Does Second Life plan to create its own cryptocurrency?

[istanbullet]

 Hi Friends, 👋😎

     I hope Linden Lab are interested in the blockchain technology. For example, Coin created by Linden Lab can be purchased, earned, and exchanged within the SECOND LIFE platform . most importantly, it can be transferred off the platform and converted to real cash! 

What do you guys think? Would you like Linden Lab to create a COIN ? ✍️

[bigmoe Whitfield]

4 minutes ago, istanbullet said:

 Hi Friends,  👋 😎

     I hope Linden Lab are interested in the  blockchain technology. For example, Coin created by Linden Lab can be purchased, earned, and exchanged within the SECOND LIFE platform . most importantly, it can be transferred off the platform and converted to real cash! 

What do you guys think? Would you like Linden Lab to create a COIN ?  ✍️

Nope, there have been other threads about this,  crypto is not what the community at large wants,  plus some of us will leave if they do.

[Scylla Rhiadra]

I suspect that LL wants to be "associated" with the idea of crypto-currency, because it's the "It Thing" of the moment, and there's a cool factor, but I doubt they'll venture out on their own into this territory: it's not part of the core business.

And, as Moe says, it would not be welcomed by many, if not most of us. I don't know that I would leave because of it, but I sure as hell wouldn't use it.

[Rowan Amore]

 

 

[Quistess Alpha]

As has been said on other threads on the topic, there's no clear benefit to crypto currency over current L$, but there are clear downsides, namely increased costs (crypographic monkeying is computationally expensive, which does eventually translate into economical expenses) and greater potential for inconvenient regulation ("virtual tokens" like L$ are somewhat murky, Crypto would put it into a clear category that many governments are looking at regulating more)

28 minutes ago, istanbullet said:

Coin created by Linden Lab can be purchased, earned, and exchanged within the SECOND LIFE platform . most importantly, it can be transferred off the platform and converted to real cash! 

This is already true of L$.

[Alwin Alcott]

28 minutes ago, istanbullet said:

Coin created by Linden Lab can be purchased, earned, and exchanged within the SECOND LIFE platform . most importantly, it can be transferred off the platform and converted to real cash! 

What do you guys think?

sounds like the L$ to me ....

[Syo Emerald]

Aren't there already enough *****coins out there?

[Teagan Tobias]

 

I’m over 14 years old, don’t think I would leave. But I would drop back to Basic and never spend another penny here.

 

[animats]

Tilia needs to figure out how to do ACH and SEPA transfers first. They're using PayPal for payouts, which adds another level of fees and problems.

(I still can't figure out what Tilia actually does. The only customers are Second Life, Sansar, and Upland. No new customers in years. Only Second Life has significant payouts. But Tilia has far more job openings than Second Life. Somebody really wants to be in the financial-services business, no matter how much it costs.)

[Profaitchikenz Haiku]

4 minutes ago, animats said:

I still can't figure out what Tilia actually does.

Adds a firewall between the operations and financial sections?

[Lyssa Greymoon]

Please no.

[istanbullet]

Guys, this is nothing to be afraid of. It's not something that will make you quit Second Life. this is just an option. Paypal and skrill are not available in some countries.
I'm not talking about $Linden being a cryptocurrency or i am not talking about NFT  
For example, let's say LCoin is created by LL 
In the SELL section: 1000L$ = $3.88 = 1 Lcoin or 100Lcoin or whatever
LL can provide a consistent buy and repurchase price that should cause little volatility in LCOIN.

You can either request a withdrawal to paypal or request a withdrawal to a crypto wallet. how you want. just an option

some similar platforms have switched to this layout. Most likely, linden lab is also working on this topic. 

[Scylla Rhiadra]

6 minutes ago, istanbullet said:

Guys, this is nothing to be afraid of. It's not something that will make you quit Second Life. this is just an option. Paypal and skrill are not available in some countries.
I'm not talking about $Linden being a cryptocurrency or i am not talking about NFT  
For example, let's say LCoin is created by LL 
In the SELL section: 1000L$ = $3.88 = 1 Lcoin or 100Lcoin or whatever
LL can provide a consistent buy and repurchase price that should cause little volatility in LCOIN.

You can either request a withdrawal to paypal or request a withdrawal to a crypto wallet. how you want. just an option

some similar platforms have switched to this layout. Most likely, linden lab is also working on this topic. 

Why?

Sorry, not drinking the Koolaid.

[Coffee Pancake]

1 hour ago, istanbullet said:

 Hi Friends, 👋😎

     I hope Linden Lab are interested in the blockchain technology. For example, Coin created by Linden Lab can be purchased, earned, and exchanged within the SECOND LIFE platform . most importantly, it can be transferred off the platform and converted to real cash! 

What do you guys think? Would you like Linden Lab to create a COIN ? ✍️

Lets see.

Right now we have a currency with a stable value and negligible processing overheads and no transaction fees (outside of SLM sales and conversion fees).

A crypto would require significant processing overhead needing it's own server farm to grind out the blockchain, this is expensive to operate so all transactions would need a fee to offset the costs or procuring and operating a farm.

Opening up the farm so anyone can mine L$ makes the fees more important and prevents LL from mitigating them with offsets from other parts of the SL economy.

 

How many users would want to have (at least) 2 PCs for SL? One for play and one to mine?

How many L$ would you like to spend every time you move L$ between avatars? L$100 .. L$1000 .. L$10000 ?

What impact would that have on the wider SL economy when all merchants have to add the processing fees into their product pricing?

What happens to SL should large quantities of L$ be held and traded outside of SL as though it was any other altcoin?

What happens to SL should an external exchange "get hacked" and someone runs off with all the money?

How is the US$ value of the coin regulated? If it's up to the market, how will people, sellers, landlords, vendors keep stable US$ prices?

Do you think people will spend more or less L$ knowing it's value can fluctuate?

How will fluctuations from an external market unconnected to SL in anyway impact those habits?

Crypto tends to encourage HODL rather than spending, is depressed consumer spending a sign of a healthy economy?

 

8 minutes ago, istanbullet said:

Guys, this is nothing to be afraid of. It's not something that will make you quit Second Life.

This radically alters the SL economy that much of SL depends on to pay for everything we do in SL (and RL for some).

Even if no one quit over it (and lots will), it still kills SL as we know it.

 

[Scylla Rhiadra]

3 minutes ago, Coffee Pancake said:

Even if no one quit over it (and lots will), it still kills SL as we know it.

What it also does -- and this is implied by everything you've said -- is transform SL from a creative sandbox and "experience" into a platform for speculative money-making. Like so many so-called "metaverses" already are.

 

[Lyssa Greymoon]

Linden Lab has wasted more than enough resources on dead end projects that are not Second Life.

[animats]

Reaction to the first major game to try NFTs. Gamers Do Not Want.

[Maryanne Solo]

2 hours ago, istanbullet said:

You can either request a withdrawal to paypal or request a withdrawal to a crypto wallet. how you want. just an option

If LL give me a crypto wallet I'll give them a crypto wallop. 

[Bree Giffen]

Awwww. I was hoping that we'd see a proliferation of Crypto Babies seeking Crypto Daddies.

[Arduenn Schwartzman]

4 hours ago, Quistess Alpha said:

4 hours ago, istanbullet said:

Coin created by Linden Lab can be purchased, earned, and exchanged within the SECOND LIFE platform . most importantly, it can be transferred off the platform and converted to real cash! 

This is already true of L$.

I wonder why someone would even want to suggest that this is not the case for the current L$ currency. Sounds like either the OP is clueless or they want to deliberately misinform SL newbies.

[Tama Suki]

4 hours ago, istanbullet said:

 Hi Friends, 👋😎

     I hope Linden Lab are interested in the blockchain technology. For example, Coin created by Linden Lab can be purchased, earned, and exchanged within the SECOND LIFE platform . most importantly, it can be transferred off the platform and converted to real cash! 

What do you guys think? Would you like Linden Lab to create a COIN ? ✍️

Lindel Dollars does not do it already? 

[Kimmi Zehetbauer]

Best thing for any crypto is to take it out back and end it.

[Silent Mistwalker]

10 minutes ago, Kimmi Zehetbauer said:

Best thing for any crypto is to take it out back and end it.

 

Makes me think of song lyrics. Something about taking a judge out behind the courthouse...

 

 

[Profaitchikenz Haiku]

3 hours ago, Coffee Pancake said:

How many users would want to have (at least) 2 PCs for SL? One for play and one to mine?

In addition, how many users would want their most expensive graphics card not used for showing them the world but for implementing the currency?

There's always new toys, new names, new games pouring out year by year, and many times there isn't any reason to abandon what you already have, especially when you still haven't fully explored all it's capabilities.

[Ardy Lay]

Nope.  Trading alternative currencies in Second Life is a violation of the terms of service and possibly government regulations.