After the Ginko fiasco, some are calling for licensing and/or regulating sl banks. Is it a good idea? Is it necessary?
Are the Lindens likely to enforce regulations or licensing requirements? Unless it hits them in the pocketbook, I doubt it. Threats to their existence lead the Lindens to react, like they did with Casinos. Otherwise they generally remain silent.
We come to sl for a variety of reasons, but one of the attractions is that we can be whoever we want to be. If you want to be a doctor, call yourself one and you are. Call yourself a lawyer, and you are. We don’t need to go to med school, pass the bar exam or meet any other educational or licensing requirement to be who we are and do what we do.
Do builders have to meet building codes?
After fumbling around in sl as a noobie, I eventually started designing clothes and now have a number of successful stores as well as other businesses. Should I have had to go to design school? Or am I better judged by my customers who ultimately decide my fate and success.
I also own a small inworld bank in sl and am concerned about the possibility of licensing and regulations affecting my ability to operate. Like so many things in sl, not only is it buyer beware, but seller beware as well. I have been inundated with potential scammers, unscrupulous investors and even former bankers wishing to relieve me of my hard earned lindens. I have a full disclosure policy with my customers, maintaining adequate reserves, but more importantly I offer a reasonable, not exorbitant interest rate. Yes I want to make money, but I’m not about to gouge people to do that. There are enough of those around as it is. My banking system calculates and pays interest daily to depositors who can withdraw at any time. Regardless, as a customer you need to be careful about who you deal with. Whether you pay out 3600L for a new skin, purchase property or deposit to a savings account, the onus is on the buyer to ensure they are making a wise decision. We tend to trust most people and most of the time are right. Bad reputations eventually get around.
The Lindens tend to not want to provide regulations or laws in sl. They tend to leave it to us. I have been grieved, scammed, and stolen from but over time you learn how to spot these things and to deal with them. The legal system (?) in sl has no clout and cannot enforce any judgements and scammers are free to continue their deeds. A global licensing system or set of laws, while interesting at first, would prove to be difficult to enforce and with different countries and cultures involved, probably hard to resolve. The lindens claim that sl is a virtual world built by its residents, so maybe the residents are best left to sort these things out.
Btw, I don’t have a permit for the electrical in my sl house. Someone call the authorities.
Are the Lindens likely to enforce regulations or licensing requirements? Unless it hits them in the pocketbook, I doubt it. Threats to their existence lead the Lindens to react, like they did with Casinos. Otherwise they generally remain silent.
We come to sl for a variety of reasons, but one of the attractions is that we can be whoever we want to be. If you want to be a doctor, call yourself one and you are. Call yourself a lawyer, and you are. We don’t need to go to med school, pass the bar exam or meet any other educational or licensing requirement to be who we are and do what we do.
Do builders have to meet building codes?
After fumbling around in sl as a noobie, I eventually started designing clothes and now have a number of successful stores as well as other businesses. Should I have had to go to design school? Or am I better judged by my customers who ultimately decide my fate and success.
I also own a small inworld bank in sl and am concerned about the possibility of licensing and regulations affecting my ability to operate. Like so many things in sl, not only is it buyer beware, but seller beware as well. I have been inundated with potential scammers, unscrupulous investors and even former bankers wishing to relieve me of my hard earned lindens. I have a full disclosure policy with my customers, maintaining adequate reserves, but more importantly I offer a reasonable, not exorbitant interest rate. Yes I want to make money, but I’m not about to gouge people to do that. There are enough of those around as it is. My banking system calculates and pays interest daily to depositors who can withdraw at any time. Regardless, as a customer you need to be careful about who you deal with. Whether you pay out 3600L for a new skin, purchase property or deposit to a savings account, the onus is on the buyer to ensure they are making a wise decision. We tend to trust most people and most of the time are right. Bad reputations eventually get around.
The Lindens tend to not want to provide regulations or laws in sl. They tend to leave it to us. I have been grieved, scammed, and stolen from but over time you learn how to spot these things and to deal with them. The legal system (?) in sl has no clout and cannot enforce any judgements and scammers are free to continue their deeds. A global licensing system or set of laws, while interesting at first, would prove to be difficult to enforce and with different countries and cultures involved, probably hard to resolve. The lindens claim that sl is a virtual world built by its residents, so maybe the residents are best left to sort these things out.
Btw, I don’t have a permit for the electrical in my sl house. Someone call the authorities.
People should read this.
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