http://www.the-avastar.com/ Latest news from the-avastar.com en http://www.the-avastar.com/EXT:tt_news/ext_icon.gif http://www.the-avastar.com/ Latest news from the-avastar.com TYPO3 - get.content.right http://blogs.law.harvard.edu/tech/rss Thu, 03 Jul 2008 21:45:00 +0200 http://www.the-avastar.com/second-life/business/2008/july/banks-are-back/archive/2008/july/article/the-banks-are-back/?tx_ttnews%5Bday%5D=03&cHash=13915244d8 SECOND Life banks are back – and residents are starting to trust them again thanks to Linden Lab’s new accreditation system. SLers are being drawn back to in-world banks after Linden Lab took action earlier this year to ban rogue institutions, and only accept those with accreditation. It means the sector is starting to recover after becoming such a wild and unregulated mess that the endless scandals – including the 'fake death' at the WHJ uncovered by The AvaStar – forced the Lab to act. There is now a list of the banks which have been officially accredited by LL. They can be prosecuted in RL if there are any problems, allowing the Lindens to pass on responsibility. Proof and credibility Residents can open an account under safe conditions and make payments online. One of the banks to make use of the new system is the Dutch Exchange, which was founded by resident Bart Melendez in 2007 and survived the cull. Its manager Marcel DutchX said: "What we offer is 100 per cent safety, fast payouts and first class support." Experts still advise, however, to insist on proof of RL identity and credibility before considering making an in-world investment – and not everyone is convinced. SL is a gamble Kasen Kazen founded the 'Banking Watchdog' group to keep an eye on the financial industry in Second Life. He personally lost L$150,000, and said: "I don't think any bank that is [properly] accredited would waste the time and money to come into SL. A RL bank will not come in and loan money to anyone who can take it and run." When asked what could be done to make in-world banking completely safe, Kazen added: "Safe? Nothing is safe in SL. Banks, land, shops, the rate of the L$. It's a game! Everything in SL is a gamble everyday."]]> SECOND Life banks are back – and residents are starting to trust them again thanks to Linden Lab’s new accreditation system. SLers are being drawn back to in-world banks after Linden Lab took action earlier this year to ban rogue institutions, and only accept those with accreditation. It means the sector is starting to recover after becoming such a wild and unregulated mess that the endless scandals – including the 'fake death' at the WHJ uncovered by The AvaStar – forced the Lab to act. There is now a list of the banks which have been officially accredited by LL. They can be prosecuted in RL if there are any problems, allowing the Lindens to pass on responsibility. Proof and credibility Residents can open an account under safe conditions and make payments online. One of the banks to make use of the new system is the Dutch Exchange, which was founded by resident Bart Melendez in 2007 and survived the cull. Its manager Marcel DutchX said: "What we offer is 100 per cent safety, fast payouts and first class support." Experts still advise, however, to insist on proof of RL identity and credibility before considering making an in-world investment – and not everyone is convinced. SL is a gamble Kasen Kazen founded the 'Banking Watchdog' group to keep an eye on the financial industry in Second Life. He personally lost L$150,000, and said: "I don't think any bank that is [properly] accredited would waste the time and money to come into SL. A RL bank will not come in and loan money to anyone who can take it and run." When asked what could be done to make in-world banking completely safe, Kazen added: "Safe? Nothing is safe in SL. Banks, land, shops, the rate of the L$. It's a game! Everything in SL is a gamble everyday."]]> Thu, 03 Jul 2008 21:45:00 +0200