Second Life Update

The Second Life Banking Run continues. Hope Capital has closed the World Stock Exchange and they are most likely bankrupt and unable to pay their depositors.

The Second Life Capital Exchange experienced a bank run of major withdrawals and disabled their ATMs for withdrawals. The Virtual Stock Exchange issued a statement that they would hold one hundred percent in reserve with major withdrawals.

ATMs all over Second Life are crowded as depositors try and get their money back. Many of the banks have only 10% in cash and are unable to meet the withdrawal requests. L&L, SLIB, all the successful banks are going down too. Linden Labs intended to close illegitimate banks but instead this will result in the Second Life Great Depression. All banks will close…… Linden Labs is changing the rules on Banking in Second Life. Many financial institutions have closed and a wide spread banking run and lawsuits threaten to cause the collapse of not only the banking and investment industry but also exchanges, the real estate market, and the overall economy.

Read more here: In response to Ginko Financial, Linden Labs has released a new policy on in-world banks.

Always remember… Money doesn’t grow on trees:

Various links to Announcements etc:

https://www.wselive.com/research/announcement_detail/2244%3ea%20bond
https://www.wselive.com/research/announcement_detail/3290%3eclosing
https://www.wselive.com/research/announcement_detail/3217
http://www.slcapex.com/home/story/system/1303