Congratulations to Linden Labs

[Sammy Huntsman]

Just now, Coffee Pancake said:

By adding a blockchain !!

They are not gonna add a blockchain. I am sorry, I do not want a virtual commodity in my SL. Cryptocurrency is so unstable, that I don't even want to touch it with a 100 meter pole. 

[Coffee Pancake]

48 minutes ago, Sammy Huntsman said:

They are not gonna add a blockchain. I am sorry, I do not want a virtual commodity in my SL. Cryptocurrency is so unstable, that I don't even want to touch it with a 100 meter pole. 

It was a sarcastic joke .. Watch them do it anyway because that's required to generate hype these days.

[Innula Zenovka]

1 hour ago, Lindal Kidd said:

Yes, but only a bit. The major difference is that AWS actually works. LL's system is clunky, slow, and very limited. Plus, the costs (to us, the users) are comparatively high. This last was not true in the past, but LL's raised their fees significantly. The system only accepts a few payment methods and can't handle non-US currencies. Transaction amounts are ridiculously limited and one must jump through some very time-consuming hoops to get the limits raised.

They didn't fix ANY of this when they spun it off as Tilia. Hopefully the new owners will be able to fix these problems.

It works, though, in the sense that it's a legal entity completely distinct from Linden Lab, with all the necessary licences and with staff whose job it is to understand and comply with the various regulations and reporting requirements associated with international (and, I assume, domestic US) electronic money transfers.   

That removes a considerable burden from LL and, more importantly, protects them from severe penalties for failing to comply with a detailed and complex compliance and reporting regime.   

If J P Morgan's involvement means that Tilia can offer a wider range of services to residents -- and I would very much like to be able to cash out directly to my UK bank account in pounds sterling rather than having to transfer and convert US$ via PayPal -- then that will be a great bonus, but the main point of Tilia, it seems to me, is that it offers a badly-needed specialist service not to residents but to businesses like LL that run virtual worlds with in-world tokens that can be exchanged for currency.   

 

 

 

[EliseAnne85]

46 minutes ago, Coffee Pancake said:

It was a sarcastic joke .. Watch them do it anyway because that's required to generate hype these days.

LOL, but why would Tilia need a blockchain?  If cryptos and other digital currencies become legal tender across many merchants, Tilia would be the exchange; i.e. exchanging Lindens for Mana or vice versa for example.   Or, with the Euro so low people could cash out some of their lindens to invest in the Euro now for another example (this example I am not sure if one can do now - exchanging to a fiat that is not your own countries.)  *IF* the law passes in the USA that one must be a broker/bank to deal in crypto/digital currencies, that's where JPM would fit as they are a broker/bank.   Paypal and Skrill are not.  Whether Paypal and  Skrill would still be options were this to happen I'd have no idea.  All the blog says is that it will be expanding it's pay-out currencies.  I don't know what that entails yet.  But, I still don't see a need for a blockchain unless it's for a blockchain ledger.  But, Coinbase, for example, does not need a blockchain to settle exchanges between cryptos/digital currencies or tokens and fiats. But, if the law passes in the USA that one must be a broker/bank, Coinbase would not need to become a blockchain but they would need to become a broker/bank. 

Edited October 21, 2022 by EliseAnne85

[Coffee Pancake]

6 hours ago, EliseAnne85 said:

LOL, but why would Tilia need a blockchain?  

Capitalism loves intermediate token currencies. 

If Tilly had it's own intermediate tradable coin built off the back SL's volume designed to meet scalability demands. That alone is a far more "exciting" prospect to fintech and techbro's alike, combined with JPM at the table it's a major leverage getting people into Tilly.

Especially sexy is the idea of an intermediary that makes it easier for customers to keep money in the system.

Cash out your L$ to $Tilly and then use the $Tilly to buy $Gold in some game. Sure the $Tilly "can" be cashed out, but the rates wont be anything as good for individuals as they would be for a corporate customer, so .. better to just keep your pretend money inside the theme park, especially when baked in volatility makes $Tilly feel more like a investment rollercoaster.

This is what "the metaverse" means to finbros. Who cares it if implodes a few years down the line and everyone looses everything, they've already collected all our real money and made a fortune off the market everyone was forced to participate in.

 

If the opportunity for us serfs to earn by trading actual money for our time and labor was ever important, we would have been able to spend US$ directly in SL and just paid LL a transaction fee right from the start.

 

[EliseAnne85]

5 hours ago, Coffee Pancake said:

Capitalism loves intermediate token currencies. 

If Tilly had it's own intermediate tradable coin built off the back SL's volume designed to meet scalability demands. That alone is a far more "exciting" prospect to fintech and techbro's alike, combined with JPM at the table it's a major leverage getting people into Tilly.

Especially sexy is the idea of an intermediary that makes it easier for customers to keep money in the system.

Cash out your L$ to $Tilly and then use the $Tilly to buy $Gold in some game. Sure the $Tilly "can" be cashed out, but the rates wont be anything as good for individuals as they would be for a corporate customer, so .. better to just keep your pretend money inside the theme park, especially when baked in volatility makes $Tilly feel more like a investment rollercoaster.

This is what "the metaverse" means to finbros. Who cares it if implodes a few years down the line and everyone looses everything, they've already collected all our real money and made a fortune off the market everyone was forced to participate in.

 

If the opportunity for us serfs to earn by trading actual money for our time and labor was ever important, we would have been able to spend US$ directly in SL and just paid LL a transaction fee right from the start.

 

So, you *are* thinking blockchain ledger.  A blockchain ledger with an intermediary token has certainly been talked about a lot (not in regards to Tilia).  It could cut out a lot of unnecessary fees and rid the need for all those middle people, making the exchange of currencies lightning fast and cheaper.  XRP though is in trial with the US SEC and awaiting a decision as to whether they are a security or not.   Tilia doing an intermediary token is a possibly in the future but not until the trial is over with XRP or Ripple rather whom the U.S. Securities and Exchange commission claims sold XRP as an unregistered security.  However, Tilia could IPO as an exchange, same as Coinbase and be light years ahead of Coinbase right now with JPM aboard.  

Edited October 21, 2022 by EliseAnne85