Today makes 48 days since the WSE closed, citing upgrades, and saying it would be closed for a month. Perhaps LukeConnell Vandeverre should have specified which month.
Yesterday, a message came from on high - LIVE VIDEO ADDRESS TO THE MARKET:
LukeConnell Vandeverre (Luke Connell) will address the market in a live video presentation. In this presentation Luke will discuss the WSE, Hope Capital any latest news and provide a preview of the new Hope Capital Museums in Second Life.
I'm sure everyone who is stuck 'invested' in the WSE will be happy to attend on this Sunday at 4 p.m. SLT. A word of warning - I did look at the space where the video is set up, and it isn't very large so you may want to watch this 'live address' on the website. Of course, this means LukeConnell Vandeverre might not answer your questions. Of course, it is quite likely he still won't answer your questions if you are there.
Since LukeConnell Vandeverre has taken so long to actually speak to people - the 25th of this month will make it the 51st day since the closure - there are plenty or rumors abounding that he may address if he chooses to inform. Some of these rumors are (pay attention, Luke):
- That all Linden Dollar Balances will be converted to WSE specific 'World Internet Currency' (WIC), and this is why the 'software upgrade' is taking so long. This, of course, is not a crowd pleaser.
- That the legal case between Midas Commons and the WSE over WSE seizure of Midas Commons Funds and subsequent closure, which may have involved Linden Lab, caused WSE to cease operations. Another related rumor is that this case could be near settlement.
- That the WSE is getting insider information from Linden Lab on some things, and that the WSE is remaining closed until Linden Lab announces a ban on exchanges.
- That the WSE can't handle a software project and is in over its head.
- That something other than the above and not ethical is going on.
Who knows? LukeConnell Vandeverre has the answers, should he choose to share them.
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Re: WSE Live Speaks, 47 days After 'Closing For A Month'
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Re: WSE Live Speaks, 47 days After 'Closing For A Month
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Hot off the press..
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.
Umm.
Well, you should have commented here. ;-) Feel free and copy and paste it there - and if you register on Your2ndplace.com, your comment won't be held for moderation.
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