Second Life Virtual Bank Collapses, Losses at $750K
That's a lot of green, pixelated or otherwise.
The bank, called Ginko, became very popular over its three-plus year existence thanks to incredibly high returns on investment, as high as 60% in some cases. But, like many other investments offering that degree of gain, this one proved too good to be true. Turns out the bank founder won't reveal what he did with the money, and in-game laws don't dictate that he even has to. Meanwhile, others have compared the Ginko "bank" to a pyramid scheme in which a few on top have run away with some serious cash. Given the lack of in-game regulations for banks it remains to be seen just what, if anything, 'Second Life' citizens will get of their lost funds.
From 'Wired'
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Reader Comments (Page 1 of 1)
Jacob @ Aug 16th 2007 2:28PM
Incredible morons. "60% return" and they thought it could go on forever? Barnum had it right when he said there's a sucker born every minute. Given that no real crime has been committed, they'll get away with it.
ellis @ Aug 16th 2007 3:58PM
LMAO this is hilarious! I just joined Second Life today...I need to build my own alternate universe and take some $$$--tell me again? how does a virtual bank go belly up??