Your2ndPlace

Almost a month after the Second Life banking ban went into effect (as opposed to a real bank ban), JT Financial accounts were converted into SLWallet. What is SLWallet? It is, for all intents and purposes, a stock with its own prospectus.

And to most people, that makes about as much sense as telling them that their cherry jello just became a Ferrari. Or, better, that their Ferrari just became cherry jello. But here is what it means:

• JT Financial accounts are now shares of SLWallet.
• The decision was made by Arbitrage Wise so that they could give people money back.
• It is imperfect. Everyone knows this, including Arbitrage Wise and employees of JT Financial. But since they couldn't pay everyone out immediately, they are paying out over time.
• If you do not have your password, go to the ATM at SLCapEx and type /10 password. Then log in to SLCapEx.com. After you log in, go to the SLWallet page.
• If you need your SLWallet shares sold immediately to be converted to Linden dollars, you will take a bath in dirty water. Present buy orders by the sharks are no higher than 0.5 Lindens per share. It can be avoided if you do not need immediate cash, but to take this bath, sell at Market prices. These are the areas to fill in on the left.
• SLWallet shares are being purchased back at $1.03 per share by SLCapEx as funds become available.
• To sell your shares at $1.03 per share, you need to place a Limited Sell Order - which is on the right. Type in the number of shares in the top right, under 'quantity', and set the price to $1.03 in the lower right under price.
• I have heard reports of some people already getting their Linden dollars back, some taking a bath, and some have figured out the system.

Your choice, really. Now, for the opinion.

Nobody Note

Yes, it sucks, I know it sucks and I know everyone else thinks it sucks. I don't think much of the people who are buying shares at such a low price (and cry me a river about 'helping people out' at .50 L on the 1L). But it is an option, and if you need funds now, you have that option.

There are some distinct parallels to the WSE controlled Ginko Perpetual Bonds. First off, SLCapEx is JT Financial, and Ginko Financial gave control over to the WSE. Of course, WSE and Ginko were joined at the hip, so it seems like semantics. Here's the think. SLCapEx is open, they are trading, and Arbitrage Wise did not do an interview on VirtuallyBlind.com. Further, this had nothing to do with the gambling ban (neither did Ginko's collapse), Arbitrage Wise and company are still listening to people shout at them and they are steaming along.

Also, Arbitrage Wise has been very transparent with his business plans prior to the ban on Second Life based banks. Also, interestingly enough, SLCapEx is one of the exchanges open whereas WSE is still not open.

Imperfect situation. Different circumstances. SLCapEx seems more credible than Ginko Perpetual Bonds were, but suffers the same problem to the end user - probably most people who are taking the time to read this. There are two ways to handle it. Pick the best way for you, and try to move on with your Second Life.

If there are updates as to the status, I will mention it further. For now, it looks like a situation that is going to resolve itself as imperfectly as the circumstances are.

Good luck.

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