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

Three words: "Mark to Market"

actualy based on what I saw as of now his 100k return was based on 25% -33% occupancy.

Right now I would say his real problem is paying Teir if people are taking out money as fast as it comes in.

For those of you watching Ginko Perpetual Bonds:

Or for us in the UK

""Market value adjustments" (remember Equitable Life)

Or you could buy Sim in a box and have all that buliding, scripting done for you.. thats right Sim in a box is a revelotinary product. Come by SiB island for a demo.. and see what the world is talking bout..


thats Sim in a box..


*sorry shamless plug couldnt help myself

giggles put a smile on my face. plug or not i think after this we all could use a laugh so thank you !

Yes, I actually went and had a look. I am not a software guy but imho it is a good product. Also $L125, 000 is a fair price if you get a completely developed sim. One point, does it do landscaping and texturing etc.?

Might be some call for that too with the plus/minus 100-meter land limits plus Island custom textures too. This is the sort of thing that makes Second Life fun and not dangerous to your financial health. Hope you do well with it.

http://www.siminabox.com/ Here is the link folks. Movie is good too

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One final comment about Ginko. Somebody said on another thread some residents had a cheek trying to suggest how a man ran his business including that of rescue or takeover by another.

I have no regrets in making the suggestions I did. Some folks put in pocket money and on that there is a funny side, as in telling your real life partner you may loose a few bob because of a possible bank failure or at least a delay in obtaining funds. You then explain it was a virtual bank in a game platform run by a guy in Brazil. Well I think that has some comparisons with the helpful guy living in Nigeria who wants to bung you loads of cash to use your bank account.....-

But for those who had serious real life money in Ginko, who cannot afford to loose it and are having to resort to not paying bills or going to money lenders its bad news - and it is compounded by the fact Linden Labs seemed to offer semi official support including comments made by Gov Linden.

If it had happened in the UK I would not be posting about it on a semi public BB, I would have reported it to the police and the FSA

As it stands however whatever happened is outside UK jurisdictions so I can stand aside

i also make no excuse for suggesting alternative people to run Ginko, especially if it can save something for Ginko people from the issues that are mounting

Actually there's a very good way to get a loan, at 0% interest... bright blue "L$" button, top right of your screen. You can buy money from Lindex, then sell it when you have too much at a later date.

Broccoli

Your suggestion is to take the property of one resident and turn it over to another resident whom, in one person's opinion (your own), would do a better job of running the enterprise.

The key stumbling block is taking another resident's property. This seems to be the solution for all sorts of things within SL. "If only someone would take the land away from the ad farms." "If only someone would take away my neighbor's land so I don't have to look at his ugly build." "If only someone would take Ginko away from Nic and give it to Anshee."

I have a real problem when a person with nothing at stake in a situation feels the best possible solution is to seize the land, or objects, or business of a resident when no rules have been broken.

Re: a side issue: The land business.


From my modest experience, it's possible to develop a sim and net about 170 USD/mo from it. Breakdown is as follows:

Sim launch:

-1675 USD: initial sim cost
-885 USD: sequestered 3 months tier reserve 'war chest' for emergencies
-113 USD: $L 30k spent on sim infrastructure development
+1437 USD: initial land fees collected from residents, prebooked 100%
- 140 USD: two weeks tier spent developing the sim
------------------
-1376 USD: Cost of a safe new sim launch is 1376 USD.

Note that 885 USD of that is still 'in pocket' but sequestered as buffer against trouble. Sound like that's too conservative? Remember, the Second Life land market and grid as a whole regularly experiences economic shocks. It would be foolhardy to expect blue skies for the forseeable future.

* * * * *

Sim income:

At rates of approx. 30 USD/4096m of land, 97% of sim rented:

+465 USD monthly income
-295 USD monthly tier,
--------------------
+170 USD monthly income at full occupancy

Note that this would be at breakeven at 63% occupancy.

* * * * *

Months to 'breaking even' not counting human hours:

8 months * 170 = 1360 USD, almost balancing the 1376 USD launch cost.

Since sims might dip occasionally below 100% occupancy, 9-12 months to breakeven is more realistic.

* * * * *

Including human management hours:

Presume an incredibly underestimated 4 hours a week to manage the sim. 4 x 52 weeks is 208 hours/yr.

Annual sim income if 100% full: 170 USD/mo * 12 mo = 2040 USD annual net.

2040 USD / 208 hours = 9.80 USD hour. Barely over US minimum wage. Adding realistic hours of 8 hours a week, the figure cuts in half to 4.90 USD/hr.

Unless someone is going to take care of all the residents on it for free, dedicating 200-400 hours a year (5 to 10 full work weeks), a single sim is a *bad*, I repeat, *bad* "investment."

Try convincing someone to work for nothing for 5 to 10 weeks a year, or doing it yourself.

Could you get more monthly income for a sim? Sure, for a while. Maybe even a year. It won't last, though.

The land business just isn't worth it until you have a couple dozen regions that you can manage all at once, all at 100% occupancy, and anything less is plainly a hobby or a liability.

That actually wasn't really what he said. He didn't say it should be forceably taken away, simply taken over (voluntarily)

She's much too smart for that. Why would Anshe want nearly three quarters of a million in debt, and a business with the reputation that Ginko has?

Anshe Chung was also one of the first people to try to expose Ginko as a ponzi scheme back in 2005.

The only thing I can think of is it would be one heck of a challenge to her skills. You're right, she's too smart for that!

I have replied to you on the other thread. It is best you read that there to avoid duplication

Regards

John

Gosh, I'm sorry you broke your hands. You appeared to have no problem cross-posting earlier.

Too true about that last comment.

In explaining my math: I just used his numbers, Desmond. I assumed 100k L of revenue, not profit after tier, per month because 100kL is 374USD/mo, which is NOT happening, not as profit, unless it had a casino that was heavily stacked in favor of the house and extremely high rent. I know that a single island could do much better than 74/mo profit, but to recoup 1M L? 170 USD = 45390L. Still takes 22.03 months to recoup 1M L and see some actual profit.

One more point that I just posted on your2ndplace.com.

Calling this a "liquidity" problem is a big lie too. It's not like he owns a big box of gold bars and the gold market doesn't open until Tuesday. He owns a big box of dog turds and no one wants to buy dog turds. He says "liquidity problem" like using big words from financial newspapers makes it something other than what it is. It's not that he's unable to convert valuable assets to cash for some reason, it's that he's got assets with no real value. He's spent the money on 1) Hope Capital stock, 2) unrented, overpriced builds, 3) personal web-site projects with "potential" and 4) salaries of somewhere between USD $58,000 and $116,000 for him and his buddies. These are facts. There's no "liquidity problem" here, just investments that have not only not hit the promised 60% or so a year, but have actually, in all known cases, lost money.

The whole thing depended on people continuing to deposit new money to pay off old. Somebody Google it. What's one of those things called?

I <3 you, Ben.

You know I do it for the <3.

he wont even tell his investors what the dog turds are.

A Portocarrero scheme

At least with those, you know that per dog, two to three new investment units are going to be produced each day. With Ginko, we have no idea where the new investment units are coming from.

Broccoli

Well, that is assuming the dog is included in the investment.

With just dog turds, all bets are off since they don't self-replicate.

I love the term I heard in another thread about those people who have no vested interest in an organization but are willing to give their opinions about the viability of that organization. The term is the Busy Body Committee in Second Life. I have decided to join said committee because I was challenged to produce another orgainzation that claimed it could produce returns on investments vastly above anything seen in RL.

I was aware of other organizations in SL the were operating similar to the subject organization of this thread. I went into SL and using the search engine typed in the word 'bank'. There are lots oragnizations that were turned up in the search and I probably missed a few but here is my list with the investment returns they are advertising as of last night:

Bank of SL daily interest rate .082%

PSG Financial daily interest rate .19% from search not varified at site

SL Bank Corp daily interest rate .152%

8 Dragons Investment Bank daily interest rate .21%

Bank - Augsburg City SL-Accounts daily interest rate .15%

JT Financial Investments and Savings daily interest rate .15%

L&L Bank and Trust weekly interest rate 1.8%

Liberty Bank daily interest rate .23%

Linden Bank monthly interest rate 5.0%

LL bank daily interest rate .17%

LZ Bank daily interest rate .15%

Merlin's Investment Bank daily interest rate .25%

Midas Bank daily interest rate .11%

Middle Bank daily interest rate 1.0% based on L$1/day per L$100

My Second Bank daily interest rate .10%

Royal Bank of Whitfield daily interest rate .293%

Second Life World Bank monthly interest rate 10.0%

SL Bank daily interest rate .06%

SL Investor's Bank daily interest rate .22%

The Octagon Bank daily interest rate .17%

Vidor Bank daily interest rate .17%

Now I challange my fellow members of the Busy Body Committee in Second Life to go out there and find all those orgainzations listed in a search of the word 'bank' that I overlooked and kindly add them to this seemingly growing list of organizations that will outperform not only your local bank but even the famous Ginko Finiancial.