[extropy-chat] NEWS: Virtual cash exchange goes live

[Reason]

> -----Original Message-----
> From: extropy-chat-bounces at lists.extropy.org
> [mailto:extropy-chat-bounces at lists.extropy.org]On Behalf Of Adrian Tymes

> --- J Corbally <jcorb at iol.ie> wrote:
> > Now, if it becomes possible to turn virtual money
> > into *realworld* money on
> > an ongoing basis....(outside of Ebay).
> >
> > Or should that be "when".
>
> It's a nice theory.  In the past, the game managers
> have tended to frown on people turning any real profit
> from the games.  These guys may have a chance if they
> approach the game owners on a business-to-business
> level; they certainly present themselves as an
> honest-to-goodness currency exchange, and thus legally
> a "financial institution".  If they fail to do so, I
> see no reason to expect they will not simply be banned
> like their predecessors, and trading (for them) halted
> on all currencies within a year.

This is a rapidly evolving field, with 20+ new multi-million dollar launches
every year. Things are changing fast, and the game owners and game creation
community are well aware of these economic matters. The owners of Second
Life gave copyright of user-created objects (which is pretty much everything
in the game) to their users just a month ago or so - so anyone with the
right talent could make a living as a Second Life designer if the game
becomes large enough.

I give it no more than two years for a successful game to exist that is
fully integrated into the US or South Korean real world economic systems.
Then it gets interesting.

If you look at Castranova's latest paper, you'll see that many of my
last-year predictions of tax competition for real world nations and other
goodies from virtual worlds are now echoed by economists in the know.

http://www.gamestudies.org/0302/castronova/

Reason
http://www.exratio.com