Banks inWorld at Second Life - If you SCAM Your Days are Numbered


	Banks inWorld at Second Life - If you SCAM Your Days are Numbered

aplink

1-10-2008 12:20 AM

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tags:

virtual banking, second life, linden labs, scams

aplink says:

FREEDOM in Second Life, curtailed again by Linden Labs

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/3a12a585-cdba-484f-b2a7-a9bd128d5b6e/98CF9574-DEA5-469F-A313-E18D0EEF6976/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.smh.com.au/news/biztech/virtual-world-cracks-down-on-cowboy-banks/2008/01/10/1199554807218.html" href="http://www.smh.com.au/news/biztech/virtual-world-cracks-down-on-cowboy-banks/2008/01/10/1199554807218.html" style="font-size: 11px;">www.smh.com.au</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.smh.com.au/news/biztech/virtual-world-cracks-down-on-cowboy-banks/2008/01/10/1199554807218.html"><HEADLINE _moz-userdefined="">Virtual world cracks down on cowboy banks</HEADLINE></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.smh.com.au/news/biztech/virtual-world-cracks-down-on-cowboy-banks/2008/01/10/1199554807218.html"><div align="center"><img src="http://content9.clipmarks.com/blog_cache/www.smh.com.au/img/A8E151E3-3C6F-4C49-B3F5-E989E4C3C7AC" alt="Ginko Financial offered 44 per cent interest but collapsed after a
crash in confidence caused a run on the Second Life bank." /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.smh.com.au/news/biztech/virtual-world-cracks-down-on-cowboy-banks/2008/01/10/1199554807218.html"><P>There's a banking meltdown in Second Life, too.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.smh.com.au/news/biztech/virtual-world-cracks-down-on-cowboy-banks/2008/01/10/1199554807218.html"><P>The world's creator, Linden Lab, has announced it will regulate
the virtual banks strictly in Second Life from now on, after one
collapsed amid a credit crunch that Linden said posed "unique and
substantial risks to Second Life ... likely to lead to
destabilisation of the virtual economy".</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.smh.com.au/news/biztech/virtual-world-cracks-down-on-cowboy-banks/2008/01/10/1199554807218.html"><P>In-world companies such as JT Financial have been inundated by
customers wanting to know what is going on. A screenshot shows a
virtual bank branch packed with customers, as a notice on the wall
says "JTF has not crashed. The system is overloaded right now.
Please stay calm ... you will all be able to withdraw your
money."</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.smh.com.au/news/biztech/virtual-world-cracks-down-on-cowboy-banks/2008/01/10/1199554807218.html"><P>Some less scrupulous virtual world inhabitants built "banks" or
"ATMs" that were actually Ponzi schemes: paying high interest rates
using the money of other depositors.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/98CF9574-DEA5-469F-A313-E18D0EEF6976/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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