Wednesday, June 17, 2009

Fair Enough

Hexxx, the Chairman of the Board of Directors for EBANK, dropped by my thread about the news of Riddic's theft and banning and left this comment which I'm reproducing here in full as a response to my negativity:
I'm the Chairman of the Board of Directors for EBANK, one of it's three founders, and I developed the first public version of the software.

Now that we have that out of the way, I'll give you some things to think about.

Some of us have spent hundreds of hours working on EBANK code, policies, strategy, and operations. EBANK staff and directors have paid $400 out of pocket for hosting costs. We have completely parallel development environment logically and physically separated from our production environment with versioning control software to manage our updates and upgrades. Some of our people have handed out vouches redeemable for millions of ISK at FanFest. One of our staff was elected to CSM after developing the prototype code for EBANK. We have a person dedicated to auditing with access to everyone's full API. We have processed almost 6 Trillion in withdraws and handled 9 Trillion in deposits. (the difference comes from 1 Trillion in loans being issued and repaid).

So...after 2 years we had one internal theft. From our CEO and deposit character. And he only stole 9% of our deposit value at a time when we had 2.5 Trillion ISK in deposits. We handled 500 Billion ISK in withdraws within 3 days of the theft. Oh, and the Bank is still solvent.

You can come to your own conclusions.
I'll give props to the EBANK crew and the success they have had so far and their continued solvency since the theft. Its obvious a lot of people still have confidence in the organization and I give best wishes to the continued success of the corporation.

Thanks to Hexxx for taking the time to give his views and facts to my humble blog.


  1. I appreciate having the chance to respond. =)

  2. @hexx. I think my issue would be how interesting is it playing a game as a bank teller. I don’t know how long it takes for your bank members to fulfill their obligations to the bank, but if it gets too boring for them then the risk that they will leave, and fill their pockets when they go, will always be there. If another member leaves and also manages to take 9% again then that’s close to a 5th of your total deposits by your reckoning. I can’t see the bank surviving that. Although I don’t want your bank to fail I don’t really see a long term future for it.

  3. @cj From what I hear it may be more exciting than being a dread pilot during a POS bombing campaign in 0.0

  4. In EBANK, we have a model called "participatory organization" which means people self-select their own jobs. For the most part, jobs get filled and done by the people most interested in doing them.

    This allows people to focus on just one or two areas...and they have the freedom to do as they wish for the most part. This has worked well for us.

    And while it may be hard to understand, we've had quite a few people leave EBANK...none of them stole a single ISK. Ricdic is the first.