Does Second Life plan to create its own cryptocurrency?

[Rat Luv]

I have some crypto...but I am dying at the thought of complaint threads about 100L Marketplace items costing $500 RL money in gas fees....or $500 worth of Lindens crashing to $0.04 if Elon Musk tweets “SL is dead” 

[Coffee Pancake]

2 hours ago, Lyssa Greymoon said:

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

wasted  .. past tense .. 

😂😂🤣😭

[Charlotte Bartlett]

12 hours ago, animats said:

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.)

And the silly thing is Tilia just needs to incorporate the Plaid API and off they go with real time bank account cash out e.g. like your broker can do.
On the OP - L$ will never be a crypto.  LL needs it to stay in that token definition and not get into virtual currency regs.

Tilia could push their model as they are a MSB into wallets etc but as they haven't since inception yet secured any real progress in the market, I am not sure what their plan will be/if they would even be equipped as it's just so far behind the market at this stage.   Companies like Gemini have already shown what can be done etc.

Edited December 18, 2021 by Charlotte Bartlett

[Paul Hexem]

14 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 ? ✍️

Pointless addition. We already have L$.

We already have assets that can be no copy, no modify, transfer only. We have land, too. Both are already NFTs.

Edited December 18, 2021 by Paul Hexem

[Tama Suki]

13 minutes ago, Paul Hexem said:

Pointless addition. We already have L$.

We already have assets that can be no copy, no modify, transfer only. We have land, too. Both are already NFTs.

I think he meant if it will be possible to import a jpg into SL and pay 10,000 L$ instead of 10 L$ to have the satisfaction of saying that you are an NFT trader.

[Sprout Evergarden]

Blockchain has more uses than funny money for example creators have complained about Sl permissions for ages Blockchain can be used as a way of tracking purchases and verifying an item is real and not copied. 

[Maryanne Solo]

[Alazarin Mondrian]

Quote

Does Second Life plan to create its own cryptocurrency?

Yeah, right. The last thing we need right now is Ginko Financial 2.0 😕

[Alazarin Mondrian]

Quote

Blockchain has more uses than funny money for example creators have complained about Sl permissions for ages Blockchain can be used as a way of tracking purchases and verifying an item is real and not copied.

While that is true, blockchain tech is somewhat energy-intensive in its present form to operate. Maybe at some point in the future where you don't require your own personal hydroelectric generator / nuclear power plant / oil rig to run it, then maybe.

[Coffee Pancake]

3 hours ago, Vanessa Amethyst said:

Blockchain has more uses than funny money for example creators have complained about Sl permissions for ages Blockchain can be used as a way of tracking purchases and verifying an item is real and not copied. 

No it can't

It can verify that there is an entry on the blockchain associated with the UUID of the item.

"Copybotted" content will have entries on the same blockchain, because they couldn't be rezzed in world without one. How will copybotters get that .. the exact same way the original creator did.

The blockchain has no notion of what's legit or not, it's literally just a crazily inefficient database. It wont even know what the UUIDs stored in it are connected to .. just that they are in fact, present.

We're right back where we started only now we have a computationally intensive server farm, that over time will grow larger than the server farm hosting the regions. There will be fees out the wazoo, everything will be more expensive and transactions will take significantly longer to process.

A ripped object will still have to be manually identified, inspected and reported to the creator who can then file a DMCA exactly as it is now.

(To preempt suggestions the system could check if objects are unique when uploaded, that's impossible. Making a ripped object mathematically unique is trivial, make a subtle 0.01% change to the geometry and bamf, it's a brand new never seen before item that from a human perspective is identical to the original - this ends in another computationally intensive AI based system that "looks" at objects to determine similarity)

[istanbullet]

 

I see some friends don't understand what I'm saying 🤔 . Residents of some countries or states are having trouble converting to real money because paypal and/or skrill are not available. This is an alternative solution for people who have withdrawal problems.

• Linden will remain as linden
• You don't need 2 computers.
• You can also transfer linden between avatars. Linden will not change. There will be no transfer costs.
• It is your responsibility if the external exchange is hacked. The same goes for your Paypal and Skrill accounts.
• The created crypto coin can be kept stable like USDT. It fluctuates at most 1%.
• Whoever wants to keep it can keep it as Linden or "Lcoin".
• Second Life is not a GAME! it's a big platform. Anyone can enter to play games, anyone can enter to earn money. just like a real world

in short, There will be no harm to users or manufacturers, on the contrary, it will be beneficial. This is what I'm trying to explain can be useful for both Linden Lab and users. I believe that linden lab has already started these studies. we'll wait and see. 🙄

[Coffee Pancake]

USDT is used as a holding coin .. it's the crypto world's offshore bank of choice .. right up to the moment it's not, and it gets tanked.

There is a high risk that it's "locked" value could suddenly plummet to zero as happened recently with TITAN

https://www.coindesk.com/markets/2021/06/17/iron-finances-titan-token-falls-to-near-zero-in-defi-panic-selling/

 

This is not a solution to lack of access to paypal or skrill.

[Silent Mistwalker]

4 hours ago, istanbullet said:

 

I see some friends don't understand what I'm saying 🤔 . Residents of some countries or states are having trouble converting to real money because paypal and/or skrill are not available. This is an alternative solution for people who have withdrawal problems.

• Linden will remain as linden
• You don't need 2 computers.
• You can also transfer linden between avatars. Linden will not change. There will be no transfer costs.
• It is your responsibility if the external exchange is hacked. The same goes for your Paypal and Skrill accounts.
• The created crypto coin can be kept stable like USDT. It fluctuates at most 1%.
• Whoever wants to keep it can keep it as Linden or "Lcoin".
• Second Life is not a GAME! it's a big platform. Anyone can enter to play games, anyone can enter to earn money. just like a real world

in short, There will be no harm to users or manufacturers, on the contrary, it will be beneficial. This is what I'm trying to explain can be useful for both Linden Lab and users. I believe that linden lab has already started these studies. we'll wait and see. 🙄

 

 

What part of NO do you not understand?

[Paul Hexem]

5 hours ago, istanbullet said:

Residents of some countries or states are having trouble converting to real money because paypal and/or skrill are not available. This is an alternative solution for people who have withdrawal problems.

Every developed country has at least one payment processor of some kind. That's how they're getting on the Internet in the first place. Whatever it is, it will work with Tillia. You can use SL without Paypal or Skrill. There's no additional benefit for users with what you're suggesting.

It's the definition of wasted resources.

And now that I've said that, I can see LL looking into it.

[Rowan Amore]

1 hour ago, Paul Hexem said:

And now that I've said that, I can see LL looking into it.

Yay!  Something else no one asked for or needs!  Sounds about right.

[bigmoe Whitfield]

13 hours ago, istanbullet said:

 

I see some friends don't understand what I'm saying  🤔  . Residents of some countries or states are having trouble converting to real money because paypal and/or skrill are not available. This is an alternative solution for people who have withdrawal problems.

• Linden will remain as linden
• You don't need 2 computers.
• You can also transfer linden between avatars. Linden will not change. There will be no transfer costs.
• It is your responsibility if the external exchange is hacked. The same goes for your Paypal and Skrill accounts.
• The created crypto coin can be kept stable like USDT. It fluctuates at most 1%.
• Whoever wants to keep it can keep it as Linden or "Lcoin".
• Second Life is not a GAME! it's a big platform. Anyone can enter to play games, anyone can enter to earn money. just like a real world

in short, There will be no harm to users or manufacturers, on the contrary, it will be beneficial. This is what I'm trying to explain can be useful for both Linden Lab and users. I believe that linden lab has already started these studies. we'll wait and see.  🙄

how about No.  that's pretty simple to understand.

[Sorciaa]

this is what I think..

[Theresa Tennyson]

On 12/17/2021 at 12:01 PM, 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 ? ✍️

 

On 12/17/2021 at 1:50 PM, istanbullet said:

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

 

On 12/18/2021 at 6:59 AM, istanbullet said:

 

I see some friends don't understand what I'm saying 🤔 . Residents of some countries or states are having trouble converting to real money because paypal and/or skrill are not available. 

Okay...

[Charlotte Bartlett]

 

I have noticed an uptick in these posts on avoiding USD and going "crypto" since the tax law changes come in on Jan 1st around IRS reporting from PayPal etc (no longer 200 transactions/20K it's now 600 USD regardless).   Coincidence?   Hate to break the bad news but Tilia is also a money service business, so regardless you will still get reporting if you transact sales achieving a minimum of 600 USD in a year on Lindex.

[bigmoe Whitfield]

5 hours ago, Charlotte Bartlett said:

 

I have noticed an uptick in these posts on avoiding USD and going "crypto" since the tax law changes come in on Jan 1st around IRS reporting from PayPal etc (no longer 200 transactions/20K it's now 600 USD regardless).   Coincidence?   Hate to break the bad news but Tilia is also a money service business, so regardless you will still get reporting if you transact sales achieving a minimum of 600 USD in a year on Lindex.

biggest thing is, lots of us have been around SL for a veyr long time, and people always want to skirt the tax laws or the real life identification laws or verifications and such,  SL while you can be anon, there is that certain point where they lose that anon status, the real world works like it always has and is getting more strict because of certain people ruining it for the good people and the laws are finally catching up to that fact and people are still upset over it.

[Coffee Pancake]

3 hours ago, bigmoe Whitfield said:

biggest thing is, lots of us have been around SL for a veyr long time, and people always want to skirt the tax laws or the real life identification laws or verifications and such,  SL while you can be anon, there is that certain point where they lose that anon status, the real world works like it always has and is getting more strict because of certain people ruining it for the good people and the laws are finally catching up to that fact and people are still upset over it.

The "Anon" status evaporates quickly the moment you need to transfer the crypto to actual currency.

In the case of L$ -> US$ .. in addition to still having to pay the tax, you now have crypto fees on top!

[Jules Catlyn]

If Paypal or Skrill is not available to you and you are in a "developed" country. You should ask yourself why these services are not available to you. Usually it has something to do with the political and economical climate in your country. That is not something Linden Lab is to blame for and they cannot solve it either. 

I think cryptocurrencies are still too young and to volatile to be used as a serious way of doing business. I am against implementing them into Second Life. 

[bigmoe Whitfield]

2 hours ago, Jules Catlyn said:

If Paypal or Skrill is not available to you and you are in a "developed" country. You should ask yourself why these services are not available to you. Usually it has something to do with the political and economical climate in your country. That is not something Linden Lab is to blame for and they cannot solve it either. 

I think cryptocurrencies are still too young and to volatile to be used as a serious way of doing business. I am against implementing them into Second Life. 

even if they did implement it, the places with sanctions against them would not be able to be traded with at all,  federally not allowed, can get LL into trouble too, so there is that point of view too why one should not accept them,  hate to have a finger print come back and it be from a place the us has it on them and then them feds and irs come sniffing, could mean an end to SL   so no crypto plz.

[Coffee Pancake]

6 hours ago, bigmoe Whitfield said:

even if they did implement it, the places with sanctions against them would not be able to be traded with at all,  federally not allowed, can get LL into trouble too, so there is that point of view too why one should not accept them,  hate to have a finger print come back and it be from a place the us has it on them and then them feds and irs come sniffing, could mean an end to SL   so no crypto plz.

LL have been obsessed with doing everything by the book for a long time, Tilia is a direct result of that.

[Profaitchikenz Haiku]

50 minutes ago, Coffee Pancake said:

LL have been obsessed with doing everything by the book for a long time, Tilia is a direct result of that.

b-b-b-but, they wrote the book