Ginko Has Not Allowed Withdraws For Over A Day Now...

I have been going by their ATM all day and there is no withdraws allowed. Their website says it is because they are out of liquid funds. And this is happening at the same time the the WSE has the WSE shut down. You'll notice that the CEO of WSE and the Ginko guy are partners in many ventures. A Ponzi conspiracy coming to an end?

went by to check and had no problem withdrawing funds, niether did my husband. perhaps you ra into a fake one?

Yep, working now for me. Ginko is still really shady. I'm pulling my funds.

We call this a run on the bank. =)

I wonder what happens if the SL equivalent of a S&L scandal pops up? Interesting times. Veeeery interesting.

Think it might be the ex casino owners maxing out the daily withdrawals because they're on their way out of SL rather than anything darker?

A WSE teminal was hacked this week and someone stole over 12K in USD. Maybe if Ginko is an affiliate of WSE then the ATMs are temporarily offline aswell. Try some other ATM's. Try the one on Ginko's island.

I know how you feel. Aside that they have avatar scanners in their terminals running every second lagging the sims and collecting UUID's, they always had a little problem supplying the funds to pay you back. I pulled my funds out of it a year and a half ago.

I've never had an issue with them and been with them over a year.

HtB

this is the problem the bank will face. wse scandal frightens people, who all want to withdraw at the same time, bank doesnt have the cash, even more people panic and try to withdraw... im glad im not running the wse or a bank right now.

Ginko caps withdrawals

Posted Jul 27th 2007 2:52PM


As reported on their website and by Reuters, Ginko Financial has had to temporarily cap withdrawals to L$5,000 per day rather than L$300,000.

http://www.secondlifeinsider.com/2007/07/27/ginko-caps-withdrawals/

UPDATE 1 - Second Life bank caps withdrawals amid panic
Fri Jul 27, 2007 10:07am PDT


SECOND LIFE, July 27 (Reuters) - Second Life’s Ginko Financial was in crisis on Friday after customers panicked and attempted to withdraw more funds than the bank had on hand, forcing it to cap withdrawals to stave off insolvency.

“We are facing a bank run, which has depleted our available reserves,” CEO Nicholas Portocarrero told Reuters in a Second Life interview. He said the company would liquidate some of its assets to raise cash in an attempt to weather the crisis.

http://secondlife.reuters.com/stories/2007/07/27/ginko-financial-under-fire-caps-withdrawals/

I really enjoyed this article about Ginko

http://iblsjournal.typepad.com/illinois_business_law_soc/2007/02/virtual_bank_re.html


An unregulated, opaque entity with a faceless owner. Sounds like Caveat Emptor to me.

The interesting thing is Thurston Hallard is the last winner of Ginko Lottery, the person who hacked WSE atm with 3.2 mils. Thurston Hallard is banned from SL forever, his name is not even show up on search. So, where is the L$25,622.10 goes......

The Lottery has Ended 07/26/07 06:46:11 PM EDT
Linden Labs recently announced their policy against gambling in Second Life, and as such, we have decided to stop our weekly lottery drawing indefinately.

Our congradulations to Thurston Hallard, who won L$25,622.10 in today's final drawing.

I will never understand why anyone would trust a so called "bank" in SL anyway. Your taking a big enough chance just putting money into Second Life little alone putting into a Bank in Second Life.

Reminds me a good old song.... "Go on take the money and run...."

One SL bank is declaring on their website that they are able to make 1% to 3% per DAY. That is more info than ginko releases. And they have already 1/4th the money ginko has...

If someone could reliably make that kind of money, they wouldn't need any of ours.

These things are so obviously a scam and it makes me laugh that anyone puts their hard earned lindens in there.

suckers

I can't wait until ginko and others cant make the interest payments. A cool million in american dollars hangs in the balance.

I cant believe so many people can be so dumb.

This is true. We're expected to believe that their business is so strong it can repay those rates, yet at the same time is so in need of raising funds that it pays an incredibly expensive rate for them?

Lucky I only keep 5000L in there for the lotto's, no need to do that anymore.

I also normally kept it in there to stop me from impulsive buying !

i used ginko when they first started up, untill abit after the island, and made some decent bank off of small deposits

its only dumb when you sink your life into it, or your still around when it crashes

as someone already mentioned take the money and run

My post duplicated on this thread as it may be appropiate - hope this is okay


My own take on this is that I believe people would have no problems loosing a few hundred pounds (or US dollars) on a speculative investment. After all if they can afford to connect to SL in the first place (taking into account hardware and broadband costs, and in some cases premium membership) the loss of a modest amount of money will not change their financial life.

Indeed I personally have speculated on London AIM penny shares, as well as contracts for difference, and the odd currency trade. All with tight stop losses of course, and I have both gained and lost. The risk imho is broadly similar. In addition I have played around with Ginko and the WSE.

Providing the potential loss is modest and will not cause you sleepless nights, go ahead and punt, that’s my view.

However....from various sources (most of which I trust) (and I have been around in SL for around 2 years) I hear tales of much more substantial sums being speculated on SL "financial services", by that I mean 5 figure sums in pound sterling or US dollars. That triggers professional interest, indeed if I could match Ginko's investment return of around 45% per annum compound achieved over the last few years, in real life for both myself and clients I would be a contented bunny........in theory it is consistently better than almost anything in first life I am aware of.

Finally I note currently Ginko withdrawals are limited to $L5, 000 per day per account (around $20 US) down from the much more generous $L300, 000 per day or $1,200 US

A simple lesson which I learned from observing the
Eve Investment Bank Scam

The owner put up a legit facade and in the end,
went poof taking in game cash with a value of
tens of thousands US dollars (!) down with him

http://games.slashdot.org/games/06/08/23/1918246.shtml

I don't get this common judgment..."I know of a virtual financial operation that was a scam, so I will never put my money in a virtual financial operation." Usually people snarkily add something like "Anybody who does is stupid."

What are we to do, then, in response to the RL government-regulated banks, funds, etc. that end up collapsing due to fraud, embezzlement, etc.? Never invest anything anywhere?

I tend to be closer to John Horner (above) in my own take: Do what's fun. Don't invest money (online or brick-and-mortar) I can't afford to lose. Keep my eyes open.

My statement is a "common judgement" indeed,
but one of a subjective nature,
which is clearly indicated by my use of the pronoun I.

Your subjective interpretation that this statement
was meant to hold any absolute objective value,
is simply and objectively wrong.

ok yall are freakin me out.. AM i gonna get my lindens back from Ginko? I cannot withdraw anything right now. I sent them a ticket thru their site about wanting to close my account because of this. I want my money. I have invested too much money into this game only to lose it all by some dumbass.

A lot of people are nervously asking the same thing. Since they don't have all the money to give back and almost everyone wants to take their money out as soon as they are able, I would say that no one can give you the answer you are hoping for right now.

I think we are seeing the beginning of a vast economy change and a Ginko Collapse.
The Reason Ginko is collapsing is because everybody wants to take there money out.