Why is everyone mad at Ginko?

Why is everyone mad at Ginko? You should be pissed at yourself! I mean yes he has alot of recovering to do and so he should but I can not understand why all these people dumped their money into a fake bank! They are not FDIC. In fact if they took the time to read the small print right on their web site it clearly states...

"Ginko Financial and its affiliated businesses are not registered in any way with any governmental organization.
Not warranted, guaranteed, or insured."

It is not their fault if you jumped before getting all the facts. Again let me stress I am not saying he is right in whats going on... I am just saying that I hope alot of people learned a good leason from this. I don't think you would give all your money to some guy in real life who comes to your door with a $1.50 sign from Kinko's that says "Bank" and say he will give you so much % if you put your money with him. No, your going to tell him to get lost. Anyone can setup a domain name for $5.00, then get some nice hosting for around $8.00 a month and put some ATM's around SL and claim to be a bank. I know a crack head down the street who would not even fall for that. People need to see that Lindens equal $$$. You need to treat them the same way you would your real life $$$.

If you want to store your money or make a % then setup an account with a real life bank. Hell in this day and age you don't even need to get off your ass or log out of SL. You can just do a transfer to your account.

My point..

You took a 50/50 chance when you dumped your money into this guys ATM machine. You have knowbody to blame but yourself. Sorry but its true.

Reminds me of a song...
"Go on take the money and run.."

Well yes but you could say that about any investment in SL. LL can change their minds about the way something works anytime they want. They are the law. So investing anything here, be it time, or money. You only have yourselves to blame when it goes pear shaped.

However you don't need to rub people's noses in it really. I'm sure the people involved realise the folly, they just want to vent.

I am not rubbing their nose in anything it just there is this big ass which hunt now when really its their own fault.

And your right anything in SL can change at anytime. Its the chance you take but you should also know it going into it.

Well yes it's their own fault but LL could declare on Monday that you can't exchange L$ for $USD anymore and people would complain, but it would be their own fault. However that's not going to stop people being miffed about it.

Investing here is a gamble, no matter what form that investment takes.

Exactly and they lost... Now move on. This has been going on for days. This guy is in way over his head. Time to cut your loss and learn a leason.

I think that the scammer can at least be partially to blame

I mean ponzi scheme operators in real life go to jail, no matter how financially dumb the investors were.

Oh he can and should be. He is 50% of it no doubt. Hell he should be banned for even claiming to be a bank if you ask me.

Think thats exactly the point.

Don't get me wrong: I'm not supporting Ginko. Nor do I think its productive calling out investors as inept. And agreed, the desire to vent is human nature.

But if its not okay to 'rub people's noses in [their own carelessness]", why is it okay for the community to witchhunt Ginko?

I'd think if one is okay, so is the other.

The rate of return on RL investments is usually proportional to the level of risk involved.

Ginko offered an almost too-good-to-be-true rate of return. With that, came an almost-too-much-to-stomach level of risk

Folks took the big risk to reap the big rewards, and the risk ultimately reared its ugly head. This outcome should be surprising to no one.

Likewise if I throw 100% of my 401k into international small-cap stocks, and I lose it all - at the end of the day it was my choice to make the gamble.

Well to be honest with you, once the guy from Ginko got involved I expected the threads to be locked. I have no idea why they haven't been.

I am a bit surprise they have not been either. But I think its due to the fact that this guy has really taken alot of people for a ride... Too many in fact.

well voodoo
i speak for myself and a few SL family members yes we invested but this moving on we cannot do not when the invtment totals 500k we cant afford to write that off that will destroy our businesses and our SL lives so no i wont flame the guy i took that risk but i will give him the benefit of my doubt and ride the tiger till it bites me in the ass or pays up eventually and we can wait we are patient unlike the panic goings on and those not helping by fuelling the flames of panic..

What Witch hunt?

Witch Hunt implies that there are no Witches.

I hear you and I agree and I am sorry if I came off a bit harsh... I just want people to see the big picture here. There is a good leason to be learned with all this. I am sorry for everyone who is hurting from it and I think this guy needs to be held accountable.

the man in question Nic well from your own posts he isnt really accountable for nothing Yes he took some bad judgements yes his investments were FUBAR no he not entirely to blame it is bad luck and alot of misjudgement but we are all human we make mistakes Human error accounts for most bad err's in RL too..
One thing he could do if your reading this Nick is to take my advice i gave you Ingame stop rising to the flaming it dosnt help matters and i feel you should shut all atms down for a period of time like you have done but please out of deepest respect make it known on your website why and how long its gonna take you to replenish the reserves in order to pay back those in serious cash crisis as i have said time and time again voodoo this is the butterfly effect too cos yes we chose this risk and yes we stand to lose everything we worked hard and honest for but only matter of time those we owe money too be out of pocket too and so the snowball mounts to an avalanche and tbh yes investors we greedy but i went into this deposit with my eyes open i wanted to save my money and no i didnt do with rl banks cos taxman springs to mind lol

ever since i left ginko last year ive been stashing it in an alt account, and a self made atm script, Nic's (mostly inconvienant) service isnt the only way ... but you wanted the interest, and didnt smell the winds changing, and got bit in the rear




thats great, super high risk investments, tax evasion and greed

didnt they make a bunch of movies about this in the 80's?

it will only show when one of two things happen
1) Lindens intervene and shut Ginko down (never say never)
2) Nick call it a day and files for bankrupcy( last resort)

so i sit here riding this tiger for all we are worth nothing said gonna change that fact till the above two happen and i get bitten in the ass..
And an old saying " It not over till the Fat lady sings"

oh and for the greed comment

He who without sin caste the first stone..

cos in short we are all trying to make a quick buck in SL yes /no ?
as it stands we who were saving this money werent doing it to cash out with we were saving to one day buy a family sim for ourselves is that greed?

He can't file for bankrupcy... What he runs is not real! Thats just it. Its as if you walked up to a man on the street and gave him your money and said here keep this I will pick it up later. He was not a Corp or a LLC as far as I know anyway... But thats exactly why this will end up bitting him in the ass... He thinks hes slick but by not forming at least a LLC that means that and law suites in RL on him fall directly on him even if its in the name of his so called bank. That means people can sue him for rl land, cars, homes you name it! Thats the whole point of filing a LLC. You can only go after the company not the person. He screwed himself there and I am sure there are people talking to some lawyers. Its just a matter of time.

Thank you. I'm glad SOMEONE finally understands...

Ahh see - but he is supposedly in Brazil ..

So its a matter of actually tracking him down ..

So maybe he was a little slick.

I say we all get together and hire this guy to deal with him.

http://www.youtube.com/watch?v=ul_M6FYq9TY

LMAO

No.

The whole Second Life thing is nothing but a game.........call it anything else and you are deluding yourself. Sure a few people make a living in the game........a very few. A few more make enough to play for "free".......again, just a few. Everyone else plays this game at their own expense...........in other words, it costs us real money to play. Even the basic accounts if they purchase anything at all.

Everything we do, make, create, or experience is make believe. That includes "banking". Ginko was/is a make believe bank or "investment" company or whatever you want to call it. You put your money in and play at "investing" or 'saving" with interest. It's when you forget the fact you are playing a game and believe you are realling "making" money that you get burned.

Do I have sympathy for people's losses? Yes. I have sympathy for anyone who gets carried away with fantasy playing and get hurt when the illusion falls apart. However, I can't get all worked up over their losses when they continue to "ride it out".

The problem is people take this game too seriously. People are looking for a fun and an easy way to have fun. It's when people try to make the game a real life experience with real money being made that problems occur. If the real money comes, that is gravy...........gravy that can be lost in a heartbeat. Enjoy it while you can........when it's over, move on. Do something else in SL that is fun. But if you are looking for financial gain in this world, you are going to be very disappointed...........and maybe even bitter.

And no one is going to recover their losses either. Ginko shuts down.........sorry, Charlie. You lose.