"Your money is all mine" - Bank
When Banks in Second Life goes… well bankrupt, how will you be able to save all your money and linden dollars when there’s no insurance companies (well I don’t consider Rock Insurance as a reliable insurance company yet) just like in the First Life? The answer is, you can’t save those lindens you have in them since it will be too late.
Pre-empt a bank’s movement
Me and some of my friends wasn’t able to retrieve all our money back from what happened to Ginko. Arj Friedkin was not able to get his from Allenvest while I was able to retrieve all my money from Allenvest Financial.
How did I predicted what will happen to Allenvest Financial? Well, it’s because of their lack of update. It’s only this September 23 that they posted an update again but it’s already too late. Before the Sept. 23 announcement, they have this:
Aug 19th, 13:01 system announcement
by Investor AllenHello
the liquidity issues are being addressed and the situation itself is rapidly improving. For those who need to get funds out ASAP it is possible to use your deposits to purchase land on our estate, pay your tier on our estate, or trade for stocks underneath our holdings to help us liquidate. If you have a large balance and want to do any of this please IM me and I can help. Thankyou.
What I did is, I withdrew my money day after day. Announcements like this will never cause panic and we know that if depositors will not panic, your money will be safe. This is not the case because it’s public knowledge that Arbitrage Wise bought AVIX and of course, included in that arrangement is the stock exchange that was the blood of the Allenvest Bank. Now it’s called SLCAPEX.
The lack of update after 7 days and the movement of AVIX to Allenvest Bank is surely one way to kill the bank. If only depositors have read my post about the Allenvest Financial crisis, people like Arj Friedkin would have been able to retrieve his money from the bank early on.
Banks and companies will always present report in a positive manner
As an online marketer, I can say that almost every company out there will have something to say positively even if they tell the truth that something bad is happening. Okay, to make it simple, everything will sound nice. This is a way not to cause a huge panic amongst clients, depositors or investors. So always be alert to announcements that may sound like “there is something happening but we can handle this one”.
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Very interesting post. Thanks Chino.
Slamx is ’smart’. Instead of allowing anyone to withdraw all their money, they instead pay u only 10% of ur account every week and provided that u have a min of 100 L in their account.
I often wonder what is slamx real core business?
and my dep is yours too dear bank. lol
Haha.
When will there be a perfectly stable bank that we can all trust?
probably in the year 3008…maybe one of the youngest bloggers will live that long…heh
oops, thats a thousand years, not a hundred…can’t edit it
i don’t trust in banks, unfortunatelly i have to use it.
Slam-X kind of said in a forum post that they aren’t a bank though. (Slam stands for Second Life Active Members). I have no idea what they are. ^^;;
Anyway, that’s why I don’t deposit any money in an SL bank. It’s always incredibly likely to fail. The interest may look nice, but the future doesn’t.
I registered with SLMX too but I still don’t know what they are. One of there service is like a ponzi scheme. Like I’ve said before, take their money and leave. (evil laugh, bwahahahahaha)
I think of SlamX more as a marketing pond. It’s one reason why they require members to be active. Another is, you can earn money without depositing to their “bank”.
And I think, that’s what we’re all after… the money earning without making deposits. (that’s what I’m after. LOL )
That’s probably what a lot of people are doing, Cammy. Hey, if they’re offering, why not?
(It also seems like they’ve completely taken down depositing from their main service. I wonder if they’re putting it back up.)
Yeah really. Nothing to stop you.
I am observing them before I am going to put in some money for their exirest investment
Slamx is run by Ray Toler from IT4us or at the very least he is part of it - be very careful