There's a large, large, difference between a block of dirt and a loan. You're essentially derailing the suggestion into another argument related to troll sales. This is about predatory lending. Anyway, a contract for something stupid like that won't be enforced.
Yeah, and I dont agree with it. Clearly I should set my forum age to 6 and go around making deals with people I can easily get out of.
If you give someone 5 loans, then those 5 loans are the same as 1 big loan, and can be considered as such. Trying to wiggle your way around it is just stupid.
Well, instead of derailing the suggestion with the "dirt block" argument, why don't you elaborate on why you don't agree with predatory lending rules?
Yeah, that's because somehow the market not being free in a totalitarian dictatorship is bad. (ECC is a totalitarian dictatorship if you want to give it a name) It's not like everything's controlled by the server and staff anyway. Somehow loans being capped by the server is bad. lol.
Well in the case of the auction, that's not really what we are discussing. But if a builder accidentally bought your troll auction dirt I'm guessing that while it would not be enforced to give the builder back his money, the community has this really great thing going where if you do something like that your reputation suffers and most people will return the funds because acting selfishly will mark you in every future transaction. If the builder were just doing it to get attention I'm sure it would be fine. But likely a builder would never have that amount of money so it's not a good example. If you wrote that contract with the builder I am near certain that a moderator would advise the builder not to sign it before they did, dissolve the contract as being predatory before it is made or not uphold it if you tried to make a user complaint when the builder didn't complete that job after they realized what an awful deal it was. But viewing past user complaint and contract rulings, no I don't think that would make it through the existing system by any means and so there may as well be a rule saving you the time of thinking maybe you could get away with it. And then as far as the multiple loans, there is a pretty clear rule about bending the rules being against the rules. A moderator could easily make the judgment that the only reason for you to separate the loans was to evade the reasonable lending guidelines. Honestly it seems like anything that is suggested in this thread is actually protecting the lender from running up against the justice that is already dispensed in these situations. In ECC there is a lot of morality enforcement and it is a good thing. It can never be perfect, but I think it can be a little clearer for both sides.
I am probably one of the biggest lenders on ECC if not THE biggest lender as I run Vault of ECC. I see nothing wrong with this idea. Charging anything OVER 100% in one month is absurd. Interest rates will be high on ECC simply because it's a MineCraft Server, we can't replicate a real-life economy. Charge what you want, but don't go over 100% per month. On my loans under $50,000 I generally charge no more than 50%. On my loans over $1,000,000 I generally charge no more than 50% again. It all depends on the length of the loan. Still, 100% = no go, unless you want to be known as the ECC loan shark. We try to run a legitimate realistic business on ECC, as hard as it is, it's possible. So other people should abide by some sort of interest caps. No less than 100% though in my opinion.
If the deal is exploitative/predatory in nature then the server has all right to cap it, because assuming everyone is equally capable of reasonable thought is stupid, especially on a game with a lot of younger children. You think a 12 year old has learned about responsibility and shitty real world situations yet?
The other party obviously made the deal with malicious intent. It's unfair that players should be required to uphold deals with malicious intent.
If you arent intelligent enough to make deals for yourself then you dont belong on an economy server.
I think that if you make a deal you should both be responsible for ensuring that deal is a reasonable deal that can be completed and is not taking advantage of the user and upholding your end of the deal. Both the lender and the person taking the loan have responsibility. Saying that it is all on the person taking the loan both to ensure it is a reasonable deal and to fulfill it when they might be unequal due to ignorance, inexperience, or poorer judgment is unfair and unrealistic both in the real world and on ECC.
Are you serious? Is that what you think ECC is? A server where people need to be smart to play? Elitist bullshit is what I call that.
Elitist bs? I didnt say you have to be smart to play. Just that you dont have the be the densest person on the face of the planet. Doesnt take a genius to figure out paying 30k back for a 10k loan is a bad idea.
Back to passing off all young children as people who do not yet realize what the consequences of their actions are, nor do they realize what they can and can't do There are many young players who do fine for themselves, actually the majority do.
Don't put words in my mouth. Young children, at least, most of them, do not yet realize what the consequences of their actions are, nor do they realize what they can and can't do. That's why 10-12 year olds aren't adults and can't actually make decisions for themselves in the real world yet. They are dense. Not idiots.
Oh my lord. The best thing I've heard all day. Seriously though, not hard to agree with a cap. You guys don't need to argue over this. We cannot assume that people who play ECC will be smart enough to realize they are being exploited. Some people cannot calculate as easily as others and WILL be taken advantage of, why do you think scams happen? Because people don't realize. It happens, sure MOST people may be "smart" enough to understand but a select FEW people will not. It is not fair to exploit others. If I exploited others I could have twice the money I get from loans, but 10x the guilt. It's common sense, don't charge over 100%. Sad we need a rule for this anyway.
Very well, I have edited my original post. But here we allow them to make decisions. Younger players are basically adults on the server. They can do everything that older players can do. Thus they are also responsible for their actions.
