Ok. You a new character and you have done the right thing. You ran through all the tutorials including the ones about trade. Especially about the contracts system contract system etc.
Lookie here!
A formal contract aims to eliminate misunderstanding, state requirements, rewards and obligations clearly, and so forth.
BULL, but still... try and remember this stated objective for later.
It goes on to talk about loans in particular.
Hmm... that was worded differently than any loan I have ever seen.
What about rate of interest if cash is borrowed? Most people think of a LOAN to be cash rather than for ships or cars etc. Never mind... it'll all be clear later I guess because CCP said so before. Loans are supposed to clear up any misunderstandings right.
Whoever it is, they are engaging in social engineering. If you don't know what that is, goggle it and stop being a sheep in a world of wolves.
They are basically going to offer you a fair deal that in real life you would probably accept. They will have a back story about how they are going away on holiday and want their isk to make some money while they are gone.
Whatever their BS story is, it is designed to make THEM look like the sucker in the deal. Most folks who fall for this scam are those greed bastards who have no intention of ever paying back the loan.
This is how the Nigerian 411 scam works. People by and large are greedy and stupid and look for the easy score.
They are the bread and butter of scammer's. You decide which one you want to be.
Now Mr Newbie has been flying about for a few days and somebody announces that they are offering a Isk Loan service in local, or a chat channel.
Mr Newbie is interested and strike up a conversation and negotiated a deal with the scum scammer for a 100 isk loan for 7 days at 10% rate of return.
Remember, most people who negotiate loans for cash have preconceived notions on how these are calculated, discussed and presented. Once the 'deal' has been struck the scammer sends over the contract offer.
Double click on the offer it self... and BAM!
Ok.. nice warning. Scary. /click yes
and you get this...
Hmmm now lets have a look at this.
Ok what does it say?
Option 1: Does it say we have to return in 110 isk in 7 days, for a loan of 100 today?
OR....
Option: 2: Does that mean in 7 days we have to return 100 isk and pay 110 isk immediately right now to borrow the 100 isk??
It actually says option 2.
Now imagine you are at a bank and they demand you pay them 110 dollars right now to borrow 100 dollars from them. Is that a loan? Could it be described as one at any stretch of the imagination?
This is why people reading this box assume the fields describe option 1. Why? because it is natural to think this because of the way loans are constructed and described in real life.
Let's press accept shall we?
Hmmm... ok here we go again. it gives no more information that the previous screen.
It says I get 100 isk.
I'll have to return the 'items' ?? Ok... items..
And those items are? yes.. I'll have to pay 110 isk.
Right... again. do I return 110 in 7 days or wait.. no... umm...
Human nature is to assume the lesser of the two. Why? BECAUSE IT WOULDN"T BE A LOAN OTHERWISE.
Because CCP brands this transaction as a LOAN you should never have to pay up front more then the loan you are being offered. This is NOT a loan is it?
Lets review something now. Remember this?
A formal contract aims to eliminate misunderstanding, state requirements, rewards and obligations clearly, and so forth.
How clear is this loan? How clear and helpful is the interface? Did you feel 100% positive that everything was adequately explained using terminology that normal humans use when conducting loan transactions?
Lets move on... Accept the loan and see what happens.
Hmm... I get 100 isk, but pay 110 isk. net loss right now is... 10 isk from by wallet balance.
BUT WAIT! There is more!
Remember that original 100 isk? Yup... you still owe it!
Here is what happens if you pay / complete it.
yup.. another 100 isk is taken out to pay back the loan.
Scammer up 110 isk
You down 110 isk
What happens if you 'fail it'.
Well... you don't give the scammer that extra 100 isk. But....
You get a permanent'FAILED' record stamped on your contract history for everyone to see how you pike out of a loan contract.
Simple. Read this warning and THINK why is a stranger loaning me $$$
Well this isn't legal anymore so far as I know. I can't find the post where CCP cracked down on it. better not do it just to be safe. But if you WERE allowed... here is how it is done as an exercise in academic licence.
Think up a sob story how you have cancer and undergoing chemo treatment. You want to give your isk to somebody who will grow it but you want it in a rock solid contract so you can get it back from CCP if the person refuses to pay it back.
(Hahah scammers know CCP don't refund scams so will be all over this in a heartbeat.)
Set up the contract like this. (Use bigger amounts tomake it worth your while.)
Just make the price more than the loan amount and at some agreed percentage. In this example it is obviously 10%.
Send the contract and tell the 'about to be scamed' you sure miss your hair because of all the chemicals they are pumping into your body.
Laugh like a idiot when they accept your loan.
Don't forget to evemail me your success stories. I am just a little bit of an evil bastard as well..
Simple.
People are pricks and people are stupid. Put them together and the pricks will always screw over the stupid 100% of the time.
Now CCP has attempted to prevent this as much as possible right?
Remember this?
A formal contract aims to eliminate misunderstanding, state requirements, rewards and obligations clearly, and so forth.
However CCP has FAILED to provide a contract interface that deals with the loan of ISK in this game in a crystal clear fashion.
This is to be expected from CCP as they have a terribible track record with most of the interfaces brought out since this game was launched.
Quite simply, they suck at this part of game design and they arn't getting any better in all the years I have played this game. (Circa 2004)
Was I caught by this? Nope. Not even close.
I understand it becasue I sought out to replicate it so I would NOT be caught myself with something similer like the 'Want to Sell' scam.
So, anyone who pipes up and says "Oh that Taikun is just pissed off because he got scammed LOL!!11!!" is a complete tool. Remember that ok?
Now have fun scamming people, and avoiding the scams out there, wolves or sheep a like.
I just hope my guide was helpful in explaining how this loan scam works and how terrible the loan system actually is.
Taikun