Thanks for destroying the Economy

I think the Ban is a very good thing. I also think LL, by giving a official advanced notice and a reasonable deadline to give money back means they must have learned something after they did the sudden Gambling ban causing the run on Ginko.

LL should have intervened long ago. Ultimately the fault is with LL for not seeing that naive residents were about to get scammed.

Just because people putting money in Ginko were dumb and greedy, and deserve losing money for their dumbness, does not mean LL wasn't ultimately to blame, when the ponzi scheme had to fold suddenly after the run on the bank when the gambling ban occured.

The reason I say LL was responsible, is because SL is their "game." All prior MMO's police their games and it is reasonable in a game, to expect the game company to make up loses of a fictional currency, lost due to scammers and it is also reasonable to expect a game company to prevent such scams from happening to begin with. It's not as though Ginko was operating underground, or that LL didn't know it was happening-----and no matter how much money scammers skim off SL---LL makes more money, in SL, then anyone else.

It should have been handled quietly, way before the Gambling ban. The whole darn thing should have been seized and money returned and the balance of the loses paid off in Lindens. They should have been talking to Ginko and other "banks" long long ago.

But nevetheless, this time, they have given a good advanced notice and should be applauded they are FINALLY doing the right thing.

and your evidence for this is?

what are you drinking????????????/// I want some too
frankly speaking how much in liquidation $ per Linden would that be? 1/3 of a Linden $? or less..........hardly just return don`t you think?

This has been a long time coming for sure...

See this thread also - /341/c8/212434/1.html

Maybe LL were getting too many subpoenas for RL details of people like Jasper Tizzy who is still being actively pursued in RL by those who lost thousands of L$ in his bank and his SL companies (AVC, CGI and KFM).

Thanks LL for listening this time

I can't read this thread anymore. I'm really losing respect for some of my favorite forum posters.

People have stated clear, well-thought out reasons why they liked banks and stock exchanges.

Rather than debate these points intellectually, I just see ridicule and the desire to one-up each other with witticisms.

It's disappointing considering some of the ridicule is coming from some normally very intelligent, open-minded posters.

It's all a moot point now, because LL is not going to change their policy.

I'm just writing this post to say that I stand by my reasons for enjoying banking and stock trading in SL while it lasted.

I really wish some of you could try to understand my reasons, and respect that it was fun and informative for people like me.

Hmm they did give banks notice earlier anyone see a possibility that one down for maintenance may not come back?

Exactly..... which is why the entire concept of a consultation period with the existing SL 'banks' was a bad idea. All it would do is tell the bank owners that it's time to close up shop and run off with their moolah as has patently happend in the WSE case.

Why blame it on Linden Lab? Nobody forced you to 'invest' in any of these SL banks, did they?

If Second Life means so little to you that you'd quit through being caught out by your own greediness of wanting "something from nothing", then I respectfully submit that we probably won't miss you that much. So long, and thanks for all the fish.

Common sense.

Which, unfortunately, doesn't appear to be very common in Second Life.

I use a bank and I've already spoken to three of my tenants who use banks. JTF claim they have a liquid cash reserve of over $100,000 USD so it's hardly small business.

I can claim to own a porsche, yacht, and private island in the carribean. Can you prove otherwise?

Have you inspected their "claim" of having all that money available and been shown proof that you can verify as being true?

My guess is that their claim of having $100K "ready to pay out" is as bogus as the interest rates offered.

It won't. It won't affect the economy in the slightest. Only a small minority of people used SL banks, so it will affect a few people's personal economy, but that's all.

If the banks and investment businesses are/were genuine, then people will get their money. It may take a bit of time because assets need to be liquidated (I see that SL Bank is selling land), and LL stopping it now won't be detrimental. If they aren't/weren't honest, then they would likely have done a runner with the money sooner or later, and LL is right to stop it now.

WOW is ready when you are. Head on back to your 188th lvl Demon Wizard.

Well you can guess all you like, I guess you won't apologise to JTF if your guess is wide of the mark will you.

The point however wasn't about whether they had the $100K, but pointing out that sums of money that size are involved in one or more SL banks points to it being quite a sizeable financial sector. The sums involved in Ginko were much higher.

Common sense tells me that the Earth is flat and that the sun orbits around it. Common sense is not and never has been evidence.

I work hard for my money and always have, both in RL and SL, I don't do sleaze nor unethical or criminal things.

Please don't tell me that putting money into a RL bank and getting interest on it is 'getting money for nothing' any more than doing the same thing in SL is.

I lent money to a guy who said he could give me a reasonable return on it. My downside was the inability to spend that money and a risk that he would default when I asked for the money back. The upside was that he paid me interest and up until LL caused this run on the bank I have always received every penny I requested back.

I have to confess I don't really understand the triumphalism of some posters on this topic. All that has happened is that I and many others like me have been deprived of a source of small income. I won't quit SL because of it, I won't in reality miss the £2 or so it brought in every week, which of course doesn't even cover the salary I pay to staff.

And just for the record I don't think that this will destroy the SL economy any more than the gambling ban, nor the decision to open in Europe and incur VAT did. Both of which were also fundamental errors in my opinion.

No.

also

Northern Rock.

However there's no triumph here ... I never went into this side of things.

Just wanted to drop by and re-assure our valued customers that we'll be accepting deposits till January 21, 2008.


http://www.ponzimoney.com

Oi, Sky's falling, anyone?

Congratulations, you are recipient 16,747 of today's Urban Myth! Click http://redwing.hutman.net/~mreed/ to claim your prize!

Be sure to look up 'Klaxon' in the list.

No, you should get dicked over because you are an idiot. And you are rude.

So this is how this forum well be run these days..................Unmonitored and ruthless...........................um.....ok. Kiss this forum goodbye in a few months.

I for one have nothing against having banks in SL. I, of course, wouldn’t want fake banks, money laundering, loan sharking, or anything of that nature to be prevalent in SL… although those industries are more than common in RL. I wouldn’t want those SL banks to be able to charge hefty overdraft fees, item fees, or the like - which are the meat and potatoes of RL banks and credit card institutions - either. I personally would like SL to be better than RL. I don’t want credit card companies here. I don’t want monolithic banks either, or huge corporate owned lending entities.

A small town bank helps to grow a community.

I put a little bit of linden in a SL bank account. Not a whole lot but a little. I wasn’t looking to get $L rich or make my SL living by interest payments. For me it was to make my money work for me… and work for other people too. The basics of any financial life: Investment in industry and commerce. I put my money in, it gets invested in land and/or loaned out for new business ventures or to expanding businesses, it gets spread around to balance against losses, and in the end I get a small percentage paid on my investment.

Insured funds? Of course! That is a must.

Regulation? I’m all for it. I certainly wouldn’t want to see a repeat of the S&L scandals of the 1980’s.


Some people are too happy about this new policy regarding SL Banks – Especially people who’ve never deposited so much as a single linden into a SL Bank. People who’ve lost money in the past in a SL Bank or, now, have lost money because of the suddenness of the new policy and the short time given to get liquid or “legal”, I can understand their feelings on this topic. Two weeks is nothing in financial or real estate terms – even in virtual reality. The panic and rush on the banks certainly has caused a lot of problems for a lot of people.

THANK GOD!

I needed a little reassurance

[/b]





Take it easy folks. I do not see any reason to have this avatar alt of JT hold your money when LL provided you with the same ability.

Id be sorrier to see you go if you weren't so blatantly crude.

There is nothing stopping legal funds from investing in Second Life Projects.

Additionally only RL regulations apply towards Residents doing USD transactions via Paypal and wire transfers.

This ban just means all those "Banks" that weren't Banks and "stock exchanges" that weren't stock exchanges are banned,