So before I
runcrawl away for work, I’ll make a short post.
Linden Labs invented a way to create a mortgage crisis without in-world credit — by pulling in what I shall call ‘self-credit’. When people invest money into a Second Life business, they borrow it from their offworld money through turning it into L$, and expect to make them back. Linden Labs made Openspace sims economically attractive, so many people stocked up on them with the express intention to rent or even sell them off, investing heavy setup fees which they now cannot hope to make up any time soon due to a 66% price increase.
Not only these people will be disinclined to invest more money into SL, as many of them report — the interesting bit is that those for whom the financial risk was substantial will now need to liquidate their other assets to make up the money.
I can’t even begin to calculate the shockwaves that will result.