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===The Margin Trading Scam aka The Drunken Buy Order=== | ===The Margin Trading Scam aka The Drunken Buy Order=== | ||
''The Margin Trading Scam'' exploits the mechanic where a margin buy order will fail if the buyer can't pay for the goods, but the order can remain on the market. It is also known as ''The Drunken Buy Order'' because it is often announced in local that a player must have been drunk when they placed a buy order.<br> | ''The Margin Trading Scam'' exploits the mechanic where a margin buy order will fail if the buyer can't pay for the goods, but the order can remain on the market. It is also known as ''The Drunken Buy Order'' because it is often announced in local that a player must have been drunk when they placed a buy order.<br> | ||
<u>It's a Trap</u><br> | <u>It's a Trap</u><br> | ||
The scammer announces in a chat channel (usually local) that a player must have been drunk when they put up their buy order and invites you to check it out with a link to the item being sold. Following the link players will see a buy order offering a great deal more than the sell price of the item. | The scammer announces in a chat channel (usually local) that a player must have been drunk when they put up their buy order and invites you to check it out with a link to the item being sold. Following the link players will see a buy order offering a great deal more than the sell price of the item. If the player can act fast and deliver the items in the order before anyone else, they stand to multiply their ISK, usually by orders of magnitude. | ||
If the player can act fast and deliver the items in the order before anyone else, they stand to multiply their ISK, usually by orders of magnitude. | |||
<u>How it works</u><br> | <u>How it works</u><br> | ||
#The scammer buys up all of an uncommon item in a region, say for 20,000 ISK each. | #The scammer buys up all of an uncommon item in a region, say for 20,000 ISK each. | ||
#They make a bunch of sale orders to sell them for around 2 million each. | #They make a bunch of sale orders to sell them for around 2 million each. | ||
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#They transfer most of the money out of their drunken buy account. | #They transfer most of the money out of their drunken buy account. | ||
<br> | <br> | ||
This | This how they hope the victim will respond: | ||
#Chump sees the opportunity to buy item unknown to them at 2M ISK and sell at 20M ISK each. | #Chump sees the opportunity to buy item unknown to them at 2M ISK and sell at 20M ISK each. | ||
#Chump buys enough items at 2M ISK to fulfill the buy order. | #Chump buys enough items at 2M ISK to fulfill the buy order. | ||
#Chump attempts to fill the buy order. However, the buy order was on margin, and the drunken buyer can't come up with the cash to fulfill the order, and it fails. The chump is left with a collection of items they bought at inflated prices and can't sell except for chump change. The scammer pockets (in this case) 200 * 2M - 200 - 20K = 396M ISK. | #Chump attempts to fill the buy order. However, the buy order was on margin, and the drunken buyer can't come up with the cash to fulfill the order, and it fails. The chump is left with a collection of items they bought at inflated prices and can't sell except for chump change. The scammer pockets (in this case) 200 * 2M - 200 - 20K = 396M ISK. | ||
<br> | <br> | ||
The signatures of this scam are | <u>The signatures of this scam are<u> | ||
*Using local chat to offer strangers the opportunity | *Using local chat to offer strangers the opportunity to make a lot of money | ||
*Buy orders with minimum volumes | *Buy orders with minimum volumes | ||