Kush Islands Leaving WSE

Here's another article, an actual interview with Vandeverre:

http://www.metaversejournal.com/2008/01/12/world-stock-exchange-to-continue-business/


The reporter stated:

"I spent quite a bit of time querying the whole fictional currency argument, to which Luke Connell repeatedly maintained the WSE is a purely fictional exchange. His argument essentially was that if people are investing in virtual stock markets or banks with a view to making real-life profits then there’s a fundamental issue in the way that service has been promoted."

"[20:49] LukeConnell Vandeverre: We make it clear to our customers who use the services we provide that it is not real, holds no real value and it is not an investment and does not provide investment opportunities"

See also:

http://www.massively.com/2008/01/12/vandeverre-says-wse-not-real-not-an-investment/

Admitted it's a Roleplay and not a real investment medium. See my post below yours.

I don't get it.

What is the point of a STOCK EXCHANGE in a virtual world? I mean, outside of playing it like a game?

I have said this before, but there is no huge investment worthy of a stock issue in SL, so why do they exist?

I'm finally, after two years of making things for the Isle of Wyrms, building my own store and mall on the mainland. What on earth could a stock market provide to me that makes it worthwhile to bother? Let's say I wanted to do it on my own private estate. What's the point? If I figure my business can support a private island, why would I sell stock just to buy/build the sim? Chances are, I can easily afford to buy an island, with the plan that my business will be able to make enough money to pay for it plus some. If I COULD NOT afford it, then I shouldn't be going that route. Simple.

I don't see SL stock exchanges as anything other than a game or maybe a scam. There's nothing to stop anyone from just taking the money raised from the stock issue and running with it, or simply never repaying the debt, even while operating.

I think all of SL financial services owe Ginko a debt of gratitude.

Nick showed you can rob people blind in SL, and people will still come back for more.



Of course people still want to gamble too. I wonder what the odds are on WSE paying people back after being closed twice as long as originally stated.

Yeah, gotta wonder about the statement to the effect of "we can't afford to hire a full-time programmer to finish up, so we have to wait" on their part-time suck...err "volunteer" one.

Dude, you are running a STOCK EXCHANGE. If you don't have the capital to pay a programmer a couple grand US$ to finish up your RoR exchange system, that doesn't bode well for the companies and stockholders TRADING on said exchange.

How many levels of stupid do people like that think we are anyway?

Not all banks have gone away -- Only banks that are not backed by *cough* accredited institutions. Now from what I understand, Hope Capital has acquired th WSE ( bear with me - I never 'really' pay attention to this crap) and are moving off the Linden standard and going to some other internet currency Lol . I would check out the latest video announcement but frankly -- to me its a moron circus and a general waste of time I will never get back. Personally, I think anybody that gives money to another avatar to hold is an idiot.

OoOOOooooOOOohhhh.. can I get in on that? I have 10,000L I'll invest in your currency!!

So... errmmm.. where can I use this currency?

QFT

People won't be paid back, in the traditional sense. Their L will be converted into WICs, which won't be convertable back into L or dollars. So people who have invested will never see their money back in a RL spendablel form. But they can buy and sell a lot of WSE stocks... on the RP exchange.

EDIT: I really have to wonder if they pick these Acronyms on purpose. First WTF, now WIC (for those that don't know WIC is what you get in the USA when you are on welfare).

In other words,

No,

you don't think they will get their money back.

Precisely.