Robert Bloomfield, a Cornell University economist and virtual-world watcher who had argued that self-regulation deserved a chance to fix Second Life's financial problems, says he believes that banks will face runs and be unable to pay depositors, triggering new losses. (See "Second Chance for Second Life.") But he says that the larger Second Life economy, which by one recent measure has more than 300,000 participants, would not be profoundly affected because people will still be able to make, buy, and sell digital goods and exchange virtual and real dollars.
Thursday, January 17, 2008
Virtual banks can fail too
Technology Review reports that Second Life has decided to close its banks after a series of frauds,
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It is hardly surprising for people, as this was mostly expected. I never take all this too highly, as this is now pretty normal. I just focus on my own stuff, as in trading, we need to make sure we don’t make things complicated, as that will give us losses. I am lucky enough to have OctaFX broker to work with since their expert team covers the whole market and with the daily reports, I am able to make decision easily without worrying much about anything.
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