’s give it a shot and see it how it goes. I am interested in your feedback and suggestions. Remember this is an experiment and probably not perfect. If it has traction, I will keep doing it, otherwise it was an honest attempt. I think 5% is a very modest rate (considering an endless supply of gold and countless possibilities of farming). Most importantly it is there to help newer and mid-level players get the gold necessary to reach the next level. In the past 6 months I have done 30+ loan transactions, of which 25 repaid and 5 decided to give up on the item and "foreclose" on the item (with written consent). Foreclosed items will be displayed at the Lava Shop.

Best,
Alejandro

bump

bump

Are you serious with this post? You're one greedy player that's for sure.

Ebro wrote:Are you serious with this post? You're one greedy player that's for sure.

No one is forcing you to get a loan and with an unlimited supply of gold, it is really modest rate. What is 50k on a 1 million loan if you have 7 days to farm the interest? Most ppl will say they can farm that in less than in 1 hour or even 10mins. I am trying to help newer and mid level players reach the next level faster and my apologies if it seems greedy but I have helped over 50 players with 0 complaints. Don't forget that you receive instant cash while I am left with all the risk.

alex is a great and honest guy at that, and I have never in my 3 year span of being here have thought nor heard of him being "Greedy"

Not that an established veteran like Alex needs defense against a random first-time poster's flame, but he's one of the most friendly, helpful, and generous players I've met in my entire ten months here. We've traded many times, helped each other out, and I'd trust him with anything on my account.

Indeed.

You can try and justify this however you would like. As an accountant at a Top 5 firm, I can say in all honesty your rate isn't "modest" by any means at 5% compounded weekly.

My opinion remains that you are a very greedy player who is taking advantage of others and I'm fully entitled to voice my opinion. I want anyone who reads this to know they should definitely NOT go down this road - be smart and save up your gold for what you want instead of adding another revenue stream to a player doesn't need it. You can have the last word here. I'm not going to tit for tat with a person attempting to justify his greed by drawing false parallels between real world economics and UOEX.

Ebro wrote:You can try and justify this however you would like. As an accountant at a Top 5 firm, I can say in all honesty your rate isn't "modest" by any means at 5% compounded weekly.

New York Times article on accountants: "Until now, auditors’ letters have been among the least interesting parts of annual reports. If the opinions said the accounting was proper — and virtually all did — and did not voice concern about whether a company could stay in business or not, the letters were basically the same. There was no reason for an investor to read them."

Nuff said. Thanks for the bump.

P.S. You are walking a fine line of what's permitted per the codex. I recommend you [pm me (Alejandro) and we can discuss this offline.

There is nothing more to discuss here Alejandro. I've stated my two cents and have made others aware of my opinion. Have a nice day.

Seeing as this whole thing could've been avoided by simply not replying to something you do not agree with, I am pretty disappointed with where this went.

At the present time, I do not see what the outrage is regarding this. If this is something that Alex wants to try, then as long as he is upfront and both parties fully understand what the agreement is...I don't see an issue. This will not be a staff regulated practice, so it sounds like there will need to be a degree of trust on both ends. This is no different than if he overheard a player in local chat in a comparable scenario and struck a deal with them in private where you couldn't see it and be outraged over it. If Alex provides a service that gets good reaction and positive responses from players and becomes successful, then great. If he fails because maybe it ended up that some players who made deals got in over their heads and ended up having to pay/lose more than they thought, then that's a loss for both parties...as I assume this is something that both parties want to experience success with. If he fails, then he could re-work his rates or scrap the idea. From what I am seeing, he isn't doing anything a number of players could do at a larger or smaller scale. It is a free market here. If the deal stinks...then the deal won't survive long. Players won't buy into it.

Employee of a Top 5 firm or not, you will abide by the rules of this shard and it's mediums/communications. There is absolutely no need for the personal attacks, and yes...that is your last comment on this thread.

+V

Trolls must be hungry. Not that Alex needs me to defend him as his reputation speaks for itself, let alone to a player that won't use their actual char name on the forums, but the irony here is hilarious. Troll playbook #1, "I'm an expert in the field of ____." For the record, I've entrusted Alex with multiple mid and higher level items and he has done the same with me and offered me guidance as well. No one should be hesitant to deal with him in any way. Not to mention, he can make the interest off one of these loans in less than 10 minutes...