A Virtual Business Day

Well, I spent much of the day looking at business ideas based on the SecondLife software. There is actually a virtual currency controlled by the Linden Labs group, Linden Dollars. And yes, there is a real exchange rate between Linden Dollars and the good ole USD. And while I could probably write a book about all the possibilities that SecondLife introduces, I'll stick to what I thought through today.
Turns out they actually have an in-world stock exchange too. That's right. Virtual company shares are traded for virtual money, with virtual news and virtual business partners. Sound crazy? It is, don't worry. I also looked at starting a bank with this virtual money idea. The main question: is a "savings and loans" (that could provide risk-free investing for virtual people) actually possible?

Apparently so, as I found several legit banks through the in-world advertisement search; however, it is not without its problems, it seems. For example, most of the "banks" I found were just scams meant to get people to deposit money into a box that has no guarantee of return. Advertising up to 45% interest on deposits... Now that's a little absurd, even for a virtual world. Then I began to think, why would I put money into a virtual bank that's run by a real world company that is out to make a profit like me, and off me. The rules just aren't in place for this virtual banking system. Think banking in the early 1900's: It's probably safer to keep your virtual money under your virtual mattress. It has potential, but as my brother mentioned, the SecondLife would be more trustworthy if the power were placed in the hands of the residents, taking it out of Linden Lab's control. Not until it is a completely self-sufficient country will the more sophisticated business models work. (Well, as self-sufficient as any real world country is these days.)