Comments on: Virtual Banking Banned in Second Life

By: Zarn Xeno

Zarn Xeno — Tue, 03 Feb 2009 01:45:55 +0000

There are translators that one can wear. It is a good way to learn another language also, if desired.

Every good host should have one.

By: Bancos virtuais Info » Flexvision

Bancos virtuais Info » Flexvision — Mon, 07 Apr 2008 01:11:06 +0000

[...] Virtual Banking Banned in Second Life Linden Lab has announced that virtual banking within Second Life is to be banned effective January 22 after receiving multiple complaints by Second [...]

By: slpicks.com

slpicks.com — Thu, 21 Feb 2008 04:51:42 +0000

Virtual Banking Banned in Second Life…

Virtual Banking Banned in Second Life…

By: Day of Reconing, SecondLife Banking will be no more « Kurt Heinrich’s FinTech Blog

Wed, 20 Feb 2008 16:24:33 +0000

[...] this up because SecondLife has banned banking from its site effective Jan. 22nd as reported by TechCrunch. These “banks” that were actually accepting transactions only existed in the [...]

By: Wankette

Wankette — Thu, 31 Jan 2008 17:49:25 +0000

The Lindens should also ban that World Stock Exchange where people get to ‘invest’ in someone else’s SL business. I’ll bet that’s a quagmire waiting to happen, if it already hasn’t started.

By: Wankette

Wankette — Thu, 31 Jan 2008 17:38:43 +0000

I worked for a very self-important bank owner in SL and learned his real name. I goggled him, and discovered he was a questionable business character in rl, he’d had ‘run ins’ with people before. Not only did I not bank with him, but I shortly thereafter ‘fired’ myself without notice. Sure enough, a few months later, Mr Shady Deal was gone, banked Lindens and all, while trying to pass the buck to someone else (in cahoots, most likely). I was lucky, tho., many people were not. What a nasty racket, glad it’s been stopped.

By: El Geek Errante · El Geek Errante: transmisión #29

El Geek Errante · El Geek Errante: transmisión #29 — Wed, 30 Jan 2008 23:13:19 +0000

[...] La banca virtual, prohibida en Second Life. [...]

By: PK Otoole

PK Otoole — Mon, 14 Jan 2008 19:53:21 +0000

I’ve been active in Second Life for well over a year now and I have never understood why people would put their money in one of these SL banks. Literally, all you have to do to call yourself a bank in SL is to register free for an SL account. Anyone could register with a made up name and a throw-away free email address, and start collecting money from others as a “bank” within ten minutes.

I think Linden Lab made a good choice here and the real question is why did it take them so long? If there is no credible reason to allow people to run banks, why complicate SL with the unneeded hassle and bad press that comes with them.

If you have enough Linden Dollars built up, you withdraw/convert them to US Dollars and put them in your real bank. Problem solved.

By: Kevin

Kevin — Fri, 11 Jan 2008 18:42:13 +0000

Fun maybe. Commercial not.

By: Skinny

Skinny — Thu, 10 Jan 2008 20:20:40 +0000

I’m sorry, I think it’s very very sad, tragic, but mostly pathetic, that people take this crap seriously. Who in their right mind would invest real money in something which doesn’t exist.

If you lost money in virtual banking you deserve everything you had coming to you.

By: Tommy Toy

Tommy Toy — Thu, 10 Jan 2008 18:47:32 +0000

As a member of SL for nearly a year now, the original premise of SL was a very nobel one, a sort of virtual wild west where anything goes. But when people actually get hurt or lose money, this is a serious problem.

as far as i know all casinos and gambling establishments have been shut down after numerous FBI warnings. Now these SL banks are going out of business because they may have violated federal and state banking regulations. This does not surprise me at all.

i now visit SL only about three or four times a month and notice that many businesses or sites have gone out of business, while new ones have opened up.

i honestly don’t know how some of these virtual businesses will survive over the longterm. there really aren’t any real barriers-to-entry on SL. Too man copycats, and many businesses rely strictly on donations to make money, such as dancing sites. the successful ones have their own shopping mall to generate revenue.

the verdict is still out on the viability of running a commercially successful business in a virtual world. just too learly to tell. marketing and promotions is a real issue and since Sl is multi-cultural with 30% of the members from the US and the other 70% from other countries, language is another problem.

Tommy Toy
PBT Consulting

By: Troy Davis

Troy Davis — Thu, 10 Jan 2008 16:46:19 +0000

When there is an open source, p2p alternative to SL, then I’ll pay attention to VR. The potential of VR is much greater than anything corporations can deliver or will allow.

I’m glad Linden is making money with SL, though. It will bring about the development of the first truly global and open VR world much sooner.

By: Douglas Abrams

Douglas Abrams — Thu, 10 Jan 2008 03:59:31 +0000

First Meta fully supports regulation of financial services activity in the virtual economy. As First Meta’s business is not dependent on savings accounts or other investment instruments which are addressed by the new policy, we believe that the new policy will not have any adverse effects on our company. Insofar as the new policy strengthens the virtual economy, we believe this will actually benefit First Meta and our customers. You can read more about our view of this new policy at: http://www.firs...com/main/policy

By: Xavier Mohr

Xavier Mohr — Thu, 10 Jan 2008 02:59:13 +0000

The screenshot is from JT Financial Investments & Savings. You can visit the location in the sim called “JT World.” There is up-to-the-minute official updating on this and other second life banks at slreports.net.

By: jtwilkins

jtwilkins — Wed, 09 Jan 2008 22:23:33 +0000

Virtual Banking in Second Life Banned! Virtual sex with a children still good to go.

By: ArminasX

ArminasX — Wed, 09 Jan 2008 22:06:55 +0000

While there may be bank failures and other scams occasionally occurring in Second Life, there is a principle that people should follow: if it sounds too good to be true (e.g. ultra-high rate interest payments), it probably isn’t true. People forget this in real life as well as Second Life. It’s just that the SL events are being hyped by the media. Meanwhile, the SL economy continues to grow as do the number of businesses and residents – in spite of the numerous comments above citing “imminent collapse”, etc. If you really give Second Life a proper investigation, you will discover a whole new world of creativity and activity. There are lots of people making money in Second Life – and they sell virtual objects that often have nothing to do with real life.

By: Conrad

Conrad — Wed, 09 Jan 2008 19:50:19 +0000

Can you post (or email me) the SLUrl for the bank location depicted in your screenshot?

thanks: Conrad

By: Jarett

Jarett — Wed, 09 Jan 2008 17:22:38 +0000

I love screenshots of business meetings in SL. There’s always at least one shirtless dude with sleeve tattoos and one cel-shaded video game character.

By: Matt

Matt — Wed, 09 Jan 2008 16:55:19 +0000

Does anyone actually use Second Life for legitimate reasons? Just a matter of time before the Second Life economy implodes on itself and the website becomes little more than a lesson-learned.

By: Marek

Marek — Wed, 09 Jan 2008 13:58:00 +0000

Can you buy a virtual shotgun or jump off a virtual 40-storey building in case you happen to lose all your cash in Second Life? Will your character die permanently?

By: josh

josh — Wed, 09 Jan 2008 13:20:00 +0000

What kind of loser actually banks in Second Life? Use your First Life for that.

By: micfo.com

micfo.com — Wed, 09 Jan 2008 11:46:18 +0000

Casino & gambling industries face legal trouble in real life too.

By: Axel

Axel — Wed, 09 Jan 2008 10:18:43 +0000

The problem started when it was tied to real money. It would also help if there were actual, useful, real goods and services that an economy could be based on.

On the bestiality front, think of the virtual animals!

By: CAR

CAR — Wed, 09 Jan 2008 09:51:38 +0000

Ppl need to get a life.

By: PAStheLoD

PAStheLoD — Wed, 09 Jan 2008 08:34:04 +0000

Why can’t Linden Labs let a few authorized banks operate?
It’d be in their interest also and taking up the challenge, not fleeing from it, would be a more desirable way :/