Right on.
Be very careful going after interest…it has been gunned for in the past multiple times and never fails to create a (rightful in my opinion) outrage.
The Elemental Bank is an investment just like the OCD, but instead of having the passive storage ability it has the active interest ability. Nobody is getting that interest for nothing.
They have paid an enormous amount of money and RP and are currently storing enough money to earn that interest.
Furthermore, interest allows those who have invested heavily to be able to make a small amount of money daily and benefits our players who have large working commitments. Without this, they would have no real way of being able to fight day in and day out and frankly PVP would be much smaller without them.
So please don’t consider interest to cost ‘nothing’…It costs the following…
- Investment of time to work one’s way up to EB5 or so…
- Considerable money to do so…
- Considerable RP to do so…
- Daily Log Ins to ‘activate’ your interest.
- Log ins to actually do something with one’s interest…
Nothing in life is free, and neither is that interest. You’d have a more convincing argument of doing away with daily loot than you ever will with doingaway with interest I’m afraid.
THAT SAID…I’d be curious in seeing some sort of ‘tax’ applied to interest to reduce its effectiveness on condition that this ‘tax’ would be counterable via the HWS Skill tree. That’s one possible compromise I’d be willing to make.
Best regards,
Wise.
I think interest should work like it works in the real world. Which is you don’t just get free interest out of nothing. The money you get interest on from the bank is being used by the bank to lend to other people at an interest to the bank.
For example, a bank pays you 1% rate cash on your savings accounts. Customers who get auto loans pay at least 4 percent (or more, depending on their credit scores and other characteristics of the loan. That means the bank earns at least 3% on those funds — possibly much more than that.
About how bank interest works: https://www.thebalance.com/how-banks-make-money-315473
Here is pretty much everything you need to know about how banks and interest works. https://www.thebalance.com/what-is-interest-315436
I think you’re risking conflating our in game galactic bank with reality, and in my experience blurring the lines is rarely a good thing. Especially as different banks around the real world will work differently. Whereas in HWS we’re lucky to have a single unified bank. Like I said over on my skill tree suggestions there could possibly be ‘skills’ that could change the interest rates for more or less in exchange for a positive/negative debuff.
I don’t think we should implement real life mechanics into our in game banking system (Although I appreciate your passion.)
Real life is depressing enough for most of us right now!
Depressing facts
(Impending climate and food crisis, Brexit, Boris Johnson as Prime Minister of the UK…I could go on!)
Best regards,
Wise 
Nah excuses. The point of my suggestion is so the model could be used as an example and perhaps expended in the future. Like Auto loans could be about players getting a loan of credits to buy a mining ship or something like that. And then with that ship you can pay your loan back in either products like ores at market value of course or credits with the owed interest in both cases. Players could also use the bank as an insurance as well.
Ahhh so like an expansion to the overall features of the bank? I’d be up for that as long as it didn’t come at the expense of interest.
So your proposed features would be:
-
Loan service.
-
Different forms of dynamic payment of said loans.
-
Insurance (It’d be awesome to be able to like take out insurance on a garage ship or something, sort of a 1-day long buyback guarantee ahaha in case it gets damaged!)
I’d be up for those three, as long as interest continues in its current form. Also your ideas could help add to the skill tree idea as well, Im not sure if you’ve seen it but here’s a link if you haven’t…
Skill Tree Link
Best regards
Wise.
1 Like
And we can also expend it to something that Rexx has also said before about making a kind of Stock market for the game. Something like the screens below:
This first one is from Eve online:
I look at that mess and all I see is reasons not to bother with the market lol…
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That’s not completely true. Since all that is needed is to pay 15 EU to get bank level 5 and then you just have to type EB:interest. You don’t even have to ever farm an ounce of gold. Between voting and daily rewards your EB account will fill up fast. Another donation and you keep 100mil credits. HWS is NOT and I repeat NOT pay to win. But, you can pay to be rich. That is a fair statement.
As far as attacking interest payments, I don’t care about bank interest levels. I do not see a problem. Nor do I see the big deal in inflation. Don’t like market prices? Go farm. No resources around to farm on the like 12+ PVE planets and Asteroids? raise your OAM levels. I am just stating the obvious that OCD doesn’t effect the market as much as anyone thinks. It is mostly bank interest/gold farming and the amount of resources in the universe. Those two effect market prices. Remove all ways of making credits prices crash. Remove all ways of getting ores prices soar.
You only pay for EB. You need cash to get interest which you can’t buy. Also lets say you have the money. 1.5mil a day doesn’t make you rich.
2 Likes
Maybe not since wealthy/poor is relative. However, we have a server credit to ore ratio issue that is causing the inflation. Saying bank interest isn’t part of the issue because you like it (I do as well) is silly. I am told people can make millions trading as well. Can we make thousands of ore’s per day doing a trader mission? Not that I know of.
Since everyone hates the idea nerfing banking (Or even admitting its part of the problem) the next logical solution would be to boost OAM’s. We boosted OCD, boosted EB, but left OAM’s hanging in the wind. Maybe OAM level 20 that has 4 times the ores per hour? That would be both a credit sink and an Ore boost reducing inflation.
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I think almost everyone here has missed the BIG picture. We are talking about having a viable economy. In order to do that, you cannot have a huge influx of material and money into a system, especially when one of the choices that was polled was making mining a viable job option.
The only way to make an economy work is by getting RID of all this influx of extra materials and money, not the other way around.
If they don’t, then all the work they want to do for a “new market system” will be a complete waste of time.
2 Likes
Right on!
To gain the stuff the UST was trading, the United Space Traders where fighting on Homeworld and other planets for the Ores.
Overall if you were to measure the amount of materials ‘floating’ in the market/economy it’d probably be going down not up due to wealthier players tending to go AFK over time.
Moreover your comment would suggests that you would be advocating for the nerfing/removal of key HWS features which I think is too much of an ask for something that in my mind is not that big of an issue to warrant such a ‘fix’ in my mind, and even then I don’t think that your proposal is an adequate solution.
Best regards
Wise.
Actually you can as long as it is balanced. (based on current prices) The issue is cash into the system has increase every season since season 7.0 and Ores have DRAMATICALLY been reduced since T3 autominers became unusable for anything but trader missions. Pre 7.0 I was getting 7,000 ores per day per T3 AM. Throw down 30 AM’s and the ore’s where over flowing. Now? Ammo costs more ores to make and I have to spend an hours to get 10% of what I used to get. Mean while credits per day have sky rocketed. This will continue to get worse until either ores become more common or credits become less common or both. I will let everyone else decide the how, but we need to realize basic’s of economic’s first.
Our problem is to keep the quantity of money from being increased and its purchasing power from being decreased through inflation. - Ludwig Von Mises, page 20 https://mises.org/library/ludwig-von-mises-money-and-inflation
I believe that we must get ride of bank interest. Because the bank interest is not intended they way it is being used in HWS. Bank interest can only be gotten if the bank which you are storing your money in is actively lending your money to other players at an interest that benefits the bank. So the bank may loan you money for 4% interest and the person who is letting the bank loan their money gets a 1% interest back from the amount of money they have stored in the bank.
The current modal for interest in HWS is faulty and not how interest works. Some will not like it because they payed real money to get their bank level for a 1.5 million credits a day out of nothing; but the truth must be told at all costs to have any chance of getting out of this inflation mess.
I’d suggest a kind of Gold standard be applied so as to not just add credits from nothing into the market.
I disagree that we ‘must’ do away with it. I agree it is a part of the problem but doing away with something that has been a part of a working system for years is a bit extreme. One thing I haven’t mentioned that is also a problem is the insanely increased need for insane amounts of Pent. Also ammo stacks that are no longer 300ish and can now be 5000+ lead people to think more ammo is needed etc. The problem is multi pronged and I think subtle changes can bring it to be fixed. Like planets T3 AM’s can be used to farm again, or increasing OAM’s, or a decrease in voting credits, decrease in GG gold, decrease in asteroid gold, decrease in trading credits, etc. Small across the board changes could work as could a major rework such as increasing OAM’s. There are LOTS of ways to fix the problem.
I see what your saying about increasing ores output but i think part of the reason the ores are not helping as much as before is because most people like me now prefer using carbon ships for pvp instead of ore ships because its stronger and more mobile. So Eleon or HWS maybe both messed up the ore market there. Not surprised. They may need to take some online Ludwig von Mises classes on economics. 