Comments on: Interview with Ginko’s ‘Nicholas Portercarrero’ http://virtuallyblind.com/2007/07/30/interview-with-ginkos-nicholas-portercarrero/ Legal Issues That Impact Virtual Worlds Tue, 13 May 2014 04:03:48 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: Play Money, Real Fraud | Broken Toys http://virtuallyblind.com/2007/07/30/interview-with-ginkos-nicholas-portercarrero/#comment-4560 Play Money, Real Fraud | Broken Toys Thu, 09 Aug 2007 06:14:31 +0000 http://virtuallyblind.com/2007/07/30/interview-with-ginkos-nicholas-portercarrero/#comment-4560 [...] Linden Lab’s traditional response to all of this is that they don’t regulate anything, and no one should treat these “banks” and “stock exchanges” as anything other than mini-games, on the order of your office’s fantasy baseball pool. Well, assuming the guy who took your money lived in Sao Paulo, Brazil. Philip Rosedale, Linden’s CEO, was actually asked about this in a recent online chat: [14:19] Jay S.: lol, is there any new policy concerning the Ginko scandle, Ie it looks more like a ponzi scam [14:19] Philip Linden: jay we haven’t created any policy thusfar on bank, etc. [14:19] Philip Linden: we try very hard not to make rules we do not need to. [14:20] Philip Linden: We haven’t made any about banks [14:20] Jay S.: ok [14:20] Philip Linden: I would note that there is a lot of transparency around projects like Ginko [14:20] Philip Linden: moreso that in the real world [...] [...] Linden Lab’s traditional response to all of this is that they don’t regulate anything, and no one should treat these “banks” and “stock exchanges” as anything other than mini-games, on the order of your office’s fantasy baseball pool. Well, assuming the guy who took your money lived in Sao Paulo, Brazil. Philip Rosedale, Linden’s CEO, was actually asked about this in a recent online chat: [14:19] Jay S.: lol, is there any new policy concerning the Ginko scandle, Ie it looks more like a ponzi scam [14:19] Philip Linden: jay we haven’t created any policy thusfar on bank, etc. [14:19] Philip Linden: we try very hard not to make rules we do not need to. [14:20] Philip Linden: We haven’t made any about banks [14:20] Jay S.: ok [14:20] Philip Linden: I would note that there is a lot of transparency around projects like Ginko [14:20] Philip Linden: moreso that in the real world [...]

]]> By: Some Dude http://virtuallyblind.com/2007/07/30/interview-with-ginkos-nicholas-portercarrero/#comment-4283 Some Dude Mon, 06 Aug 2007 06:32:46 +0000 http://virtuallyblind.com/2007/07/30/interview-with-ginkos-nicholas-portercarrero/#comment-4283 Thats crap that the market was crashed. A shareholder sold his shares and Nicolas bought them for what he believed to be fair value. No one twisted and arms. It was a legitimate trade. This price has gone down since then , so i would call that a good trade, not crashing the market. nicholas just thinks its crashing cause he took a beating and has a hole the size of china in his ledger Seems like this could be the straw that broke the camels back if all the funds are withdrawn from ginko he will have no choice but to sell his shares at whatever the market can bear lets hope some money gets back into the market otherwise there may not be any cashed up buyers to take the other side if this happens you can be guaranteed to see black friday in HCL stocks based on the rate of growth of withdrawals in Ginko that shouldnt be long until everyone realises this, or have they already maybe????!?!? Thats crap that the market was crashed. A shareholder sold his shares and Nicolas bought them for what he believed to be fair value. No one twisted and arms. It was a legitimate trade. This price has gone down since then , so i would call that a good trade, not crashing the market. nicholas just thinks its crashing cause he took a beating and has a hole the size of china in his ledger

Seems like this could be the straw that broke the camels back

if all the funds are withdrawn from ginko he will have no choice but to sell his shares at whatever the market can bear

lets hope some money gets back into the market otherwise there may not be any cashed up buyers to take the other side

if this happens you can be guaranteed to see black friday in HCL stocks

based on the rate of growth of withdrawals in Ginko that shouldnt be long until everyone realises this, or have they already maybe????!?!?

]]> By: Amunet Zander http://virtuallyblind.com/2007/07/30/interview-with-ginkos-nicholas-portercarrero/#comment-4183 Amunet Zander Sun, 05 Aug 2007 02:00:17 +0000 http://virtuallyblind.com/2007/07/30/interview-with-ginkos-nicholas-portercarrero/#comment-4183 That interview was very telling I would say. Not one question directly answered, which from everything I have read on the Ginko forums is par for the course. Yes it was a risk to invest. We all know that. What most have been asking for is a direct answer to very simple questions and are getting the run around. Or flamed in the ginko forums...Not a way for anyone to run a sucessfull buisness of any kind. If Ginko holds on through this I suggest they HIRE a Public Relations person. One who can speak with out flamming and answer a direct question. That interview was very telling I would say. Not one question directly answered, which from everything I have read on the Ginko forums is par for the course.
Yes it was a risk to invest. We all know that. What most have been asking for is a direct answer to very simple questions and are getting the run around. Or flamed in the ginko forums…Not a way for anyone to run a sucessfull buisness of any kind.
If Ginko holds on through this I suggest they HIRE a Public Relations person. One who can speak with out flamming and answer a direct question.

]]> By: micheal steadham http://virtuallyblind.com/2007/07/30/interview-with-ginkos-nicholas-portercarrero/#comment-4182 micheal steadham Sun, 05 Aug 2007 01:59:27 +0000 http://virtuallyblind.com/2007/07/30/interview-with-ginkos-nicholas-portercarrero/#comment-4182 Well obviously he hasn't been hurt by the dealings of his own institution. If you look at the profile for GF Ambassator (the avatar that pays out dividends, accepts deposits, etc) in game, it states under Interests that he wants to rule the world. Obviously he's trying by getting everyone's money. He has absolutely no concern about solving the problem as he doesn't see it as a problem, just an inconvienance to his gathering even more wealth ingame and when he converts our Lindens to RL USD. IF I ever get what's owed to me, I'll never use an in game bank, I'll start an avatar to store my own money. Take note people, there is no recourse in game if and when these institutions take your money and run. Well obviously he hasn’t been hurt by the dealings of his own institution. If you look at the profile for GF Ambassator (the avatar that pays out dividends, accepts deposits, etc) in game, it states under Interests that he wants to rule the world.

Obviously he’s trying by getting everyone’s money. He has absolutely no concern about solving the problem as he doesn’t see it as a problem, just an inconvienance to his gathering even more wealth ingame and when he converts our Lindens to RL USD.

IF I ever get what’s owed to me, I’ll never use an in game bank, I’ll start an avatar to store my own money.

Take note people, there is no recourse in game if and when these institutions take your money and run.

]]> By: weeeeee http://virtuallyblind.com/2007/07/30/interview-with-ginkos-nicholas-portercarrero/#comment-3969 weeeeee Thu, 02 Aug 2007 08:09:18 +0000 http://virtuallyblind.com/2007/07/30/interview-with-ginkos-nicholas-portercarrero/#comment-3969 I wonder if i caused this 30m after the ban, I cashed out 3m via paypal through ginko.... Paid in minutes.... I wonder if i caused this 30m after the ban, I cashed out 3m via paypal through ginko….

Paid in minutes….

]]> By: me2to http://virtuallyblind.com/2007/07/30/interview-with-ginkos-nicholas-portercarrero/#comment-3963 me2to Thu, 02 Aug 2007 06:38:19 +0000 http://virtuallyblind.com/2007/07/30/interview-with-ginkos-nicholas-portercarrero/#comment-3963 I know what nic needs to do. if he hasn't already done so?RECEIVE JESUS AS YOUR LORD AND SAVIOR. G FOR GOD, NIC. G FOR GLORY. G FOR GRACE. I know what nic needs to do. if he hasn’t already done so?RECEIVE JESUS AS YOUR LORD AND SAVIOR.
G FOR GOD, NIC.
G FOR GLORY.
G FOR GRACE.

]]> By: drtomaso http://virtuallyblind.com/2007/07/30/interview-with-ginkos-nicholas-portercarrero/#comment-3935 drtomaso Wed, 01 Aug 2007 21:29:03 +0000 http://virtuallyblind.com/2007/07/30/interview-with-ginkos-nicholas-portercarrero/#comment-3935 I highly doubt equity was extracted from Ginko depositors for the purpose of investing in FL US equity markets. The reason I believe this is that equities are much more liquid. It would be very easy for Ginko to call up their broker, and close out a chunk of their positions to free up capital to cover the bank run. The worst thing this "bank" has done is not be able to meet the demands for equity withdrawl. Its basically allowed the covers to be pulled off, and the actions that we see- small deposits quickly withdrawn by eager-to-cash-out defrauded depositors- are a text-book definition of a ponzi scheme. Whether it has always been one or not is never going to be known. It is one now. To recap: what ever the "investments" are that Ginko made, they are not liquid, as stock investments on the NYSE or Nasdaq would be. It would be too easy to cash out something to cover the withdrawls, and keep the game going. As its currently being played out now, no one will ever trust Ginko with their L$ again. Ginko is officially dead as a "company". I highly doubt equity was extracted from Ginko depositors for the purpose of investing in FL US equity markets. The reason I believe this is that equities are much more liquid. It would be very easy for Ginko to call up their broker, and close out a chunk of their positions to free up capital to cover the bank run.

The worst thing this “bank” has done is not be able to meet the demands for equity withdrawl. Its basically allowed the covers to be pulled off, and the actions that we see- small deposits quickly withdrawn by eager-to-cash-out defrauded depositors- are a text-book definition of a ponzi scheme. Whether it has always been one or not is never going to be known. It is one now.

To recap: what ever the “investments” are that Ginko made, they are not liquid, as stock investments on the NYSE or Nasdaq would be. It would be too easy to cash out something to cover the withdrawls, and keep the game going. As its currently being played out now, no one will ever trust Ginko with their L$ again. Ginko is officially dead as a “company”.

]]> By: me2to http://virtuallyblind.com/2007/07/30/interview-with-ginkos-nicholas-portercarrero/#comment-3916 me2to Wed, 01 Aug 2007 12:45:27 +0000 http://virtuallyblind.com/2007/07/30/interview-with-ginkos-nicholas-portercarrero/#comment-3916 Maybe the sl company '300', might make a movie about this? Maybe the sl company ’300′, might make a movie about this?

]]> By: me2to http://virtuallyblind.com/2007/07/30/interview-with-ginkos-nicholas-portercarrero/#comment-3915 me2to Wed, 01 Aug 2007 12:42:45 +0000 http://virtuallyblind.com/2007/07/30/interview-with-ginkos-nicholas-portercarrero/#comment-3915 Wasn't there a bit of a melt-down in the US stock markets just prior to all of these troubles? What if some peoples monies suddenly went down in value significantly in real world?? Rather than take huge losses, some people might chose to rather wait and see if the real world markets might recover??? Hmmm?? What if some people then get confronted with the out-lawing of gambling in sl, right after the real world down-turn in stock values??? Perhaps some people then decide to throw wrenches into the exchange of monies they have with people in sl, attempting to slow things down a bit??!!?? Refusing to take the real world huge losses, and rather putting the burdens onto others, while trying to scapegoat other causes for the problems???? Reasoning that this is there best way to try and cope?? Wag the dog. Wag the dog. What's really going on anyways? http://en.wikipedia.org/wiki/Wag_the_Dog Wasn’t there a bit of a melt-down in the US stock markets just prior to all of these troubles? What if some peoples monies suddenly went down in value significantly in real world??
Rather than take huge losses, some people might chose to rather wait and see if the real world markets might recover???
Hmmm?? What if some people then get confronted with the out-lawing of gambling in sl, right after the real world down-turn in stock values???
Perhaps some people then decide to throw wrenches into the exchange of monies they have with people in sl, attempting to slow things down a bit??!!??
Refusing to take the real world huge losses, and rather putting the burdens onto others, while trying to scapegoat other causes for the problems????
Reasoning that this is there best way to try and cope??
Wag the dog. Wag the dog.
What’s really going on anyways?

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

]]> By: me2to http://virtuallyblind.com/2007/07/30/interview-with-ginkos-nicholas-portercarrero/#comment-3912 me2to Wed, 01 Aug 2007 12:20:13 +0000 http://virtuallyblind.com/2007/07/30/interview-with-ginkos-nicholas-portercarrero/#comment-3912 What if the entire WSE shakedown recently was somehow connected with the out-lawing of gambling, followed by Ginko's inabilities to uphold it's end of the bargain?? What I am saying is "What if the shake-down was simply a scapegoat, to cover-up some other much more serious troubles, in an attempt to 'save face'??? Kind of like 'wag the dog'(movie)??? I think that is what it was called. Or, what if 'one person', or a 'group of persons' planned, and then orchestrated an attempt to cause a 'crash' in the economics of sl?? Perhaps we are not getting all the truth about what is really going on? Ever think of that? How do you know that Ginko hasn't been making hundreds of thousands of dollars off of the currency markets in recent times, and not telling anyone about it??? After all, apparently 1.5 million US per day is being transacted in sl. If Ginko is the biggest and most wide spread banking atm, and currency trader, then what share of the entire market does that mean that Ginko is getting, then??? And, how convenient that LL out-laws gambling? Perhaps, this cues some people to 'cry poor', when in fact, they may have been making a hundred times, what they say they have been making?? ever think of that??? Maybe some people are starting to worry about taxes and accountability??? Hmmmmm??? Maybe, once getting all this huge amount of monies recently, some people start to think/act somewhat erratically, not really knowing how to legitemize the monies??? Not wanting to pay taxes?? What better way to cover up huge gains of monies, than to take advantage of this market crash, and 'cry poor'??? But, then again, maybe some people just blew all their cash, and they really are poor? I'm not accusing. I am just thinking about this. How can people really ever trust an avatar, anyways?? What if the entire WSE shakedown recently was somehow connected with the out-lawing of gambling, followed by Ginko’s inabilities to uphold it’s end of the bargain??
What I am saying is “What if the shake-down was simply a scapegoat, to cover-up some other much more serious troubles, in an attempt to ‘save face’???
Kind of like ‘wag the dog’(movie)???
I think that is what it was called.

Or, what if ‘one person’, or a ‘group of persons’ planned, and then orchestrated an attempt to cause a ‘crash’ in the economics of sl??
Perhaps we are not getting all the truth about what is really going on? Ever think of that?
How do you know that Ginko hasn’t been making hundreds of thousands of dollars off of the currency markets in recent times, and not telling anyone about it???
After all, apparently 1.5 million US per day is being transacted in sl. If Ginko is the biggest and most wide spread banking atm, and currency trader, then what share of the entire market does that mean that Ginko is getting, then???
And, how convenient that LL out-laws gambling?
Perhaps, this cues some people to ‘cry poor’, when in fact, they may have been making a hundred times, what they say they have been making?? ever think of that???
Maybe some people are starting to worry about taxes and accountability???
Hmmmmm??? Maybe, once getting all this huge amount of monies recently, some people start to think/act somewhat erratically, not really knowing how to legitemize the monies???
Not wanting to pay taxes??
What better way to cover up huge gains of monies, than to take advantage of this market crash, and ‘cry poor’???
But, then again, maybe some people just blew all their cash, and they really are poor?
I’m not accusing. I am just thinking about this.
How can people really ever trust an avatar, anyways??

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