[Medalink]

I was thinking of starting a LS that is a Bank in sorts, where you can borow gill from the bank and pay it back within an x amount of days. Or you can store an amount and gain interest, of cousre this will be small amounts due to trust issues but if the Linkshell makes a name for itself it could grow. I dont know if this would work to due imposters and trust issues, but if the LS starts small it might work out.

Whats your thoughts?

Medalink

[Skygto]

Only reason a real life bank works is because of laws and regulations, both of which are absent from FFXI.

[Medalink]

Very true, But the people running it would have to gain a reputation. It may work and if it could work would be cool.

Medalink

[Rai-Jin]

thats true but it could work if you could make a name with your LS.

[DakAttack]

Trade Unions are also nice in theory, but never work out well.

[Yarr]

Communism looks good on paper too.

Things in practice are alot different than things in theory.

[Tsikuro]

You've no chance of making it work.

[kuu]

No banks are much more then that.

Banks are very essenial to the modern idea of a well run economy. IT also helps in many aspects such as curbing inflation, and regulating markets.

While there are private banks that work in the world, it's also true that almost every country has laws that control banks in some way.

To make a bank, without S-E sanctioned, it would take a lot of work.

Since it has to police itself, it would need a very modern and well thought out system of checks and balances.

This is not to mention massive work and "paper trail" on the part of all employees.

Unless you have people that know what they're doing, and willing to do it, it's not going to happen. Save your self trouble and don't do it, it's like working a second job for free.

With that said, if you want to do it, it would work similar to a non-profit organization.

1:Have checks and balances to prevent corruption
2:Have "paper trail"s to keep things acurate
3:A system of backround checks
4:All profits must be filtered back into the system in one form or another

Most of what it takes can be copied from real life banks. Grap a text book or something if you want to go about it.

[DakAttack]

You'd have to punish people who default on loans in some way that they can't shrug off.

[Medalink]

Originally Posted by Impaction

You'd have to punish people who default on loans in some way that they can't shrug off.

Everyone would start off with a reputation meter. Everything stored on a website and inputed by me or my LS when a transaction is made or a new member is added. With a rep point of 1 they can borrow 5k max. Must pay back within say 3 days. If they dont they get marked as late, if late for more than 5 days there banned from the bank furthermore. Big deal the bank lost 5k and that member no longer is eligable to participate.

But for the members that were truly going to use it correctly this is how it would go:

Registers - Admins add account to website.
Starts with 1 rep point.
Asks to borrow 5k.
Pays it back in 3 days with an aditional 200g for transaction fees.
He now has 2 rep points.
Bank made 200g.
He now can borrow 6k.
He decides to deposit 3k to gain interest.
Bank holds onto his 3k for 10 days minimum. And based upoon his rep potins he will gain interet from that 3k in saveings.
Say he keeps borowing the max ammount of gill for 30 days and pays it back.

He moves up in rep points and he grows in trust with the bank. etc.

Not all numbers are just thrown in but I think if we sat down ond thought this out it would be awsome. Everything will be controled by a website and all transactions will take place in-game. It will make a way for the people that work at the bank to make some in-game gill and for the bank to possiblely sponsor sertain events and such. Devisions could be made for each server and all controld from a website. And hopefully keep the inflation down. If the bank gained enough trust we could even start an Items divison. To try and drive the costs of high priced items down.

Anymore thoughts?

[Ziero]

My LS plans on doing something like this withing our LS itself

That's hard enough imo though

[rika]

Ithink it's a good idea, but it would be hard to keep track of all of the people who would have to support your bank to make it work. like, one they gain a reputation, what if they start doing evil things to the people who wanted to deposit gil and things like that?
It's a good idea, but it's better to let the people who designed FFXi to make one for themselves D:
don't get me wrong though, i think it's a good idea ^-^!

[kuu]

Originally Posted by Medalink

Everyone would start off with a reputation meter. Everything stored on a website and inputed by me or my LS when a transaction is made or a new member is added. With a rep point of 1 they can borrow 5k max. Must pay back within say 3 days. If they dont they get marked as late, if late for more than 5 days there banned from the bank furthermore. Big deal the bank lost 5k and that member no longer is eligable to participate.

But for the members that were truly going to use it correctly this is how it would go:

Registers - Admins add account to website.
Starts with 1 rep point.
Asks to borrow 5k.
Pays it back in 3 days with an aditional 200g for transaction fees.
He now has 2 rep points.
Bank made 200g.
He now can borrow 6k.
He decides to deposit 3k to gain interest.
Bank holds onto his 3k for 10 days minimum. And based upoon his rep potins he will gain interet from that 3k in saveings.
Say he keeps borowing the max ammount of gill for 30 days and pays it back.

He moves up in rep points and he grows in trust with the bank. etc.

Not all numbers are just thrown in but I think if we sat down ond thought this out it would be awsome. Everything will be controled by a website and all transactions will take place in-game. It will make a way for the people that work at the bank to make some in-game gill and for the bank to possiblely sponsor sertain events and such. Devisions could be made for each server and all controld from a website. And hopefully keep the inflation down. If the bank gained enough trust we could even start an Items divison. To try and drive the costs of high priced items down.

Anymore thoughts?

That's not really bank like, and will most likely fail due to lack of customers, or won't get much traction.

No one wants to borrow 5k. If one has to work their way up there, that means they hav to pay(the intrest like of each borrow) to move up, it's kinda pointless. If you want to make it a subscription, instead of going around in a big circle, you can skip the formalities of "rep point" and get to the part when people can actually borrow the amount of money people need.

This is not what a bank is, that is merely a pyramid scheme.

While there has to be a trust level during the interview part, "I payed to be trusted" is not really real trust. It's old fashion risk for reward here, you just gotta know your customers.

A level teir system would be better to determine money. 10k for a level 10 and 75k for a level 75 to start, and then talk from there. This makes it easier to determine if people can return the loan, a lvl 10 newbie does not have anyway to make big money etc etc.

To prevent dup accounts with mules, only allow pol e-mails, whihc most people will not have more then 1.

On runaways,
The biggest problem is that there is no legal option on a "binding contract". In the real world, if you fault on your loan, the bank takes the assets and liquidates(by will of laws of binding contracts), which can not be done in ffxi.

Thus the only way is to to cause retribution, is through harassment. Not the best solution, but the only way in this case.

And finally people who default on loans, you can set up set a payment system such on playing a little each day. Not much different then real life here.

In the end you gotta do what all banks do, Talk with people, see if they are honest, and then gamble a little. If they do run, you will have to chase agressively, if they cancel their account or sell it, then consider it a lost.

Worse case senerio you ask them for collateral. Such as giving some kind of sellable item to you, so in case of default you can sell to get some of the money back. If a lvl 75 wants 15mil, and you're hesitant, ask for his osode to hold.(you have to have to be somewhat trusted yourself as well)

[Belgariadgospels]

Hmmm... I have to agree that it seems pretty complicated and awkward to start, but I reckon that IF it started well and IF it was to be trusted and trustful, I think that it could go far IMO... Although you would need to research how a bank truly runs as said above...

Godd luck if you get going with it ^^

-BG-

[Minimee]

i can tell you one thing about this. someone will rip you off. someone will take the time to build a good rep and then disappear with an extremely large amount of gil. maybe just dump it on another character or a mule. maybe a gil seller before he kills off a character. i understand what you want to do and why. it would be nice to have the gil, when you are ready to upgrade ,instead of taking a break from leveling for a few weeks to get gil. heres another problem. what if a gil seller ls started using this method to make gil. can you here the shouts in jueno. /sh come to lucky juans casino bets 50k to 1mil
/sh2 bigpocketbob loans of gil 5k to 5mil send tell for terms and conditions. /tell to bigpocketbob hey i need to borrow 1 million gil i just lost all i had at luckyjuans
/tell to luckyjuans just a second i want to play again