Comments for SL International Business http://blog.sl-investors-bank.com Economics of Second Life Sat, 11 Oct 2008 13:51:12 +0000 http://wordpress.org/?v=2.6 Comment on Why do you have to make a Claim? by Stuart Leominster http://blog.sl-investors-bank.com/2008/01/28/why-do-you-have-to-make-a-claim/#comment-180 Stuart Leominster Mon, 04 Feb 2008 14:13:00 +0000 http://blog.sl-investors-bank.com/2008/01/28/why-do-you-have-to-make-a-claim/#comment-180 I don't profess to understand the working out of your financial world or criticise you for anything that has happened, although my understanding of the word insurance has been severely redefined, maybe in SL it means virtually insured, however whilst banking with your company I had a HUD that displayed the amount of my savings with you, is there any way I can see MY shares in a similar fashion or how they are performing with the same or similar HUD? ... Maybe it would trigger reinvestment and confidence if people could visually see their profits as they did before. I don’t profess to understand the working out of your financial world or criticise you for anything that has happened, although my understanding of the word insurance has been severely redefined, maybe in SL it means virtually insured, however whilst banking with your company I had a HUD that displayed the amount of my savings with you, is there any way I can see MY shares in a similar fashion or how they are performing with the same or similar HUD? … Maybe it would trigger reinvestment and confidence if people could visually see their profits as they did before.

]]> Comment on Why do you have to make a Claim? by Eliale Morigi http://blog.sl-investors-bank.com/2008/01/28/why-do-you-have-to-make-a-claim/#comment-171 Eliale Morigi Tue, 29 Jan 2008 17:52:49 +0000 http://blog.sl-investors-bank.com/2008/01/28/why-do-you-have-to-make-a-claim/#comment-171 The Rock pays out bankruptcy certificates only. During the month of January, even tough there was lack of cash availability due to the ban, The Rock paid out Banca d’Italia and KJL bankruptcies taking the money from our non invested cash reserves as per our terms. In the case of SLIB and other important banks of SL, we are not facing bankruptcy but a very strong commitment from these institutions to try to pay back their customers. We consider these examples a prove that not everybody is “Ponzi” (It was much easier to run away like many others did before). Also, The Rock was covering approximately 10% of SLIB total deposits which means that, you’ll probably have higher expectancy in a conversion plan. Best regards, Eliale Morigi The Rock pays out bankruptcy certificates only. During the month of January, even tough there was lack of cash availability due to the ban, The Rock paid out Banca d’Italia and KJL bankruptcies taking the money from our non invested cash reserves as per our terms.

In the case of SLIB and other important banks of SL, we are not facing bankruptcy but a very strong commitment from these institutions to try to pay back their customers. We consider these examples a prove that not everybody is “Ponzi” (It was much easier to run away like many others did before).

Also, The Rock was covering approximately 10% of SLIB total deposits which means that, you’ll probably have higher expectancy in a conversion plan.

Best regards,

Eliale Morigi

]]> Comment on Why do you have to make a Claim? by Cliff http://blog.sl-investors-bank.com/2008/01/28/why-do-you-have-to-make-a-claim/#comment-170 Cliff Tue, 29 Jan 2008 16:01:56 +0000 http://blog.sl-investors-bank.com/2008/01/28/why-do-you-have-to-make-a-claim/#comment-170 "Communication is a key." Truer words were never spoken. Frankly my little bank adopted a policy early on that less is better. I know it is frustrating for my banking community to understand all the efforts and idiosyncrasies it takes to operate an interest bearing account, and it may seem as if I want to hide information, but really I might be trying to avoid relaying information that I myself may not understand. For example, what are the reasons a server would go down? All a patron wants to know is "When can I get my money?" In my little RL banking experience the word "TRUST" was assumed to be a description, or an action of financial institutions. Yes, it may have been a advertising plea generated at a point in history when stock markets crashed and poverty rampaged. We could stand some of that now. We could stand for our banking communities to support our efforts to get this whole thing right by Linden measures. We could stand for the Lindens themselves to look at what we do as a service for residents, and see it is truly a convenience. We could stand a little TRUST. “Communication is a key.” Truer words were never spoken. Frankly my little bank adopted a policy early on that less is better. I know it is frustrating for my banking community to understand all the efforts and idiosyncrasies it takes to operate an interest bearing account, and it may seem as if I want to hide information, but really I might be trying to avoid relaying information that I myself may not understand. For example, what are the reasons a server would go down? All a patron wants to know is “When can I get my money?” In my little RL banking experience the word “TRUST” was assumed to be a description, or an action of financial institutions. Yes, it may have been a advertising plea generated at a point in history when stock markets crashed and poverty rampaged.

We could stand some of that now. We could stand for our banking communities to support our efforts to get this whole thing right by Linden measures. We could stand for the Lindens themselves to look at what we do as a service for residents, and see it is truly a convenience. We could stand a little TRUST.

]]> Comment on Why do you have to make a Claim? by Tyrian Camilo http://blog.sl-investors-bank.com/2008/01/28/why-do-you-have-to-make-a-claim/#comment-169 Tyrian Camilo Mon, 28 Jan 2008 20:59:07 +0000 http://blog.sl-investors-bank.com/2008/01/28/why-do-you-have-to-make-a-claim/#comment-169 I have to say that NEITHER of you actually seemingly did read the press release. The plan is to slowly repay back, without selling of the companies, only the portions which generates too small profit. Secondly, the figure on website is old, very old. A lot more has been reimbursed since withdrawals were frozen. This was announced on the website. We haven't bankrupted, and The Rock can't cover if a higher up kills a whole sector. That's how insurances work, i hate to say it, but that's how insurance is :( And as for extending to other people? Sure, in that portion you are correct, people can opt out BEFORE i've bought their shares back. I really recommend you guys to read the initial press release: http://blog.sl-investors-bank.com/2008/01/23/slib-reimbursement-plan/ Or atleast, use your real identity if you want to make critique. I have to say that NEITHER of you actually seemingly did read the press release.

The plan is to slowly repay back, without selling of the companies, only the portions which generates too small profit.

Secondly, the figure on website is old, very old. A lot more has been reimbursed since withdrawals were frozen. This was announced on the website.

We haven’t bankrupted, and The Rock can’t cover if a higher up kills a whole sector. That’s how insurances work, i hate to say it, but that’s how insurance is :(

And as for extending to other people? Sure, in that portion you are correct, people can opt out BEFORE i’ve bought their shares back.

I really recommend you guys to read the initial press release: http://blog.sl-investors-bank.com/2008/01/23/slib-reimbursement-plan/

Or atleast, use your real identity if you want to make critique.

]]> Comment on Why do you have to make a Claim? by Jenny http://blog.sl-investors-bank.com/2008/01/28/why-do-you-have-to-make-a-claim/#comment-167 Jenny Mon, 28 Jan 2008 18:22:55 +0000 http://blog.sl-investors-bank.com/2008/01/28/why-do-you-have-to-make-a-claim/#comment-167 How is it that out of te 12 million deposited, SLIB still owed over 10 million to their depositors? Try liquidating things. You can't pass on the debt you owe your depositors to others via an IPO noone is going to even buy and keep the 10 million for yourself. You advertised youself as "safe and insured by the Rock". Pay us back or I'm getting a lawyer. How is it that out of te 12 million deposited, SLIB still owed over 10 million to their depositors? Try liquidating things. You can’t pass on the debt you owe your depositors to others via an IPO noone is going to even buy and keep the 10 million for yourself. You advertised youself as “safe and insured by the Rock”. Pay us back or I’m getting a lawyer.

]]> Comment on Why do you have to make a Claim? by Joe Mama http://blog.sl-investors-bank.com/2008/01/28/why-do-you-have-to-make-a-claim/#comment-166 Joe Mama Mon, 28 Jan 2008 18:10:43 +0000 http://blog.sl-investors-bank.com/2008/01/28/why-do-you-have-to-make-a-claim/#comment-166 Hmm. Sounds fishy to me. It is the people who deposited their money’s money, not yours or SLIB's money. You should do a direct payment to each avatar or at least leave the deadline open indefinitely. Maybe someone invested their hard earned L$ with you and went on a long vacation. Also, the whole IPO thing is shady. You’re just extending the problem onto even more people. In all likelihood, LL will ban stock exchanges very shortly, if they have not already. What I don’t understand is: if you made sound investments and had this big profit going that you claimed every week, why not simply slowly divest and sell all the investments and slowly pay everyone back? Why the need for these shady shifts to IPO funds and stocks? Sound like Ginko all over again. You should be careful as LL states they will assist in any lawsuits against bankers not paying their depositors back. Hmm. Sounds fishy to me. It is the people who deposited their money’s money, not yours or SLIB’s money. You should do a direct payment to each avatar or at least leave the deadline open indefinitely. Maybe someone invested their hard earned L$ with you and went on a long vacation.

Also, the whole IPO thing is shady. You’re just extending the problem onto even more people. In all likelihood, LL will ban stock exchanges very shortly, if they have not already. What I don’t understand is: if you made sound investments and had this big profit going that you claimed every week, why not simply slowly divest and sell all the investments and slowly pay everyone back? Why the need for these shady shifts to IPO funds and stocks? Sound like Ginko all over again.

You should be careful as LL states they will assist in any lawsuits against bankers not paying their depositors back.

]]> Comment on Reimburses timeline by Kerian http://blog.sl-investors-bank.com/2008/01/25/reimburses-timeline/#comment-159 Kerian Sat, 26 Jan 2008 02:23:53 +0000 http://blog.sl-investors-bank.com/2008/01/25/reimburses-timeline/#comment-159 I approve of all the work you guys are going through to make sure we all get our fair share, thank you. I approve of all the work you guys are going through to make sure we all get our fair share, thank you.

]]> Comment on Digesting the new Banking Policy by About Fish Banking http://blog.sl-investors-bank.com/2008/01/16/digesting-the-new-banking-policy/#comment-141 About Fish Banking Sun, 20 Jan 2008 02:15:29 +0000 http://blog.sl-investors-bank.com/2008/01/16/digesting-the-new-banking-policy/#comment-141 "So they are perfectly within their rights to say that you can’t set up your Fish Bank as part of the licence agreement." When they do it beforehand and respecting the former contracts. The agreements bind LL too. And the loophole is the license agreement of LL. Organizing trading of securities in a similar way than trading of L$ "licenses" will give a good headache to the regulators and LL. And somehow, I would like to remind on the earlier promise that "SL is owned by its residents", thus IPO is legally impossible. “So they are perfectly within their rights to say that you can’t set up your Fish Bank as part of the licence agreement.”

When they do it beforehand and respecting the former contracts. The agreements bind LL too.

And the loophole is the license agreement of LL. Organizing trading of securities in a similar way than trading of L$ “licenses” will give a good headache to the regulators and LL.

And somehow, I would like to remind on the earlier promise that “SL is owned by its residents”, thus IPO is legally impossible.

]]> Comment on Digesting the new Banking Policy by Artificial Life Support http://blog.sl-investors-bank.com/2008/01/16/digesting-the-new-banking-policy/#comment-140 Artificial Life Support Sun, 20 Jan 2008 01:26:02 +0000 http://blog.sl-investors-bank.com/2008/01/16/digesting-the-new-banking-policy/#comment-140 The paying interest can be circumvented by converting deposits to "stocks" which have increasing price in time. SLIB would act as a market maker offering bid/ask price for a fixed amount at certain times. (This would handle nicely bank runs too, when those believing more to the bank would buy the stock at a lower value. Remember that the volume of the market making is limited.) The stock should be "non-public" or something to escape SEC regulation. But the other point is that the ultimate value of the land in SL will be zero. People will just abandon it when they move. At the moment the price of the land makes the tenant acquire another tenant for the lot before leaving. There are already private sims with just registration cost to rent land. "The contractual element would be a great area to innovate, but instead Linden has decided that it is just a game world." They are not competent enough, and they see that the contractual element is not an economically feasible feature. They see that the economy is just a toy/game and will have limited value forever. "Game worlds stop being interesting for adults after a while." Peeps will surf between them. The paying interest can be circumvented by converting deposits to “stocks” which have increasing price in time. SLIB would act as a market maker offering bid/ask price for a fixed amount at certain times. (This would handle nicely bank runs too, when those believing more to the bank would buy the stock at a lower value. Remember that the volume of the market making is limited.) The stock should be “non-public” or something to escape SEC regulation.

But the other point is that the ultimate value of the land in SL will be zero. People will just abandon it when they move. At the moment the price of the land makes the tenant acquire another tenant for the lot before leaving. There are already private sims with just registration cost to rent land.

“The contractual element would be a great area to innovate, but instead Linden has decided that it is just a game world.”

They are not competent enough, and they see that the contractual element is not an economically feasible feature. They see that the economy is just a toy/game and will have limited value forever.

“Game worlds stop being interesting for adults after a while.”

Peeps will surf between them.

]]> Comment on Digesting the new Banking Policy by Opala Andrew http://blog.sl-investors-bank.com/2008/01/16/digesting-the-new-banking-policy/#comment-139 Opala Andrew Sat, 19 Jan 2008 17:36:54 +0000 http://blog.sl-investors-bank.com/2008/01/16/digesting-the-new-banking-policy/#comment-139 Getting a license is not the issue here - it is arbitrary. Do we need people to get a degree from and engineering school before they can sell scripts? No. It is caveat emptor. Do we need people to get a real estate certificate before they can buy or sell real estate? No. Again buyer beware. Did until last year buyer's get to choose whether they put money in a bank or not. Yes. Now arbitrarily it has changed. LL values land, charges you tier (property tax) on it. You even have to pay RL tax on it - but we just let anyone broker it's sale? The problem with SL is there is no contractual element. There is an economy but no law to govern it. This would be a great area to innovate, but instead Linden has decided that it is just a game world. Game worlds stop being interesting for adults after a while. Getting a license is not the issue here - it is arbitrary. Do we need people to get a degree from and engineering school before they can sell scripts? No. It is caveat emptor. Do we need people to get a real estate certificate before they can buy or sell real estate? No. Again buyer beware. Did until last year buyer’s get to choose whether they put money in a bank or not. Yes. Now arbitrarily it has changed.

LL values land, charges you tier (property tax) on it. You even have to pay RL tax on it - but we just let anyone broker it’s sale?

The problem with SL is there is no contractual element. There is an economy but no law to govern it. This would be a great area to innovate, but instead Linden has decided that it is just a game world.

Game worlds stop being interesting for adults after a while.

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