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Topic: Unregulated financial institution goes belly-up...virtually
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Michelle
Moderator
Babbler # 560
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posted 16 August 2007 04:25 AM
I agree with many of the commentators after the article. It's a GAME, people. The fact that people are willing to give you real cash in exchange for your Linden dollars doesn't make it any less a game. The fact is, you lost the game because someone in that virtual world tricked you and played the game better than you.Seriously, this is sort of like if online Monopoly ever really caught on, and suddenly people were willing to pay you real money for virtual Monopoly money you'd won. If you lose all your virtual Monopoly money because someone else played Monopoly better than you, would that mean the FBI should get involved to get your money back? This is ridiculous. If people want to waste their time building up huge empires on an online game, they have to take into account the fact that they could LOSE all that money too. I mean, what if the people who run SL just decided to shut it down completely? Would they actually owe these people who have the equivalent of $50,000 US in Linden dollars that money? I don't think so. Get a first life, people.
From: I've got a fever, and the only prescription is more cowbell. | Registered: May 2001
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Solid_Choke
recent-rabble-rouser
Babbler # 14445
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posted 17 August 2007 04:26 PM
quote:
Originally posted by Doug:
It seems that an unregulated bank in a virtual world (Second Life) has just done what unregulated banks in the real world have tended to do - that is, go insolvent and make people's savings disappear.http://www.wired.com/gaming/virtualworlds/news/2007/08/virtual_bank
You are right that banks can fail if unregulated but so what? Banks that ARE regulated fail as well. If it wasn't for the Federal Reserve contracting the money supply we would have had a normal recession instead of the Great Depression. Don't believe me? The current chairman of the Federal Reserve, Ben Bernanke, also shares this view. [ 17 August 2007: Message edited by: Solid_Choke ] [ 17 August 2007: Message edited by: Solid_Choke ]
From: USA | Registered: Aug 2007
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TemporalHominid
rabble-rouser
Babbler # 6535
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posted 21 August 2007 08:58 AM
Cool! they were running a Ponzi scheme ! Done in the virtual world this is a great education opportunity. These schemes happen in the real world, and people fall for this old grifter trick over and over again, because the fraudulent investment operation relies on human greed to work.NFLD INVESTOR ALERT
I think I am going to get in on this 2nd life thing and start a company that sells virtual Q-Rays and therapeutic magnets. People are running businesses and selling accessories and everything.
I really enjoy playing games like monopoly, payday, Life, and Capitalism and I love participating in pirate games. I am morally corrupt of course  . [ 21 August 2007: Message edited by: TemporalHominid ]
From: Under a bridge, in Foot Muck | Registered: Jul 2004
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