Expanding Economy

[Wessan]

Runescape is caught between two ages at the present moment: the first is the medieval age of knights, armour, and merchants.; the second is the economic advancement seen in the grand exchange. The grand exchange can be used as a tool to gain items or as a ruler to gauge the value of something like a stock market. These two worlds will continue to grow apart as the economy changes and so do the items introduced to the game.

 

The question is where is the economy to go? Rampant inflation is seen through the advancements of the Grand Exchange and there is no control over the influx of money on the Runescape economy, so how do players who cannot keep up with inflation advance their characters without having to sacrifice time they may not have to give? The answer lies in history, specifically, Britain's history. The English system of credit changed the way the world economy worked over 400 years ago and I assert it is time for Runescape's economy to incorporate credit.

 

A system of credit not only would allow for players to eventually attain items over time if they could not afford to get it all at once, but would also allow the creditors to earn money. This would not need to be a new skill, but just a feature incorporated to the game through the pre-existing Runescape bank system.

 

Who here has a few million lying in their bank that you are saving or don't know what to do with? Well, want to turn it into more money while you concentrate on getting 99 Runecrafting? Of course you do. So Jagex could create a feature in the bank that allows players to set aside so much money to be loaned to other players, which in turn, those players (the debtors) must pay back with a modest interest rate. This allows you to make money literally without doing anything except a few clicks.

 

Would Jagex like that? Probably not, but what they may not realize at first is that this system could potentially cut down the amount of coinage within the game and lead to a decreased price in some items and a larger quantity of trade for really high priced items like rares. Some players may not like that, but it would allow for those items to not simply disappear with high level quitters who cant find a buyer for their 6 party hats.

 

Okay so, what I have proposed so far is a system of credit between all players of Runescape used from multiple bank accounts all across Runescape so everyone gets a piece of the pie. Obviously if you have more money, you have potential to make more, unless Jagex would decide to cap the amount allowed to be loaned out. This means when someone takes out a loan it uses funds from multiple players and allows for many people to get a little richer and not just one person. However, this same system could work on personal loans from one player to another, but once again through the bank system. The creditor puts up so much money for a friend who wants an item and the debtor eventually pays the bank, plus interest, and that money is then sent to the creditor.

 

How would this system work in say the Grand Exchange? Player Trade? or even in higher end shops like the guilds who offer dragon items (even though they are obsolete)?

 

1.) Grand Exchange: So you want to buy a Bandos Chestplateand it costs 25mil. You don't have 25mil. Well, you enter the Grand Exchange and "exchange" with the teller. Then you find the BCP, and pick out a loan option. Of course as with any loan, you must make a down payment, say 20-25% of the full cost, which means you need about 5mil to begin with. Once you pay this, the item is yours... as long as you keep making payments. These payments would be assessed based on the amount owed and how long the loan is for. Continuing the BCP example, you've paid 5mil on 25mil, you owe 20mil. Say you can make 5mil a month (very easy to do), and you get a loan for 6 months. This gives you time to make the money plus interest, and if you make more, hell you get to pay down the principle. This loan could be longer depending on the ability of a player to have time to play, etc.

 

2.) Player Trade: So you're on World 2 and there's a guy selling a Santa Hat for 95mil and doesn't mind giving you a loan to pay him back over time. Y'all head to the bank or Grand Exchange and as I kinda already stated make the terms of your loan, debtor makes a down payment and agrees to interest terms. The debtor gets the item that day and continues to make payments over time. Simple loan.

 

3.) High End Guild Items: Although I already stated these are pretty much obsolete, they are worth mentioning in case Jagex releases an item in the manner like the dragon square, or dragon battle axe. These items would have loans that go directly into the NPC's pockets, meaning that money would not be seen again until it somehow comes from a dead monster. Same rules apply except you pay the bank instead of players. Financing these items through players is an option but it would be in Jagex's interest to make a loan through the bank itself.

 

So the big question is, just as real world creditors/bank have to ask i what happens if someone fails to make payments? Simple, apply the real world rules. First missed payment: warning plus extra interest fee. Second missed payment, recall of the item and bank sale of items within the debtor's bank in Grand Exchange to pay the other players back for the loss of funds. This presents a problem with an easy solution: How does Jagex determine which items to sell off from a bank if the item loaned is not paid for? The debtor offers items of collateral that can be taken in the event of loss of loaned item through "seizure" because of missed payments.

 

Please critique and offer suggestions. I understand this is quite a radical suggestion and that for the timeline of many Runescape players it is difficult to think of "long-term" loans, but it is possible.

[Bladewing]

#-o

 

Price levels are no longer rising. When will people realize this...

 

Also very abusable. What if the player loses the Bandos Chestplate? What if the player puts it in the party room chest? What if the player quits and doesn't make the interest payments? What if a player lends 100m to his secondary account, effectively transferring money by interest payments?

[Aiel]

I agree it wouldnt work. What if I feel like high risk pking? I buy an ags for 25% of there cost, I then go and pk for about an hour, then DC, die, and loose it. Sense I no longer have the item I no longer pay the interest payments. We would need some sort of "credit score" (like irl) to balance this.

[Bladewing]

You can start a new character in runescape. You cannot reincarnate yourself in real life. Even a credit score wouldn't work.

 

I make a level 3 account, borrow 50m, which I spend on my main's junk. Toss the level 3 account.

[STicker]

You can start a new character in runescape. You cannot reincarnate yourself in real life. Even a credit score wouldn't work.

 

I make a level 3 account, borrow 50m, which I spend on my main's junk. Toss the level 3 account.

 

tie the amount you can borrow to quest points.

 

currently, 40 qp --> 10k daily limit. why not have a similar structure for a credit maximum.

 

with regards to the issue of losing items, you'd have to collateralize enough items to balance your debt. these could be restricted; you couldn't withdraw them in a pk world, or engage a monster while wearing them, etc. some items, perhaps some combat-specific items, may not be acceptable as collateral.

 

you could also arrange the collateral in an escrow. you'd essentially be mortgaging items your currently own for something you want, and then buying them back over time.

[Zaaps1]

The reason why this will face difficulty and abuse is that, unlike real life, one person can lead multiple lives.

[Flatlander20]

I like this idea and thought about it myself but how does this sound:

 

Player gets loan for 25m and buys a BGS. Then quits RS. What happens?

 

Are we gonna start a repo business?

[Knight_Zaros]

Why do people always try to take the easy way out? This is all this is. Doesn't help grow the game any. There are more than enough ways to make money in the game, you can lend items for free to your friends for lengthy amount of times, etc. No need. Not signed not ever. Sorry.

[Ian1]

a way to do this however it would become way to technical is to include insurance, for example, you buy a car but you put a mortgage on it, you total the car u receive a payout. if you lose the item that you bought on loan, and you an insurance policy on it, you can pay for it and be settled. however this insurance policy can be bought for any item in runescape

[pulli23]

the angelsaxian model of economy destroyed the world for thousands please, for the love of god get it out of your brain or either never EVER try to lay it on others..

 

 

Economy has become completely inhuman and unforgiving.. People are getting fired just because some holders over at the US like it.. Companies with a history bigger than 200 years are sold out since it's apparantly needed for the european free market.. And are now in hands of private investors of the us, who completely strip the proud company and destroy it!

 

Only aimed at short term monetary gains!

[tyluke]

It's a cool idea, and it seems you put alot of effort into the concept...

but I have to say NO, because it would be easily abused and the Runescape economic system is too simple and primitive to require a system like you are suggesting