Thanks for destroying the Economy
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Rob Adelaide
Cream Cheese Fanatic
Join date: 19 Oct 2006
Posts: 34
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01-09-2008 08:33
From: Gordon Wendt 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. I talked to the owner of WSE yesterday and he explained they'd be continuing with a charter, and this change would probably send more of the legitimate market share to them. They are a legal institution. Don't know why you'd assume they're shutting down. -R |
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Colette Meiji
Registered User
Join date: 25 Mar 2005
Posts: 15,556
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01-09-2008 08:35
From: Eben Slade 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. Perhaps. Course it always feels more frustrating to be on the "losing" side of an issue. Which was determined before the thread ever started. Whenever you are going against the trend its difficult. |
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Leaf Evans
Greenboy
Join date: 9 May 2006
Posts: 61
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01-09-2008 08:35
From: Eben Slade
A) The majority of good people, people who play by the rules, will not even attempt to open a bank or stock exchange because it's against the rules. Unscrupulous people, those who sneer at the rules, lie, cheat, and steal, will open banks and gladly take deposits until they get caught. Then they will simply abscond with the money. "Good" banks and exchanges won't even exist; not in the same way that they have prior to this new rule.
If people on SL know the rules, they won't get suckered into giving phony 'banks' money because they'll know they're violating SL policies just by being there. I'm still not sure why anyone would want to use a bank on SL to begin with, except to get "free money" -- a concept I'd be happier if SL did away with entirely. I think it encourages fraud in a way that wouldn't exist if there were camping spots, dance pads, etc. |
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Raymond Figtree
Gone, avi, gone
Join date: 17 May 2006
Posts: 6,256
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01-09-2008 08:35
From: Rob Adelaide I talked to the owner of WSE yesterday and he explained they'd be continuing with a charter, and this change would probably send more of the legitimate market share to them. They are a legal institution. Don't know why you'd assume they're shutting down.
-R Next time you talk to him, you might want to tell him a public announcement to clarify all issues and lessen speculation would be a good idea. EDIT: This is their current official announcement: LL'S NEW POLICY Submitted by: World Stock Exchange (WSE) Date: January 08, 2008 LL has introduced a new policy on banks. The FAQ says that stock exchanges "may" or "may not" be included in this policy. We are currently investigating how this new policy affects the WSE's operations and we will update the market once there is more news.
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Colette Meiji
Registered User
Join date: 25 Mar 2005
Posts: 15,556
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01-09-2008 08:37
From: Usagi Musashi So this is how this forum well be run these days..................Unmonitored and ruthless...........................um.....ok. Kiss this forum goodbye in a few months. Usagi First off, I don't see it. There were flame wars that made this thread look like a Love-In during the tenure of every Res Mod we've ever had. Secondly, You've done your fair share of flaming in the past. |
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Sunni Jewell
Who said so?
Join date: 22 Mar 2007
Posts: 748
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01-09-2008 08:42
From: Colette Meiji Usagi
First off, I don't see it.
There were flame wars that made this thread look like a Love-In during the tenure of every Res Mod we've ever had.
Secondly, You've done your fair share of flaming in the past. QFT! I was just thinking that exact same thing.
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Rob Adelaide
Cream Cheese Fanatic
Join date: 19 Oct 2006
Posts: 34
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01-09-2008 08:44
From: Gordon Wendt I was and it's one of my biggest regrets in SL ever getting involved with Luke and the WSE, they incidentally would not be on my list of good institutions to invest with although I believe Hope Capital is a registered institution in Melbourne Australia so if they don't already have the paperwork it'll probably be easier for them to get it. Your personal beef with Luke isn't a reason to steer away from WSE/Hope Capital. I think of all the 'banks' or 'stock exchanges' that I've seen, WSE is one of the best-organized and most user-friendly out there(not to mention a legitimate market). Sorry you had a bad experience working or trading there, but don't crap on our parade for no reason.  -R |
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Rob Adelaide
Cream Cheese Fanatic
Join date: 19 Oct 2006
Posts: 34
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01-09-2008 08:50
From: Raymond Figtree Next time you talk to him, you might want to tell him a public announcement to clarify all issues and lessen speculation would be a good idea.
EDIT: This is their current official announcement:
LL'S NEW POLICY
Submitted by: World Stock Exchange (WSE)
Date: January 08, 2008
LL has introduced a new policy on banks. The FAQ says that stock exchanges "may" or "may not" be included in this policy. We are currently investigating how this new policy affects the WSE's operations and we will update the market once there is more news. The conversation I had with Luke sounded pretty firm that they'd be staying open, but I'll see if I can't rustle him up to post on here to explain it himself. -R |
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Annabelle Babii
Unholier than thou
Join date: 2 Jun 2007
Posts: 1,797
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01-09-2008 08:50
OMG!
This means the only way to make money on the grid will be by actually providing goods and services with real value!!!
What is wrong with LL???!???!!!!1111eleven111
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Raymond Figtree
Gone, avi, gone
Join date: 17 May 2006
Posts: 6,256
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01-09-2008 08:53
From: Rob Adelaide The conversation I had with Luke sounded pretty firm that they'd be staying open, but I'll see if I can't rustle him up to post on here to explain it himself.
-R He's better off not posting here, but just making announcements on the site as news comes in. Posting here will just open himself up for a lot of trash talk.
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Read or listen to some Eckhart Tolle. You won't regret it.
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Ciaran Laval
Mostly Harmless
Join date: 11 Mar 2007
Posts: 7,951
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01-09-2008 08:54
From: Annabelle Babii OMG!
This means the only way to make money on the grid will be by actually providing goods and services with real value!!!
Including those that don't get delivered. |
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Colette Meiji
Registered User
Join date: 25 Mar 2005
Posts: 15,556
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01-09-2008 08:55
From: Raymond Figtree He's better off not posting here, but just making announcements on the site as news comes in. Posting here will just open himself up for a lot of trash talk. There go and spoil a perfectly good target for everyone  |
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Lias Leandros
mainlander
Join date: 20 Jul 2005
Posts: 3,458
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01-09-2008 08:55
From: Annabelle Babii OMG!
This means the only way to make money on the grid will be by actually providing goods and services with real value!!!
What is wrong with LL???!???!!!!1111eleven111 Or read the employment thread in these forums.
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Sae Luan
Hardcore 4the Headstrong
Join date: 6 Feb 2006
Posts: 841
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01-09-2008 08:57
LMAO
Destroyed the economy? When are YOU going to wake up? Guess it's better to allow the sh*tty ones to operate, further enhancing and enriching all of our SL experience each time one screws someone over for some money. Woo hoo.
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Rave Nation Owner
saeluan.blogspot.com
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Colette Meiji
Registered User
Join date: 25 Mar 2005
Posts: 15,556
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01-09-2008 08:57
From: Annabelle Babii OMG!
This means the only way to make money on the grid will be by actually providing goods and services with real value!!!
What is wrong with LL???!???!!!!1111eleven111 Dont lose faith. There is still land swooping, land bots, camping and traffic gaming, and of course IP theft.  |
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Dekka Raymaker
thinking very hard
Join date: 4 Feb 2007
Posts: 3,898
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01-09-2008 08:58
From: Raymond Figtree He's better off not posting here, but just making announcements on the site as news comes in. Posting here will just open himself up for a lot of trash talk. He probably doesn't have payment info on file anyway |
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Rob Adelaide
Cream Cheese Fanatic
Join date: 19 Oct 2006
Posts: 34
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01-09-2008 09:01
From: Dekka Raymaker He probably doesn't have payment info on file anyway Sure he does, he owns a Sim. I'll leave avoiding flames to him, and I sent him a message, but he's an Aussie and it's real late/early there right now so he's probably having a good sleep. -R |
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Hypatia Callisto
metadea
Join date: 8 Feb 2006
Posts: 793
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01-09-2008 09:04
From: Beady Voom 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. Common sense does not necessarily mean "relying on evidence of the senses alone". It means using your head - to use reason. Well, learning how to observe the passage of time accurately, and being very familiar with the night sky (as well as keeping records on it for centuries), would tell you that the Sun really does not revolve around the Earth, and that the Earth does indeed spin on its axis as well as orbit the sun.  (that wee bit about precession, etc) http://en.wikipedia.org/wiki/Aristarchus_of_Samos"You King Gelon are aware the 'universe' is the name given by most astronomers to the sphere the center of which is the center of the Earth, while its radius is equal to the straight line between the center of the Sun and the center of the Earth. This is the common account as you have heard from astronomers. But Aristarchus has brought out a book consisting of certain hypotheses, wherein it appears, as a consequence of the assumptions made, that the universe is many times greater than the 'universe' just mentioned. His hypotheses are that the fixed stars and the Sun remain unmoved, that the Earth revolves about the Sun on the circumference of a circle, the Sun lying in the middle of the orbit, and that the sphere of fixed stars, situated about the same center as the Sun, is so great that the circle in which he supposes the Earth to revolve bears such a proportion to the distance of the fixed stars as the center of the sphere bears to its surface." and Aristotle reported - "At the center, they [the Pythagoreans] say, is fire, and the earth is one of the stars, creating night and day by its circular motion about the center." ... but did anyone listen to people who used their common sense - their ability to both make accurate observations AND use their powers of reason to interpret what they were seeing... well heck, it took throwing Galileo in the slammer... and yes, I used my powers of reason + observation to see that giving money to an SL bank was equivalent to handing money to some dude on the street with a sign over his building saying "Joe's bank" - with no insurance, no identity verification of who this person is, no financial regulation to protect the public. But then some folks hand money to Nigerian scammers... I can't for the life of me figure out what goes through some folks heads. I wouldn't do any of that in RL, I wouldn't do it here in SL either
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Rob Adelaide
Cream Cheese Fanatic
Join date: 19 Oct 2006
Posts: 34
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01-09-2008 09:08
From: Hypatia Callisto ... well heck, it took throwing Galileo in the slammer... I thought the queen had him beheaded? -R |
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Hypatia Callisto
metadea
Join date: 8 Feb 2006
Posts: 793
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01-09-2008 09:10
From: Rob Adelaide I thought the queen had him beheaded?
-R Actually he was under house arrest.
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... perhaps simplicity is complicated to grasp.
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Colette Meiji
Registered User
Join date: 25 Mar 2005
Posts: 15,556
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01-09-2008 09:11
From: Rob Adelaide I thought the queen had him beheaded?
-R Neither. He was tried and put under House arrest (it was a very nice home for the time) for the remainder of his life. He was not even stopped from still working. |
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Alicia Sautereau
if (!social) hide;
Join date: 20 Feb 2007
Posts: 3,125
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01-09-2008 09:13
"Thanks for destroying the Economy" yw next! |
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Katie Usher
Registered User
Join date: 27 Jun 2007
Posts: 37
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01-09-2008 09:15
From: Tod69 Talamasca Am I still the only one who finds "Banks in SL" to be silly and a quick way to lose money??? NO! |
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Hypatia Callisto
metadea
Join date: 8 Feb 2006
Posts: 793
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01-09-2008 09:27
From: Colette Meiji Neither.
He was tried and put under House arrest (it was a very nice home for the time) for the remainder of his life.
He was not even stopped from still working. actually more complex than that - he was indeed imprisoned during his trial, convicted and sentenced to prison, until he formally abjured his opinions before the ecclesiastical court, THEN moved to house arrest
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... perhaps simplicity is complicated to grasp.
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Katie Singh
SL Kid
Join date: 18 Feb 2007
Posts: 81
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01-09-2008 09:31
Usually when banks fail, the economy is devastated. But not because people don't get their money out of the bank, but because the banks loaning money is a necessary and vitally important part of the economy.
Has anybody noticed that there aren't any people or businesses posting in these threads "OMG how will I raise funds now?!"
If you need an "investment" to start a business, you probably need US$ to buy a sim. Most of the real business "investment" is real world creative--3d modeling tools, photoshop, knowledge of scripting. The rest is largely paid in US$ -- tier fees, private island sims.
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