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Wednesday, January 23, 2008

Another article about Banking in SL

Virtual world is make-believe, but crooks are real

Money disappears at Second Life bank

By Alana Semuels


No individual seems to have lost enough money to make filing a lawsuit worthwhile, said Robert Bloomfield, a professor at Cornell University's School of Management who has been following the Ginko case. Because Second Life members live in different countries, "It's not at all clear what jurisdiction you would file suit in," he said.


Real-world regulatory agencies don't monitor multiplayer computer gaming environments such as Second Life. And before last week, Linden Lab had handed down only two other official bans against anything - prohibiting simulations of sexual activity involving minors and gambling.


Linden Lab seems to see itself as no more responsible for what goes on in Second Life than an Internet provider such as AOL is for illegal activities discussed over e-mail
 blog it

Posted by Lara Nieberding, The Data Digger at 12:56 PM
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1 comment:

Lara Nieberding, The Data Digger said...

Alana Semuels writes: "Within moments, there was a meltdown."

I have been a resident of Second Life for over a year. The collapse and then ban of banks from Second Life did not even impact my experience. From my perspective, the people who started banks were experimenting. They were trying to make a go of it. The people who deposited linden dollars in a bank were taking an investment risk. The risk did not yield a return. It was a gamble that did not pay off. How is this different from a person investing in stocks using a broker, say Charles Schwab for example? Does the investor get to sue Charles Schwab the investment firm if the stocks fail to produce a profit? The percentage of people who invested in banks is very small compared to the percentage of active residents in Second life. I only know of one person who lost money in their investment at Ginko bank. Was there a meltdown? Perhaps within the very small, very self contained financial community of Second Life.

January 23, 2008 at 5:10 PM

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