What's up with First Meta???

Anyone know what the problem is? I just tried to cash out a small amount and all they could cover was $23 of it.

LOL.

Hooo boy, here we go.

I wonder if this is just a technical glitch or the start of an avalanche.

This will not end well...

*shrugs* No clue. Supposedly the place I sell my textures accepts First Meta for payments, but I have yet to make a single sale that was paid for via them. I never did choose to put any of my own funds in their care, or to use their credit services myself.

Are you people insane?!?! Do you never learn?! I thought ginko was enough.

I swear everyone deserves to have all there money stolen. If you loose everything, and come here to complain, I personally will deal with you.


( If you do anything other then laugh at this post, or heed it's warning. You need to get off the computer and go outside. Relax people. Just don't give money to people. If you need a banking system... get an alt!)

First Meta is actually one of the "legal" banks. They are a registered financial institution.

Remember, LL didn't ban "banks"; they only banned ones without legal legitimacy.

Yes. Unlike 99% of the so called Banks that got run out of SL on a rail, First Meta actually is a registered financial institution in Singapore, and if you go to their website, they have full contact info, including avatar names and Real Name contact info, for their entire staff.

I neither endorse nor decry them, but they remain here because they actually do have real-world certification as a "Bank".

Singapore...

Yeah that should make everyone feel so much better.

There must be a good judicial caning animation, but it would probably be illegal in Singapore.

Quoted for Hilarity and Truth.

Considering how banks in the US and UK have had issues this year I think people are hardly in a position to pour scorn on Singapore!

Yeah, the company it shares an office and proprietor with isn't a bank, it bills itself as some kind of VC outfit. Neither one lists any sort of accreditation or registration, you'd think that a virtual bank trying to assure people might want to promote such a thing if it was actually in place.

What does Ginko have to do with First Meta? I didn't invest in First Meta, some of my products were scripted to allow residents with the First Meta card to purchase items using that method. The site also allows you to deposit Lindens and cash out to paypal, similar to other sites that I use. The information is on their web page.
I have used First Meta since 2007, and they always had the funding to cash out Lindens, until recently. I would think that a "bank", be it in Singapore or wherever would have more than $23 on hand. I am curious as to whether this is a short or long term issue.
Exactly what do you mean by you will "personally" deal with me? I posted a question, not a complaint, but if I choose to complain, or would happen to "loose" everything, I will do so without your personal interference despite your threat.

What do you mean what does it have to do with ginko? it's exactly what ginko was before they took everyone's money and started back up again with the "shares" system.

Ginko was a banking system. You must not have been around back during the ginko incident.

Not like it was isolated either. There were dozens other services like First Meta, and Ginko. They all stole there users money at one point or another.

First Meta also is not a bank. Not in RL anyway. They are a "Finacial Institution" They probably only managed to get there official title due to lax laws in Singapore. (not exactly a country known for high standards in any field.)

You are the only one that does not see why this is a bad idea. Just look at everyone else.

The fact is. Services like these fail. Utterly, everyone looses out. It has happened time and time again... I just wish people would learn.

That's an unjustifiably nasty thing to say.

I don't care all that much. I'm not insulting the people that live there. I'm commenting on the lax standards that companies in that region have to adhere to.

It's entirely a matter of context.

What lax standards would they be, in this context?

Even so, it was an unjustifiably nasty thing to say, and the fact that you don't care just makes it worse.

What is wrong with this statement?

Why is it nasty??

Funny thing is, Singapore has a reputation for decent banking and privacy laws, enough that Zurich has been getting jealous. First Meta isn't one of their banks, so it would be interesting to see what paperwork they handed to LL.

Ginko was an "investment bank" promising high returns, please do a little research before you start insulting people. I was around during the Ginko incident, I just never invested. Same as with First Meta, I can't dumb it down any further, I used it to CASH OUT LINDENS EARNED IN WORLD.

1. Deposit
2. Cash out to PayPal

Took about 1 minute.

I am the only one that doesn't see what is a bad idea? You make absolutely no sense and seem to post merely to insult individuals, an entire country and to make threats. I would be interested in know how you obtained your expertise in Singapore and the tax laws.
Have you EVER cashed out Lindens to PayPal? You seem confused at the process.

I repeat, I wondered if this was a long or short term issue.

Just a suggestion and not meant to be rude, but you might want to consider entering your posts in a word processor and running a grammar and spell check BEFORE you post it here, that is, if you want to be taken seriously.

Internet forums, serious business.

I guess I am just ambivalent to things that take place here. I don't see how people could get so angry over comments on the internet. I never do.

Also. You say you don't store money in any sort of SL banking system.. Great you just discovered my comments about people who do are completely unrelated to you.. so why are you defending yourself?

Out of the 300 or so people that have viewed this thread so far, you assume I am attacking you, when my comments are clearly not directed at you.

Because, not that you seem to realize it, but I am the OP and your post was made immediately in response to my original post, and the who and how many that you intended your remarks for is irrelevant. Your posts are completely useless since you continually go back and edit/add to them. You change the meaning as you see fit.

Please reread the rules:


Specifically:

* Hate speech and revelation of other people’s real life information are prohibited and are grounds for suspension or removal from the forums and Second Life. These threads will be deleted.
* Self-regulation of forum posts is the ideal. Posts should conform with the Terms of Service and the Community Standards. However, moderators will have the option of:

o editing aggressively offensive personal attacks to remove those statements that violate the community standards (with an accompanying statement explaining the violation and reason for edit), please note language, such as "fraud, liar, cheater, griefer, troller, jerk, scam artist" etc is strongly discouraged, but will not be removed.
o locking threads with explanation in extreme cases (e.g. although posts have been edited and the parties asked to cease, the attacks don’t stop. There’s no obvious constructive discussion going on).
o A system of warnings and suspensions (see description below) will ensure that Residents who repeatedly violate the CS in the forums lose their posting privileges.

There was that unfortunate Nick Leeson incident at ING Barings' Singapore office, back in 1995. No idea if that still clouds perceptions of sg financial services (even though Barings was London-based).

One of my alts just got a spurious dunning notice from First Meta, though she doesn't have an account with them. Indeed, none of my avatars have ever dealt with First Meta. It does not inspire confidence.
.

It is possible that First Meta has hit a limit on the L$ they will buy. Have you tried looking them up on the web? There may be notices if they are having technical problems.

FWIW, cashing out through First Meta carries no more or less risk than cashing out through the old SLX or Apez or any other 3rd party. And like those mentioned, they have a good history of fast and dependable service. I would think this is more of a technical problem than a solvency issue. Still ... there is a risk even if it is very small.