Date: April 24, 2010
Dear Market Participants,
We have implemented a permanent Trading Halt on all WSE listed companies and closed the previous WSE Trading Platform for a major upgrade and transition to a fully registered and licensed securities exchange.
The World Stock Exchange (WSE) was and still remains an experimental securities exchange and banking platform. The WSE has always operated as a fictional securities exchange and role-playing game. The WSE has always informed users that the service is not and does not provide a real or legally recognised securities exchange, trading or banking service.
The WSE was initially based on the reported business activities of anonymous users known as avatars participating in the virtual world of Second Life. The WSE initially used the fictional currency operated by Linden Lab called Linden Dollars which are a feature of the product and service of Second Life by Linden Lab.
Residents in the virtual world of Second Life who wanted to participate in the WSE transferred Linden Dollars from their avatar account to another avatar account operated by WSE. This transfer was possible by residents paying a scripted object called an ATM in the virtual world of Second Life. Linden Dollars were and are of no monetary value. Residents in Second Life could acquire Linden Dollars from other residents, direct from the Second Life service or through a Linden Dollar exchange. To acquire Linden Dollars through an exchange, users were buying the licensed right to use Linden Dollars and not the Linden Dollars in and of themselves.
Once a resident paid the object called the WSE ATM in Second Life, the Linden Dollar balance was transferred to the WSE controlled avatar account. The object would then send an encrypted message to the WSE website which would create a Linden Dollar balance on the WSE website. The user could then participate in the WSE role-playing game as a trader which could buy and sell virtual shares in a virtual business based on the reported business activities of a resident in the virtual world.
Over 95% of all Linden Dollar balances transferred to the WSE controlled avatar were transferred to other residents in the virtual world who also participated in the WSE role-playing game. Most of the Linden Dollar balances were withdrawn by WSE users participating as CEO of a virtual business who registered a virtual IPO and listed the virtual business on the WSE.
Through reported owners of virtual businesses disappearing and policy changes by the operator of the virtual world, it became apparent that most of these users participating on the WSE as a CEO were reporting false information, not responding to WSE requests or fulfilling their reported activities.
This experiment has enabled the WSE to develop a unique Internet based securities exchange platform which in the near future can operate as both a real securities exchange and as a virtual market based on the activities of real businesses.
The WSE experiment has also enabled us to see that a market operated with ethics and anonymity rather than law and true identity cannot operate for long periods of time as the opportunity for personal gain by participants through deception and falsification is too tempting and attracts individuals without conscience.
It is for this reason that the WSE role-playing game is no longer based on the business activities of residents in the virtual world. Unfortunately many participants in the WSE role-playing game chose to speculate on the WSE in an attempt to increase the Linden Dollar balance of their avatar account in the hope that they could sell their limited license on a Linden Dollar exchange for more real currency than they originally paid for their original license.
The WSE closed down for upgrades and ceased operating based on the Linden Dollar fictional currency due to policy changes by the virtual world operator and the inability for WSE to operate a game based on anonymity and ethics.
The attempt by some users to gamble and speculate on the WSE and in the virtual world resulted in many false allegations, slander and rumors of misinformation about the WSE once we ceased using the Linden Dollar fictional currency. These users ignored the transparent Market Rules, Signs, Disclaimers, Announcements and Terms and Conditions of both the WSE and the virtual world. This ignorance resulted in certain users becoming distressed when their speculation on a virtual world and game failed to produce the potential real life profits they had anticipated.
The WSE remains an experimental securities exchange platform that is still in the process of development and upgrades in preparation for being established as a legal and fully registered securities exchange in the near future.
We value our game participants and the contribution they have made towards creating the ideal Internet based securities exchange platform. It is for this reason that we may acknowledge the contribution of our participants through a gift in the form of a mandatory conversion of all virtual shares on the WSE to the fictional currency called World Dollars.
These World Dollar balances are a limited license assigned to WSE users and can be sold on the World Dollar Exchange. WSE users will be informed when this process has been completed and the withdrawal facility on WSE will be made available. Users will have a specified allocated period of time to withdraw their balance to the World Dollar Exchange. Once this period has ended the WSE game will be replaced by a fully operational and legally registered securities exchange.
The World Stock Exchange will inform all users when the conversion process has been completed and when the withdrawal facility is to be made available.
Chairman & CEO
World Stock Exchange (WSE)
DISCLAIMER: The World Stock Exchange site and service herein ("WSE") is owned and operated by Hope Capital Pty. Ltd. ACN 109 245 892, Australia herein ("Hope Capital"). The WSE was a Fictional Securities Exchange and Banking Role-playing game. The WSE is not, did not and does not provide a real or legally recognised securities exchange, trading or banking service. In accordance with the WSE Terms of Service all content throughout this site located at http://www.wselive.com/info/tos or on approved WSE software and applications located on the third party website platforms including offers, prices, account balances, historical, other values and data have been developed and are provided for educational and entertainment purposes in a simulated trading and banking environment, hold no monetary or barter value and are not a legally recognized asset, investment or financial product. No products or services provided by the WSE are a real or legally recognised investment or investment opportunity. The WSE does not use real currency and only operates using fictional currency called the World Dollar. Hope Capital may, but is not obligated to, review all content and may edit, delete or remove (without notice) any content in its sole discretion, for any reason or no reason. Using the World Dollar is subject to the WDE Terms of Service by World Dollar Exchange Pty. Ltd. located at http://www.wdelive.com/info/tos. By visiting, accessing or using this web site located at http://www.wselive.com or approved WSE software and applications located on the third party website platforms thereof (together the "Site"), you (the "user", "participant" and "visitor") signify that you have read, understand and agree with and to be bound by all the terms and conditions contained in the WSE Terms of Service ("Terms of Service", "TOS" or "Agreement"). Hope Capital, World Stock Exchange, World Currency Exchange and World Dollar are registered trademarks of Hope Capital Pty. Ltd, Australia.