Update about JT Investment Certificates

Arbitrage Wise posted today an update on the SLCapex website about the JT Investment Certificates. To comply with the new LindenLab policy, the JTIC are no longer paying a fix interest rate.

Instead they are now a classical investment company with a target of 0.06L$ monthly dividend per share. I dont exaclty understand why this was a need, as the shares are not exchanged within SecondLife, but the move is smart and bottom line is the same, if not better ;-)

The exact information from Arb can be found here: http://www.slcapex.com/home/story/JTIC/1358

We will now see how things will go on, as today is the day LL will supposedly remove all ATMs from institutions paying interests...

2000 L$ by doing nothing !

Since I opened my account by JT Financials, the interests of my savings and the payments from the JT Investment Certificates totalize 2000 L$ !

This is only 0.2% of the million I aim for, but it is a good sign for two reasons:

• I got these 2000 L$ doing absolutely nothing
• The rate at which I earn interests is growing together with my savings

I also re-camped a few hours over last days, and even if I found hard to find good spots, I had the pleasure to re-talk with friends...

As this post is the last for 2007, let me wish you all a Happy New Year 2008 !

Back for more - High Yield Deposit: Done !

I've been away, and then busy over the next days, so I don't have a lot of things to report. The most important thing is that I finally achieve to get 8'000 of the JT Financial High Yield bonds ! Thanks a lot to Reverend Chapman who mentionned in a comment that these bonds can be exchanged on the SL Capital Exchange !

This makes these bonds much better than the term deposit that Ginko issued before they collapsed, because they can be sold at (nearly) anytime. If I feel any risk with JTF, I will sold the bonds.

I also decided to put only two thirds of my JTF deposit in the bonds, to avoid losing too much in case of trouble. So my strategy is now to put my camping savings by JTF on my standard account, to let the bonds generate interests, while still having 10% of my balance safe by APEZ.

The non-human avatar contest with 400L$ to earn is still open, you have until tomorrow 12PM to send your best non-human avatar. I already got some really surprising ones !

Help me - help you - open a JTFinancials account

Starting on the 17th of September, JTFinancials is making a contest amongst its affiliates. The winner will be the affiliate with the larger number of new accounts opened within a given period of time !

So if you want to help me, you can go to the shop, in Club Josephina (SLURL in the links section), and open an account by paying the ATM on first floor ! So you will also receive 0.12% daily on your deposit, and may be I will be the winner of their contest !

I'm expecting you ! Contact me if you need more information or instruction how to open your account !

Stategy working, computer broken

For the time being, Midas is working as expected, generating 11L$ a day. It's not much, but it's easy money. According to my new strategy, the first intereste transfer to APEZ will take place on saturday.

I had only few minutes for the quest last days, but I could camp and gather some freebies. The lucky chairs are also sometimes giving money away, so it is a good way to earn quickly, but it requires supervision.

The concept of the JohnLight's shop is progressing. It will obviously include a donation box, but also a selling device with goodies for low prices. Stay tune for more info on it, and if you've a better name that "JohnLight's Shop" to propose, I'm open to anything via comments.

On top of the lack of time, my main computer broke down today, so I'm working with an older spare, which is slower. I'll have to have the main one fixed tomorrow.

New strategy implemented

As you can see from the "My present balance" summary on the right hand side, I did start according to what I defined previously. The deposit by Midas was ok, except that for this week they pay 0.11% daily, instead of the 0.20% I mentionned. So this will bring only 11 L$ a day, but that's easy money.

I mention the APEZ deposit, even if it's empty for the time being. I will start to fill it up next saturday, with the first Midas interests. The plan is to do the transfers from Midas to APEZ on the week-ends, as kind of a standard procedure.

Some of you may question how I got 10'000 to invest in Midas so quickly. That's a good question, and its answer is simple. Someone from the group, which is also a freqent blog reader, kindly gave me this money after he saw the results of my loss by Ginko.

So I want to warmly thank this sponsor, because without him restarting with the new strategy would have been longer. In fact I would have had to gather the 10'000 L$ again by camping and other activities.

I'm also working on the shop where you will soon be able to get some items from JohnLight's advenutres for few Lindens. I'm also envisaging a donation box, as a very easy way to earn some additional Lindens. More on this later

Touring the banks

I spent some time today and yesterday looking around for banks in Second Life. Strangely, some of them are offering daily rates equivalent to the ex-Ginko ones. I resisted the temptation to put any money here for the moment.

The remaining question is still the same I already raised in previous post. How can they offer such a rate ? What kind of economical activity can offer more than 44% a year ? If the answer is that they pay interests with the new deposits, their fate will be identical to Ginko's, so I don't really want to renew the experience...

Regarding this blog, you will see that I now opened comments to anyone, not only blogger users. I hope it won't get spammed by commenting bots...

Unknown balance !

This is one more post about Ginko, as my camping activities are still suspended as I'm on vacation. As you can see on the right column, my balance is unknown, as Ginko decided to convert all deposits into Ginko Perpetual Bonds, as explained on their website. I copied their last announcement at the end of this post, as I'm not sure how long it will remain online.

I did not receive any direct information from Ginko yet about the account to be created, where is my money, and what I can do with the bonds. What is clear nontheless is that my goal of becoming millionaire in SecondLife by doing nothing can not be achieved withoud a savings bank (see my previous post on this topic).

I will now wait until I'm back from vacation, and give a thought to all of this to decide if and how to continue...

The request for posts is still open, so if you want to express yourself, it's the right time.

Dear accountholders,

Ginko Financial was established in December 2004 at a time when Second Life had less than 20,000 residents. As one of the strongest brands in Second Life we have seen the economy grow to many millions of residents and thousands choose Ginko Financial as their preferred financial services provider.

As you probably already know, Ginko Financial has experienced some challenges in these last couple of weeks. Following the ban on gambling in Second Life we began experiencing a wave of withdrawals from Ginko Financial. This led the funds we keep in reserve for day to day use to be exhausted, which evolved into a full blown panic depleting even our last line of cash reserves and resulting in the current situation, with about L$50,000,000 queued up for withdrawal. This situation is unsustainable, as we would be forced to sell off our assets at a significant discount in order to honor such withdrawals, thus severely harming Ginko Financial's long term prospects and it's ability to ultimately honor all of it's obligations to accountholders.

We had some hope that calm would return to the public and we could resume normal operation, but that does not seem to be likely or even possible anymore. Drastic steps have to be taken in order to protect YOUR wealth while giving an escape valve to anyone who is in panic or simply in need. We are not going to vanish and the investments we made still exist and will not be sold off.

After considerable thought, we have concluded that the only way forward from this is to convert, compulsorily, all customer deposits into a tradeable debt security called Ginko Perpetual Bonds. These bonds, listed on the World Stock Exchange (www.wselive.com), will allow Ginko Financial to recover from recent events by removing all pressure from our cash reserves while providing accountholders with a way to cash out on an open market.

All accountholders will have an account automatically created on the World Stock Exchange (www.wselive.com). Customers will receive one bond with a face value of L$1 for every L$1 they have deposited in Ginko Financial. Each Ginko Perpetual Bond will yield L$0.03 or 3% of face value per quarter (every three months). Ginko Financial will be actively purchasing these bonds in order to help keep prices at as high a level as possible.

Ginko Financial will bounce back from this and if you stick with us, you wll not lose anything. If you must sell the bonds, then you must sell, but I advise against accepting low prices.

Regards,
Nicholas Portocarrero / Andre Sanchez

Ginko news again (Still away from home)

Still no camping as I'm on my holliday spot and have tons of more interesting things to do, but I just wanted to give an update on what is going on by Ginko, as I was myself curious about it.

The Ginko website contains a recent and quite detailled update about what went on, and what is the situation. Basic appologies, and few information about how the things will go on with the withdrawal limit, and so on.

The statistics on the website show a volume over 55'000'000 L$ for the last seven days, and I bet it's mostly withdrawals.

The last totals are:
L$104,042,037 in deposits
L$42,059,403 in term deposits

The interesting thing in these figures is that the term deposits increased since I started tracking them ! This indicates (at least in my view) that people trusting Ginko tend to use more term deposits, because of the better interest, and the other try to get their money out.

I hope now that the trend on savings deposits will stop soon, because moving from 150 million L$ to 104 million L$ over 5 days does not sound good. Stay tuned on this blog for next updates on this hot topic.

Ginko YoYo going up again. (Post from the Cannes)

Today, Ginko changed its daily interest rate again, it is back to 0.1%. This is good news, and probably a good sign for the future as well.

What is a bit less encouraging is the total deposited in savings accounts, which is now down to L$139,536,198 ! An ammount close to 10'000'000 L$ has been withdrawn over less than 2 days ! Hey, at least they had money to pay it !

I'm now on my holliday spot, so no camping, just a short update of this blog while checking my mails.

Last Ginko News

No, this blog is not becoming specialized in Ginko, but as things continue to move there, and given the imporance to me of a savings bank, I care of this changes.

Ginko now implemented a withdrawal queue, in which each withdrawal request is put, and then processed on a first come first serve basis. Last time I checked, there was about 3'000'000 L$ of requests waiting.

The statistics from their website are now:
Savings deposits 150'791'283 L$ (was 154'962'323L$)
Term deposits 35'955'842 L$ (was 32'233'381 L$)

and this clearly shows money flowing out. Add to that the 3 millions waiting in the withdrawal queue...

Post number 100 - Back to business with some worries

For the 100th post of this blog, I have good news. Apparently, Linden Lab finally achieved to make Second LIfe usable again, and I could restart my camping activities. JaneLight even made 100 L$ in an overnight camping in the YAKA-CLUB on Camazotz !

As today was national holiday, I also had some good camping during the day, as can be seen on my balance indicator.

On the bad side, I must report that Ginko lowered its daily interest rate from 0.13% to 0.1%. There were rumors on them not having enough cash compared to the total of deposits... This lead to a limitation of withdrawals to 5'000 L$ a day, later increased to 10'000 L$ a day, making the rumor even stronger. About Ginko, my personal question is what do they to with the money to be able to offer such a rate (44% a year). I will develop that in a next post.

After the gambling ban, and the technical troubles last days, it is hard to analyze the economical statistics published by Linden Lab. Given the strong change this could have on the SL economy, I will keep an eye on these stats during the next days.

When Platinum goes frenzy - 4862.24 L$ by Ginko

One more post that will continue the debate about the Platinum rates... Last night was good, as both JaneLight and JohnLight could camp there and no client crashed (Aleluja !), and the total for one night was... 172 L$ !

This corresponds to slightly more than 1L$ / 4'20'' ! I have no idea what factors are governing the money distribution by Platinum, but there are some hypothesis arround:

1) Number of people arround a table
2) Position of the table, centered or not
3) Position relatively to the money balls
4) Number of people by Platinum

Another point to note, I did not mention recently, but the deposit by Ginko is now producing 6.32 L$ a day.

Apez is not a savings bank

Apez offers a lot of banking services, including periodical payments, multiple and shared accounts, services for shops, and so on.

But, and for me this is a big BUT (refer to my posts about the interests), they do not offer any interest on the money you deposit by them.

So as the only thing I need is interests to reach the 1'000'000 L$ quickly, I will move all my money by Ginko.

New Ginko rate - 2623.15 L$ by Ginko

Total camping bring 73 L$ more by Ginko. It appears that the new rate of 0.13% per day comes from a Ginko change (it was 0.09% a day before), so that's good for me !

I also figured out what I will do with the million once I will have it, but shhhhhhh, this is still a secret for the time being. Stay tuned, because it could become your million !

More on that later, both JohnLight and JaneLight camping by Platinum again, which is definetly the best camping spot for the time being.