The current economy within SL

It has taken some time for the in-world econoy to crash, I will point out the concenquinces of this first and foremost.
Less in-world currency being exchanged, as in tips, donations, And I believe even the market for goods, clothing, avatars and the like are even feeling the reprocussions o hte market crash.
I for one was a DJ for quiet some time, I remember getting tips within the range of between 1 and 2 thousand L$ per hour in tips, Before I quit my postion within a club, a mere months ago, I was lucky to make 500 L$ every 4 hours. That is merely an example, I know other services are feeling the impact.
Now to discuss the causes, and connected evidence.
The casinos were banned, the sheer impact of that alone is still unknown. the principal behind the casinos wern't just gambeling, with them they introduced the element of the residents having money to spend.
The decline in tips alone with the timeframe of the casinos being banned can't be a coencidence
Banks are also another factor, when you have money you don't want to spend, you placed it within a bank for safe keeping. The bank in turn used the money to make a profit, and in turn offered an interest.

I myself le within the US that gambeling is legal, I believe them banning gambeling is an infringement on my own personal rights to gamble, although that is a moot point and a little off subject. The thing I want to point out is that the casinos and banks being banned are dampening the in-game economy.

My question is, what are the resident's views and opinions on this subject.

Seems like its been going down for some time just slowly. Who knows though it seems to have its ups and downs. What SL needs is another really good PR push like they did around 06 and so.

[17:29] Vinnie Quine: the virtual bank are useless imo
[17:30] Vinnie Quine: you can keep your money on yourself, why the need to give it to someone else ?
[17:30] Vinnie Quine: the % they promise are deffinitly a fake
[17:30] Vinnie Quine: i used to see already some banks on sl, and some used to be banned, like the furnation one
[17:30] Vinnie Quine: and all money of the customers been loss
[17:31] Vinnie Quine: a second example is another one who used all the money for buy something else, when this bank closed, all ppl have now to wait an infinti queuing for get their money back
[17:31] Vinnie Quine: the time they find a solution for how they will hire the money back for pay back the customers
[17:31] ********* *******: Ginko failed because of one thing
[17:31] Vinnie Quine: for the rambling, yeah, they did a mistake, it involved lot of customers buying L$
[17:31] ********* *******: Some rich fuck timed it to pull his L out when the funds were a little low
[17:32] ********* *******: He got the message saying there wern't sufficant funds
[17:32] ********* *******: They used the L and traded on the stock market
[17:32] ********* *******: He got a panic going
[17:32] ********* *******: Everyone started pulling the L out
[17:33] Vinnie Quine: after all these months, my friend is still queued to wait his 50 usd back
[17:33] ********* *******: Ugh
[17:33] Vinnie Quine: and his fault or not, the result is more than a bad example
[17:34] Vinnie Quine: i dont trust any virtual bank
[17:34] Vinnie Quine: no matter how good they are
[17:34] Vinnie Quine: but i do be on your side about the rambling game
[17:34] ********* *******: I have some L on an alt
[17:34] Vinnie Quine: if sl is allowed to 18+ people, they are for real casinos too
[17:34] ********* *******: Dunno how much
[17:34] ********* *******: But
[17:34] Vinnie Quine: so where the matter LL disallow them

Oh please, all gambling here was pretty much illegal in every country in the world. Gambling is generally regulated, it wasn't here. One way or another that had to end.

Yes it damaged the economy, so did the banks but again they were unregulated and a hell of a lot of people lost a hell of a lot money in bank collapses. Some people got burnt.

However personally I think the daily asset server issues are going to damage the economy more.

For every US$ one of us is able to take out of SL someone else has to put a US$ in. (Or other real world currency.) I'd imagine that gambling in SL brought a lot of money in. I know that my sales went down noticeably when gambling stopped.

Random musings abound!

LL created and maintained the first casino in SL.

If you use the word "casino" in your land description then your business will be blocked from search.

Advertising "rape" is perfectly acceptable.

SL was conceived as a virtual burning man festival - an experiment in community, radical self-expression, and radical self-reliance.

There are many sites that proclaim that the burning man festival is far too commercial and is now dead.

"The Man is dead, long live the Man."

I tend to think that everything can coexist peacefully in the space between a blink and a tear.

I feel you need to post more often.

Hasnt the RL US economy been going down slowly?

The real economy, not the PR.

As energy costs rise .. economy goes down..


The US economy dropping will be a potential drag on SL too.

You know Colette I would think that to but to be honest I am from the U.S. (Michigan, buuurrr its cold) and because our dollar has dropped it seems that I have made a profit in world due to it. I get people all the time asking for a price on something and I tell them and then they tell me np cause its much cheaper for them because they are not using the dollar. So really it seems like I am making out better.

I think I said all that right, lol.

~V

lol I'm in Ohio

I just see people might have a lot less money to spend on Second Life when they are spending 3.25 a gallon on gas on their way to the unemployment line.

People can't afford gas so they are going to cut down on SL of course. I also think skin sales are down for some because a lot of them have been ripped and sold as freebies or full permissions.
The real economy has slowed down too. Vat and gambling announcements didn't help any either.

Yeah good point. Was just at that damn pump an hour ago.

*** Waves over to Ohio!

Yeah i was never big on gambling but I do wish it was back just because it seems there was much more going on then when it was here even though it could be a pain.

The asset server problems are a real killer. If you can't make a reliable transaction, you don't make many transactions = you don't have much of an economy.

Yeah the number of ripped skins thats availible now is scary

I met someone who cycled through about 12 "freebie skins" and I recognized several as being from Exotica or Naughty, etc

I must say I am be more cautious now on SL due to the us economy that I live in. I just try not be frivolous as so many ppl are hurting out there with losing homes and jobs. I feel guilty spending.

Seems everything is getting ripped now all of the sudden. Its only a matter of time till somebody figures out how to rip scripts and when that happens its all over. The bottom will really fall out then. I mean think about it... If that happens even if the Lindens are able to stop it and patch it once it does happen the damage will still be done. Once the scripts are copied there is no going back.

That will be a very sad day.

imo: besides the explosion of freebies, i think all businesses have seen an explosive rise in competition this last year, but in general the economy is growing.

It can't be ripped skins causing a problem, if people don't have to pay over 1k for skin anymore, they have that money for somewhere/thing else. But maybe it's now going towards paying their tier, because that's draining all their resources. If this is the case then SL is taking all the money available, and if this really is so, only the Lindens can change the situation which they won't do.

Tier is SL's gas?

Another theory about the connection between the faltering US economy and SL's economy is that when people have fewer entertainment dollars to spend driving to places and buying meals, movies and so on they will actually start spending more money on their stay at home virtual lives.
Liquor sales traditionally go up as times get harder.

Yes but the "required" money to enjoy entertainment in SL is pretty low.

So they can cut corners, especially with the number of freebies out there now that is larger than most people's inventories

Well that assumes because they saved money on a skin they would still buy the same number of Lindens

Instead the money they saved by using a ripped rather than a purchased skin might have never left their credit card ..

yeah that's valid, but there is a minimum amount your allowed to exchange and its a lot more than any single item in SL other than tier

Maybe, but probably not. For most SL Residents, tier comes from outside SL, the number of people that make enough to actually cover tier from in-world receipts is fairly low, check the economic stats.

Even still, LL doesn't accept payments in L$, so those L$ being sold have to be bought buy other residents. L$ don't leave the world, it is a (mostly*) closed loop. There are actually more and more L$ in the world every month, through stipends and Supply Linden sales. So I don't think tier is a major element.

Max

* Yes, parcel listing fees and classifieds take L$ out of circulation, but Supply Linden puts them right back in.

I assume she means covenant land tier that is paid in Lindens ...

I beleive more people live on covenant land nowadays than do on the mainland.

Especially considering how low the number of premiums there are.