Hi, I want to start and investment bank and a good one at that. I have a bit of capital to start with and soon until I started looking into old banks. This is when i stumbled across something that said banks were banned. Can someone elaborate please. I would really like to continue perusing this thought but I am unsure. Can I have an investment bank? Will SL allow it?
Thanks,
Eddyys
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Eddyys Barnside
Registered User
Join date: 4 Jul 2009
Posts: 3
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07-06-2009 14:03
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Elanthius Flagstaff
Registered User
Join date: 30 Apr 2006
Posts: 1,534
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07-06-2009 14:05
Hi, I want to start and investment bank and a good one at that. I have a bit of capital to start with and soon until I started looking into old banks. This is when i stumbled across something that said banks were banned. Can someone elaborate please. I would really like to continue perusing this thought but I am unsure. Can I have an investment bank? Will SL allow it? Thanks, Eddyys It's against the rules to offer interest on deposits. Most of the edge cases haven't been tested yet but in fact there are lots of other "investment banks" that run sort of like mutual funds of other companies and sell shares in themselves. *Edit: Full details here: https://blogs.secondlife.com/community/features/blog/2008/01/08/new-policy-regarding-in-world-banks _____________________
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Maggie McArdle
FIOS hates puppies
Join date: 8 May 2006
Posts: 2,855
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07-06-2009 14:06
 ooohh that was a good one! and it's not even Friday yet!!! _____________________
There's, uh, probably a lot of things you didn't know about lindens. Another, another interesting, uh, lindenism, uh, there are only three jobs available to a linden. The first is making shoes at night while, you know, while the old cobbler sleeps.You can bake cookies in a tree. But the third job, some call it, uh, "the show" or "the big dance," it's the profession that every linden aspires to.
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Ceka Cianci
SuperPremiumExcaliburAcc#
Join date: 31 Jul 2006
Posts: 4,489
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07-06-2009 14:06
I believe you have to be certified in RL or something like that..
a lot of people were hurt buy a bank offering too good to be true interest and one day the person up and left SL with all the money and believed to be living in Brazil.. you could ask LL what it would take to be one in sl.. _____________________
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Conifer Dada
Hiya m'dooks!
Join date: 6 Oct 2006
Posts: 3,716
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07-06-2009 14:09
I would say that SL needs a new bank like we all need multiple copies of last year's high and low tide tables for the Faroe Islands!
The in-world official Linden currency transaction system is a bank in itself - I can't think why we'd need another one. _____________________
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Rhonda Huntress
Kitteh Herder
Join date: 21 Dec 2008
Posts: 1,823
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07-06-2009 14:09
If you have a real world bank to tie it too, then sure, you can have a bank.
Too many "banks" took people's money and then just went defunct; keeping the money that was given to them. I used that wording for a reason, because any transaction is a gift as far as LL is concerned. As far as possible, they stay out of resident to resident problems. However, when many thousands of US dollars just go poof, something had to be done. As a result, if you want to be a bank in SL you need to be a bank in RL that will be financially responsible for any money exchanges. |
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Raudf Fox
(ra-ow-th)
Join date: 25 Feb 2005
Posts: 5,119
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07-06-2009 14:36
I believe you have to be certified in RL or something like that Ceka isn't talking about being certified crazy either, though I'm sure that helps if you're going to be investing in one. One of the things mentioned is that you need to be licensed/certified as a bank in RL to be able to be a bank in SL. From the blog posted provided by Elanthius, this should even include the currency you make up to represent L$ deposits. You'll have to get an RL bank registration statement or a financial charter and send it to LL. I have no idea which Linden is involved, nor do I know how much it would cost to do this, but it sounds like a lot more work than most people want to put into "a game." _____________________
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Eddyys Barnside
Registered User
Join date: 4 Jul 2009
Posts: 3
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07-06-2009 15:02
Ceka isn't talking about being certified crazy either, though I'm sure that helps if you're going to be investing in one. One of the things mentioned is that you need to be licensed/certified as a bank in RL to be able to be a bank in SL. From the blog posted provided by Elanthius, this should even include the currency you make up to represent L$ deposits. You'll have to get an RL bank registration statement or a financial charter and send it to LL. I have no idea which Linden is involved, nor do I know how much it would cost to do this, but it sounds like a lot more work than most people want to put into "a game." Damn, sounds like alot of work for very little profit. I used to play eve online and be part of the share holders that owned a bank. I owned 40%, and the CEO smashed and grabbed. Basically, it is illegal in that game to sell in game currency but he ended up making about 10K in RL money. He hurt alot of people but somehow the bank survived and I ended up selling my shares and quitting the game. He later told us he did it because his son was sick and knowing him from grade school I knew he had a son. His son was i think 6 months old and he came down with something and he could barely pay the bills. He ended up switching fantasy money for RL money. Who could blame him though. Anyways I moved on and now play this game and would like to get back into the financial district. I think my days as a banker are over. =( |
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DanielRavenNest Noe
Registered User
Join date: 26 Oct 2006
Posts: 1,076
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Linden Dollars are real money...
07-06-2009 16:09
Dear Eddyys,
Because Linden Dollars (L$) are openly exchangeable on the Lindex(TM) currency exchange for US dollars, and then cashed out of Second Life, they represent *real money*. The Lindex processes about USD $300K a day. You need to wrap your head around that fact. That's why Second Life is not just a game, it's a virtual world, with a very real economy, which some people make part or all of their income from. So the standards have to be different than "just a game". Second life has currency trading limits, and fraud detectors in place. Try to move too much money too fast, and they will shut you down. The bank rules are another part of it, to keep people from collecting deposits, and then just cashing out and vanishing. |
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Colette Meiji
Registered User
Join date: 25 Mar 2005
Posts: 15,556
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07-06-2009 17:40
Hi, I want to start and investment bank and a good one at that. I have a bit of capital to start with and soon until I started looking into old banks. This is when i stumbled across something that said banks were banned. Can someone elaborate please. I would really like to continue perusing this thought but I am unsure. Can I have an investment bank? Will SL allow it? Thanks, Eddyys Nick P, is that you? |
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Isablan Neva
Mystic
Join date: 27 Nov 2004
Posts: 2,907
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07-06-2009 17:44
/is laughing too hard to come up with a comment.
_____________________
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Qie Niangao
Coin-operated
Join date: 24 May 2006
Posts: 7,138
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07-06-2009 17:51
Nick P, is that you?  |
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Colette Meiji
Registered User
Join date: 25 Mar 2005
Posts: 15,556
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07-06-2009 17:51
My Search Fu is more better than the OP's
https://blogs.secondlife.com/community/features/blog/2008/01/08/new-policy-regarding-in-world-banks] Previous Next Features Currently Being Moderated New Policy Regarding In-World "Banks" Posted by Kend Linden on Jan 8, 2008 6:43:56 PM Please read this if you operate, or have transferred L$ to, an in-world “bank” or financial company. As of January 22, 2008, it will be prohibited to offer interest or any direct return on an investment (whether in L$ or other currency) from any object, such as an ATM, located in Second Life, without proof of an applicable government registration statement or financial institution charter. We’re implementing this policy after reviewing Resident complaints, banking activities, and the law, and we’re doing it to protect our Residents and the integrity of our economy. Since the collapse of Ginko Financial in August 2007, Linden Lab has received complaints about several in-world “banks” defaulting on their promises. These banks often promise unusually high rates of L$ return, reaching 20, 40, or even 60 percent annualized. Usually, we don’t step in the middle of Resident-to-Resident conduct – letting Residents decide how to act, live, or play in Second Life. But these “banks” have brought unique and substantial risks to Second Life, and we feel it’s our duty to step in. Offering unsustainably high interest rates, they are in most cases doomed to collapse – leaving upset “depositors” with nothing to show for their investments. As these activities grow, they become more likely to lead to destabilization of the virtual economy. At least as important, the legal and regulatory framework of these non-chartered, unregistered banks is unclear, i.e., what their duties are when they offer “interest” or “investments.” There is no workable alternative. The so-called banks are not operated, overseen or insured by Linden Lab, nor can we predict which will fail or when. And Linden Lab isn’t, and can’t start acting as, a banking regulator. Some may argue that Residents who deposit L$ with these “banks” must know they’re assuming a big risk – the high interest rates promised aren’t guaranteed, and the banks aren’t overseen by Linden Lab or anyone else. That may be true. But for all of the other reasons we’ve set out above, we can’t let this activity continue. Thus, as we did in the past with gambling, as of January 22, 2008 we will begin removing any virtual ATMs or other objects that facilitate the operation or facilitation of in-world “banking,” i.e., the offering of interest or a rate of return on L$ invested or deposited. We ask that between now and then, those who operate these “banks” settle up on any promises they have made to other Residents and, of course, honor valid withdrawals. After that date, we may sanction those who continue to offer these services with suspension, termination of accounts, and loss of land. We will not apply this policy to companies who submit a registration statement, charter, or other applicable license from a governing regulatory authority, or who are merely conducting marketing or education, but not accepting payments. You may report a violation of this policy through the Help/Report Abuse feature in your Second Life viewer, and follow the instructions given. Answers to FAQs are located here: http://secondlife.com/community/support.php?questionID=4899 |
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Colette Meiji
Registered User
Join date: 25 Mar 2005
Posts: 15,556
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07-06-2009 17:52
I doubt it; the OP said he has "a bit of capital" and Nick P put all his Ginko loot into mortgage-backed securities. At least I like to think so. Still think he spent it all on hookers and beer. |
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Eddyys Barnside
Registered User
Join date: 4 Jul 2009
Posts: 3
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07-07-2009 06:33
Still think he spent it all on hookers and beer. I was gonna spend all of mine on hookers and beer too! |
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Brodsky Zapedzki
Registered User
Join date: 30 Mar 2007
Posts: 337
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07-07-2009 08:17
Nick P, is that you? Nick's over at SLCapex pimping ETF's with an alt. |
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richard Zhichao
Registered User
Join date: 9 Mar 2007
Posts: 113
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banks
07-07-2009 08:30
Hi, I want to start and investment bank and a good one at that. I have a bit of capital to start with and soon until I started looking into old banks. This is when i stumbled across something that said banks were banned. Can someone elaborate please. I would really like to continue perusing this thought but I am unsure. Can I have an investment bank? Will SL allow it? Thanks, Eddyys didnt they ban banks? |
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Darien Caldwell
Registered User
Join date: 12 Oct 2006
Posts: 3,127
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07-07-2009 08:31
The best way to invest your lindens:
Cash them out and put them in a real bank. you can get the rates on good Certificates of Deposit here: http://www.bankrate.com/brm/cd-rates.asp _____________________
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Colette Meiji
Registered User
Join date: 25 Mar 2005
Posts: 15,556
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07-07-2009 16:49
Nick's over at SLCapex pimping ETF's with an alt. Oh yeah? Interesting. What is a ETF? |
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Marianne McCann
Feted Inner Child
Join date: 23 Feb 2006
Posts: 7,145
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07-07-2009 19:09
My Search Fu is more better than the OP's Beat me to it... _____________________
 "There's nothing objectionable nor illegal in having a child-like avatar in itself and we must assume innocence until proof of the contrary." - Lewis PR Linden "If you find children offensive, you're gonna have trouble in this world  " - Prospero Linden |
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ArchTx Edo
Mystic/Artist/Architect
Join date: 13 Feb 2005
Posts: 1,993
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07-08-2009 13:17
Hi, I want to start and investment bank and a good one at that. I have a bit of capital to start with and soon until I started looking into old banks. This is when i stumbled across something that said banks were banned. Can someone elaborate please. I would really like to continue perusing this thought but I am unsure. Can I have an investment bank? Will SL allow it? Thanks, Eddyys Dear Eddyys, I would be very interested in opening an account with you. I will send you money orders and checks that I receive from my clients/associates. You should cash them and deduct 10% for your troubles, then forward the balance to me via Western Union Money Transfer, according to my instruction. You must meet all of the following REQUIREMENTS? 18 years or older. Legally capable. Responsible, Reliable and Trustworthy Able to check and respond to emails often. Easy telephone access. IS THIS LEGAL? Yes it is. As a matter of fact, my lawyer checked all legal provisions to know if there is any domestic or international law against businesses or deals in this manner. And he said its allowed by all LAWS. So know that doing this work is safe and legitimate. Guess all is well understood, I would be glad if you accept my proposal. Send me a Private Message if you are interested. Please reply with the details stated below: NAME, ADDRESS( NOT P.O BOX), PHONE NUMBER, AGE, SEX, OCCUPATION. E MAIL Regards, ArchTx Edo (FCCA CMC) _____________________
 VRchitecture Model Homes at http://slurl.com/secondlife/Shona/60/220/30 http://www.slexchange.com/modules.php?name=Marketplace&MerchantID=2240 http://shop.onrez.com/Archtx_Edo |
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Darien Caldwell
Registered User
Join date: 12 Oct 2006
Posts: 3,127
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07-08-2009 14:33
Dear Eddyys, I would be very interested in opening an account with you. I will send you money orders and checks that I receive from my clients/associates. You should cash them and deduct 10% for your troubles, then forward the balance to me via Western Union Money Transfer, according to my instruction. You must meet all of the following REQUIREMENTS? 18 years or older. Legally capable. Responsible, Reliable and Trustworthy Able to check and respond to emails often. Easy telephone access. IS THIS LEGAL? Yes it is. As a matter of fact, my lawyer checked all legal provisions to know if there is any domestic or international law against businesses or deals in this manner. And he said its allowed by all LAWS. So know that doing this work is safe and legitimate. Guess all is well understood, I would be glad if you accept my proposal. Send me a Private Message if you are interested. Please reply with the details stated below: NAME, ADDRESS( NOT P.O BOX), PHONE NUMBER, AGE, SEX, OCCUPATION. E MAIL Regards, ArchTx Edo (FCCA CMC) I think i read about this scam. You send them checks that bounce, you get the money, and they are left with the big debt when the bank comes to collect. http://www.scamsafe.com/scamsafe/2004/06/fraud_alert_wor.html _____________________
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Cappy Frantisek
Open Source is the Devil!
Join date: 27 Oct 2006
Posts: 400
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07-08-2009 15:24
Hi, I want to start and investment bank and a good one at that. I have a bit of capital to start with and soon until I started looking into old banks. This is when i stumbled across something that said banks were banned. Can someone elaborate please. I would really like to continue perusing this thought but I am unsure. Can I have an investment bank? Will SL allow it? Thanks, Eddyys Why not just wear a mask and go around yelling, "Stick em up! This is a robbery!" It would save you time in the long run. Also people could laugh in your face instead of online. _____________________
SL is not better than FL
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RockAndRoll Michigan
Registered User
Join date: 23 Mar 2009
Posts: 589
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07-08-2009 17:01
didnt they ban banks? No, they did not ban banks. Banks are, in fact, welcome in Second Life. But they must be REAL banks, with an actual bricks and mortar real life banking location, and actual certification to prove it. All else will be shut down. |
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RockAndRoll Michigan
Registered User
Join date: 23 Mar 2009
Posts: 589
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07-08-2009 17:04
Oh yeah? Interesting. What is a ETF? ETF .... Electronic Transfer of Funds. Allowing money to be transferred from your account to another without the need for such annoyances as writing a check. |
