Over on Your2ndPlace, Nobody Fugazi has done a story on Second Life’s World Stock Exchange (WSE) and its announcement of an up to 30-day closure. I headed over to WSE myself and sure enough was greeted with this:
Auto Greeter: Hello. Lowell Cremorne Welcome to the WSE. As you all know we are upgrading as part of our launch for the WSE 4.0 platform. This is a huge undertaking and we have now entered a phase of development that requires the WSE to close all trading and transactions for “up to” 30 days. As responsible managers and to ensure stability, security and improved services it is important the WSE fix all existing bugs in the website as part of the upgrade. CEO’s will continue normal reporting and announcements during this period. WSE 4.0 includes a new ATM, improved security and functionality along with a new conditional trading system. All WSE Account Holders will earn a bonus 25% p.a. interest during this process. We ask for your patience and apologise for any inconvenience. Kind Regards, LukeConnell Vandeverre
I’d agree with Fugazi’s view that such a long closure is strange and it’s hard not to tie it in with Linden Lab’s recent warning on third-party financial transactions. WSE has a history of sudden closures and each time they have re-opened for business. Here’s hoping this time is no different. I’d also put in a wish for version 4.0 of the new WSE platform to incorporate a little more transparency.
Update: The Second Life Herald have further coverage of the closure, including one fascinating statement: “Vandeverre stated that one of the new functions of the WSE 4.0 is the ability for shareholders of the WSE to vote on the board of directors based on individuals he nominates.”. Ever heard of a real-life CEO telling shareholders what directors they can vote for? If the quote is accurate, such a move will do nothing to ease concerns over WSE’s lack of transparency.
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