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{{Use dmy dates|date=June 2020}}
{{Infobox_Company
{{Use Australian English|date=August 2011}}
| company_name =World Stock Exchange
{{Infobox company
| key_people = ], ]
| company_logo = ] | logo = ]
| company_type = ] | key_people = ]
| foundation = ], ] | type = ]
| foundation = 2007
| location_country = ]
| location = ], ]
⚫ | homepage =
| industry = ]
| genre = ], ]
⚫ | website =
}} }}
The '''World Stock Exchange''' (WSE) was a virtual ] created by Hope Capital Pty. Ltd. of ], ] and managed by CEO, Luke Connell.


The game opened on 5 March 2007 and first appeared in the ] of ].<ref name="vse-opens">{{cite news| title =Virtual Stock Exchange Opens in Second Life | publisher =Wall Street and Technology| date =16 March 2007| url =http://www.wallstreetandtech.com/blog/archives/2007/03/virtual_stock_e.html| accessdate =2009-09-02}}</ref> Transactions occurred outside of Second Life on the WSE website.<ref name="betting">*{{cite news| title =Betting on Second Life Stock Exchanges | publisher =Tech Crunch| date =20 August 2007| url =https://techcrunch.com/2007/08/20/betting-on-second-life-stock-exchanges/| accessdate =2007-10-20 }}</ref> The game initially used the ] ] from Second Life and in July 2007 integrated a new ] called the World Internet Currency (WIC, WICS, W$). The WIC currency, similar to the ], could be converted to/from ]. In its first 25 days, the WSE generated $200,000 in trading volume.<ref name="another-life">{{cite news| title =Another life | publisher =Australian IT| date =3 April 2007| url =http://www.australianit.news.com.au/story/0,24897,21477652-16681,00.html| accessdate =2007-10-20 }}</ref> Players of the game were not legally protected as with a real stock exchange, instead trading was governed by the Linden Labs terms of service and the listing rules created by Connell.<ref name="another-life"/>
The World Stock Exchange, is a web-based ] ] developed using ]. The WSE enables virtual companies to raise capital while providing a chance for investors to build their wealth using the fictional ] and ] that can be sold for real US Dollars.


In July 2007, an avatar with inside information hacked the WSE computers and made off with 3.2 million LD (or about $12,000US).<ref name="money-trouble">{{cite news|url=http://www.technologyreview.com/Biztech/19193/|work=Technology Review|publisher=MIT|date=8 August 2007|author=Naone, Erica|title=Money Trouble in Second Life|accessdate=2009-09-02}}</ref> The WSE shut down temporarily to investigate and perform system upgrades. As a result, WSE software development and upgrades were moved in house and positions were no longer available to anonymous Second Life avatars. The incident sparked debate over the WSE's classification as a game since the virtual currency, Linden Dollars, were able to be exchanged for real money.<ref name="money-trouble"/> Connell maintained that no crime had occurred since all transactions and companies involved in the game were fictional. He blamed the backlash against the WSE on a few disenchanted companies whose initial stock offerings failed to perform to their expectations.<ref name="jitters">{{cite news|url=http://www.smh.com.au/articles/2007/08/10/1186530581488.html|title=Jitters in Second Life as bank shuts doors|author=Hutcheon, Stephen|date=10 August 2007|work=The Sydney Morning Herald|accessdate=2009-09-02}}</ref> Shania Stewart, whose avatar first reported the theft had her company delisted from the WSE shortly thereafter. She later told BusinessWeek that the delisting occurred because "she believed the exchange had no intention of disclosing what happened". Linden Labs declined to comment on the incident.<ref name="virtual-exchange-real">{{cite news|url=http://www.businessweek.com/technology/content/aug2007/tc2007089_873900.htm?campaign_id=rss_tech|archive-url=https://web.archive.org/web/20090113095630/http://www.businessweek.com/technology/content/aug2007/tc2007089_873900.htm?campaign_id=rss_tech|url-status=dead|archive-date=13 January 2009|work=Business Week|title=Virtual Exchanges Get Real|author=Di Meglio, Francesca|date=10 August 2007|accessdate=2009-09-02}}</ref>
The World Stock Exchange began normal operations on March 7th 2007 and to date has achieved 25,000 user accounts, raised virtual businesses over L$145 million Linden Dollars and total Exchange ] exceedng L$462 million.


The WSE halted trading on 9 November 2008, pending an announcement.<ref>. World Stock Exchange. Retrieved 2008-10-10.</ref> According to the 30 November 2008 announcement, the WSE planned to delist any remaining ]-based companies and would not reopen until late January 2009.<ref>. World Stock Exchange. Retrieved 2008-12-09.</ref> In August 2009, WSE released a new announcement indicating that delays in the development process prevented meeting the earlier launch dates and the game was tentatively set to re-launch on 1 September 2009.<ref name="lauch-date-extended">{{cite web|url=https://www.wselive.com/welcome/detail/3605|author=Connell, Luke|title=Launch Date Extended|work=WSE Website|date=12 August 2009|accessdate=2009-09-02}}</ref> The exchange never re-opened.
The WSE is well established in the ] of ] and initially used the ] ] in ]. In July 2007 the WSE completed the integration of a new ] independent of ] called the ] (WIC).

While the site still claims that a new version of the exchange will be "coming soon", the main site still shows the same 24 April 2010 announcement as of September 2013.<ref name="last-message-main-site">{{cite web|url=http://www.wselive.com/|author=Connell, Luke|title=Dear Market Participants|work=WSE Website|date=24 April 2010|accessdate=2013-05-08}}</ref> Some of the ] investors who still held a balance in the WSE at the time it ceased operations were unable to withdraw their ] or WICS balances.


==References== ==References==
{{reflist}}
Hope Capital launches rival to Metaverse Stock Exchange (Reuters 12 January 2007)

Rival Second Life stock exchanges merge (Reuters 13 February 2007)
http://secondlife.reuters.com/stories/2007/02/13/rival-second-life-stock-exchanges-merge/

Hope Capital shares plunge amid Altman sell-off (Reuters 19 March 2007) http://secondlife.reuters.com/stories/2007/03/19/hope-capital-shares-plunge-amid-altman-sell-off/

Virtual Stock Exchange Opens in Second Life (Wall Street and Technology 16 March 2007)
http://www.wallstreetandtech.com/blog/archives/2007/03/virtual_stock_e.html

Another life (Australian IT 3 April 2007)
http://www.australianit.news.com.au/story/0,24897,21477652-16681,00.html

World Stock Exchange hit by L$3.2 million theft (Reuters 25 July 2007)
http://secondlife.reuters.com/stories/2007/07/25/world-stock-exchange-hit-by-l32-million-theft/

You Only Live Twice (Four Corners, ABC July 2007)
http://www.abc.net.au/4corners/special_eds/20070319/

Special Feature: Make your money count! (SL Reports 5 September 2007 ) http://sl-virtual-world-news.com/content/view/1219/35/

Salt in the Wound: WSE Price Regulation of GPB (Opinions) (SL Reports 11 September 2007)
http://sl-virtual-world-news.com/content/view/1230/37/

Interview - LukeConnell Vandeverre, World Stock Exchange (SLOZ 20 April 2007)
http://www.sloz.info/2007/04/20/interview-lukeconnell-vandeverre-world-stock-exchange/

Interview Two - LukeConnell Vandeverre, World Stock Exchange (SLOZ 5 August 2007)
http://www.sloz.info/2007/08/05/interview-two-lukeconnell-vandeverre-world-stock-exchange/

Betting On Second Life Stock Exchanges (Tech Crunch 20 August 2007
http://www.techcrunch.com/2007/08/20/betting-on-second-life-stock-exchanges/

Welcome To The World Stock Exchange (virtual) (American Chronicle 27 August 2007)
http://www.americanchronicle.com/articles/viewArticle.asp?articleID=36212

Virtual Exchanges Get Real (BusinessWeek 10 August 2007)
http://www.businessweek.com/technology/content/aug2007/tc2007089_873900.htm?chan=technology_technology+index+page_top+stories



==External links== == External links ==
* - Official website * {{cite web| title =World Stock Exchange| work =Official website | url=http://www.wselive.com/}}


] ]

Latest revision as of 09:05, 12 April 2024

World Stock Exchange
[REDACTED]
Company typeStock exchange
IndustryVideo games
GenreSimulation Game, Role-playing video game
Founded2007
HeadquartersMelbourne, Australia
Key peopleLuke Connell
Websitehttps://www.wselive.com

The World Stock Exchange (WSE) was a virtual stock exchange created by Hope Capital Pty. Ltd. of Melbourne, Australia and managed by CEO, Luke Connell.

The game opened on 5 March 2007 and first appeared in the virtual world of Second Life. Transactions occurred outside of Second Life on the WSE website. The game initially used the Linden Dollar currency from Second Life and in July 2007 integrated a new virtual currency called the World Internet Currency (WIC, WICS, W$). The WIC currency, similar to the Linden Dollar, could be converted to/from USD. In its first 25 days, the WSE generated $200,000 in trading volume. Players of the game were not legally protected as with a real stock exchange, instead trading was governed by the Linden Labs terms of service and the listing rules created by Connell.

In July 2007, an avatar with inside information hacked the WSE computers and made off with 3.2 million LD (or about $12,000US). The WSE shut down temporarily to investigate and perform system upgrades. As a result, WSE software development and upgrades were moved in house and positions were no longer available to anonymous Second Life avatars. The incident sparked debate over the WSE's classification as a game since the virtual currency, Linden Dollars, were able to be exchanged for real money. Connell maintained that no crime had occurred since all transactions and companies involved in the game were fictional. He blamed the backlash against the WSE on a few disenchanted companies whose initial stock offerings failed to perform to their expectations. Shania Stewart, whose avatar first reported the theft had her company delisted from the WSE shortly thereafter. She later told BusinessWeek that the delisting occurred because "she believed the exchange had no intention of disclosing what happened". Linden Labs declined to comment on the incident.

The WSE halted trading on 9 November 2008, pending an announcement. According to the 30 November 2008 announcement, the WSE planned to delist any remaining Second Life-based companies and would not reopen until late January 2009. In August 2009, WSE released a new announcement indicating that delays in the development process prevented meeting the earlier launch dates and the game was tentatively set to re-launch on 1 September 2009. The exchange never re-opened.

While the site still claims that a new version of the exchange will be "coming soon", the main site still shows the same 24 April 2010 announcement as of September 2013. Some of the Second Life investors who still held a balance in the WSE at the time it ceased operations were unable to withdraw their Linden Dollar or WICS balances.

References

  1. "Virtual Stock Exchange Opens in Second Life". Wall Street and Technology. 16 March 2007. Retrieved 2 September 2009.
  2. *"Betting on Second Life Stock Exchanges". Tech Crunch. 20 August 2007. Retrieved 20 October 2007.
  3. ^ "Another life". Australian IT. 3 April 2007. Retrieved 20 October 2007.
  4. ^ Naone, Erica (8 August 2007). "Money Trouble in Second Life". Technology Review. MIT. Retrieved 2 September 2009.
  5. Hutcheon, Stephen (10 August 2007). "Jitters in Second Life as bank shuts doors". The Sydney Morning Herald. Retrieved 2 September 2009.
  6. Di Meglio, Francesca (10 August 2007). "Virtual Exchanges Get Real". Business Week. Archived from the original on 13 January 2009. Retrieved 2 September 2009.
  7. IMPORTANT - MARKET TRADING HALT. World Stock Exchange. Retrieved 2008-10-10.
  8. THE 2008 ADDRESS TO THE MARKET. World Stock Exchange. Retrieved 2008-12-09.
  9. Connell, Luke (12 August 2009). "Launch Date Extended". WSE Website. Retrieved 2 September 2009.
  10. Connell, Luke (24 April 2010). "Dear Market Participants". WSE Website. Retrieved 8 May 2013.

External links

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