Ginko Financial doing exactly what they said they'd do

Four days ago, as a result of the forum fuss being made of Ginko Financial, I became a depositor. In the past four days, their website shows that they have paid me 0.14% interest per day (compounded) on my deposit. My account page there also shows me what my anticipated interest payment tomorrow will be.

In light of this completely expected conduct, should we perhaps bring http://ginkofinancial.com to the attention of the Attorney General, or would the United Nations be more appropriate?

disclaimer: I have no connection with Ginko Financial or any of its divisions or affiliates or staff except as a recent depositor. I stand to gain nothing from their successes other than the interest described above and I have nothing to lose by their failure except my rather small initial deposit. Oh, and I said "Hi" to one of the Ginko officers when I was at their ATM.

No, Imagine a ponzi scheme where:

a) you have absolutely NO clue of who you're giving money to
b) you have absolutely NO way of verifying how the recipient is using your money
c) you have absoluetely no way of getting your money back if you're being scammed

This is just extreme!

Which is why i'd never hand over anything to them. But who knows, maybe I'm the big loser. i'm not making .15% interest.

And can the last person out please turn off the light!

Maybe the biggest decision is not whether to invest or not. The flavor you pick is much more important.

'scuse me - can I close this thread because 'no obvious constructive discussion' is taking place?

Why did you post this, Malachi ? Do you feel it is evidence of something?

It is in fact of no use whatsoever in assessing honesty. People have been repeatedly posting to warn that that what you describe is in fact an essential feature of a good ponzi scheme, just as it occurs also with good honest investment schemes too.

Disagreement on this "risk" issue is one thing, but please lets get it clear. A Ponzi scheme does exactly this too, meticulously. Right up to the last second.

So stating it tells us exactly nothing.

Only when a person actually understands this critical fact about Ponzi can we worriers begin to accept that s/he is an informed adult capable of taking their own decisions on this. By your posting this as though it is relevant, you make me concerned, Malachi, that you might not be in that category.

You just encourage us to keep posting more attempts to warn, displease you all though we do.

I know nothing about Ginko, how it operates, etc. I do know that when I first read about Ginko, the concept seemed infeasible from a logical standpoint.

I will admit I haven't examined the idea closely. However, I will say this:

Ponzi schemes ARE against the law. *IF* some kind of scam is going on here (and I'm not saying it is)... not only could the perpetrator be held legally responsible, but so could Linden Lab for providing the vehicle for the perpetration of the scheme (regardless of what the TOS says).

So altough I have really no idea how Ginko is truly set up or how they are managing to pay "interest" on L$, I thought it might be beneficial to look at the bottom-line potential consequenses of any such thing.

Sooner or later, someone, somewhere is going to cross that line between VR and RL... and find that RL jails can affect VR "fantasy".

I agree with you 100%, Wayfinder. Those here naively defending their adult right to be scammed, in defiance of the law, may find they are doing something more :

Inviting law enforcement in. Hugely to our detriment in all sorts of grey areas. Eventually, yes, but not too soon please.

To us it all seems so sophisticated, doesn't it ? To a police officer "virtual world economies" are irrelevant. It's just:

"investigation required of yet another possible ponzi scheme run through a website".

There must be several dozen such investigations under way right now, and believe me, this crime is taken very seriously.

Wonderful McCarthyism. Nobody has yet offered any real proof that what is going on is a Ponzi scheme, let alone against the law, let alone against the U.S. law.

What we should not be defending is this sort of absolute blatent disregard for any sort of 'innocent until proven guilty'. The burden of proof is on the accuser. If you want to quote law and invite the law down upon these horrible criminals, at least play by your own rules.

Come on, adults all, ask for a prospectus before you invest in anything.

You have the right to know how Ginko is earning that interest. If they are doing it honestly, I'd imagine they would be proud to explain.

No one is defending the right to be scammed.

For one to defend their right to be scammed, a scam must be perpetrated. You and blaze are taking a huge leap ASSUMING that a scam is being perpetrated. Simply because you question the models operations, does not make it a scam. The fact that it bears a semblance to a ponzi scheme, is not in and of itself, enough to make it a ponzi scheme.

Bring forth solid evidence that it's a scam, and then you have something.

Till then, all you are doing is slandering, discrediting, and demeaning a potentially legal entity.

And that, my friend, can be criminal, in and of itself.

My feelings exactly. It's ok to tell people to be cautious, but IMO, it's just plain BS to make accusations of malfeasance with even a tiny shred of evidence.

And, No, Ellie, we're not "naive".

Perhaps you and few others are overly cautious or perhap a wee bit paranoid.

Or perhaps some people here have a personal agenda to fufill when it comes to Ginko.

Image a forum regular who rarely has a good thing to say about anything SL and who's a big know-it-all who thinks they know better than LL when it comes to SL.

Now imagine forums without that person.

I can dream I guess.

But wait!

What about South American loan officers, wildly profitable secret websites, and Anshe's "dark motives"?

*waves arms madly*

Look, look, look!




But ah, ignore the *fact* that any business making tons of money don't need to borrow yours at 66% interest.



And this fact *will* be ignored. People generally never see it coming, and can't be told. That's the brilliance of a Ponzi scheme - it's psychological.

It's like someone admitting they are wrong on a forum - people would rather lose a lot of money before doing that.

In just about every case there are still believers even after the convictions; even after the money is gone.





By the way, a swank apartment in the Recoleta is maybe 300 USD a month, and an obscenely fancy dinner with wine and cigars in San Telmo is about 15 USD.

That's downtown Buenos Aires, for the uninitiated. If you have 60,000 USD in play in South America, people come to *you* for money, not the other way around.

*lights cigar*

Good luck, daring investors.

This is not necessarily true.

Would you disclose your business' operations, if by disclosing them meant relinquishing the edge and advantage that you currently own, thereby encouraging unwanted competition?

Well, an interesting thread, to say the least.

In RL... any investment facility is required by law to present a prospectus of the manner in which it intends to produce return on investment. That prospectus has to be factual, valid, and may not present as "fact" something that is future potential. In other words, they're required to let the investors know where expected returns are coming from and they're not allowed to fudge. If they do, the investors can later have them incarcerated and brought before a court of law.

Now, that's the facts. The question comes now: How is Genko operating? Have they presented to anyone the method by which they are offering return on investment? Do they have a balance sheet, a prospectus, a layout of investment methods? If they do not... then they should be by anyone considered a potential con game. The same applies to any other SL marketing method.

If people invest in a system without having any kind of prospectus, they may actually later be found accessories to and promoting such a scheme (according to law-- basically, for being that stupid and gullible). Happens every day. So it's a matter of concern for any investor to make sure his investment is sound. Now if such documents are presented and later found to be fraudulent, then that absolves the investor from misdeed.

Disclaimer: I'm not an attorney... just a businessman. To the best of my knowledge the above is accurate, but I disclaim any responsibility which may result from use and/or misuse of the above information.

This statement is all that is required from all who doubt.

Anything else, absent proof, is pure speculation and hype.

This is not RL.

Therefore said regulations do not apply. If they applied, and Ginko was not complying with said requirements, then there would be an issue.

As it stands now, it is not applicable, and therefore not relevant.

I'd imagine it's highly likely that they're doing something dishonest or unethical if they aren't talking about it, yes. The only other possibility (slight IMO) is they've found a genuine honest, ethical way to make money that is very effective because nobody else knows about it and they aren't about to TELL us about it because they don't want the competition that result from everyone knowing. But something in me kinda doubts that there's a bunch of honest, ethical ways to make mad cash lying about undiscovered and untapped...

More speculation?

I'd imagine that it can only be because we haven't had enough of it yet.

More please

lol stop trying to think logically desmond

Well howdy tharr nicholas alt #202398902!!!

One needs money to make money.

It is a concept that is not lost on all of us.