Minecraft Name: Matrix_rep Suggestion: Remove the stock market Reason: I have seen too many people get money taken away for an "illegal stock" personally I think this is stupid and don't see why someone who risked their money gets the stock rolled back just cause it goes up 100% Any Other Information: I think we should disable the stock market until we get a new thing which prevents these "illegal stocks" from continuing Link To This Plugin: No
For once i agree with matrix_rep stock seem like a great idea but it has broke to many players and seems like a done thing to do especially with illegal stocks. @matrix_rep
I have no clue what "illegal stocks" are, can someone please elaborate on this? Also, if a stock is added to the stock market how can it then be illegal? That is just plain stupid.
Well, let me shed some light here as this is my area of expertise and consists of a lot of the work me and @twistedjonny have been running around in circles with. These "illegal stocks" that you are speaking of are known in as initial public offerings, or IPOs for short. This is when a company decided to offer X amount of shares at a certain price in order to raise capital for debts, new business ventures, whatever. On ECC's stock trader and Yahoo Finance, the 3-4 letter symbol, or ticker, is listed around 30 minutes before the actual trading begins. For example, Wingstop (WING) and it's ticker were listed in the Yahoo database 30 minutes before it began trading, at the offering price at $19 per share. Why does this matter? What impact does this have? Well, since ECC's trader is based off of ticker availability and not volume, people are able to purchase the stock (like WING at $19) 30 minutes before opening. IPOs are known for exploding day 1. Facebook popped 300% on it's IPO, Twitter the same. So, if you are able to "get in" at that start price in the trader, it's a "free" 300%. Seems quite lucrative right? Yes, except for every aspect of reality. You can't buy a stock at the initial price like WING today at $19 unless you are a massive institution or an insider. And as far as I know, ECC is not an insider and/or institutional buyer. So, yea.... Ultimately, people are abusing how the trader works with IPOs. And, until andrew and the developer come to a solution, any IPO bought at an abnormal price will be rolled back. Plain and simple. Why remove the stock market and ruin it for others playing fair? TL;DR. IPOs are handled poorly in the trader, and people are abusing it. Until a fix is made by the developer, rollbacks will happen. Don't abuse the system, you won't be rolled back. -1
The stocks aren't illegal, it's people using them and buying them in a way which is 100% impossible in real life. Also, why in the world would we punish everyone for the errors of a few that can be fixed with andrew and a quick archive dive (which are pretty comprehensive and organized by stock)? Seems a bit far-fetched.
Thank @goblizz for answering this with nice detail and a good explanation. I'd have possibly been more harsh lmao. I think another issue is players not understanding how it all works both irl and on ECC. No way does this warrant ruining it for the rest of the players. If a stock isn't even trading yet, obviously you can't buy it IRL either. Unless you are an insider or big institution like goblizz said.
-1 I think the Stock Trader is pretty nice to use. So no. (BTW: what would happen to the invested money if Stock Trader was removed?)
-1 This came out, what, a month or 2 ago? It's like a game in beta, does anyone remember how long it took to Officially release Minecraft and get rid of all the bugs and figure out the proper system codings and rules? I do too.
