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SecondLife Bans Unregistered In-World Banks

Posted by timothy on from the it-all-seems-a-bit-fictional dept.

GuruBuckaroo writes "Virtual Ponzi schemes — pardon, "Banks" — have finally been given the boot by the policymakers at Linden Lab's Second Life. According to the company's latest blog post: 'As of January 22, 2008, it will be prohibited to offer interest or any direct return on an investment (whether in L$ or other currency) from any object, such as an ATM, located in Second Life, without proof of an applicable government registration statement or financial institution charter. We're implementing this policy after reviewing Resident complaints, banking activities, and the law, and we're doing it to protect our Residents and the integrity of our economy.'"

2 of 353 comments (clear)

  1. Re:wait.. what? by provigilman · · Score: 0, Offtopic
    See, you're making a common mistake... If you look at the banner at the top, it's actually two separate statements, "NEWS FOR NERDS. STUFF THAT MATTERS.", there's no comma in it like yours.

    This means we can have situations that satisfy the first condition (news for nerds), but not the second (stuff that matters). This story is merely just a prime example of that exact phenomenon.

    --
    "Life's short and hard, like a body building elf." -- The Bloodhound Gang
  2. Re:good time to become a loan shark by MBraynard · · Score: 1, Offtopic
    Gold has industrial applications that are exceptionally unique, giving it an intrinsic value. It is the most maleable and ductile of any metal. It's also a great heat insulator. Iodized gold salts can treat arthritis.

    Another, more sujective intrinsic value of gold, is its beauty.

    So gold does have intrinsic value and is considered a excellent and portable store of value.