Second Life Forums Archive - A different take on the banking ban.

Chris Norse

Loud Arrogant Redneck

Join date: 1 Oct 2006

Posts: 5,735

02-06-2008 05:12

http://www.mises.org/story/2862

"I also have some sympathy for Linden in adopting this ban, as it might have been due to pressure from federal regulators. Because Linden falls under the jurisdiction of the United States, it is therefore subject to the threat of coercive force if it does not follow regulators' biddings. But sympathy aside, policies such as the ban on interest-paying banks incentivize further reckless behavior by users who have made foolish decisions, and they frustrate and hinder the entrepreneurs who are producing the goods that attract people to Second Life."

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“Rules are mostly made to be broken and are too often for the lazy to hide behind”
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Broccoli Curry

I am my alt's alt's alt.

Join date: 13 Jun 2006

Posts: 1,660

02-06-2008 05:37

From: Chris Norse

and they frustrate and hinder the entrepreneurs who are producing the goods that attract people to Second Life."

What on earth has a 'bank' ever done to help anyone produce anything in SL?

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Brenda Connolly

Un United Avatar

Join date: 10 Jan 2007

Posts: 25,000

02-06-2008 05:48

Sounds like sour grapes to me. Maybe it was written by an Ageplaying/Casino Owning/Bank Operator.

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Chris Norse

Loud Arrogant Redneck

Join date: 1 Oct 2006

Posts: 5,735

02-06-2008 05:51

From: Broccoli Curry

What on earth has a 'bank' ever done to help anyone produce anything in SL?

I didn't write it, merely presented it for the study of the crowd.

_____________________

I'm going to pick a fight
William Wallace, Braveheart

“Rules are mostly made to be broken and are too often for the lazy to hide behind”
Douglas MacArthur

FULL

Qie Niangao

Coin-operated

Join date: 24 May 2006

Posts: 7,138

02-06-2008 06:16

One of Ginko Guy's last in-world ventures was the "Mises" sim, presumable named after the same Ludwig von libertarian economist as this website.

I always get a little nervous when economists don't use any math. In this article, the closest we get to an equation is a footnote that "the total L$ supply was about 3.9 billion Linden dollars. Using a rough calculation with the typical exchange rate of L$270=US$1, Linden has earned about US$ 14.6 million in revenues by selling these L$." Uh... can you say "stipends"?

The whole L/libertarian philosophy seems mis-applied to in-world economics, inasmuch as it's perfectly within the rules here to steal RL value with no RL consequences (and in game terms, nothing more consequential than a TP home, if the bank's land were damage-enabled

). In a free market, even if there were no laws or peace officers, at least an angry mob might kill the bankers. Permanently. And RL reincarnation is a dicey form of alt.

Warda Kawabata

Amityville Horror

Join date: 4 Nov 2005

Posts: 1,300

02-06-2008 06:18

Reading through the blog article, they refer constantly to a ban on "interest-paying banks", and only in the direct quote from LL's policy decision do they mention "unregulated banks" being banned.

Axe to grind? you betcha.

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I rent out land on private islands. Message me in-world for details.

Broccoli Curry

I am my alt's alt's alt.

Join date: 13 Jun 2006

Posts: 1,660

02-06-2008 06:44

From: Chris Norse

I didn't write it, merely presented it for the study of the crowd.

I understand that. My comment still stands, in response to the article

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Imnotgoing Sideways

Can't outlaw cute! =^-^=

Join date: 17 Nov 2007

Posts: 4,694

02-06-2008 08:03

From: Brenda Connolly

...Ageplaying...

I resemble that! (>.<

... (^_^)

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Somewhere in this world; there is someone having some good clean fun doing the one thing you hate the most. (^_^)y

http://slurl.com/secondlife/Ferguson/54/237/94

Colette Meiji

Registered User

Join date: 25 Mar 2005

Posts: 15,556

02-06-2008 08:11

From: Brenda Connolly

Sounds like sour grapes to me. Maybe it was written by an Ageplaying/Casino Owning/Bank Operator.

The SLuxor First Virtual Jail Bank?

A different take on the banking ban.
Chris Norse Loud Arrogant Redneck Join date: 1 Oct 2006 Posts: 5,735	02-06-2008 05:12 http://www.mises.org/story/2862 "I also have some sympathy for Linden in adopting this ban, as it might have been due to pressure from federal regulators. Because Linden falls under the jurisdiction of the United States, it is therefore subject to the threat of coercive force if it does not follow regulators' biddings. But sympathy aside, policies such as the ban on interest-paying banks incentivize further reckless behavior by users who have made foolish decisions, and they frustrate and hinder the entrepreneurs who are producing the goods that attract people to Second Life." _____________________ I'm going to pick a fight William Wallace, Braveheart “Rules are mostly made to be broken and are too often for the lazy to hide behind” Douglas MacArthur FULL
Broccoli Curry I am my alt's alt's alt. Join date: 13 Jun 2006 Posts: 1,660	02-06-2008 05:37 From: Chris Norse and they frustrate and hinder the entrepreneurs who are producing the goods that attract people to Second Life." What on earth has a 'bank' ever done to help anyone produce anything in SL? _____________________ ~ This space has been abandoned as I can no longer afford it.
Brenda Connolly Un United Avatar Join date: 10 Jan 2007 Posts: 25,000	02-06-2008 05:48 Sounds like sour grapes to me. Maybe it was written by an Ageplaying/Casino Owning/Bank Operator. _____________________ Don't you ever try to look behind my eyes. You don't want to know what they have seen. http://brenda-connolly.blogspot.com
Chris Norse Loud Arrogant Redneck Join date: 1 Oct 2006 Posts: 5,735	02-06-2008 05:51 From: Broccoli Curry What on earth has a 'bank' ever done to help anyone produce anything in SL? I didn't write it, merely presented it for the study of the crowd. _____________________ I'm going to pick a fight William Wallace, Braveheart “Rules are mostly made to be broken and are too often for the lazy to hide behind” Douglas MacArthur FULL
Qie Niangao Coin-operated Join date: 24 May 2006 Posts: 7,138	02-06-2008 06:16 One of Ginko Guy's last in-world ventures was the "Mises" sim, presumable named after the same Ludwig von libertarian economist as this website. I always get a little nervous when economists don't use any math. In this article, the closest we get to an equation is a footnote that "the total L$ supply was about 3.9 billion Linden dollars. Using a rough calculation with the typical exchange rate of L$270=US$1, Linden has earned about US$ 14.6 million in revenues by selling these L$." Uh... can you say "stipends"? The whole L/libertarian philosophy seems mis-applied to in-world economics, inasmuch as it's perfectly within the rules here to steal RL value with no RL consequences (and in game terms, nothing more consequential than a TP home, if the bank's land were damage-enabled ). In a free market, even if there were no laws or peace officers, at least an angry mob might kill the bankers. Permanently. And RL reincarnation is a dicey form of alt.
Warda Kawabata Amityville Horror Join date: 4 Nov 2005 Posts: 1,300	02-06-2008 06:18 Reading through the blog article, they refer constantly to a ban on "interest-paying banks", and only in the direct quote from LL's policy decision do they mention "unregulated banks" being banned. Axe to grind? you betcha. _____________________ I rent out land on private islands. Message me in-world for details.
Broccoli Curry I am my alt's alt's alt. Join date: 13 Jun 2006 Posts: 1,660	02-06-2008 06:44 From: Chris Norse I didn't write it, merely presented it for the study of the crowd. I understand that. My comment still stands, in response to the article _____________________ ~ This space has been abandoned as I can no longer afford it.
Imnotgoing Sideways Can't outlaw cute! =^-^= Join date: 17 Nov 2007 Posts: 4,694	02-06-2008 08:03 From: Brenda Connolly ...Ageplaying... I resemble that! (>.< ... (^_^) _____________________ Somewhere in this world; there is someone having some good clean fun doing the one thing you hate the most. (^_^)y http://slurl.com/secondlife/Ferguson/54/237/94
Colette Meiji Registered User Join date: 25 Mar 2005 Posts: 15,556	02-06-2008 08:11 From: Brenda Connolly Sounds like sour grapes to me. Maybe it was written by an Ageplaying/Casino Owning/Bank Operator. The SLuxor First Virtual Jail Bank?

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A different take on the banking ban.