Luke Connell and Hope Capital... more infos...

Hello !

LukeConnell Vandeverre contacted me recently for some reason and I wanted to know what exactly he did at World Stock Exchange. I heard about people losing its money and policies changing without a warning...

Had his business to close because the Linden Lab policies about banks have been changed ?

Thank you for your precious help.

Regards,
Olish.

Nope his website is closed becouse he was losing money becouse of bugs, an updated version should be opened soon, the banking rules did make him abandon the L$ as trading currentie

Oh ok thanks. I heard that many people invested in his system and lose their money when he closed WSE. Have some infos about that ?

Are there people having lost his money in this World Stock Exchange ?

There are a few that went bankrubt and had their account closed and the stocks they had turned over to the WSE Traders Fund in order to compensate the shareholders in their companies.

Other reasons people lose money is when they make bad investments but that is the nature of investing directly, if you don't know how it works you should not be investing in the first place.

This thread makes me uneasy for a whole bunch of reasons and I'd kinda hoped it would just fade off the front page, but it's back again, and on the off-chance that anyone is getting the impression that SL "investment" bears some resemblance to RL investing, I guess a word is in order. Nominally this is correct, and the post continues with a further warning that SL investing has risks. But "bankrupt" illustrates how any parallel between RL and SL "financial services" falls apart. Many, many threads in this forum's history describe the sleight-of-hand that accompanied the closing of Ginko (for example), which nominally went "bankrupt" because it couldn't pay its creditors. However, its assets were never liquidated--in fact, they were never made public. Further, to be correct, "it" never even *had* assets because in SL, only avatars may hold L$s, so one single individual effectively made off with whatever assets that were ostensibly ascribed to Ginko at the time it ceased operations. There was no bankruptcy court, no receiver appointed, no determination of insolvency, no accounting of creditors. The guy playing banker just decided not to pay depositors anymore and keep whatever he wanted.

While this most infamous example happened to be a "bank", now prohibited in SL, any in-world investment (debt or equity) is subject to exactly the same risk of some individual just deciding to take the money and run.

None of this was WSE's fault. But there's also not a damned thing WSE could then or can now do to make SL "finance" behave in any way like RL--with the possible exception of RL three-card monte.

I just can't believe that no-one has filed a class action suit against Ginko.

All the Linden Dollars people had on deposit with Hope Capital are gone. The stock exchange remains closed. People are walking away from it. Some intend to see it through.

Very unfortunate if you ask me, Olish.

The reason that won't happen is because in order to file a RL lawsuit all those people will have to pony up their RL names as well and enter them into public record.