Shock and Horror! Fraud in Second Life???
Surprise, surprise…. The World Stock Exchange in Second Life has been hacked. Banks, stock exchanges, financial institutions in Second Life are a fraud. From top to bottom, start to end. There is simply no recourse for any theft, fraud or swindle. It’s the perfect breeding ground for thieves and con men (women?). Who knows if the hack is real or not. It does not matter.
It’s all fake. A bank offering 50%+ annual return on deposit is too good to be true. And it is. It’s called a pyramid or Ponsi scheme. Last ones in loose it all. Firsts ones in get it all. Who started the bank? The crooks….
Virtual stocks in a virtual company in a virtual world might be amusing if the virtual cash it was paid for didn’t come from real money.
If you have Lindens in a SL bank or one of these goofy schemes, get it out now, while you can. You have no recourse when you loose all of your money. The police will laugh at you, the courts will discard your papers, and Linden Labs will giggle all the way to the delete button on your email.
You’re all smart enough in Real Life, don’t be a putz in Second Life….
-Veyron
July 24th, 2007 at 6:25 pm
WSE is not a ponzi and doesn’t offer an interest rate above 6.50% annually , calculated daily and paid every 14 days. Your opinion on WSE banks has no relevance to the WSE. They were hacked by a past contractor and the WSE can sustain the loss without any impact to its stakeholders.
July 24th, 2007 at 9:26 pm
So, WSE is a regulated stock exchange by the Securities and Exchange Commission? You have a registered corporation? Which US state is it incorporated in? Who are the officers of the corporation?
Traders and brokers are all licensed by the NASD? Probably not - no one with a NASD license would risk it being involved with something as edgy as this.
WSE complies with Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes-Oxley Act of 2002 and other related statutes?
Ahhh - we will get a real life history lesson here. We’re going to see why the SEC was formed. At least the people who loose their money should only loose smaller amounts of money, rather than the millions lost before the SEC was formed.
Stock markets are based on contracts. Contracts to buy and sell at agreed to prices. There is no legal system in Second Life, ergo, no contract, thus no real stock exchange other than someone’s made up fantasy.
No legal system - no stock market. No way around that problem. Unless you’re an extension of a Real World ™ company then it’s just a game.
August 16th, 2007 at 9:56 am
see: http://www.wired.com/gaming/virtualworlds/news/2007/08/virtual_bank
Bank Failure in Second Life Leads to Calls for Regulation
By Bryan Gardiner Email 08.15.07 | 2:00 AM