WSE - Current Status

Think this sums it up for sure.

I had some thoughts to this and you can find them on page 9 of issue 64 of the avastar

http://www.the-avastar.com


oh yeah.. and:
http://www.petitiononline.com/sl01/petition.html

not the longest and best in wording but hey...

Well Wiseguy if I could read the english rather than the german language version I would read it mate -

Funny that people are mentioning that many of these peeps who ran these "banks" were heavy into gambling. I agree.

I can attest to this as I have rubbed shoulders (under my old account) with many of them at hold'em games and so forth (one in particular used to invite me out of the blue for some reason, back when I was speculating on land).

I reckon that the financial schemes were just an extension of their gambling habits, only using OPM (other people's money).

To be honest, seeing a lot of those folks at the tables, bragging and acting like big shots, was all I needed to tell me that investing with most of those folks was a dead ender, so I never considered it.

you know what's funny about this... I got a german IP and when I click on that link and on "download issue 64" on the bottom right I get the english pdf. And some of my friends form across europe call up the same URL (as you did) and get the german pdf file.. to weird.

try this, I clicked on "latest issue" on top of the site and this downloads the english version for me.....

http://www.the-avastar.com/slife/jsp/microsite/pages/index.jsp

or get it from the avastar vendor here:
http://slurl.com/secondlife/Isle%20of%20Freedom/30/175/23

OK, so a few more weeks have passed. Anyone know anything new?

yes loads... but rather than pasting it all here I rather direct you to the very long thread on SLX. Short things are:

Luke made a rough 6Mil. L$ profit on the 17th. converting the stocks of 2 firms to the WTF fund. Yeah , WTF is the so called "World Stock Exchange Traders Fund". Thing is that fund has only a face value of something like 0.3L$ and de-listing this companies (for silly reasons) made Luke a good 20.000$.

Delicious Demar has de-listed from the WSE as well followed by other companies. So since the closure for the 25day update in January about 18 companies have de-listed or have been de-listed.

Please see more here cause it take me all day to cut it down or move it over here:
http://www.slexchange.com/modules.php?name=Forums&file=viewtopic&t=37716

I understand there is a CEO's meeting being called by Luke (WSE) this evening.

We will have to wait and see what comes out of this but.....

My own viewpoint for what is might be worth is that if I was a CEO I may be unwilling to deal in shares in my own business priced in WICs, paying Luke Linden dollars in exchange for WICs to pay dividends or redeem shares That therefore leaves some unpalatable options.

1) Create a Second Life group containing all your shareholders and continue to pay them out dividends in Lindens based on your business profitability and the size of the shareholding.

2) Buy back the shares from your shareholders. Price this either on Par value (Launch price), NAV of your business (get it audited by a third party), or the value in Linden dollars last traded on the WSE

I am aware that option (1) above may be against Linden Labs TOS. However there are wider considerations in terms of first life legal liability. Sooner or later folk may not be prepared to take a view Linden dollar losses are non recoverable and may be cross enough to take legal advice.

Just a personal view. Folk must do their own research and form their own views

I went to the WSE website and looked at their calender of events. Nothing there about reopening in March, April, or May (cinco de mayo was mentioned ) I was scared to look any farther.

Time keeps on moving...

find it funny that he keeps delisting and locking accounts and stuffs it into his own wallet while it`s "closed"

how many got delisted so far and assets bascily "confiscated" just because they wanted to move on and repay share holders in another way cause of his incompitence?

wonder how many share holders in total got screwed by a WTFund and total L$ he pocketted with these moves...

Uh-oh!

Edit: I have no idea how that one line was posted, but my partner was scratching my head at that moment, so I kind of faded away. I was going to say that, this is not worth worrying yourself sick over. I have dropped it, told myself it was a lesson learned, and walked away from the train wreck. It was nasty, but LL did the right thing IMHO.

I only lost a few K of stock shares worth as I pulled my money out of WSE before Christmas. Regardless, I've always considered WSE and Ginko money games and toy banks. I really do feel sorry for those who lost a lot more money with the WSE than me, so sorry to those if my initial comment here was cynical.

The real statuas of the WSE is on a white sand beach in Tahiti having a beer lol

australian white sand beach in his case lol

This is exactly why in world stock exchanges and all other financial schemes need to be banned in Second Life unless they’re registered with a real life government and have a license to work with finance in the real world. Linden Labs: Ban these establishments NOW before this keeps happening. Simply give all establishments 90 days to pay back all their customers and shut down shop. People are being scammed left and right and the operations are more than likely illegal in the first place.

Another thing. People should get together and sue the people who are running off with funds.

Ban them and sue them.

You're making generalizations that are quite frankly wrong, yes the WSE has ended up badly, I hold certain opinions about Luke but I won't share them here but you're saying that just because the WSE is a scam (for lack of a better term at this point) all stock exchanges are that way, what about SlCapex, or ISE or even Ansche Chung's exchange... they're all honest and haven't cheated over people who've invested in them so either back up why all exchanges or stop making generalizations.

There were plenty of banks out there, which were legit as well. The problem is, it is simply too easy for anyone to come along, set up a “stock exchange” take in deposits and then shut down operation and run with deposited funds. To date there has been at least one whole exchange which has run off with all funds (Allenvest) and there have been many many CEOs, which have run off with IPO money. There is also no way to know what the operators of the exchanges are doing. They can delist anyone with the push of a button. Then there are the real world legal questions. In all reality, these exchanges are more that likely illegal. Period. They are unregistered unregulated exchanges raising many many thousands of real world USD. This is illegal.

Some may be good and some bad, but as a whole Second Life and the virtual world is worse off with the “exchanges” in existence. The bank ban should be amended to include all unregulated and unregistered financial firms in world.

I don't think the WSE was originally intended to be a scam.

The resemblance to the Scam has been entirely about getting out of the messes LC found himself in while at the same time making sure LC made his money on the deal.

Oh my goodness, soda came out of my nose on that one

Well guaranteed in both the cases of Ginko and WSE and other collapses. -

The owners of the funds got THEIR money *including profit*, no matter how much the participants lost.

i wish it was coming out my nose, but i am getting worried, has anyone else been unable to access www.slcapex.com today? its telling me the web site is down

Apparently it's just a hosting issue that they're working on. I trust SlCapex on that much since they seem to be the only ones who have been entirely honest so far on everything.

I'm getting a 'Server not found' on www.wselive.com. Is this just me? I'm guessing not.

This morning UK time 11.41am 27th March. Likewise cannot load/link, page not found

Same here. I just don't see the appeal of it, I had holdings on it but only because foolishly had L$100 in a Ginko account, which was worth L$0.1 or so.

But there's really no need for investors in SL businesses, unless you have to take a ton of time off work to set up your SL business (in which case you're almost certain to be disappointed) then you don't need any money set up a business.

My business came about by me making stuff I wanted for myself, and finding people were interested in where I got them from. At which point I decided to build a shop on my land (actually some land loaned by a good friend) and try to sell.

After about a year of proper running of the business, but still in my spare time, I have a nice base on which I can try and expand to see where things go. It's the beauty of SL business, all you need is to get some familiarity with SL scripting/building, and then have an idea. You don't need investors, shares, or anything like that.

I mean how in the heck did people think WSE was supposed to work anyway? If you "buy shares" in my business on SL, I don't have to care, because as far as the SL system is concerned, all you've done is given me a lovely gift of some money.

Hmm wselive.com no response

also, i don't see this mentioned in this thread, so here's some news.
ancapex.com sold to highest bidder on y2p
ancapex.net severely crippled, no way to log in, view news, or open a ticket