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    • CommentAuthorhank
    • CommentTimeJan 9th 2008
    I'm reading the forums now and I am impressed in the naiveté of the people who thought that they were doing more than dumping money into a hole.

    I see the $L as a purchase of server space and CPU cycles. That said, I really don't see SL the same way the media or apparently a lot of people do.

    I do feel bad for the folks that lost a bunch of cash, but at the same time I still live by "Let the Buyer Beware" online. Wastelands could fold tomorrow and I am not sure I would be angry. A little sad, perhaps, but not angry.
  1.  (469.2)
    once gambling was given the boot, the banks collapsed. or that's how it seemed.
    • CommentAuthorhank
    • CommentTimeJan 10th 2008
    Sounds like they actively purged the ones that were being less than fair to users.
    • CommentTimeJan 11th 2008
    'Banks' without official papers are being given a grace period to wrap up their affairs by Jan 22, i believe.

    That said, a fair number of such institutions are saying they cannot get stuff wrapped up until much later. This has led to protests being set up by some such institutions themselves, as well as their customers.

    Many but not all of these 'banks' depended on casinos for their additional income. I have seen some attempt to make money by investing funds in land. Others appear to have invested in businesses other than casinos (but which still have a considerable output of funds).

    Personally I never saw much point in giving money to an ungoverned party to 'hold' and 'gain interest' on. I wouldn't trust anyone to it in RL and sure as hell wouldn't trust anyone in SL to do it either.

    As such, this ban doesn't really effect me much except in terms of the search for land, which may or may not change depending on whether these companies just *stop* investing in land or continue under other pretenses (in which case they may find their customer base rather unhappy with them when they cannot liquidate their assets in an appropriate amount of time).
    • CommentTimeJan 13th 2008
    Meh... Banks in SL without some sort of enforcement will always be a scam, as far as I'm concerned.

    There's also so little point to them, as nobody can really rob you of your Lindens. I'd much rather keep my assets close at hand. If the Lindens decide to open up an official bank, then I might go that route, but until then, to hell with it.

    Also, casinos were largely idiotic to begin with. That being said, I still own a number of slot machines that I can't do anything with except dismantle for script.
    • CommentTimeJan 23rd 2008
    People actually used banks? How does that make sense?
    • CommentTimeJan 23rd 2008
    To an experienced user and an outsider.... it doesn't. But I guess people figure 'i'm not putting in THAT much money, how could it hurt?' or that everyone on the internet is instantly trustworthy... i dunno. I know someone who was attracted to it because he deals in securities in RL and was just curious about how to make money in SL (though realistically, he should be the FIRST person to question this, right???)
    • CommentTimeJan 23rd 2008 edited
    The 'banks' in SL functioned as more like a stock market, but you didn't choose where your money went.

    Functionally, a lot of people dropped their allowance into these 'accounts,' and that left a metric ton of linden that whoever owning the bank could use to offer start-up loans to avatars wanting to go into business. The downside here is that, well, there is no governing branch to enforce or punish those who did not pay back said loans.

    So, basically, people were giving money to each-other in a really convoluted and stupid way.