Bank Run in Second Life

Jamie found an interesting bit about a bank run in Second Life. The recent ban on gambling combined with a $12k theft from the 2L stock market has caused people to try to get their money back. The article mentions that this could supposedly affect 8.5M players even tho most estimates of actual hard core players in the system are in the 5 to low 6 figure range.

Comments

Looking for a decent exchange rate

[pegr]

I'd be alright if I could get a decent exchange rate for all these Simolions...

Re:Looking for a decent exchange rate

[utopianfiat]

I'd be alright if I could get a decent exchange rate for all these US Dollars...

FIXED.

Re:Looking for a decent exchange rate

[Anonymous Coward]

Then we'd have to pay the Chinese in real gold. It would get very expensive. When you're in the shit like we are at the moment, you're better off paying in paper, which you can just devalue when you want.

At the moment we're sponging off the world. No one is doing anything about it, because everyone holds dollars. The minute one creditor breaks, all of them will be after our hide.

Perhaps we could sell Alaska and Louisiana back? Or re-apply to the British to be a colony again and let them take the debt?

Re:Looking for a decent exchange rate

[Anonymous Coward]

Ha reminds me of some teenager who just left home and is having troubles surviving on his own and is thinking of moving in back with his parents or maybe selling something of great value.

my words of advice is GET A JOB AND STAY OUT OF TROUBLE

Re:Looking for a decent exchange rate

[PurPaBOO]

One creditor, like Iran, perhaps?
Maybe that's the real reason you're threatening them with war, eh? ;-)
Hello modfokkers.

2L?

[mwvdlee]

What is this "2L" thing? It's not Second Life, because the whole friggin' world abbreviates that to "SL" and nobody is pedantic enough to come up with a totally new abbreviation when a perfectly good one already exists. So what does it mean?

Re:2L?

[karnal]

I'm guessing it's somewhere between "L" and "XL".

tho?

[CompMD]

Every time you use "tho" in place of the actual word "though," God kills a kitten.

Re:tho?

[Anonymous Coward]

Tho I agree with your comment, I don't like kittens.

Slow news day in the real world...

[QuietLagoon]

So we have to read articles about news in a fake world?

Obl. Quote

[Rixel]

You're thinking of this place all wrong. As if I had the money back in a safe. The money's not here. Your money's in Joe's imaginary house...right next to yours. And in the imaginary Kennedy house, and Mrs. Macklin's imaginary house, and a hundred other imaginary houses. Why, you're lending them the money to build, and then, they're going to pay it back to you as best they can. Now what are you going to do? Foreclose on them?...Now wait...now listen...now listen to me. I beg of you not to do this thing. If Potter gets hold of this Virtual Building and Loan there'll never be another decent imaginary house built in this imaginary town. He's already got charge of the imaginary bank. He's got the imaginary bus line. He's got the imaginary department stores. And now he's after us. Why? Well, it's very simple. Because we're cutting in on his business, that's why. And because he wants to keep you living in his imaginary slums and paying the kind of rent he decides. Joe, you lived in one of his imaginary houses, didn't you? Well, have you forgotten? Have you forgotten what he charged you for that imaginary broken-down shack? Here, Ed. You know, you remember last year when things weren't going so well, and you couldn't make your payments. You didn't lose your imaginary house, did you? Do you think Potter would have let you keep it? Can't you understand what's happening here? Don't you see what's happening? Potter isn't selling. Potter's buying! And why? Because we're panicky and he's not. That's why. He's picking up some bargains. Now, we can get through this thing all right. We've got to stick together, though. We've got to have faith in each other.

It's a wonderful life.

[Paranoia Agent]

You're thinking of this place all wrong. As if I had the money back in a safe. The money's not here. Your money's in Joe's S & M fetish dungeon...right next to yours. And in the Kennedy's warehouse of flying penises, and Mrs. Macklin's Fur-suit emporium, and a hundred others. Why, you're lending them the money to build, and then, they're going to pay it back to you as best they can. Now what are you going to do? Foreclose on them?

A bit like EVE online?

[Anonymous Coward]

Surely there is nothing wrong with handing over your money to a black box with no audit, no oversight, no controls, that promises 70% interest with no explanation of how in an environment where there is no law enforcement or tracing of assets and anyone can change their appearance and identity instantly.

After all, it says 'bank' on the tin.

At least...

[wpegden]

at least we're finally seeing some believable estimates as to the number of active second life users. 5 to 6.

Could be worse...

[n dot l]

Could be "Girl builds computer in online game while online boyfriend watches. Look, he has screen shots."

Re:Vast exaggeration

[Dragonslicer]

Ginko also isn't a "bank" in the usual term of the word; it's not regulated or insured in any way and isn't impacted by any of the legal requirements of real world financial institutions. Quite frankly; you're an idiot if you trust them with your money. So they're the Second Life version of PayPal?

Re:Vast exaggeration

[Belacgod]

I won't accept anyone else's snot but the GP's to pay my debts! Everyone else's snot is counterfeit!

Re:Vast exaggeration

[Anonymous Coward]

Paypal is not a bank. They recently obtained a banking license in the EU. In the US, they operate under wire transfer regulations. So it's really just like you say except not.

https://www.paypal.com/cgi-bin/webscr?cmd=p/ir/lic enses-outside

Re:Fiat currencies have several problems.

[Mr. Bad Example]

> Here's a hint: if you think money is generally created by printing more currency,
> you obviously don't know what the hell you're talking about.

Wait...wh-? Seriously?

Oh, shit. Excuse me--I have to call Kinko's and cancel an order right now.

Re:You don't think debt is a commodity?

[Reverend528]

Ammunition can always get you gold

Yes, but liquor can always get you drunk. That's why it's at the top of my list.

Re:Fiat currencies have several problems.

[Knara]

I'm just going to go ahead and assume that since you posted as an AC, that you looked up "economics" on Wikipedia in order to try to "zing!" me, and not bother to argue with you. kthx.

Great. Now I'm Dead.

[Arthur Grumbine]

From laughing so hard. Not actually from the laughing but from the conversation with my boss afterward. Not so much dead because of the conversation with the boss, as because of the fight with my wife after returning home early to let her know I lost my job because of casual internet browsing. Not actually immediately from the fight with my wife as from the knife she jammed through my skull.

Thanks a lot buddy!!