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

Good luck with getting the limit increased. I have been fighting with LL since February and still haven't found an avenue where they will even respond.

Hi and thanks for the post!

Our rates change depending on your average balance for the day, as we have a 'rewards tier system'. Anything from .06 for standard to .067% for platinum per day or about 27% per year.

Prost!
Teufel Hauptmann

Yes, I know.

It took me about two months worth of messages to get to my current lvl.

Hi Teufel,

I did invest with SL Bank back when I had money to deposit and always had very good service. I remember the discussions last summer and they at times were even more viscious then the Ginko deacle now even though you had not even opened yet. Good luck and continued success, it sounds like you have found the formula for success in SL, I wonder if many of the new Johnny come lately banks that have surfaced in the last 2 months will follow the same path as Ginko? After all how do you sustain an interest rate of over .20% per day without taking huge risks?

Not directed at me, but I can, and have, proved this, several ways. Though I think I'm going to start calling it a Portocarrero scheme as somebody humorously suggested a few pages back. A Portocarrero scheme is a variation of a Ponzi scheme that takes place in a virtual world. Heh.

Proving it isn't that complex. If they are taking new money and giving it to old depositors to pay off claims from earlier depositors, that's what it is.

Typically, proving this requires hiring a forensic accountant and calling him as an expert witness. That's not necessary here though, because you can prove it to yourself.

1) Go to the Ginko ATM.
2) Deposit L$100.
3) Tell the room you did.
4) Someone will take it.

(Don't really do this. It's stupid and you'll lose L$100).

Actually, now, it'll go to the guy highest in the queue, which was the original poster's point, I believe.

A real bank does this too, but at the same time, they're taking money out of this pile and making investments with it, and they're adding money into this pile from their investments. Ginko isn't. If Nicky ever was investing any of this money (and I personally believe he was, albeit really, really badly) he's not doing it any more.

It's always been a Portocarrero scheme though -- because it has always piled up fake interest and paid claims with new money -- but now it's possible to prove it.

It would be a great name but it just kinda well damn i can't get the spelling right without sitting down and memorizing the name its just one of those names that is gonna be hard to commit to my pea brain memory i will get stuck after "port" portaponz? portobello? portapotty? see this is my issue lol

I had some money in there a while ago, but yanked it out when I saw him get rude when people asked him to disclose the investments.

Boy, am I ever glad I did.

Svar! Good to hear from you.

Yes, those were some wild days, but interesting as well. We had some good discussions about the economy of SL and other virtual worlds.

To answer your question about how would someone sustain an interest rate of over .20% per day WITHOUT taking huge risks; you don't. There are ways in SL with a combination of land flipping, land leasing, virtual stock investing, and at one point casino operating, that you could, for a short period of time, earn about that much, or even more, but in the long term, the high level of non-liquidity and high risk ventures would eventually end in large losses. All you'd need is a quick policy change (Gambling) a large change in land supply (a new continent or pricing policy) a virtual stock crash or theft (happened recently) and you're in for trouble. In the real world, there are several illegal activities which could produce those kinds of returns (drugs & gambling), as well as ForeX trading, but one is illegal and the other almost always ends with a massive loss long term; thus they are mega high risk. In summary; there is no free lunch.

Good to hear from ya!
Prost!
Teufel Hauptmann

Why should Ginko deign to answer the questions of mere mortals?

A defining characteristic of a Portocarrero scheme would be a total lack of explanation of HOW the insane profits are made.

Even Ponzi explained how he made his money with stamp coupons.

So this is really a heightened hubris by Potrocarrero, and rightly so, apparently. He now has several hundreds of thousands of US dollars in his pocket.

Here is where you should have invested

https://www.usaa.com/inet/ent_utils/McStaticPages?key=bank_cds

I am sure alot of people are reconsidering if there money is safe in Ginko. Honestly if the cut and run now. They are going to get away with it.

one of life little Ironies


http://en.wikipedia.org/wiki/Luis_Manuel_Fern%C3%A1ndez_de_Portocarrero

conidering that much of the "money" here is interest. How much was actually depositied over the 2 years?

And compared to that How much went to Nick and his buddies? - Youd mentioned over 100k

If you were to just guesstimate that HALF of the 750.000K is promissed Interest on investments

then that makes 375k.

of which suddenly 1/3 ISH when to Nick and his Buddies as "Salary"

I have no idea if this is right, but even if only 1/3 is promissed interest then still over 1/5th went to Nick and his Buddies as salary.

"He acted as regent till the new king reached Spain and hoped to be powerful under his rule. But the king's French advisers were aware that Spain required a thorough financial and administrative reform. Fernández de Portocarrero could not see, and indeed had not either the intelligence or the honesty to see, the necessity. He was incapable, obstinate and perfectly selfish."

doncha just love life! LOL

Actualy, no, you have not. Based on your comments, I doubt you even understand what a ponzi scheme actualy is.



Great, you have just proven... nothing at all.




Of course not, there is now a net decrease in accounts. If a bank receives 100 in deposits and 200 in withdrawals, it will not use it's deposits to make more investments.




No.

Wow, whoever imagined the real life Portocarrero would be similar to to the virtual one.

Price update on the bonds

Highest current buy offer: $11.31L, a $3L fall from yesterday.
Highest current sell offer: $15L, a $2L fall from yesterday.

Hey nick, i thought you said more people would place buy offers?

Also, someone pointed out that this is a virtual world and that the bonds cant be compared with real life bonds so i will compare them with the only other bonds listed on the WSE, the Tao Group Bonds.
These were initially sold at $100L and offer $13L of interest each month.

Highest current buy offer: $102L, 2% higher than the listing price.
Highest current sell offer: $144.37L, 44% higher than listing price.

Still think ginko bonds are any good?

"The Rocketman, another proud member of the busy body comittee"

I did no such thing. I said people might place buy offers. They probably have, in fact. I never, ever, said that such orders would drive prices hgiher given the current situation.



Do you realize that the actualy yield is about the same?

GGGGGGGGGRRRRRRRRRRRRRRRRRR!!!!

YOU ARE NOT A BANK!!!! A bank is what is down your street, not here in SL. There are people who claim they own a bank but its not a real bank. Why do people put their Lindens into this crap.

oh yeah the 'G' Conspiracy Theory...

Ginko bonds pay $1L a month and your selling them for $100L == 1% yield a month
or at $26L as you were selling them for in your secondary == 3.846%(3 d.p) yield a month

TGB bonds pays $13L and cost original buyers $100L == 13% yield a month

Did you study maths at school?

Certainly doesnt seem like it, 13% is nothing like 3.846% or 1%

Lets not forget the 85% loss you have to eat if you want to sell one of those financial piles of virtual dog crap.

What is the monthly yield on a 85% loss?

The yield on the ginko bonds, according to current market prices on the WSE, is not much different than the yield on the Tao bonds, according to current prices on the WSE.

Please show me the maths that show this

Ive already shown you some maths but for some reason you think 13% is similar to 3.8% or 1%

Heres some more maths

Buy a ginko bond on market for $15L (current highest sell offer) == 6.66% yield a month.


still only half of 13%, NOT THAT MUCH DIFFERENT ONLY HALF AS MUCH

It's funny because, even though you are clearly distorting the facts, you are doing so to my benefit. Thank you.

what facts am i distorting?

The first rule of debating is to have facts to back up you argument, yet you provide none.

these numbers are coming directly from the WSE website.

and the formula to calculate a return is simple enough 100/cost * return == yield percentage.

dont see you putting any numbers up, probably because you cant, probably didnt even study maths at school