Game Objects Are Unregulated Securities
Trading of in game objects is a controversial topic among MMO players. Some feel it degrades the game, others believe it levels the playing field. Regardless of your side of the debate, everyone can agree on the size of the object exchange market. It is massive and growing. It all seems sort of innocent, until you think about the nature of the objects being sold. Some kind of Darwinian aversion to incarceration led me to the conclusion we are trading unregulated securities. My law degree made me think about it like a lawyer. Law degrees are kind of like herpes that way. I don't practice anymore, but it pops up at the most inconvenient moments and I start thinking like a lawyer. My corporations professor, Hugh Friedman taught us how difficult it is to actually spot a security, but gave us the definition contained in the United States Code. "SECURITIES - An investment in an enterprise with the expectation of profit from the efforts of other people." Here is anot...