World Stock Exchange facing legal problems?

November 26, 2007

The Second Life Herald are running a story on the Midas Bank saga, alleging that Midas have done some legal investigations around their issues with the World Stock Exchange, run by Australian Luke Connell (LukeConnell Vandeverre).

If the issues aren’t resolved and things do go legal, it’ll provide a fascinating test-case for the status of finance in virtual worlds and associated governance policies. We’ve stated numerous times that the state of financial regulation in Second Life is farcical and there doesn’t appear to be an end in sight at this stage.

I attempted to catch up with Vandeverre in-world this afternoon for comment but his status was set to Away for the 30 minutes or so that I waited around.

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Written by Lowell Cremorne · Filed Under Australian News, Business

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Luke Connell 11 months ago 1 point
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Hello,

Sorry I missed you. Yesterday I had installed the Second Life viewer on the Linux Ubuntu operating system. In the process of using the software for the first time I came across a few challenges and it may have had me as away when I wasn't even logged into SL.

The World Stock Exchange is not facing any legal issues. The Terms of Service, Disclaimers and Overview clearly state our legal position and clearly explain what kind of service is being provided.

DISCLAIMER: The World Stock Exchange (WSE) is a Fictional Securities Exchange and Banking service developed for educational and entertainment purposes and is not a real life securities exchange and bank. The WSE does not use real currency and only operates using fictional currencies called (Linden Dollars) and (World Internet Currency). Using the Linden Currency is subject to the Terms of Service by Linden Research Inc. located at www.secondlife.com and using the World Internet Currency is subject to the Terms of Service by WIC Exchange Pty Limited located at www.wicexchange.com.

Users can view our Terms of Service at anytime via this URL: http://www.wselive.com/info/tos

Kind Regards,

LukeConnell Vandeverre

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http://www.wselive.com

Lowell Cremorne 11 months ago 1 point
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Thanks for your comment Luke. The story wasn't alleging you were liable just that you may be facing legal issues i.e. someone making a claim against you.

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http://www.sloz.info

Elwood Abernathy 11 months ago 1 point
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Luke states "The World Stock Exchange (WSE) is a Fictional Securities Exchange and Banking service developed for educational and entertainment purposes and is not a real life securities exchange and bank." I think the fictional part was added after the WSE accumulated some real value. Also, I read this to mean that Luke can, at anytime, take any value which "fictionally" exists in the exchange and cash it in for real life United States Currency, to spend as he pleases.
Elwood

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