I noticed on SL Reports.net that the World Stock Exchange (WSE) run by Australian, LukeConnell Vandeverre, is subject to controversy again.
A virtual financial company called Midas Group has declared bankruptcy and alleges that WSE is part of the cause due to not paying a bond payment. There’s been calls made for WSE boycotts and much more.
What this latest drama reinforces is the fundamental problem with the unregulated financial system in SL – why would any serious investor look at a system where there’s no regulation and multiple stock exchanges that publicly criticise each other’s viability? One of the main value propositions of Second Life is it’s freedom, but this is one area where too much freedom may be one of the virtual world’s major pitfalls.
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