I decided the last few days to deposit all my alts' stipends into Ginko, and plan to make an additional deposit. What, am I nuts? Don't I read the Herald, Reuters, and listen to Benjamin Duranske? Oh, sure. But I like to be a contrarian, and I like to see how things work. Sometimes, it's interesting to take another path than the well-beaten one.
What, don't I know Ginko is a pyramid scheme? Well, of course I do, as I've known it longer than any of the people commenting on it. But it's been around now for so long -- three years or so -- and has worked for so many people, that you have to start asking whether the impossible can happen, that even Ponzi/pyramid type rackets work when you have a synthetic world. But...can it go on working? Isn't it a huge scam?! Well, sure, it just might be! So...why am I doing this? Is it because Ginko is my tenant in Ross? No, hardly. They pay something like $288 a month for a terminal, on my dirt-cheap newbies PG sim. If they weren't there, I'd have some other sort of thing like it -- I have a SLEX terminal on the other side. Do I have anything invested in Ginko? No, up until now, if I had an alt with like $1007.37 in Lindens, it was my big nest-egg lol. Did I have Ginko stock? Oh, I had about $10.00 US worth of it at the most on the old WSE, which I wound up losing because when Ginko delisted, I didn't get anything but worthless chits. Would I invest in them on AVIX? No, not after having lost just small amounts on Cyberland and WSE, I'm done with those stock exchanges.
So what is it? The answer is complicated. And it has to do more than anything with a vehement reaction to the kind of approach "the experts" like Duranske are taking. Brags Duranske smugly in a quote from his blog on
to Reuters, "“Ginko Financial was supposed to buy one of Second Life’s stock exchanges, AVIX, using money from an IPO that was to be held on, you guessed it, AVIX,” wrote Benjamin Duranske, who has extensively covered the ongoing crisis on his Virtually Blind blog. Wow, GASP, SHOCK, SURPRISE there are self-dealings and interlapping interests in ALL these exchanges and financial services -- so where's the skepticism about everybody ELSE showing up here, including the others Duranske appears to side with from the rival agencies?
“It didn’t happen," gloats Duranske. "Why not? Because lot of smart people who understand finance, law, and ethics showed up to explain why that wasn’t going to work and ask some very hard questions,” Duranske added. “As a direct result, Ginko no longer has an IPO on AVIX, and is, apparently left to drown on its own.”