TheStreet.com Tracks L$ Recovery
Posted Thursday, November 2nd, 2006, at 11:35 am Eastern by Mark Wallace
I didn’t realize that TheStreet.com had a “virtual reporter” covering Second Life, but it seems it’s so. Robert Holden has a good analysis of recent changes in the Linden dollar exchange rate — although his limited time in Second Life has led him to characterize the change in value of the Linden from around 300 to the US dollar to around 275 as a rise, rather than a recovery to near levels that were the norm until six months ago or so. Still, it’s interesting to see more mainstream media outlets taking notice. For a complete list of Holden’s stories, click here.
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Yes, I found this exact same prejudice with Adam Reuters — they are just listening to LL spinmeisters.
In June 2005, when Philip GOM’d the GOM, the Linden was at a glorious $4.25/$1000.
The $3.50/$1000 it is at today may be “stabilized,” but it is stabilized by sucking the value out of people’s labour.
The LL response (and hence loyal media response) to this is to say, oh, but what was glorious wasn’t stable, or was feeding evil land barons and content creators.
But the $4.25, while a high, was a stability, too. I remember for nearly a year, when it hovered always around $4.00. That’s what it was worth. That’s what it fetched on an open and free market.
The Lindens co-opting of it crashed it down to $2.80 even at one point, then gradually, painfully, it made it’s way up to $3.00 and above.
Today, it’s artificially kept at $3.50 week after week merely by Supply Linden printing and selling millions and millions of Lindens.
Stabilizing might be justified; sucking value out is not.