Thanks for destroying the Economy

Thank you LL for destroying the economy, let me surmise to what will happen now:

1. People will attempt to withdraw (DONE)
2. Exchanges will overload and "temporarily" shutdown (DONE)
3. Some exchanges will get the liquidity to come back up and honor withdraws but many won't and will fold either because they're dishonest, they don't have liquidity to cover investments, or any other of a number of reasons.
4. People who got their money out will withdraw, exchange for USD and cash it out.
5. People who lost their money are SOL (Shit Out of Luck)
6. With nobody wanting to buy in a depressed economy and everyone selling their L$ there will be less money in game, sales will suffer from everything from furniture to sexbeds and guess what, we have you to thank for it.

It was long overdue to crack down on many of the "banks" in SL but thank you for fucking everyone over by doing it in your standard clumsy overhanded way that screwed over everyone and the economy as a whole.

Obligatory question Why don't you hire someone with their head not up their ass to tell you how to do things like this without screwing your customers over


ADDENDUM: I may be wrong on this but this is my guess as what is going to happen, I'm not even going to try to put a time line to this thing because it would almost be guaranteed to be off.

Sounds like you are losing money because of this yeah?

People who put money into an SL bank cannot fully expect it back anyway, in my opinion.. its too easy to just take it and walk away. LL has done something good, no more bank scams, no more 'our banking system was hacked and we can't give you back your money, sorry'

Its a good thing. If people lose money from it, ultimately it is there fault. Period.

Actually I would not be losing money into this if LL hasn't fucked everyone over, I had my money in trustworthy instutitions which even right now I trust implicitly with my money and the only reason that I'm losing money right now is that LL killed banking. Yes you can say that they didn't until the 22nd but go to SLCapex headquarters or WSE headquarters or any of the big bank headquarters and you'll see what I mean, they might as well have said all banks have to shut down today before 23:59pst.

And yes, I accepted the risk of fraud and of losing money but I never expected to be betrayed by LL and have them being the ones to do it and even those who take that risk didn't sign up for this crap.

The economy is hardly destroyed.

The "banks" that are honest will pay the money back upon liquidation, even if it takes longer than the 22 days. It may have to be done manually, but it should be done.

The ones that are not honest... well, that is the risk you took and it was a matter of time.

I'm probably going to lose a couple of linden cents (fractions of an L$) because you can't transfer them out but yes, if you were smart you should get it all back)

I'm not trying to panic monger btw, I know from the Ginko situation that it just makes things worse, but I think that's a fairly accurate in terms of the downturn to the sales sector. I'm no expert on land sales so I'm not even going to speculate but I'd be interested if anyone has any guesses on whether land sales will be effected and if so how much.

Actually, I would expect the the percentage of SL Players who remained foolish enough to deal with "SL Banks" since the collapse of the Ginko Bank last year is rather small. Most of the SL economy will continue on just as it has before, because most of us had enough sense not to trust a completely unregulated and anonymous 'bank' with anything we weren't fully prepared to shrug and write off if it crashed.

I don't know about the economy, but this is the type of thread that will destroy Resident Answers.

Land sales will probably not change at all.. since ya know.. people still have the money without the banks.. at least if they get the money back in the first place

You sound kinda panicked, that you maybe won't get your money back, which is well...too bad.

I'm not sure why you think that banks closing will really effect the economy at all honestly.. seems kinda like it wont do anything, maybe even raise sales since people have that larger number on their screen to begin with
EDIT:: I am now done posting to this thread for its original purpose. Goodbye.

yes....having all that money in-pocket and "disposable" will actually fuel the economy far faster than it destroys it...only people who run banks are getting the shaft no more petty-cash to dip into when they wanna splurge!

What he means is that like the gambling situation, the banks were large landholders and will have to dump land in order to liquidate assets for distribution. Another whack on the land market, if you will. Honestly, I don't see it that way - and a push down on land prices right now wouldn't be bad. I'm looking for a little extra land anyway

And yet we don't have a resmod to police it, just a Linden who I'm sure has better things to do than police resident answers. I don't week for RA, LL sealed the eventual fate of the forums when they closed general discussions down, it's just taking awhile for the rest the body to realize the head has been cut off.

You had another thread to post your displeasure in. This thread adds nothing to the discussion. It does not belong here. The fate of the forums has not been determined yet, but thanks for doing your part to get it closed down with this thread.

I do what I can... now back on topic.

The loss of Linden Dollars by people who chose to invest it in an SL "bank" is no one's fault but their own. Both common sense and warnings posted and promulgated on numerous forums and ingame as well as by some of the very "banks" themselves disclosed that at best an SL "bank" is a highly volatile high risk investment fund and at worst a ponzi scheme.

I find it hard to believe, especially after Ginko, that people would be foolish enough to invest, in the aggregate, enough Linden Dollars in the remaining SL "banks" to have a material adverse effect on the economy of Second Life. Investment funds which were not scams will have sufficient liquidity to return all or a substantial portion of a player's investment. Ponzi schemes or poorly run investment funds will fold up and be prevented from taking away even more money from players and the economy.

There is no gentle way of effectively putting an end to this type of activity and it is not realistic or pragmatic to expect Linden Lab to spend the time and resources to step in and essentially become the equivalent of a virtual world regulatory agency to satiate a handful of players desires to play fund manager.

Well said!

ZOMG the SL sky is falling post template #42:


I can’t believe LL actually banned/changed/ended (circle one) ____________. This will destroy SL, don’t they get that? ___________ has been propping up this house of cards economy all along. People will leave in droves because of ____________ and then there won’t be an SL for anybody. I predict LL will be out of business within 2 months because of ____________. So much for Philip and his promise of Your World, Your Imagination. Where is the free market now, Phil? LL NEEDS TO LISTEN TO ITS CUSTOMERS FOR A CHANGE AND REINSTATE _______________.

I can’t believe LL actually banned crabby landlords. This will destroy SL, don’t they get that? Figtree has been propping up this house of cards economy all along. People will leave in droves because of Liome being sold and then there won’t be an SL for anybody. I predict LL will be out of business within 2 months because of this travesty. So much for Philip and his promise of Your World, Your Imagination. Where is the free market now, Phil? LL NEEDS TO LISTEN TO ITS CUSOMERS FOR A CHANGE AND REINSTATE THE LETTER T IN THE WORD "CUSTOMERS".

Any investment is a risk. There should have been an expectation that this might happen. There's the risk. Make the investment if you so choose.

As for the sky is falling? This will barely be a blip on the screen.

This is hysterical. It must be saved as a sticky and referred to for all sky is falling posts.

Agreeing with Bradley. A classic. Thanks, Isablan. : D

LL is merely following up on their gambling ban.

The owners of the banks were gambling they'd get away with running of with the cash, the depositors were gambling they would get their cash out just before the owners ran off.

*runs for the hills and hides under a big rock until the owners/depositors stop looking for her _AND_ before Bradley shuts down his and runs off with her deposit (once she's made it of course, which requires said Bradley to provide a slurl) *

It's hard for me to provide a slurl. I generally move my bank very quickly after each deposit.

Ahh a good practice to ensure the branch is never robbed!

I will IM you when I'm in world next so you can TP me to the current location, just please promise to invest my $50L I got from camping wisely for me, it did take me a long time to earn!

I am very curious to hear what ideas you have for how this would have been better handled.

P.S.: If you were as accepting of risk as you say, you'd have been as ready for this kind of risk as any other, I should think. We all face the "entry level" risk of knowing that everything we have in-world can disappear at any time, for any or no reason. How is this situation much different?

I guess that go's for LL too... They do what they can.

I think the ban was long over due.

I have invested in a couple trustworthy banks and never had any problems. I eventually got bored. Also found I could make more camping on a daily basis without any risk.