As Mr. Oh very appropriately commented on my last post, I'm putting all my eggs in the same basket, and it is true that last time (Ginko...) this strategy gave catastrophic results.
However the think is a bit different this time, because all of the banking industry in SecondLife is at risk with the new ruling LL seems to put in place. As I already explained a bank is vital for me to achieve my goal.
So if all baskets fall down, my eggs will be broken anyway. As I have not a lot of time, diversifying outside banking is not possible, so the fate of my quest is strongly bound to the fate of SL banks...
Showing posts with label SecondLife economics. Show all posts
Showing posts with label SecondLife economics. Show all posts
Saturday, January 12, 2008
Tuesday, January 8, 2008
LindenLab to regulate banks in SecondLife !
LindenLab posted yesterday on their official blog a post saying they will start to remove ATMs from SecondLide as of 22 of January !
The only way a bank could continue to operate in SL is to register with LL:
"We will not apply this policy to companies who submit a registration statement, charter, or other applicable license from a governing regulatory authority, or who are merely conducting marketing or education, but not accepting payments."
As a reaction, many people started to withdraw their money from banks, including from JT Financials and the SL Capital Exchange. Consequently cash withdrawals from JTF has been limited (see this post from Arbitrage Wise in the forums).
For the time being I do trust the team at JTF to manage this situation, even if I'm not really surprised by LL decision. My money is still by JTF and partly invested in SLCapex, and remember that even if the withdrawal stop may look "Ginko-ish" the reasons are totally different: Ginko was short of cash - JTF is not !
So no panic, and let's see how things will go on ! The LL decision is new, and JTF will submit for a registration, so the best for the time being is wait and see. There could even be good business to do !
The only way a bank could continue to operate in SL is to register with LL:
"We will not apply this policy to companies who submit a registration statement, charter, or other applicable license from a governing regulatory authority, or who are merely conducting marketing or education, but not accepting payments."
As a reaction, many people started to withdraw their money from banks, including from JT Financials and the SL Capital Exchange. Consequently cash withdrawals from JTF has been limited (see this post from Arbitrage Wise in the forums).
For the time being I do trust the team at JTF to manage this situation, even if I'm not really surprised by LL decision. My money is still by JTF and partly invested in SLCapex, and remember that even if the withdrawal stop may look "Ginko-ish" the reasons are totally different: Ginko was short of cash - JTF is not !
So no panic, and let's see how things will go on ! The LL decision is new, and JTF will submit for a registration, so the best for the time being is wait and see. There could even be good business to do !
Wednesday, August 1, 2007
Post number 100 - Back to business with some worries
For the 100th post of this blog, I have good news. Apparently, Linden Lab finally achieved to make Second LIfe usable again, and I could restart my camping activities. JaneLight even made 100 L$ in an overnight camping in the YAKA-CLUB on Camazotz !
As today was national holiday, I also had some good camping during the day, as can be seen on my balance indicator.
On the bad side, I must report that Ginko lowered its daily interest rate from 0.13% to 0.1%. There were rumors on them not having enough cash compared to the total of deposits... This lead to a limitation of withdrawals to 5'000 L$ a day, later increased to 10'000 L$ a day, making the rumor even stronger. About Ginko, my personal question is what do they to with the money to be able to offer such a rate (44% a year). I will develop that in a next post.
After the gambling ban, and the technical troubles last days, it is hard to analyze the economical statistics published by Linden Lab. Given the strong change this could have on the SL economy, I will keep an eye on these stats during the next days.
As today was national holiday, I also had some good camping during the day, as can be seen on my balance indicator.
On the bad side, I must report that Ginko lowered its daily interest rate from 0.13% to 0.1%. There were rumors on them not having enough cash compared to the total of deposits... This lead to a limitation of withdrawals to 5'000 L$ a day, later increased to 10'000 L$ a day, making the rumor even stronger. About Ginko, my personal question is what do they to with the money to be able to offer such a rate (44% a year). I will develop that in a next post.
After the gambling ban, and the technical troubles last days, it is hard to analyze the economical statistics published by Linden Lab. Given the strong change this could have on the SL economy, I will keep an eye on these stats during the next days.
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