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First Annual Second Life Banking Sector Open Forum; Majority of Transcript

August 11, 2007 by Nobody Fugazi
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My thoughts

Submitted by Aemilia Ballinger on Sat, 08/11/2007 - 18:11.

It was crazy. But I don't think the central question of how to create a standard was every really addressed. Since we don't have a legislative authority to impose it, and judging by the petty business leaders in the world you won't see cooperation---the only way to have a standard is for a bank like BCX to create one of its own.

What I mean by that is for BCX to give customers everything they want and then MORE. Give them full disclosure, give them reasonable interest and then give them FREE insurance purchased for depositors. The insurance premiums should come from reduced bank profits OR slightly reduced interest rates. It would be a great marketing tool and set the bank apart from the crowd.

And if BCX became the leader in the industry, then other banks would follow. That is how we could regulate the economy, let the market regulate itself. :)

Other things I noticed at the forum:
1. Jasper Tizzy is an idiot. Every event I've been at where he is at, he is disruptive and rude. I feel bad for anyone who gives him money.
2. Prokofy is smart, but a bit rude.
3. JT Financial's business model is bad. I don't think it makes sense to tell people TRUST ME, and then not explain how they are going to invest funds. I think they are smart, but come on, the little guy is just as important as big investors.
4. People don't understand how the Rock's model works. Some of that is just ignorance, and some of it was willful misunderstanding to further an agenda.

Just my thoughts on a painful afternoon in SL. You really are to be commended for your financial coverage because meetings like that make me want to shoot myself. ;)

I believe you are right.

Submitted by Nobody Fugazi on Sat, 08/11/2007 - 20:32.

Your first paragraph sums up a LOT of the chatter that was going on.

As far as your summation of Prokofy, I think there is an odd mixture of overstatement and understatement. With Jasper, well, I don't know. I don't have the time to weed through personal attacks and rhetoric to mine jewels. In essence, I don't dive into the hog's pen in search of diamonds. Your mileage may vary.

I've seen JT Financial's business - I agreed not to disclose it - but if you want, I'm sure that Arbitrage Wise would show you IF he thinks it is important to you and IF you agree to not disclose.

I think with the Rock's business model, most of the nitpicking had nothing to do with the Rock. Some people like to nitpick to further their own agendas, and do so foolishly - and in doing so, demean others who may actually be doing something right.

Meetings like that are just... well, they're what they are. As far as this particular meeting, I think it was more of venting than anything else - and I think that it's good.

However, future meetings... I take them one at a time. I'm actually considering holding a meeting on neutral ground, but I'd want a more tightly focused discussion.

Reads like a Robin Linden

Submitted by Anonymous on Sat, 08/11/2007 - 17:57.

Reads like a Robin Linden office hour but I want to bow down at your feet for pointing out that TOS is not law.

It's really difficult having a meeting in SL, fair play to you for going.

I'm no lawyer...

Submitted by Nobody Fugazi on Sat, 08/11/2007 - 20:23.

But I listen to lawyers and pay attention to courts. In the context of Bragg v. Linden, the ToS was deemed to be a [w:contract of adhesion]. I have it from a few lawyers that such a claim against the definition of the Linden dollar could, at the least, be challenged.

Now what I would love to know is whether hiding behind the ToS - which is not actual Law - can have legal consequences. That's pretty complicated, I would think.

As far as bowing, etc. - stay away from my feet, and never bow. :-) My feet stink, and I'm just Nobody. lol

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