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The term veteran refers to the amount of time spent, so I do believe time should play a part in it. On the other hand, I think that there are those who have accomplished a lot in a short period of time.

My suggestion is to get it after a certain time period, but also have another factor come into play if a person has not met the time criteria.

Another thing, just for thought, is to set up some sort of voting system where Veterans could click a botton on someones profile or under their avatar in the forums for example, which could either subtract the amount of time it takes that person to reach Veteran status or just to make a certain number of votes the target. It's just a random idea I thought of, but seeing how it COULD go horribly wrong (like alts voting for the main account) I'm not sure how it would work out.