Banks and Policy Changes nothing new here.

I was reading through this thread on Entropia Forum Clarification about Entropia banking operations and I realized that really there is nothing new here.

This seems to be standard operating procedure for Mindark. When they have an agenda to push, which in this case is the new Banking licenses, they will do what is necessary to make it work and be successful.

When I first heard they were releasing the Banking licenses I knew well in advance changes like this would be implemented. My only surprise is that they came this late in the game after the licenses were sold.

Its a fine line for MindArk, where do they draw the line for officially licensed business opportunities and those which are thought up and acted upon outside the realm of their control? I don't envy them in the tough choices they need to make on this.

The Banks, Malls, and Land Areas have been big press for MindArk and I can see them doing everything in their power to unsure that these high dollar items are successful so when they develop the next big thing internal and external investment will be more apt to deposit and buy into the idea. I mean really could you see the how big of a flop it would be if a player ran Bank or loan type service outside of the licensed banks outperformed and out profitted and officially licensed product by MindArk? It would make big news but not necessarily in favor of other high dollar investments in Entropia Universe.

By this change in policy MindArk is making all of us aware of the risk of using a loan system outside the realm of the Banking licenses. Plus they are covering their collective asses by basically saying if you get scammed "to bad so sad" and to the people offering these services if you have one complaint well you are a "scammer" and your account is locked. I don't know if the reward outweighs the risk in this instance. If I had a lot of PED(Project Entropia Dollar) tied up in Entropia Universe I wouldn't want to risk that when at any one time someone can cry "scammer" and have my account locked. Just look at the Hangar owners and all the troubles they go through when someone breaks rank and tries to be competitive and that is just for a few PEDs here and there, these banks will be big money.

I can see both sides to this and in reality nothing surprises me anymore when it comes to policy changes within the Entropia Universe. In fact I expect them especially when big money and big press is at stake and MindArk is pushing an agenda. Why would any of us expect less?

We all choose to be a part of Entropia Universe through the good and the bad. Mindark employees are just as human as we are and bound to make mistakes like we all do. Big Money can give you tunnel vision and I hope they take a step back now and then so they don't loose complete touch with people who sign on day in and day out.

Irrational Entropia

(Preface: There's a palpable buzz about inflation inside Entropia Universe these days. Read some players thoughts here. )

Yesterday I was talking to the wealthiest person I consider a friend. His family's net worth is pushing half a billion. He asked how much one would have to deposit to become a high level player if you were just now joining. I'm not sure what the right answer is, but my best guess was $100,000 and he promptly told me what a tool I was for playing such a game.

I'm not sure what market Mindark is going after. Many people assume it's the ultra-wealthy. But I think few of them can be arsed. They know how much money they have and they don't need to flaunt it online, when they can do their flaunting IRL and actually get laid from it. I think their new target market has become addictive personalities. And maybe that's a winning business plan. Just because they've failed to gain any traction in the gaming space for five years running doesn't necessarily mean continuing down this same path won't suddenly start working. After all, they're the experts.

The real question, which has been enumerated dozens of times, how many new players will they be able to find who will enthusiastically join a game where $20,000 is the absolute minimum investment. And that's just to become a very average player that probably won't last 60 seconds in PVP.

Maybe they'll surprise us all. But I think Sony, Blizzard, Electronic Arts, Linden Labs, and the US Government are conspiring against them. I bet champagne popping after the bank auctions closed was a lot of fun, but the coming hangover could prove to be a bitch.

Virtual Banking Licenses net $900k for Mindark

Today concluded the auctions for five banking licenses inside Entropia Universe. The licenses themselves netted over $400,000 for Mindark, and each license winner is required to maintain a balanced of $100,000 in their account to ensure their services. What you may not hear in the hype is that these would-be banks primary service will be lending in game funds using only virtual items as collateral. I hesitate to use the phrase pawn shop with all its negative connotations, but I'm struggling to find an alternative. Suggestions?

The Truth

Eighteen months ago I made the following promotional video for Project Entropia, along with McCormick. If you haven't ever had a chance to watch it, it's worth the three minutes.