WSE Live Speaks, 47 days After 'Closing For A Month', Promises to Speak Later

From your intrepid reporter Talwyn Mills, as fast as I can type, and only the important bits. Mistakes are mine. No personal opinion is stated here and I'm summarising as best I can, words are mine except where quote marks are used.

I missed the first few mins due to a choppy feed, but I think (from what I did get) it was mainly introductory stuff.

So far, he's used the word "fictional" and "limited licence" with regard to the L$ and "simulated gaming environment" and "simulated market" more times than I care to count. He's emphasising throughout that everything WSE is doing is a game.

He has also said that, as soon as you pay L$ to anyone directly or via objects, you forfeit that L$ unless they feel like giving them back to you.

He's planning on using this framework developed for the WSE in a "real life" virtual stock exchange in 12 to 18 months.

He says the banking ban increased the WSE risk exposure to rule changes by LL.

Now talking a bit about "Web 2.0" and the process of a RL company hosting a AGM, voting and ballots and loads of other stuff. Apparently were going to see this happen over the internet in the future (IPTV, website voting etc).

Were at about the 25 to 30 mins mark at this point.

He's just announced that the WSE will no longer be using the L$ due to to high a risk of rule changes from LL. He thinks this will insulate him (for example) from the banning of stock exchanges or the abolition of the L$ by LL.

When the WSE opens (expected mid to late march) he expects selling off but he expects people to be buying too, but at less than the original purchase price apparently. People looking to make a killing when the "real life" exchange takes off.

With regard to his "real life" stock exchange, He estimates 500k users, with about 200k (I think he said) regular users.

All L$ balances are now WIC balances. Again, using the term "fictional currency" and "limited licence to use" regarding WIC's. He's using this term a lot.

He's talking about buying a prepaid visa card to buy WIC's. If I heard right, he's just said that people under 18 can use these cards, is that right?

L$ to WIC conversion:

All accounts in L$ are now in WIC, total value of "fictional currency" has not changed. 1000L$ is now 1000WIC's. Any WICs held before were on a different exchange rate, about 1USD for 0.98WIC after fees. All these WICs will be converted to the new exchange range. These balances will be multiplied by 265. 1000WIC's before close will now be 265,000WIC's.

He's went off to check something I think.

He's noted that other banks have closed without exit strategies. He's saying anyone can sell their WICs back to the WIC company (whatever its called) for a loss.

He says he wanted to launch at the end of January. Development started late apparently (Mid to late Jan 2008). No full time developers as the platform is "so advanced" that if they had full time developers working on the codebase it would require significant investment. Reinforcing the mid to late march, will launch 5 days after the developer says its ok and with sufficient testing.

Talking about buy and sell orders now, we had those already didn't we?

He's now recapping what he's said. If you use the WSE you are apparently not only a customer but a stakeholder.

Talking about rumours of WSE closing or being tipped off about the banking ban. He claims not but claims they saw potential risk and took action. "We do everything we can to ensure that the WSE continues to prosper"

Disclaimer: I have no money in the WSE and have never lost any money in any bank although I do have an account there.