Jan 22nd 2008, 09:49 system announcement
by Arbitrage Wise

SLWallet & SLCapex update for 1/22/08

After a short ‘vacation’ granted to me by Linden Lab due to some fraudulent funds being deposited into our account, I should now be back in the Search option. Hopefully, not too many people were scared because of this. After reading some of the comments on SLR, we feel that we have oversaturated the news portal with too many JTF things, and have decided to just post our update on SLCapex and eventually SLWallet only, to keep SLR as a more independent news portal.

As of today, we should be 100% compliant with LL’s new policy. Interests are no longer paid out by any inworld items, and most of the old in-world ATMs have now been returned so that we can now focus on the next phase of rebranding JTF as SLWallet. For those that are concerned, there is still 1 ATM in the main branch so that users can still check their balances.

The SL Capital Exchange is no longer tied in with JTF – the only thing we need to do now is to get SLWallet up and running, then transfer the user’s balance over to it. Once balances are transferred, the SL Capital Exchange will then be a fully independent business, with its own ATMs and L$ reserve in an avatar specifically tailored for Capex. While it may put a short-term strain on Capex and investors will be unhappy that their funds are stuck with SLWallet instead of Capex, we feel that this is needed for the long-term viability of Capex as new capital and investors will not be affected by the current SLWallet situation. However, since balances have not been transferred yet, we ask that investors wishing to deposit funds into their Capex account wait until the transfer has been made, so that newly deposited funds will not be combined with SLWallet.

We will target Feb. 1 as the ETA for getting SLWallet up and ATM operational, with limited withdrawals as a show of faith to our customers. We expect to have roughly 3M in Linden reserve to offer withdrawals, but must keep the withdrawal limits low enough so that we will have sufficient time to continue building our reserve before it is depleted – better to be able to slowly withdraw each day and see the limits go up, then to be able to withdraw for a few days and have to wait again. At least with a low withdrawal limit, some individuals will be able to access enough funds to continue their businesses. Hopefully, the transitions and changes will be smooth. Our new developers are still learning the codes for the entire system, and given the short amount of lead time we had to be compliant with LL and find a new developer, we’re still optimistic that the changes will be successful.

-Arbitrage Wise