Ginko Financial

Just figured I'd post this so those who actually have money invested can at least find out what people in the thread mean when they say 'Ponzi'

http://en.wikipedia.org/wiki/Ponzi


While it would be an epically massive understatement for me to say that I don't like Anshe all that much, I can't help but see some pretty major similarities between this description and what Ginko is doing.

Thanks Kazuo, but maybe next time read the whole thread. That same link has been posted IN THIS THREAD at least twice, I think three times by 3 different people.

DOH.

Figured that might be the case, but given the number of pages, and the fact that other than a slight sense of concern for the potential massive loss of money for others, I have nothing to do with this topic, can you really blame me for not reading 11 billiondy pages?

Here I will augment your Wiki link with another relevant one:

http://en.wikipedia.org/wiki/Anti-competitive_practice

Actually, no I dont blame you. I lost interest after it became clear Anshe wasn't going to answer the same questions about her business. So I marked her up as a coniving hoohaa and moved on.

You know, I may not always agree with you, Aaron, but I have to say, I really like you anway- and in this case you are dead on.

Lol, well I already had her marked as that, but as far as Ginko being a Ponzi scheme, I think shes probably right, unfortunately.

By the way, ironically enough, Charles Ponzi died in south america.

Personally, I think its silly what Anshe and Blaze are doing, specially when comments like this pop up:

Blaze: "Buyer beware - Alliez is bad mouthing a competitor rather than providing a superior service.

I can't say enough about what a character flaw this is."

Ginko Bank is a growing buisness, and the only way it would crash {beyond events that could end other buisnesses} is if people scare investors into withdrawing their money, which is what was tried here. Heck, any buisness would crash if their customers were scared off. If you do have any concerns, please by all means contact us or visit our website and forums. Like everything, investing in Ginko has is risk, and we're not trying to suger coat that fact. The less confidence you have in us, the more risk you put others in. We have been going strong for a year now, and we don't plan to "pack up and run away".

Correct me if I'm wrong, but Anshe Chung, AnsheChung.com, and any affiliates/alternates of the aforementioned have no vested interest in GinkoTec/Ginko Financial. They are neither investors, nor customers, and stand to lose nothing, whatever happens.

I'm wondering if this seemingly unprovoked attack on GinkoTec and Ginko Financial springs from the upcoming launch of Ginko Island and Ginko City. This would correlate with the "elimination of competition" theory that has been tossed around here already, since both Ginko Island, and Ginko City are rental sims. In addition to these new projects, GinkoTec currently has a shopping network in development, with no currently scheduled release date. These new projects could theoretically compete with services AnsheChung.com and affiliates offer.

It is my opinion that AnsheChung.com percieves this upcoming expansion of service by GinkoTec as a threat to their business, and is attempting to nip potential competition in the bud, before it becomes a real threat.

CCC

let's be frank here: no one can know for sure what is going on. There is no attempt at transparency on ginko's side, and honestly, even if information was shared, it could be completely made up because there is no 3rd party authentication... not an easy thing to get around in SL.

some people are willing to take a leap of faith, others aren't. I have no problem with adults gambling with their money, but should people lose their shirt, I certainly won't have much sympathy.

I don't see what is the driving force behind this mess. All of the investors of Ginko willingly and knowingly invested despite the risks involved with the investment. Of course, high returns can only be backed by risky investments. It is not like someone is pointing a gun to our heads and made ~2000 users deposit 18 million L$ to Ginko.

Anyways. It would be fair for people to just look at the facts and make their own judgements, that I respect and so should others. By going to the public and just start making accusations without the solid hard proof to back up those claims is outright silly.

It just amazes me that some guy can take your money by offering clearly unsustainable returns, admit that these returns will fall as time goes by and then refuse to give you the slightest inkling what he's doing with your money cause it's none of your damn business.

I mean come on - if the rate has to fall over time then that can only mean one thing - that he's paying your interest with the deposits in order to get more deposits. Do you need a picture drawn?

The thing that is most annoying however is his complete refusal to disclose where the money is as if you had no right to know. He acts like once you give it to him, it is his and his alone and you relinquish all rights. And you all sing his praises as if he's somehow standing up for the rights of the little person against the evil corporations.

This won't end well. The funny thing is now this thread has given him a built in excuse.

What I meant was that if you volunteer information about yourself that is not on your profile to another person while in Second Life that information is no longer privileged. If I tell you, in-world, that I live in Outer Mongolia and you then tell Anshe Chung that I live in Outer Mongolia, you are not violating the TOS because I already made that information public.

The other point I was making was it was not against the TOS for Anshe to tell us about the conversation she had with the Ginko guy. It would be against the TOS for her to post a log of the conversation, which would be the equivalent of an audio tape in real life. So, if I posted the log of a conversation where Jonny Dingo said "I like your house" it would be against the TOS. If I just told other people that Jonny Dingo said "I like your house" it wouldn't be.

Just my thoughts...

True, people have to make their own judgements in things like these by using the facts that they have. Ginko has been in buisness for over the year, it has been growing, and we an extreamly high customer satisfaction rate. Whats going on here, however, is someone trying to make our buisness look like a scam by saying what ifs and not basing our merits on Ginkos history. If you feel like investing into Ginko would be a poor choice, then by all means, don't invest. I do ask, however, that people don't try to give our company a bad rep when we have done nothing wrong.

Now, what parts of this are a violation of the TOS? Jonny Dingo, where are you when we need you?

Does your real life bank detail their investment information to you?

CCC

No the amount was not guaranteed. Why would you think it was? If you sell something do you agree to buy it back at the same price? If you want to start a thread talking about Anshe's business do so. In this thread we're all wondering where the money given to YOU went. You don't have to answer of course, but don't try to side track the thread.

Would it be better if he lied to you and said that their were no risk? And him telling where and how exactly he invest his money would is his own choice. It wouldn't be a wise buisness move if everyone knows how Ginko Bank works so that anyone can start up a copy system.

About the rate fall, no, thats not the reason. You'll have to have Nick explain it personally though, because he can explain it much better then I can.

When you by clothes from a vender in SL, you have no idea if the picture matches product. Going around saying that buisness sells phoney products even though they don't and their history as been nothing but perfect is just silly. Its also exactly whats going on here.

Yes - it's called a prospectus. It's called quarterly reports and 10-Ks and 10-Qs. Go to any mutual fund and see what they hold. See what they send you when you tell them you'd like to give them some money. Any publicly traded company has voluminous filings with the SEC. Go to www.edgar.gov if you don't believe me. If you don't know what your invested money is doing then you're just not trying to find out.

I'm sorry but just telling people they might lose their money and nothing else doesn't really count as full disclosure in my book.

You "assume" and you don't "feel this is a breach of privacy?" Shouldn't you know before you volunteer such information? You won't tell us where the money you had went, but you'll assume it's okay to tell us about your customers' finances? Oy...

He is supposed to have issued a financial statement with all this info and while I do not keep too close a tab on Cyberland, he gave me impression that yes, he did so.

Taking apart a piece of the topic, not knowing the facts in the case, then posting about it and adding in your own would make anything sound bad. If you have any problems with Ginko Bank, feel free to PM or IM in game and I'll be glad to help you.

Actually all that has to happen is Nicholas trading all those $L into US$ and canceling his Second Life account. If you trust Nicholas, invest, if you don't don't. Simple.

I'm not sure how you could imply that I said it would be better for him to say there is no risk. He does say there is risk. However to give people absolutely zero information on how to evaluate that risk is what I object to.

Yes if you ask for the information. And my real life bank accounts are federally insured for up to $100,000.00. Who insures Ginko? If my bank president embezzles my money and runs to Costa Rica, the feds will reimburse me. Not to mention the people responsible at my real life bank all have real life id's and real life addresses and pay real life taxes. Calling Ginko a bank is ludicrous. If you trust Nicholas, invest, if you don't don't. But don't compare it to a real bank. That would be like me comparing my plot in Dreamland to a real lot.