Turns out Margin Trading isn’t completely useless

Interesting series of articles pushed out by CCP lately, detailing some of the scams that can be found in EVE. I’ve never even heard of some of these and I think the Margin Trading fake buy order scam is actually quite clever and is likely to catch many pilots since there’s no way to tell that the buy order is fake until you try to fill it. Personally I don’t think the skill should work that way and should impose a penalty if there are insufficient funds in the wallet, perhaps by cancelling other orders/selling assets in order to cough up the funds. The ability of the human race to come up with creative ways to cheat others never ceases to amaze me *cough cough subprime loans cough*.

Even though I haven’t been actively playing EVE much at all the past few weeks, I still log on once daily to adjust my orders and so still get some chuckles at what goes on in the markets.

More money for the same thing? No thanks...

Saw this gem while checking out my contracts. Not only did he undercut by a massive amount since other sellers were pricing at 70 million ISK, he even undercut the Want to Buy contracts that were already existing. In other words, he could have gotten a whole 55 million ISK by filling the existing contracts, but instead preferred to get 52 million ISK minus a broker fee and sales tax. Maybe it was his Good Deed Of The Day, but I certainly appreciate his giving me a cheap faction afterburner to resell for 18 million ISK profit. Yummy!

The next example is actually pretty common, but this is such a perfect illustration that I couldn’t pass it up. It’s called “lolnoob everyone knows undercutting massively makes your items sell faster duh” syndrome:

Note the sell order for 41 Large Autocannon Specialisation books at 9,000,000 ISK. These have been selling for more than 11 million, but some bright spark obviously was too cool to undercut by 1 ISK and decided to show what a daring entrepreneur he was. Obviously his tactic would protect his order from dirty 0.01 undercutters right? Yeah, guess not.

It obviously didn’t help that his sell order was gigantic relative to the market volume for this item. Looking at the past month’s regional volume:

We can see that the daily volume in the entire region is on the order of 20-40 items. So this is not a fast-moving market. No trader is going to wait weeks for his order to slowly clear out of there, no matter how steep his undercut. So now his 41 books will sit there for months because he has crashed the market and everyone is going to trade below 9 million ISK now. And again note the average prices over the past few days… plenty of sales were going on at 11-12 million ISK, so it’s not like no one was buying at current prices.

That said, I’m not completely condemning him. If he is unable to check his order frequently, this may have been his only recourse since putting a high price would still result in his order being undercut anyway and this way he has a chance of selling some each time the price rises and falls past his 9 million threshold. However, I’ll check this order the next time I log on and if he has modified his price, then he is a Class 1A Idiot since all he would have accomplished is to destroy his own profits for the same volume of sales.

*Update* As suspected, he is an idiot. He updated his order by undercutting by another million and sold… a grand total of 1 book. And now he has been undercut again.

My Rifter skill plan is almost complete, with almost every Gunnery skill now at level IV. However, I still haven’t had any time (or inclination) to go out hunting with them. My wife and I have actually started playing Diablo 2 again, which we last played… er… 8 years ago? Wow. But amazingly it’s still fun, especially since we can play together which makes any game fun. I don’t know if its the grumpy old man in me speaking, but I still feel that many old games were so much better than the stuff that comes out nowadays, which is all about snazzy graphics disguising brainless gameplay. We’ve just finished Act I Hell with my sorceress and her lightning amazon, but damn it’s painful without good gear (my resists are all less than -20). Can’t wait for Diablo 3 to be released, but Diablo 2 is still managing to satisfy my collector’s itch.

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