The Rock Insurance Co. Delists 8 Dragons Banks
Submitted by Nobody Fugazi on Thu, 10/25/2007 - 04:17.
Technorati Tags: Banks Business Metaverse Miscellaneous Op/Ed SecondLife 8 Dragons Bank The Rock Insurance Co risk management synthetic world virtual world 3d finance
8 Dragons Bank, which has had no history of problems that is known of, has been delisted from The Rock Insurance Co.
The reason given is understandable; The Rock Insurance Co. seems to have been unable to get information on 8 Dragons Bank for a long period of time. While this in no way a reflection of anything untoward happening with this particular bank, it is a demonstration of risk management.
It does seem that the prevailing culture of Second Life business is beginning to become more tied to the concepts of transparency... but whether that will be enough is still debatable.
I'm glad I don't run an insurance company.
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It is not enough... still a
It is not enough... still a long way to go but, it is a starting point. Only 3 months ago, concept of transparancy was almost unknown.
So far, almost all the people against this idea are gone...
True that everybody can falsify financial reports, opening web sites, etc. but it requires a new level of sophistication.
The real change will happen when someone will be able to dicover a system capable to verify without doubts assets and financials of a company.
It will happen...
Eliale Morigi
The Rock Insurance Co.
RE: It is not enough.... but
Lest we forget, one of those "pioneers" in transparency was Investor Allen of AVIX. We all see where that went. The problem is not transparency, that should be required in any financial transaction, the problem is a flawed financial model in SL, imho. Until we get past this notion of a "corporation" in SL, which is what is flawed, we will be beating the poor dead horse forever! Insurance not withstanding!
This is not meant as a slam to your efforts Eliale, they are well taken, it is just that your job is made extremely risky due to the existing financial model in SL. I agree with Nobody, I am glad I am not in the insurance business!
Arnaud Villota.
(I tried to log on but apparently I have forgotten my user name AND password! Getting old is a bitch!)
Ping me inworld if you need it reset.
I can always help with that stuff, and will do so as quickly as humanly possible. Just ping Nobody Fugazi, and if I don't respond quick enough drop a notecard on me.
Second Life Consultant
Rock Insurance
Please note that after the initial setup of Rock Insurance, at no point in time has the Rock Insurance Company contacted 8 Dragons about "Obtaining further information". Instead it relied on the forum boards of the International Stock Exchange to "Obtain information"
We considered this behaviour to be unprofessional, hence and it would be a poor reflection of our company to deal with such an organisation. In these fraudulent times of Second Life, we must be very careful who we choose to have business ties with. Hence we contacted the Rock and asked them to remove us, and they did so.
I'm currently relocating (For the final time) back to my homeland, and it is hoped that normal service on financial reports will return within a month. Despite this, under no circumstances does 8 Dragons want anything to do with Rock Insurance Company. We do not considered educated or professional enough to be worthy of being associated with our organisation.
I thank our customers for their ongoing support, and assure them that they will never need to use an insurance company whilst they bank with us.
Rodders Holgado
8 Dragons Bank Founder
We are glad to hear that Mr.
We are glad to hear that Mr. Holgado is reconsidering the idea to post again financial reports of 8 Dragons Bank. It is the right approach we are looking at.
If 8 Dragons Bank will satisfy our criteria, we will consider again in the future to offer insurance certificates for its customers, for which we do not need Mr. Holgado permission :-).
As far as Mr. Holgado personal opinion about The Rock Insurance Co., well… we do not pretend that everybody likes us :-)
Best regards,
Eliale Morigi
The Rock Insurance Co.