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

Yes, I think you are correct. This Nic guy sounds like some scam artists I have had the misfortune to cross paths with

Thank God he feels an obligation to repay people their hard earned money!

What a giant of morality!

I've been wondering about that too. I am encouraging people to bring that exact quote you pulled to LL's attention via ARs right now. They've killed fraud before (e.g. fake land sales) and frozen assets too. Never for a long term fraud, as far as I know, but there's a first time for everything. I don't suspect there's much here, but at some point you have to figure they're going to be informed of what's going on and will want to limit their own potential liability.

/me waits for him to cash out and move to an island with no extradition treaties for fraud

You may think so. My experience says otherwise. Expats are different.

Ur not the only 1 Pan. only thing i can say now is" i wished they had pull my pants down before rapping me in the bonghole!

Ok, I just checked their website and just 20 mins ago they lowered their rates to, and I quote...

"Our daily interest rate has gone from 0.05% to 0.01%."

I have not been able to withdraw 1L$ with my main for over FIVE days now, and at the same time they keep lowering the rate over and over again. First it was something like .08 then they raised it to .14 then back down to .08 then .05 and now .01 in just a week. This is crazy. They are making it to where I can't withdraw while at the same time cutting back what they are paying me, trying to force me to "lock in" my deposits or buy their "bonds" at a VERY discounted rate and lose money.

Pretty much my options now are:

1. Keep my L$ in deposit for .01% daily and not be able to withdraw because they have no money, thus lose all my money.

2. "Lock in" my deposits for 140 something percent for a freaking year but Ginko will probably be long gone by then, so that would be a pure loss.

3. Transfer my deposits to their new "bond" at a greatly discounted rate and lose a ton, but get some money out.

This is getting nuts. I REALLY think Luke from the WSE should discontinue the new Ginko bond and return the funds as it is obviously a scheme to prolong the Ponzi. Makes me sick.

We have that in the 'States, too; it is called "loansharking", and if at the end of the "day", you can't come up with that 6 units of currency, a very large, but finely dressed gentleman comes along with a lead pipe to collect the debt in full... or break your kneecaps. It is also quite illegal.

0.01% times 365 == 3.65% a year.

If this isnt a sign they are collapsing i dont know what is.

I have a fair portion my personal savings in an online savings account with New Zealand's only triple AAA accredited bank and my savings earn interest of 7.35% a year. This is as safe as it gets and still double what ginko is paying you now.

How do you explain that one Nic?

Absolutely agree with you the Luke that the ginko bond should be cancelled and am sending him and email now.

My heart goes out to you PF.

If people keep putting blocks in my way, I will never be able to resolve this. My head is about to explode right now, but I must say this. You people think you are righteous do-gooders, but you are not. You are just turning the life of an honest person hell, compounding all the natural difficulties with artificial ones. Stop. If I wanted to run with people's money, I would have do so long ago. I'm not an evil crook. Please stop.

Thanks. No biggie really. I have less than $20 in there with my main. I just think it is interesting. I've been told and have been saying this would happen for a long time now. Weird to see it actually going down. Good luck to you!

If you want us to stop its easy enough to make happen.

Provide full disclosure and everyone will leave you alone.

How can you claim to be an honest person , if you are an honest person answer this question:

What is the money invested in?

We are not making it hard for you, you are doing this to yourself.

All you need to do is explain where the money is and you'll find we wont give you a hard time.

If you cant do that, you deserve everything that is coming your way.

transparency == trust

Also, how are you going to run with peoples money when there is no money to run with?

Nic, I don't think anyone is trying to stop you from getting money to people who invested in your scheme, but still, if things are this bad now, they will only get worse. By allowing you to prolong the scheme, more people will only be even worse off. People often say things such as "if you call out the scheme and everyone withdraws, the scheme will fail and we will lose our deposits!" But in reality, the deposits are already lost and the only thing that prolonging the scheme with "bonds" and "IPOs" will do in the long run is hurt even more people. I'd rather see Ginko go under with 200 millionL$ in deposits than 400 millionL$. Anyway, good luck to everyone!

After reading all this I have one point I'd like to make. Almost every rebuttal I've seen Nic post(other than the ones that can be summed up as 'shut up and trust me') has not been a rebuttal on the arguments, but an attack on the poster. See for example his response to Benjamin's posts, which are reasonable to my eyes, if containing content Nic disagrees with, and not-flame-filled.

Usually when someone resorts to personal attacks, it is because they have nothing to argue against the given argument with.

*goes to get the hot dogs and s'mores, while there's plenty of flames to cook them in this thread*

I always thought Entrusting your money to an Unsecured, and Uncertified SL bank, or financial institution was a Foolhardy thing to do, and i have said so frequently (And usually shouted at for doing so). There are times when i really dislike being right, and this is one of them. A Lot of people have lost their Money because they didn't use common sense. So, Now what can you do? pester LL to intervene? Well, there IS that very annoying section of TOS that says they won't get involved in Business disputes between Players, So that probably won't Help.

Some people will ONLY learn the hard way. Maybe If there comes a next time, they won't be so Credulous.

Angel.

ahh the Kenneth Lay defence. (sorry but you did walk into that one)

not sure if anyone posted about this yet, but there was a press release about the GFG/AVIX merger. Seems the AVIX doesn't even wanna do business with GFG.

GFG IPO Rollback
After more careful consideration it has come to our attention a merger with Ginko would not be in the best interest of GInko and Allenvest. At thist ime we're rolling back the GFG ipo since it's intent was partly to construct the merger. We feel our depositers will be safer with our business staying under our protection. We will no longer look to merge with other institutions without a solid knowledge of their ability to cover their accounts and will never again even glance at exposing our accounts to such a risk.

Direct Press release btw.

Nic could make a lot of the Ponzi speculation go away

By listing all the Investments he keeps hidden and why he thinks they are worth enough to cover what he owes.

They have to be even if not liquid worth what he owes and growing at the rate of interest, dont they? for him to think he can fix things.

Put it somewhere where Investors can see it.

What is the kenneth Lay defence?

Enron failed becuase no one would let him fix it.

exactly, but instead he gets angry with us when we are just pointing out facts.

Sorry for making your life so hard nick, the power of a few words huh.

Dont know why you dont just step up to the plate and be honest,

After all it was you who said you are an honest person.

Ironicaly this may be the best move he has made yet. Especialy if he has to liquidate some of his earning assets at least he can do so without getting nailed for income he will not be able to deliver.

Listen, I accept that Ginko Financial is not going to grow in terms of deposits anymore. The only question now is what is the best way to ensure that people's needs can be met properly. The bonds are an integral part of this, as they allow people to essentialy trade their balance on the open market. We can't just flip a switch and come up with 100 million lindens tommorow, it's not going to happen. That's not because I spent the money on a new sports car, that's because some investments simply cannot be sold at their full cost. Take for example the Von Mises sim. It took about 1mil to develop, half for the sim and half for the construction/tier. It could potentialy generate up to 100k a month, perhaps even more, which would be a return of 10%. It cannot however, be sold for what it cost to produce because nobody is on the market for fully developed estates. Take also our term deposits with Allenvest. We used to have 7 term deposits of 1mil each, at a term of 360 days. After Allen helped us at first with 3mil, and after the early withdrawal penalties, we are now left with somewhat over 3mil. With their 100k daily limit, we'll have to wait over a month just to get that out. These are just two of the many issues we have to face. If the bonds are removed, or the ginko avatars suspended/banned, it makes it incredibly harder for us to deal with things.

yup i guess what I dont get is if people knew the money was still in sl in investments even if they could not be liquified this minute and could see it all etc and that the bonds were actually for something say like buying land or something or other that will return (i dunno pick anything really) and its just not one giant house of cards where you pull the bottom card out its gonna fall in on itself the issue would be done with. I know there is hope capital which is not nearly enough either from what i am seeing and over the time period of 1+ years for it to be theonly investment. I mean at one point I seem to remember them owning land and renting to people do they do this anymore? I mean they did it once but maybe it was just one sim?

I guess I dont understand secrecy. When I go to a bank and make a deposit the money is there for me to withdraw period. I remember once I had actually wanted to make a huge withdrawal in terms of what banks actually keep around they said I had to wait an hour for the brinks truck (i was moving things around and going on a holiday) it was not a lot of money but it was enough that I was having to wait for the truck if they had told me I could not have my money for my holiday which I had only had deposited as a result of a contract a week before I"m pretty sure I woulda been stomping my feet at the bank and demanding they give me MY money.

If i buy a GIC or bond they tell me exactly what's in the bond eg: 25% one type of stock. They tell me if i am investing my hard earned money for rrsp's in low risk. medium or high risk things and the returns obviously reflect it. HIgh risk = higher return but I know what its invested in they give me a portfolio. So how is this bank a bank ?

I can't withdraw my money
If i want to buy a bond I'm not allowed to know what its being invested in and what risk factor is involved

I"m prety sure i would be stomping my feet and yelling pretty loud if they would not let me take my money out ALL of it if i had been saving for that trip for 3 years and finally was going on my dream vacation.

Why does this bank operate the way it does? Well honestly from what I am seeing its not a bank..