Category Archives: virtual banks

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

FREEDOM in Second Life, curtailed again by Linden Labs
clipped from www.smh.com.au
Virtual world cracks down on cowboy banks

Ginko Financial offered 44 per cent interest but collapsed after a<br /> crash in confidence caused a run on the Second Life bank.
There’s a banking meltdown in Second Life, too.
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”.
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.”
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.
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