Coverage of news, issues and events occurring in virtual worlds or those who create those worlds
Second Life Insider have run a story providing some information on some challenges WSE may be facing. The grid is down presently so we can’t contact LukeConnell Vandeverre for clarification but we’ll attempt to do so later in the day.
Update: Reuters are now running the story based on a WSE announcement confirming the theft.
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The World Stock Exchange has made another location move – only weeks after its last one.
The multi-lingual exchange options are certainly a step forward – we weren’t able to determine their operability at this stage. With the pending partnership with the World Internet Currency and support from Anshe Chung, Hope Capital certainly has some big opportunities. Capitalising on them in a way that benefits the community will be the pivotal challenge over the coming months.
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This morning, World Stock Exchange CEO LukeConnell Vandeverre provided SLOz with a notecard which in his is “the announcement I was provided to post at will”. It’s an explanation by Anshe Chung of her relationship to investment in SL and the WSEWe’ve posted the full text below:
“Dear fellow pioneers in the Metaverse economy,
As interest in this topic increased recently, I think it is time to let you know a little bit about what role my company and I played in regards to seed and venture capital in Second Life and what you can and can’t expect in the future.
Since summer 2004 I have actively and with very significant funds supported almost 100 startup businesses and non-profit projects in Second Life. Some of these have been successful and are widely known, others failed. We talk about more than L$60 million that I, and later ACS, have invested in people’s ideas, creating opportunities.
Most of these investments, even some donations to non-profit projects, I decided to keep low profile and not disclose to the public. This has several reasons. The first is, that when I am helping the newbies I am helping the newbies for the sake of helping the newbies and not for PR. The second is, that I don’t want the newbies to become collateral targets of bad people who tend to go after prominent targets and whatever they can associate with these. The third reason is that I tend to be pretty hands-off with most of these ventures.
I also noticed that some people, especially newbie investors, think something is “safe” when they hear “Anshe is involved”. This is not the case when it comes to undisclosed seed and venture investments. There is a fundamental dilema between giving newbies a chance and excluding fraud or risk. What is worse, some people even confuse the role of an investor with the role of somebody who is actively involved in management.
I would be careful with businesses who advertise to you that I am an investor. You will most likely not be facing the best investments in my basket, because the really well managed and trustworthy companies will not have to advertise their shares to you by revealing my investment without my consent. In some cases I might not even be an investor.
In the future I don’t plan to change much about this. I will be launching the Dreamland Stock Exchange (DSE) that aims to bring a small number of companies on as IPO’s that will have gone through a rigorous review by me and my team. However the “majority” of SL ventures will be traded on exchanges such as the World Stock Exchange.
I hope the WSE will continue to grow, especially after the huge investment I have made to support Luke’s project. I look forward to the new shareholder voting features along with the increased measures to deal with fraud and insider trading. Please understand that I am in no way involved in the management or decision making at Hope Capital Ltd and the WSE. Like all of you, I hope that everyone in charge will remain honest and professional.
Wishing you and your money a nice time, much fun and I hope your Linden$ will have many babies!
Yours,
Anshe Chung”
This message from Anshe Chung is certainly taking a conciliatory line in relation to investment in SL and her encouragement of increased transparency measures for WSE will likely assist its legitimacy amidst some regular criticism of its operations. Transparency of such operations, whether they be the WSE or DSE will be pivotal to instill the level of confidence required to ensure either virtual institution moves beyond the support they currently have.
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The World Stock Exchange (WSE) run by Australian Luke Connell (LukeConnell Vandeverre) has announced its expansion in both a geographic and business sense. A location move to Silicon Island has occurred with promise of a fully independent sim online in the future.
On the human resource front, a “full-time” Chief Operating Officer, Executive Assistant and three ‘WSE consultants’ have come on board. No disclosure occurred in the announcement of any share options or other remuneration that would be given to the new staff. Of interest is that one of the three WSE consultants, Adonis Action, is the “current owner of Action Mortgage &
Investment (AMI)”, which is listed on the WSE itself.
Integration of the World Internet Currency with WSE was also announced – more on this in a future story. Linked to this is the following statement by Luke Connell:
“The WIC will is a key part of our overall strategic plan and in anticipation to the integration of the WIC and WSE we have approved many IPO’s that pass the WSE Listing Rules, Terms of Service and Constitution.
The increased number of IPO’s has minimal impact on the overall market and almost no impact on the ability for a solid business with a detailed prospectus and reasonable marketing to raise the capital they require by successfully filling their IPO and being what is called fully subscribed”.
At SLOz we’d be interested in perspectives on the above claim – that a sudden surge in IPO approvals would have “minimal” impact.
Finally, the announcement discloses the potential for a close alliance with Anshe Chung, described in the following way:
“Anshe Chung is major shareholder of Hope Capital Ltd and of many companies listed on the WSE. Anshe has launched her own exchange with a focus on listing her own companies called Dreamland Stock Exchange. Most companies will still be listed on the WSE. We expect the DSE to be an ethical exchange that holds strong virtues. This is the only exchange that will have a close alliance to the WSE”.
We’ll be following up this story in coming days including an attempt to clarify the context of a “close alliance” with Anshe Chung.
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