QJ.NET | Videos | Forums | iPhone | MMORPG | Nintendo DS | Wii | PlayStation 3 | PSP | Xbox 360 | PC | Downloads | Contact Us

Shutdown of virtual banks in Second Life; real money lost

Posted Jan 26, 2008 at 02:34PM by Isaac C. Listed in: News, Second Life Tags: Linden Lab
Ó

Second Life: unchargered banks get their plugs pulled - Image 1 


While most MMORPGs have strict rules against using real money in in-game transactions, such is not the case with virtual worlds like Second Life. While real money does give a more realistic experience, it also has its real dangers.

Such was the case when Linden Labs decided to pull the plug on several banks in the game. A dozen of these digital financial institutions were shut down due to complains that some of these "banks" didn't operate as they promised.

Some of these banks offered what real life banks would - an interest rate. While some banks did make good on the promise, others merely squandered the money for their personal gain. Some used it for gambling.

Some people were able to get their money out of the banks in time - some weren't. A report from one virtual bank says that Second Life depositors may have lost as much as US$ 750,000 in real life money. Some of the banks that shut down are returning their depositors' cash.

The shutdown of these banks were announced two weeks prior. The new rules state that only banks with "proof of an applicable government registration statement or financial institution charter" will be able to operate in the game.

[Via The Wall Street Journal] Permalink  |   Email this  |   Linking Blogs   |   Digg It!

Bookmark / Find this article on:

1 Jumps     Gundam creator says games are still evil, but game hardware isn't
1 Jumps     Free Trials for Warhammer Online now live and unlimited

0 Comments


Sort by:


Contact Us:

The QJ.net Network

RSS Feeds
Site Feed
QJ.NET RSS
Nintendo DS RSS
PlayStation 3 RSS
PSP Updates RSS
Wii RSS
Xbox 360 RSS
MMORPG RSS
Personal Computer Games RSS
iPhone - iPod Touch RSS
QJ.NET Forums RSS
Add QJ.NET
Add to My Yahoo!
Google Reader Subscribe with Bloglines
Add to your Kinja digest Subscribe in NewsGator Online
Subscribe with Pluck RSS reader Add 'www.qj.net' to Newsburst from CNET News.com
Subscribe with SearchFox RSS del.icio.us www.qj.net
Add to Technorati Favorite! Add to My AOL
furl! it Stumble for Treehugger!
User Favorites - November
Most Commented
(16)
(5)
(1)
(1)
(1)
User Favorites - November
Top Jumps
Blizzard selling in-game pe.. (9)
Concept art for Fallout MMO.. (7)
NCSoft: Guild Wars 2, Blade.. (5)
Free Trials for Warhammer O.. (4)
WoW China woes continue: Re.. (4)
Star Trek Online boldly goi.. (4)
Subscribe to Age of Conan a.. (3)
Gundam creator says games a.. (1)

 Username: 
 Password:
Forgot password
New user registration



Categories

Titles
Archives



Use of this Web site constitutes acceptance of the TERMS & CONDITIONS and PRIVACY POLICY
Copyright © 2009, QJ.NET. All Rights Reserved.
Contact Us