WSE - Current Status

Hi folks.

Hi folks, I just listened to a type of pod cast from the WSE. Not fantastic connection in terms of broadcast quality but that maybe my own fault due to Windows/ISP etc. My understanding of the current situations is

a) The WSE will cease using the Linden dollar as a means to virtually own or virtually trade stock of all kinds as there are legal risks involved.

b) In terms of currency conversion it has been calculated that around $500,000 US dollars is with the WSE, currently in Linden Dollars.

c) The WSE will not be making any payback of Linden dollars to current shareholders or deposit holders

d) Linden dollars currently held by the WSE will be converted into either WIC's/DICK's (a new "virtual currency" being pioneered by the WSE as a fictional currency.

e) There will be terminals within Second Life to enable residents to purchase WIC's/DICK's with Linden dollars

f) I understand that another currency exchange will be set up by the WSE via web to enable both purchasers and sellers of WICK's/DICKs to make a market.

g) The WSE is confident of its ability under a new business plan, incorporating some new very advanced software, to progress forward its product, using this new virtual currency

Is my understanding correct folks? Any feedback welcomed

This is a joke right?

the terminology WSE uses for things makes my just shake my head in amazement.

No its not.

http://www.wselive.com/

Although on balence I think the new virtual currency is called WIC's not DICK's, the austrailian accent and reception via my ISP was a tad confusing.

Basically he's keeping $500,000 US worth of Lindens and US cash

And offering WIC dollars which have no backing other than what he himself provides in their place.

How exactly is this different from what Ginko did again?

Ginko ran away much quicker with what he made.

This guy wants to sucker more people.

And people wonder why Kush Islands chose to distance itself from WSE...

So what are those WICs worth again? I have seen no proposed exchange rates for USD, L$ or any other currency. Sure you get WICs at a rate of 1:1 for whatever L$ you had there in deposits, but from the video, it sounds like WSE will not allow conversion from WIC to L$ themselves. Instead you must convert to USD (but rates not clear).

John, you say that they will open a market for WIC/L$ exchange (which I have not heard myself). So the WSE won't buy your WICs but they'll let people trade amongst themselves? If that is the case, you can kiss 1:1 goodbye...

Edit: also wouldn't that defeat the whole switch to WIC in the first place and pretty much let everyone know that the only reason WSE did WICs to begin with was because WSE has L$ liquidity issues (NOT because they wanted to preempt LL policy changes to the Linden dollar)??

Yes, WSE is in the process of attempting to make a graceful exit from SL and from the public eye, carrying a suitcase stuffed full of their investors' money.

At least one major SL land company whose stock was traded on WSE has disassociated themselves from the slowly-unfolding crash, several weeks ago.

Ignorant as I am of most business events, even I saw this coming, as far back as the Ginko debacle.

In case there is anyone out there who has not yet seen the writing on the wall: GET OUT, if you still can.

Well he will do one of two things.

------------------
Set a definite exchange rate that he will redeem when requested - Which could be really hard to pull off, depending on how much of thet 500K he actually is willing to let go of (or still has).

Remember not even LL will redeem L$'s directly

Doing this invites a bank run.
-------------------

-OR-

He'll let the market decide the exchange rate - in which case WIC is basically the same thing as the Ginko Bonds, only worth what people will pay for them. Which might not be very much.

I still don't believe WSE was ever actually "robbed" in the 11th hour before the Gambling ban, I really think that was a staged event, as was the subsequent Ginko lottery win by the same person


All done to cover the major hit WSE was going to take due to its Gambling investments.

Foul, foul, foul.... and some people still think that these things should be in SL, unregulated...

and Linden Labs is going to roll over and allow $500,000 USD in exchanges from Linden Dollars in the mad rush to get out while they can? I wonder how many accounts will be frozen during the mad rush to cash our L$'s into USD to buy up the WIC's etc..?

Don't even know what to say at this point.

I dont think LL will do anything directly

At most they will rethink how stock changes fit in with their existing banking ban.

After the collapse, of course.

offer an "exchange" from wic`s to L$ with most likely a bad exchange AND conversion fee along with a withdraw fee

glad is was awol or i`d have signed up there

Er.. Spelling?

What a mess.

Personally I'd guess there were some true, honest, decent people that tried to legitimately raise $L on 'stock markets' - but also, a lot of other types.

Can't win for losing. Say even a 'proven honest legitimate person' (not that such a thing is possible) set up an exchange - you could get 10 scammers "IPO" and use him as a vehicle of fraud. Tarnishing all good people involved along with it. Just a dirty business.

I think the Company did the right thing, banning 'banks.'

I wonder what the word is regarding WSE, anyone know?

It is less straightforward than "Banks" Desmond because of the issues concerning genuine folk who band together within SL to produce/script/texture/retail/own-to-rent land etc.

There is also the possible issue of the honest business folk on the WSE who may have to use their linden dollar profits to buy WICs to pay investors out

My gut call is that the WSE crosses the Linden line between a co-operative or partnership between players, (of which is quite acceptable) and the provision of third hand third party financial services, of which in general is banned without proven first life authorisation

Rockwell - a good call. Even my devious mind missed that concept. I think the only way it could be resolved is guaranteed 1:1 convertibility re WSE/Account holders with the process audited via a first life accountant in Australia. That was not mentioned.

My own feelings on this is the WSE has got all the Linden dollars of which have now become WICs

Colette - re names. There was also a WSE run mutual fund called WTF Fund. I think that was how they accounted for business failures or folk who legged it with the IPO monies

Apparently another of WSE's member is at the middle of another scam thread /invalid_link.html

We really need to correct this misleading statement. You must know that those are the total funds raised by the WSE in IPOs and secondary offerings and that the funds were passed on to the company owners.

IMO, you only needed to read the WSE TOS in detail to get more than a little jittery even before other schemes went south...

WTF?

So tell me again why I should even think of giving these people my hard-earned money?

"WIC's/DICK's" - by the time I had see this written for the third time, in the same sentence as the word 'currency', I really was laughing out loud.



Yep. These folks give me more amusement every day.

It gets rid of your money without cluttering your inventory

Current state: screwed
future state: your screwed

main investment fund: WTF
main currency: wicy dicky


go towards a "real" exchange with the abouve and every one will say "WTF DICK?"