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No, Robert is inaccurate completely.
Ginko is not like a RL situation, as it ran like a credit union in this virtuality for nearly 3 years, before it became dubbed a “pyramid scheme”.
During that period, Ginko essentially financed the major inworld businesses and stock markets. And where would these amateurs find capital in the real world, or in SL, which had socialism before 2005, except for the oligarch Anshe Chung?
Then, an external, force majeure, as it were occurred in this wonderful burgeoning society breaking away from socialism and oligarchy into a more liberal capitalist type market: the real world banned gambling. Casinos is where Ginko tied up some of its loot. Is this about greed? Well, not really, no more so than any other business.
As for “free market dreams that regulators are not necessary” these things are a balance. To lurch to the extreme and have the state entirely take the institutions over is the other extreme, no? Or are you saying this worked like a charm in Asia? Or could work in Russia if they didn’t have the oil prices to shore them up?
And what were the Lindens supposed to regulate, under what law? Gambling wasn’t made illegal. Having online credit unions in micropayments that had High Yield Investment Plans wasn’t illegal per se, but no one ever thought to really study it, the amounts were not large.
Unless Prof. Bloomfield wants to claim that giving out mortgages and loans to people to obtain houses is like a casino, you can really take these fake parallels seriously.
I had no stake in Ginko, only a test amount to watch how it worked, and I didn’t support casinos which were often exploited to take down their owners and were a sad waste of money for newbies as they are everywhere in RL.
Basically, if you could solve the problem of how a socialist economy with only oligarchy as a way out, which is SL in 2003-2004, and could find a way to create capital for business in 2005-2006 without “crime” and “corruption”, then you will have solved many of the problems of the developing world, so go for it.