Ginko Information

Is there any information reguarding Ginko Banking. If there is please post reply.

Depends on what info are you looking for. I think you can contact Nicholas Portocarreo for general questions about the bank, but I am sure you won't be able to find anything that violate privacy laws if thats what you needed to see.

Or you can just post them here and see if the customers and staff can answer your questions.

Was looking for interest rates. To see if anyone has invested any money and did they make any money that they have invested.

Privacy laws?

How about typical information on a business, just like GOM, IGE, LL or any other legitimate business always makes available? Wanting to Hide that information is a big red flag for a scam.

This is why I would like to see some information before I make a investment.

I first heard of Ginko two days ago. When I found out they were offering 1.9% per day it set off red flags for me. I couldn't think of any legitimate way that they can offer nearly 700% APR (I'm too lazy to figure the effecitve rate with compund intrest). It doesn't mean that they aren't legit, but when things seem too good to be true, they usually are.

On the other hand, I have to admit that I haven't actually looked into them or read any of their info, so I don't have any real information. It could very well be that I was misinformed, though I wouldn't mind getting a look at their books.

April:

Well, Ginko offers 0.19% compound interest paid out daily.
It is automatically added to your ginko account and you can withdrawl at any time, and all withdrawls under 50k is granted instantly.


Smiley:

Well, when I said touchy issues, I meant questions like *how much does person A has in Ginko?* and etc. Most common facts about the company is avaliable.

Zuzu, they offered 0.19%, not 1.9%.

Though if they were able to support that, it would be pretty nice...

Dose Ginko have a website ?

yes, you can find it here at:

https://ginkofinancial.com/

you can check your account and such, but the site only recently opened and lots of work is being done to the site to upgrade its features.

Thats somewhat better

Simple intrest compunded yearly returns:

A=P(1+ I)

P is the investment, A is the value after 1 year and I is the annual intrest rate (APR)

for compunded intrest:

A=P(1+i)^q

where i is daily intrest rate and q is 365 days/year


The straight annual intrest rate is:

i*q = 0.19%per day * 365 days/year = 69.35% per year


the effective intrest rate, including intrest on intrest (compunding) is:

1-(1+i)^q = 1-(1+0.0019)^365 = 0.9994 = 99.94%




I don't know what the inflation rate is in SL, but you should adjust the APR values back down by that in order to evaluate gains in constant $L (i.e. rate of return ROR)

Other intrest rates:
1% per year on savings accounts in US banks
3-4% per year on certificates of deposit (1 year maturity)
~5% per year on home mortgages
13% per year on standard credit cards

Return on investment can be much higher for other investments, but the investor assumes more risk for these, unlike deposits in US banks, which are federally insured by FDIC.

note that the inflation rate on US$ is pretty low right now. In the late 70's and early 80's when inflation was in double digits, most of the rates listed above were significantly higher. I seem to recall getting certificates of deposit at around 13% or so back then.

Is Ginko FDIC insured to 100,000 Lindens? If not, they should really be called a VC or something.

Trojan Advertisment....ooohhh yeah!

ok sorry trying to do math here and my brain fried. For dily payout is this right?

5000 (Current balance) * 1.19 (%Interest) = 5950 (total in account)

Then does the next day use the 5950 *1.19 or the 5000*1.19?
Sorry I suck at economics.

okay... I can't restrain myself any longer.

First, my disclaimer: I have no evidence of any wrongdoing. For all I know Ginko is perfectly fine. People should be free to do what they like with their Linden $.

When I heard about Ginko and their interest rate I got a queezy feeling, call it "spider sense"
Since they posted their website I checked it out. They have soem disclaimers:

A CYA, to be sure, but the same is true when you buy stocks or bonds in RL.

Of course when I invest in RL, I like to dig a little to make sure my investment is sound. You know.. read the prospectus and all that stuff. So, how do they make money? Unfortunatly, the only information I could find on their site is:

Ouch, whoever they've loaned money to must be paying even higher interest rates back to them, since they have to cover defaults and make up for cash reserves, which dont earn anything. I wonder who is this desperate for cash and do they have to send Musgy and Bruno to collect? They must be desperate to find people to lend to. Checking the FAQ I find:


*spider sense is tingling*
I've seen something like this before....


Ponzi schemes are seductive millions lost their life savings in eastern europe during a plague of them after the fall of communism, two of the most famous in Romania in 1993 and Albania in 1997. For those interested a nice history of charles ponzi is here: http://home.nycap.rr.com/useless/ponzi/

So, is Ginko legitimate? Dunno. Could be perfectly fine. Without more information I really couldn't say one way or another. All I really have to go on are my "spider senses".

Eh, as I was starting to say, Ginko has much more in common with venture capitalism than with banking. You are essentially signing on as a silent partner while they go and attempt to find worthwhile businesses and projects to invest in. You have no guarantees that you will ever see your money again.

This says nothing about whether this could be considered an honorable business - it may turn out to be. But the fact that they are selling it as a "bank" is one strike in the dishonesty column.

If they don't make loans to people and then charge interest to those people, how do they make money to pay out interest?

ie, my credit union gives me a piddly 1%apr. They charge say 6%apr for a loan. So they make 5%apr. Unless the owners are paying out of their own pocket I don't understand how they can stay afloat.

There are many ways to make money in SL. There are ways to make money outside of SL too. I know that ginko has stated that they are going to be lowering the interst rates as time goes on. They have ways of making money. I know they run a lotto, a casino, and I heard they are in money trading. If I work at it, I can make more then 100% ROI in SL, I have done it before. They have been around for a while, and I have never had a issue getting my money out of them. I was told so very wise advice before investing in them, "don't invest more then you are willing to lose." This is true with everything you do. It is a risk, but after talking to people, and the owners, I do have trust in them.

Banks existed before FDIC. I see no reason to rename my activity.

Zuzu, the reason for this discrepancy is simple. We do not provide loans to the PUBLIC. If someone comes to us with a good enough offer for a loan, we will consider it. What we do now is "loan" money to our in-world ventures and my off-world businesses. We used to offer personal loans and mortgages but I felt they were too risky for the bank to continue doing them without a better system to control it. I think the bank's growth (in accounts and people's trust) might give us the ability to relaunch the mortgages side of our business at some point in the future. We had many ideas on how to do mortgages which could work great with a website and enough volume.