Yet Another Run On A Virtual Bank

from the but-don't-get-too-excited-over-it dept

A couple years ago, there were stories about how there was a "run" on the virtual banks of Second Life. Later on, some reporters tried to suggest that the Second Life "credit crunch" was a predictor of the real world's credit crunch. That wasn't even close to true. Yet, with yet another story about a virtual world, we're once again hearing in-apt comparisons to the real world. The latest is a run on a bank in the game EVE Online. In this case, it looks like one of the guys involved in running the "bank" simply took some of the virtual currency out of the bank and exchanged it for real world cash (about $5k). The BBC headline calling it "billions stolen" is inaccurate, since it was only "billions" in the meaningless virtual currency. In the real world, it translated into not very much at all. The BBC article also calls it a "virtual version of the credit crunch." Again, this is quite inaccurate. In both the Second Life bank run and this bank run the problem was simply outright fraud by the "virtual banks" or those who run them. That's quite different than what has happened with the real world credit crunch, and it does little good to pretend otherwise.

Reader Comments

Subscribe: RSS

View by: Time | Thread


  1. identicon
    Chargone, 6 Jul 2009 @ 2:25pm

    Re: Fair comparison

    simple: the newspapers and politicians have no idea what they're talking about.

    despite what they'd like you to think, it's not that complex :D

Add Your Comment

Have a Techdirt Account? Sign in now. Want one? Register here
Get Techdirt’s Daily Email
Use markdown for basic formatting. HTML is no longer supported.
  Save me a cookie
Follow Techdirt
Insider Shop - Show Your Support!

Advertisement
Report this ad  |  Hide Techdirt ads
Essential Reading
Techdirt Deals
Report this ad  |  Hide Techdirt ads
Techdirt Insider Chat
Advertisement
Report this ad  |  Hide Techdirt ads
Recent Stories
Advertisement
Report this ad  |  Hide Techdirt ads

Close

Email This

This feature is only available to registered users. Register or sign in to use it.