Slashdot Mirror
Massive Bank Fraud In EVE Online
djconrad was one of several readers to point out the latest major scandal in EVE Online, the space MMO notable for its large, player-driven economy and the entertaining stories it often generates. A player named Ricdic, chairman of a large in-game bank, decided to embezzle roughly 200 billion ISK (the game's currency). Ricdic exchanged the ISK for about $5,000 to pay off real-life debts. Massively has an in-depth write-up about how the theft affects the game and its players. Since the scandal became public, there's been a run on the virtual bank, and its executives are doing what they can to reassure people that it will continue to exist. Ricdic was banned, not for the embezzlement, but for trading 200 billion ISK for real currency, which is forbidden by EVE's EULA.
It happened early June already, though it apparently took quite a while for it to propagate to the mainstream news.
EVE continues to be an interesting study in politics and intrigue but I will forever fail to understand its appeal as an MMO. I've tried playing it - it totally does not appeal to me in any way, what-so-ever. It was about as dreadfully boring as a game could possibly be without being nothing at all. In my opinion. But, its political backstabbings and manipulations of its systems sure as hell generate some interesting stories... Intensely interesting and dreadfully boring at the same time.
You might think I'm being sarcastic but really. Each time I read one of these stories about an Eve problem I only want to play the game more. I've played other MMOs and having full banking institutions, investments, and companies exist is within its self very rare.
I mean all games have some kind of monetary system and by extension a way to trade money for goods. But very few are able to recreate the real world so closely.
Take for example World of Warcraft, you have gold, and you can trade. But you'd never have real businesses exist because the game just doesn't work that way, let alone banks.
Both. He works for Goldman Sachs...
Todos mis movimientos están friamente calculados
Kneejerk response #1: This jerk is why we're all going to have to pay income taxes on our MMO loot someday.
Kneejerk response #2: Finally! The solution to the health care crisis...Gold Sellers!
Kneejerk response #3: You're only jealous you didn't think of it first.
-----------------
My Final Conclusion: I just hope his kid is getting better.
There are already games that let you do that. They're called NYSE, NASDAQ and FOREX.
Airplane Photos, Airline News, Planespotting Guides
I'd like to take a minute to address concerns over EBANK's solvency, that is, it's ability to pay out withdraws. As I mentioned before, EBANK moved a large portion of it's assets into cash and we've been merrily burning through it today as people have drawn their money out in concern. We also haven't had deposits coming in - so the money is only flowing in one direction....out.
That's ok.
We still have enough cash to handle withdraws and as of the time I write this; withdraws have been actioned. I would also like to point out a few other things; we have had many persons asking when they can deposit money again, as a show of support and to provide EBANK with an infusion of cash. On top of this, we have had private loans offered to us totaling 100 billion and if we really have to....we still have the ability to issue a Bond or if really required, we may finally launch an IPO.
Why am I pointing this out? I want to provide assurances to our customers that your money is safe with EBANK. We are solvent and continue to build liquidity even in this challenging environment. Even if we have a solvency issue, we have many options at hand to address that should it arise.
Again, thank you to those who have expressed support.
I don't play Eve anymore (purely out of regard for personal time management), but I've read many statements like the above of business dealings in the game (not necessarily about scams, just straight business). What I'm always struck by is that if you're capable of finagling all these things in the game, what's stopping you from doing it in real life?
When this thought first struck me, I was making plans to run an in game POS as a business, and had produced a full business plan and profit analysis spreadsheet. Which is exactly what you'd expect to need at the start of a real business.
Supply and demand, buy low/sell high, and negotiations are all key skills in running a business in the game, but no more or less than they are in real life. Real life has a lot more government regulation (CCP takes a largely hands-off policy as long as you're not trading ISK for real money), but as long as you can navigate that, you'll have the skills you need for a real business, too.
Not a typewriter
Loans are EBANK's bread and butter. The loans are mostly collateralized (there are in game mechanisms for locking resources so they can still be used by a third party but can't be moved) or guaranteed by a trusted party (effectively using their reputation as collateral).
Added to the compartmentalized capital management they have, and no one person can kill the bank, take 200bn? Sure, but that isn't death, just a really big chunk of profit...
Realities just a bunch of bits.
What I'm always struck by is that if you're capable of finagling all these things in the game, what's stopping you from doing it in real life?
Body odor.
paintball
Yeah, but their graphics sure sucks and blows at the same time. At best you get some vector graphics... pfff, get with the times, morons!
'sides, last time I went for PvP I got pummeled by GMs and locked outta the server. Effing carebears.
We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
And of course, people always tell the truth on web registration forms
Banning Ricdic for making $5,000 in real money from the game will probably result in him making more real money, from real work, in the real world. He might even meet a real girl and have a real relationship and real children. Hardly seems like much of a punishment, if you ask me. If the developers of EVE wanted to punish Ricdic, they'd have given him two more accounts....for free.
In real life, a reputation follows a person. No one will invest in Madoff anymore. In the game, a reputation follows the username. If the game does not allow username changes, then being dishonest would adversely affect the cheater's game play, which means cheating/punishment is _a part of_ the game. People probably were no longer willing to play with Ridic anymore. In games like Counter-Strike, if a person does not cover you in one round, then you remember the name, and no longer trust him to cover you in the next round. It may not seem to be as big of a deal in Counter-Strike because almost everything resets in the next round, but nothing resets in Eve and people lost hard-earned money. So in summary, in Ridic's case, the cheater lost even if he did not get banned, because no one would be willing to play with him again.
Not sure who the bigger fool is, the guy that embezzled all the in-game money or the schmuck that paid $5000 of real money for it.
Try as I might, I can't find a single thing the embezzler did that makes him a fool. He ditched a real-life time and money sink of a habit (EVE Online) and managed to trade it for real-life money and pay some bills. Might qualify slightly as "jerk", but not even a little as "fool".
If a job's not worth doing, it's not worth doing right.