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Midas Bank and WSE |
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Zapod Zapotocky
Registered User
Join date: 2 Aug 2006
Posts: 5
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11-04-2007 04:01
Has anyone heard any news about the Midas Bank and it's problems relating to Hope Central and the WSE?
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Broccoli Curry
I am my alt's alt's alt.
Join date: 13 Jun 2006
Posts: 1,660
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11-04-2007 04:13
Sounds like another Ginko-like-down-the-pan experience?
http://www.slexchange.com/modules.php?name=Forums&file=viewtopic&t=27861&postdays=0&postorder=asc&start=0 Broccoli _____________________
~ This space has been abandoned as I can no longer afford it.
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Strife Onizuka
Moonchild
Join date: 3 Mar 2004
Posts: 5,887
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11-04-2007 04:39
Sounds like another Ginko-like-down-the-pan experience? http://www.slexchange.com/modules.php?name=Forums&file=viewtopic&t=27861&postdays=0&postorder=asc&start=0 Broccoli I think we need SL banking regulation. _____________________
Truth is a river that is always splitting up into arms that reunite. Islanded between the arms, the inhabitants argue for a lifetime as to which is the main river. - Cyril Connolly Without the political will to find common ground, the continual friction of tactic and counter tactic, only creates suspicion and hatred and vengeance, and perpetuates the cycle of violence. - James Nachtwey |
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Xplorer Cannoli
Cache Cleaner
Join date: 18 Sep 2005
Posts: 1,131
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11-04-2007 05:20
I think we need SL banking regulation. Are you volunteering Strife?  _____________________
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Raudf Fox
(ra-ow-th)
Join date: 25 Feb 2005
Posts: 5,119
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11-04-2007 05:25
I think we need SL banking regulation. Yep, but to do that, we'd need identity verification. _____________________
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Zoha Boa
Registered User
Join date: 12 Mar 2007
Posts: 2,893
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11-04-2007 05:28
I think we need SL banking regulation. We do not bank regulation; only bank bans. Put the money you earn here in SL on a RL bank or invest it by YOURSELF here in SL. That's the ONLY safe way. _____________________
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Raynor Hammerer
Linguistic Rabbit
Join date: 21 Feb 2007
Posts: 404
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11-04-2007 05:37
As so many others have already pointed out in so many othe threads, there ARE no banks in Second Life.
Every who deposits money in a "bank" is effectively giving a private person they hardly know (if at all) money without any guarantee of ever seeing anything of it again. Since there is no regulation, and no central "bank" to bail out folding ones, "banks" are under no obligation to pay back anything. I once used Ginko as the subject of class discussions in English lessons for managers at a private investment bank. They are still laughing their heads off. _____________________
Do not meddle in the affairs of linguists, for they are subtle and quick to anger.
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Colette Meiji
Registered User
Join date: 25 Mar 2005
Posts: 15,556
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11-04-2007 05:52
I think we need SL banking regulation. Yep we sure do The kind of regulation that is spelled. B A N |
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Broccoli Curry
I am my alt's alt's alt.
Join date: 13 Jun 2006
Posts: 1,660
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11-04-2007 06:36
Am I missing something here?
Stupid, or greedy, or both, people, are those investing in SL banks with no guarantee, no regulation, and nothing except an empty promise from someone they've never met, never likely to meet, and are probably untraceable? Just seems like a real no-brainer to me. Now if you'll excuse me, I must reply to this email I got from the orphaned daughter of a Nigerian high ranking military official who was killed in a plane crash, who I need to send my bank details so I can help her in getting $10,000,000 out of the country. Broccoli _____________________
~ This space has been abandoned as I can no longer afford it.
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Raynor Hammerer
Linguistic Rabbit
Join date: 21 Feb 2007
Posts: 404
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11-04-2007 06:39
Hey, I got that email, too!
That's MY money!!! _____________________
Do not meddle in the affairs of linguists, for they are subtle and quick to anger.
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Colette Meiji
Registered User
Join date: 25 Mar 2005
Posts: 15,556
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11-04-2007 06:51
You may have already won 10 MILLION WTF bonds.
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Sling Trebuchet
Deleted User
Join date: 20 Jan 2007
Posts: 4,548
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11-04-2007 06:53
Spanking regulation!!
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Maggie: We give our residents a lot of tools, to build, create, and manage their lands and objects. That flexibility also requires people to exercise judgment about when things should be used.
http://www.ace-exchange.com/home/story/BDVR/589 |
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Annabelle Babii
Unholier than thou
Join date: 2 Jun 2007
Posts: 1,797
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11-04-2007 08:47
Spanking regulation!! That's only really funny out loud, you know. |
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Lord Steadham
Registered user
Join date: 26 Mar 2007
Posts: 312
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11-04-2007 08:50
Am I missing something here? Stupid, or greedy, or both, people, are those investing in SL banks with no guarantee, no regulation, and nothing except an empty promise from someone they've never met, never likely to meet, and are probably untraceable? Just seems like a real no-brainer to me. Now if you'll excuse me, I must reply to this email I got from the orphaned daughter of a Nigerian high ranking military official who was killed in a plane crash, who I need to send my bank details so I can help her in getting $10,000,000 out of the country. Broccoli |
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Uvas Umarov
Phone Weasel Advocate
Join date: 8 Feb 2007
Posts: 622
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11-04-2007 08:54
There is a sucker born every minute
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"On the other hand, if you are convinced that I spent all the money on a new sports car, then getting even 2.5% instead of 0% back would be quite a deal, wouldn't it?" ---ginko bank owner on his financial dealings
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Broccoli Curry
I am my alt's alt's alt.
Join date: 13 Jun 2006
Posts: 1,660
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11-04-2007 09:04
Hey, can I insult you the next time you make an error in judgement too? Or have you never made a mistake in your life? My big mistake was probably signing up to Second Life in the first place, it takes up far too much time and money, and I get too emotionally involved in things. Caring has always been a fault of mine. Another mistake was picking this name... it's a nice dish but it does tend to be rather... um... reactive on the body. Broccoli _____________________
~ This space has been abandoned as I can no longer afford it.
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Argent Asbrink
Registered User
Join date: 27 Jul 2007
Posts: 217
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11-04-2007 09:10
My big mistake was probably signing up to Second Life in the first place, it takes up far too much time and money, and I get too emotionally involved in things. Caring has always been a fault of mine. Hear, hear! This place has an annoying way of getting under my skin, too...and then I kick start the old Norton Commando and realize what I've been missing. Another mistake was picking this name... it's a nice dish but it does tend to be rather... um... reactive on the body. Broccoli Thank god I resisted the impulse to choose Cabbage Curry as an avi name. *grin* |
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Lord Steadham
Registered user
Join date: 26 Mar 2007
Posts: 312
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11-04-2007 09:17
My big mistake was probably signing up to Second Life in the first place, it takes up far too much time and money, and I get too emotionally involved in things. Caring has always been a fault of mine. Another mistake was picking this name... it's a nice dish but it does tend to be rather... um... reactive on the body. Broccoli |
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Conifer Dada
Hiya m'dooks!
Join date: 6 Oct 2006
Posts: 3,716
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11-04-2007 10:12
I can't for the life of me understand why anyone would want to use an idependent bank in SL when it has a good built-in banking system. I'd assume any sort of independent investment bank in SL is really no more than gambling! ....Gambling a) that you'll ever see any of the money again and b) if you do, there might be some interest paid as well!
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Adz Childs
Artificial Boy
Join date: 6 Apr 2006
Posts: 865
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11-04-2007 10:39
The founding theory with respect to business regulation in SL is that credibility and reputation forces will cause businesses to self-regulate. (see knowledge base article, "Policy on Resident-Run L$ Financial Services and Securities". "Caveat Emptor... We hope that educated skepticism and buyer demand will lead to trusted institutions that can provide many of the benefits of a regulated system."
 I won't comment on the credibility of the libertarian economic theory here.However, assuming this theory is what makes the SL business world turn, apparently the ceo of the WSE thinks the cash assets of all the deposits are worth more than the current and future value of the business. Effectively, he's cashing out whatever remains of his accumulated trust and business reputation. This is the end of the WSE. _____________________
http://slnamewatch.com — Second Life Last Name Tracking — Email Alerts — Famous People Lookup — http://adz.secondlifekid.com/ — Artificial Boy — Personal Blog
Hmm, there's nothing really helpful there, but thanks for pasting. |
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Colette Meiji
Registered User
Join date: 25 Mar 2005
Posts: 15,556
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11-04-2007 10:58
Fake banking and stock exchanges were a house of cards. Ginko was the card knocked over first.
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Annabelle Babii
Unholier than thou
Join date: 2 Jun 2007
Posts: 1,797
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11-04-2007 11:10
"Midas Bank's shareholders' stock on the WSE was dissolved, thousands and thousands of Lindens in a Midas Bank WSE account were confiscated, and any and all Midas Bank holdings on the WSE were liquidated, seized, or converted into a fuzzy and nearly worthless financial unit called the WTF." hee hee hee WTF.... |
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Zapod Zapotocky
Registered User
Join date: 2 Aug 2006
Posts: 5
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Focusing on the wrong people
11-04-2007 12:46
There is a sucker born every minute Indeed it may have been rash for anyone to put any money into these "banks", or send money to the Nigerian scammers but purely focusing on the "suckers" who fall for these and not taking any action against the people out there who prey on the "suckers" is not going to stop this happening again and again and again. The Nigerian scammers are committing fraud, people who obtain money, or anything else of value ($L), from others and don't fulfill their end of the contract are also committing fraud. If there was a shop online that took $L and didn't give their customers the goods, I'm sure you'd be up in arms against the shop owner not the poor customers. |
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Annabelle Babii
Unholier than thou
Join date: 2 Jun 2007
Posts: 1,797
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11-04-2007 12:52
If there was a shop online that took $L and didn't give their customers the goods, I'm sure you'd be up in arms against the shop owner not the poor customers. I'll have to agree... people sign up for SL, wander about in-world, and see so much that looks like RL. Without frequenting the forums, how are they to know the banks are unregulated scams? |
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Avion Raymaker
Palacio del Emperador!
Join date: 18 Jun 2007
Posts: 980
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11-04-2007 13:01
I can't for the life of me understand why anyone would want to use an idependent bank in SL when it has a good built-in banking system. What? Do you mean a built-in piggy bank? I know of no built-in banking system in SL. |