Global Credit System: Review
There was some heated discussion related to KITILA Cortes and the Global Credit System which I found hard to follow1, so I decided to take a look at the system itself. Kitila Cortes and I chatted via IM through the last bout of grid flatulence, and when it cleared up he gave me a demo.
He told me he is no longer selling the system - he already made his profit.
How The System Works; Overview
The system is like that of any real credit cards (if you could call them real!) - you charge money, and you pay interest based on that. The settings for that are set by the bank; the only thing presently not adjustable by the bank is the length of time for payment (30 days).
If someone defaults on a card - doesn't pay - they are sent 3 messages. With the first message, the card is locked - they can no longer charge using it. Kitila claims that this does not break the Terms of Service (spam2). He claims that he spoke with 3 liasions on the subject and that they saw no problem with it. From how he described the system to me, it seemed to be 3 reminders.
A credit rating system is already done for owners of the system, though I did not see that.
The Demo
I received a card by touching a board. The card is worn; it requests permissions for debits as any vendor does. You can charge or check your balance that way using a channel (for the demo, it was channel 1 - '/1'). It was a bit choppy, but this was an impromptu demo so I'm forgiving in that regard.
When you accumulate a balance through charging the card, you pay within the time period allotted (30 days is to be expected) - and during that time period, you can pay on the balance by detaching the card and rezzing it - then paying it.
More advanced features are in the works, from what I was made to understand.
My Opinion
I knocked the system for being Second Life side only, with no web server backup - I was told that this was already being worked on. I also suggested that if the Linden Lab representatives said the system was Terms of Service compliant, it might be good to get that in writing from someone.
For all intents and purposes, it did seem to work like a credit card except that you accept the money - not a vendor. I can see where there would be potential uses for it. I also see how the system might be taken advantage of, but those are the demons which will have to be shaken out like in any other system.
What do I think? I think its a creative implementation of a system which people seem to love in real life. The cost of the system was considered high for some, acceptable for others (such as L&L) - but the system is not for sale at this time. The proof, as usual, will be in the pudding. Lets wait and see what users think of it.
Personally, I have no liking for credit cards, but hey - I'm not everyone. I'm Nobody. :-)
1The comments were likely to get out of control sooner or later, so I nipped it in the bud by locking the thread. This was not to take sides - as someone moderating comments it was simply too difficult to follow what was going on without further information. I don't mind the web hits here on Your2ndPlace.com, but I do mind when things start to get a little out of control.
I don't know who said what to who before, so I'm pointedly ignoring that. What I am doing in this post is reporting what I saw. It won't make some people happy, I'm sure, but there were plenty of unhappy people anyway.
2 4.1, vii:
upload, post, email or otherwise transmit any unsolicited or unauthorized advertising, or promotional materials, that are in the nature of "junk mail," "spam," "chain letters," "pyramid schemes," or any other form of solicitation that Linden Lab considers in its sole discretion to be of such nature;
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From BOB PERRY
I did have another discussion with KITILA after the release of my article. I will be removing my former article to eliminate our tension between each other. I do indeed think KITILA is a nice person and may have made comments I took as insulting in the heat of the moment.
On the other hand though, Lindsay Druart obviously had a side opinion about this system since she does indeed help run L&L. She is also an employee of SL Capex, the stock exchange that was formerly known as AVIX. AVIX normally had a trading balance between 600k-1000k, and after looking yesterday, SL Capex had somewhere near 450k.
The fear with this system is I could make 50 alts and withdraw the max under each. Believe me, the noobs that sit and camp for 10L/hour will gladly make a new avator (about 5 min) for 100L-500L. Even if there is an amount of time before you can use it, people will create them and wait till they can. I am very curious to see if this happens, it will be interesting to see if newbies progress their money making techniques.
From Lindsay Druart
Bob, I have had it with your lies. I don't "help run" L&L. I own it and built it from the ground up. As far as CapEx's volume our trading day closed at 671k as normal. And considering time is not the only factor in account creation, again, you are wrong and basing your findings on nothing.
It's amazing how you wanted to buy this system and when you were denied full rights to the system and denied purchasing at all because of your pushy crook reputation, all of a sudden the system is junk. How the tides have changed when you didn't get what you wanted.
Stop wasting so much time pointing fingers at what someone else is doing and get to work on that company you just created with the company that defrauded WSE that's listing on an unknown stock exchange. Good luck with that.
Lindsay Druart, CEO, L&L Corporation
Unknown Stock Exchange?
As far as the you<->Bob thing, well - thats the business of both of you. I'm trying to figure out 2 things.
(1) I'm trying to figure out which stock exchange isn't known about. I thought I had them all pretty much nailed. ISE, SLCAPEX, WSE, VSTEX... is there another one? If there is, I need to know about it. Please let me know.
(2) My thoughts on WSE being defrauded in any way by any one... Dunno. Hard to say. I remember what happened with Montana's Poker Room, among others... Luke is big on saying its all 'fictional', and has been very supportive of Ginko Financial (to the point where some call it Debt Transfer Fraud), but - if we go with what Luke is saying, there could have been no fraud since the whole exchange is fictional, which implies that the companies on it are fictional...so can WSE actually be defrauded? Not according to what Luke is saying.
Thus, for WSE to be defrauded it would have to be a non-fictional exchange. WSE can't have it both ways. Talk to Luke about that, I'd love to hear what he says.
erm..
For someone who 'pretends' to be professional, don't you think you should do some kind of research before you speak?
Ass kissing LukeConnell is NOT research.
to Nobody
i know you didnt Lol i didnt mean it to sound that way i was Thanking the other People who stood By the Brand Not the Reporter lol i jsut thanked you for doing your job
Kitila Cortes Himself
Thank you Nobody for Taking Time to do this Much needed review and also for not taking side for either Party involved . If any one has Further Questions or Comments you May IM me and i will tell you what our Future PLans for Global to Better it and Secondlife Thank you agian Nobody and Everyone Else who stood By the Global Brand
Erm.
I didn't stand by Global Brand. I went on a fact finding mission.