Comments on: Ginko rumbles on

By: Artistic Xeno

Artistic Xeno — Wed, 29 Aug 2007 09:51:29 +0000

Hey I agree with this viewpoint. I had about 16,000 lindens in that account and as soon as they put up the withdrawl cap I couldn’t retrieve any of my money so I started a concept of shark withdrawls
It always said my withdrawl is too large to process so I did it in multiples of 1000/100/10 and onwards I managed to get about 15,000 this way while waiting for people to make deposits. It worked
I also met a foxface dude that had 180,000 lindens in his account anyways I left about 780 lindens in that account then left it for awhile then I saw the notice that all money was passed on to WSE
so after three weeks of trying to recover the lost lindens I got no response finally I was able to recover the 780 lindens the bond was valued at that amount but when I went to sell it only came out to about 160 lindens I was shocked and mystified. 780 turns into 160. I was wondering what the hell would have happened if I left my 16,000 Since I do not prefer to keep 100 K on hand I have moved on to a more established bank in SL they don’t offer an interest rate at all but at least they are vivid in their customer service. I guess people get really greedy and they want the highest return for their dollar so some people should have put their money in ten banks at least you would have the knowledge to move on if one of those banks collapsed. Ginko took my 600 lindens but I am happy I withdrew it all like a shark and all of these people will be brought down by simple tax evasion laws.

By: Nobody Fugazi

Nobody Fugazi — Fri, 10 Aug 2007 14:50:51 +0000

Actually, I disclosed my financial interest so I would be transparent. In the grand scheme of things, my amount of money is rather small - I’ve spoken with people who had about $9,000 US in. Plus, there have been many questionable practices with the inworld stock exchange, WSE - and it is tied to Ginko through investment (Ginko owns over 1/3 of the company that owns WSE).

So, no, it’s not about where *my* money is… it’s about where the money is going.

By: Benjamin Duranske

Benjamin Duranske — Fri, 10 Aug 2007 14:34:47 +0000

I completely agree with this post — that the downfall was inevitable because of what it was. But the fact that it was now, I think, and not three months from now, or three months ago, was the community attention stayed focused on it and prevented it from being propped up with nonsense until more people could be convinced to deposit.

They’d had withdrawls be halted before, and were always able to get through by waving their hands and “just trust us, we’re working for you.” Somehow, this time, it went on too long, or there were too many shady deals going on (e.g. trying to “buy” a stock exchange in the middle of this, trying to issue an IPO in a bankrupt company, forcing everybody into Perpetual Bonds that are only tradable for a fee that partly goes to Ginko’s owner) that I think people had just had enough so didn’t let that work. When that didn’t work and word got sufficiently spread — so deposits stopped — it died, because it transparently relied on new deposits to pay old depositors’ claims.