August 1, 2007 by Nobody Fugazi
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Even with all the press Ginko Financial has been getting, quite a few people still seem to show up at the ATM and wonder why they can't get access to their funds. As Benjamin and I stood there chatting in IM (about things completely unrelated), a group of people had formed and someone said the phrase 'pitchforks and torches'. A Portugese speaker wondered aloud why she couldn't get her funds1, but my babbler wasn't working in the sim; probably a mixture of grid issues and simple lag.
I did find it somewhat odd, though, that Ginko's CEO claims to be in Brazil but offers no Portugese materials. That he claims to be in Brazil, of course, does not mean that he is Brazilian. But then, maybe there is a method to that madness.
Slowly, word is getting out, and it is interesting to note the varying reactions.
While money within Ginko Financial cannot presently be insured, one has to wonder if Ginko Financial's present course will see it return to a level where The Rock Insurance Co. would insure them. If anything, the willingness to insure is a welcome tool of untested value when it comes to the health of a bank.
1 I'll be making Your2ndPlace.com multilingual through automatic translation sometime within the next month; it will be imperfect automatic translation but it will still allow a cursory idea of what is going on.
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Now they've dropped the interest rate to .05% per day on regular deposits and offering these rates on term deposits:
30 days / 0.25% per day / compounding interest
30 days / 0.25% per day / non-compounding interest
90 days / 0.2% per day / compounding interest
90 days / 0.2% per day / non-compounding interest
180 days / 0.185% per day / compounding interest
180 days / 0.185% per day / non-compounding interest
360 days / 0.185% per day / compounding interest
360 days / 0.185% per day / non-compounding interest
So if you give them your money for longer, you get a lower interest rate.
I think they're trying to build a case for mental incapacity in anticipation of the lawsuit and possible criminal charges.
Ayah.
I've been tracking that, but you know - at some point there has to be pause to wait and see what happens next.
The Devil effect seems to be on the upswing, the [w:Halo effect] on the downswing.
Makes no sense...
Indeed. This is just odd though.
I mean, I don't believe it will work, or rather, I believe that if it works all it just means is that a slightly different pool of people will get screwed slightly later (about, oh, 30 days from now) but that's not my point this time.
The numbers are just wrong, illogical, whatever. It's upside down.
Tongue in cheek:
It's all fictional currency, right?
[cackles insanely]
They're using [w:bistromathematics]. That has to be the answer!
(Dude... )