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

I think that analysis by Desk Jockey is spot on, really.

The Ginko website a couple of weeks ago showed like L$200M in balances. Today, it shows L$150M. I have a sneaking suspicion that a good portion of that figure is interest owed.

OK, so Ginko has big, high-risk, high-yield(?) investments in things like sims being developed. Is the rate of return on that investment (and all others like it) going to keep up the pace with the interest owed? Yeah, I know the rate has been lowered to 0.01%, which is more realistic, but there's that nagging issue of the past two years of 0.09% to 0.16% that has to be paid at some point, and that is assuming it doesn't ever go back up to those old rates.

Anyway, it is all just fuzzy math until someone here provides a certified financial statement. The fact remains that Ginko is out of money, it can't even pay account holders the new max cap of L$5k/day, and 3/4s of its account balances are simply vapor.

Time to start selling off some more of those long-term loans, I guess.

The one I posted a link to here?

http://forums.secondcitizen.com/showthread.php?t=3306&highlight=ginko

Yea, it was an interesting read at the time. I'm sure there are a good number of people kicking themselves for not listening. I know I am and I only had $20 in there with my main. There are guys on the Ginko web site forums talking about missing their real world car payments and no longer being able to move in real life because of this. They must have been on crack! hehe.

I do hope that advice is taken (its been stated in a few other posts in the threads more or less the same thing). Its impossible to get back to what once was if it was not properly done and it does appear money has been borrowed to cover things it should not have etc. As long as there are assets to liquify account holders should get a good chunk of their money. Its possible there will even be a "bank" left to work with if the honourable thing is done, but things would have been learned and possibly things will become all the better for it. One thing is for sure saying nothing and sitting on top of the bomb in hopes the explosion doesnt cause a mess isn't going to help.

How many times have I said it.... Over and over again... There is no such thing as a bank in SL. Just somebody taking your money calling their little group a bank, thats it.

thats 10% per month

Lets run the math. . .

Edit note, Fixed a busted assumption on the rental fees, my bad

the property as is is renting at the rate of 300 per 30 prims (per week)

or 10 per prim

he has expended 3458 prims so far in develpoing it out of 15000 for an avalible "prim space" of 11542, meaning his max income on the land currently is 115,420

Currently theirs no actual rentals that I could see but their may be 1 or 2, but thats not currently that relivant.

now he needs (assuming conservative valuation in the past 30 days of 278 lindens per USD to cover teir of 195 USD) 54210 (if you go by the "best rate of exchange" he needs less, or 51285) to pay Teir

now realise I am going to use the worst exchange rate in part because I dont feel like adjusting for any given Fees, and in part to cover things like the odd non rental,

in general his best posible profit will be (typical 4 week month) 407.470 (assuming he actualy manages to rent out 100% of the avalible prims)

long as its a $195 sim

Most are $295

very few rent an average of 100% capacity.



Do improved Sims generally earn more than unimproved ones really?

I wonder how many American Investors would have paid into Ginko if they had known the Owner was in Brazil?

Without a way to verify identity, I wouldn't suspect it matters either way.

He COULD be Andre Sanchez from Brazil, or he COULD be John Smith from Rhode Island, USA.

Personally, I wouldn't care all that much if he was from Brazil or the US, as long as there was independent oversight from a trusted organization and transparency in his financial dealings. I might even consider investing.. err, sorry, "depositing".

I had to eddit my post for bad math on my part.

and realisticaly pop on over and fly around, its not a bad looking sim

Well - I think a lot of people probably assumed he was american in the early days. Since most of SL was then.

People kind of assume it cant be a Ponzi if its American becuase then the guy would go to jail.

Not saying thats right - just that it would have influenced how people thought about the scheme.

Still

really at this point the best question is the one you had

"Dude wheres the f@#$%*&g money?"

Unless his holdings are so vast youd think he could have come up with a basic list to calm investors down in less tiem then it took to argue on this thread.



If he was organized it should have taken about 5 minutes.

I dont know bout you but if I had Half a million plus I was accountable for Id keep pretty careful track of it.

Your example lacked context. People want to be assured that the investment is solid. Your blurb didn't go far enough. You don't realize that you need to articulate the thought processes behind the investments for people to feel comfortable putting their money in your hands. This point continues to elude you - you hear it, but you don't listen. It's not a mere list at this point - you need to make the numbers clear, provide context - this is called A PROSPECTUS, and you can probably understand why regulated funds are required to produce them! Don't be lazy - when you are talking about this much money, you need to be crystal clear about what you're doing.

what I cant understand is how he doesnt have this done already at least for his own use.

its how much 750 thousand Real dollars?

Im literally amazed.

I can see leaving out a couple of details to guard confidentiality or whatever but other that that? WTF is he hiding?

Without any better explaination -

Many people are going to decide what hes hiding is the fact that hes WAY short on Assets.

Well to be fair he did a good job with the sim He mentioned, its just right now it kind of looks empty.

It's probably laziness. The whole problem is borne of the fact that he has had zero transparency whatsoever, and now in his head, he justifies it because his cryptic inarticulation causes confusion.

How many more nails are you putting in your own coffin, Nicholas?

I just want to warn everybody that this post is in defense of Nicholas Portocarrero and Ginko Financial. I'm going to say my piece and be done with it, you can flame me all you want, I won’t respond.

The first thing I want to say is I didn't read every word in this extremely long thread so what I'm about to say is a generalization not directed at any one person but what I perceive to be the majority opinion.

I checked my records and found that the most I ever had invested in Ginko Financial was L$611,238 in mid December of last year. I never had any problems with Ginko Financial or Nicholas Portocarrero. I always viewed this investment as very high risk and was willing to take that risk to reap the high return I was getting. I was an adult about the whole thing and went into it with my eyes open. There were and still are other banks out there that offered higher rates of return, something most of you fail to mention when you accuse Nicholas Portocarrero of running a Ponzi scheme. I didn’t invest in them because I felt the risk was too great.

For those of you still invested in Ginko Financial (I left completely the end of April for reasons that are none of your business) I hope you are being an adult about it. It was you responsibility to read the terms of using the service and accept the risk. If you didn’t it is your own fault. If something doesn’t look right then don’t take the risk, if you take the risk then take the responsibility for failure too.

I personally hope Nicholas Portocarrero and Ginko Financial weathers this storm. Did Nicholas Portocarrero take big risks with the money entrusted to him? You bet, that is what you were paying him to do. Can Nicholas Portocarrero and Ginko Financial come out of this to go on to greater heights in the SL financial world, sure? Will that happen? Only time will tell.

LOL when your dad loans you $100 you get to be lazy.

When people trust you with hundreds of thousands of dollars you dont.

Congrats on being one of the early investors and Ginko champions. No ponzi scheme can succeed without you.

Again...... THEY ARE NOT REAL!!!!! GGGGEEESSSHHH! There are no real banks in SL. Why do people give their money to people like this? WHY!

"If its too good to be true" hint hint!

This dude is going to take whats left and hit the hills, watch and see. Its amazing to me how many people fall for this crap on SL.

hey now I need to go clean the coke off my screen again

Again take a look at what he showed as an example and then ask yourself 2 questions

1) does he have 150 or so properties like that one
2) what is the posible income on each property
3) and most importantly what is the actual income from each property.

at max occupancy he can get roughly 4X the income he thinks he can get out of the property he listed, im not sure how conservative hes being but for now thats not the main issue. What the main issue is the 2 questions I have posted above.

Fixed for clarity

Actualy their is a real bank in SL, they just dont act like a bank **IN** SL in that you cant deposit L$ their.

I have decided that everyone should give me their money for safe keeping. I have created VooDoo BANK of Second Life. - "Your money checks in, but does not check out".

Trust me!

SWEET! *deposits his entire account*

Twenty four pages of arguing later... none of which seems to have satisfied anyone that Ginko is legit... won't someone, please, call the FBI and let them sort this all out?

It seems to me, whether just a casual observer, a financial professional, or a legal professional, most people seem to be in agreement on this issue.

Broccoli