Recovery strategy

The challenge continues ! I lost most of my money in the Ginko collapse, but after a few days thinking, I decided to continue, but with a few changes in my approach.

However I will modify some points of my strategy. Yes, this is another way to say that I will have a strategy now. It is not clearly defined now, but here are some general guidelines.

First I will redefine what is minimal effort. It is not impossible that I will make more than camping, i.e. answering polls, or such stuff. Secondly, given how important a savings bank is, I will try to find all the existing ones. Thirdly, I will try to have a more organised inventory, and kind of a camping planning.

I will also certainly redefine my daily minimum, and establish a follow-up system, more detailled than the present text label in the blog.

All of this should keep me busy for a few days, but I will try to update quickly. Any suggestion is welcome, as always.

Ginko on free fall ?

When I posted the bad news about Ginko, I did not expected to post again on this topic so soon... but Ginko again announced a reduction of the daily interest rates on the savings accounts, which do now pay 0.01% daily. This is 10 times less than three days ago, and 13 times less than one week ago !

Apparently the process is speeding up...

The importance of a savings bank... to me

I will not repeat here all what I said in my first post about the interests paid by a savings bank and their important in what I try to do. Basically, earning 1'000'000 L$ on a base of 30 L$ per day would last for 90 years without a bank paying daily interest, and 10 years with such a bank.

From this it is clear that I won't become a millionaire by doing nothing if I can't have a bank to help me growing my fortune.

For other activities in Second Life, the use of banks makes things easier when you have to pay salaries, or to share money accross accounts. But the savings part is then much less important. APEZ for example is doing a good job for the kind of tasks a business owner has to do.

So savings accounts are probably helpful only to people like me, wanting money out of nothing.

The total withdraws from Ginko within the last 13 hours are about half a million Linden Dollars, on a total on saving accounts of 154 million dollars. So yes the money is flowing out, but not so dramatically.

Is Ginko in trouble ? Interest rate lowered again !

Today, Ginko lowered the daily interest rate from 0.1% to 0.05%. This is the lower rate since I started earning in Second Life. Another bad sign is that my ATM told me that the maximum I could withdraw today was 0L$ ! But may be this is because of what follows...

Additionally to the savings account, Ginko is offering term deposits. Basicall a blocked account from which you can not withdraw the money until a fixed term. The benefit to the customer is an higher interest rate.

As I don't need my money now, I opened such a deposit for 5'000 L$ this morning, and I got a daily rate of 0.19% over 30 days. This evening, when I saw that they lowered the daily rate for saving accounts, I went back to the term deposit, and I saw that they offer no 0.25% ! So I opened a scond one, of 7'000 L$ for 30 days...

I cross fingers now, hoping that they won't collapse within the next 30 days !