Tell me, why is it that you need a real life bank charter.. to play with game currency?
Linden lab insists that the Linden is not real currency, yet here it is forcing numerous game world businesses to register. If the Linden is real, then LL is in violation of NUMEROUS rl securities statutes.
If it's not, how can they force these banks to get registered or stop operating in the manner they have stated including the requirement of an RL banking charter to allow them to operate?
Anyone smell a fish?
Friday, January 11, 2008
LL moving towards Linden being real currency.
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5 comments:
PROTIP 1: Reorganize your bank as an REIT
PROTIP 2: Google "Contractum Trinius" for a solution. This isn't the first time in history God tried to forbid interest.
They're using the RL banking charter as a scapegoat if you ask me. LL knows very well that :
1. no SL entity can get such a thing organized in this short a time frame
2. the costs for it are extraordinary and probably beyond what any group of SL business owners wants to attribute to it
3. even if they were to get a RL banking charter, it would forbid trading in SL under the current setup with anonimity. Unless LL wants to bring the Swiss banking system into SL :)
Oh thats a good one, to hear Brautigan mention God and interest in one sentence. What would he know about it. Anyway what it comes down to in the end is that LL is just regaining control of their domain. It is nothing more then a show of force that says, we are the masters of this virtual world. We have been bitching and whining about regulation and involvment the whole time but done nothing substantial about it. well here it is, NO MORE.
I don't like to put blame on people, but in reality the blame is on those who could not take their losses as their own mistake by not doing enough research, and instead put the blame on LL. I know there were companies, that no matter how much research you did it looked good and then failed, but that will happen also. It is just people decide they are going to put all of their money in one place, and then risking so much more, than if they divided it up into other things.
I know I always kept 50% of my funds on my Av and the rest split between 3 banks and in a few stocks.
So those who risked it all, lost it all, and then blamed everyone else...Those are who ruined it for everyone.
In agreement with Zaldar's comment, Linden Lab stated that they are responding to user complaints regarding their actions with the banking ban. LL also cited the collapse of Ginko Financial as a major factor. Ginko collapsed mostly because of the panic that took place after the gambling ban, when bank runs deprived them of assets. They tried everything that made sense, even the attempted merger with AVIX. However people were willing to turn their backs on the bank at the first sign of trouble.
In many ways, this is a microcosm for how freedom works. Freedom to succeed means also the possibility of failure. Instead, we have a lot of people not accepting their part in the whole affair, and that's yet another step toward a heavier hand from LL. It makes me wonder what will be next.
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