Wednesday, February 27, 2008

Bank Business Revisited

Well, I have access to my money back, though there's a catch.

The bank I did business at, JT Financial, had briefly opened up withdrawals after the no-interest rule. But closed them again soon after due to large numbers emptying them out. Frustrated, I could only wonder if I should have taken it all out, stocks and all, after all. But the bank kept mentioning an SL Wallet, saying it would soon transfer their funds over to it. And so I waited, my attention going to other matters, and time to time checking on the account via the internet. I didn't go back to the bank itself as there was no use doing so, not wanting to deposit any more cash while unable to withdrawal.

Finally I heard SL Wallet had gone up, so I went to my account and found my password wouldn't work. I then IMed an employee for help, and he told me how to get a new password. So I went to the bank and the ATM, and it worked. However, there was this notecard I got from the sign that had been placed beside it while I was gone:

Please check your account balance via the website - all your L$ have been converted to SLW (SL Wallet) shares, due to liquidity issues and as per announcements on capex - most recent announcement is available here
Please note that shares have been valued at 1.00. Recently the price has dropped because people have been in need of Linden, so they are selling at market price. If you do not need your funds straight away don't sell them right now, or place an order to sell at 1.03L$. To do this please refer to the SLCapEx Walkthrough that can be received by clicking the sign below that says 'New to Trading'.

Please note that shortly Arbitrage Wise will be doing a SLW share buyback at 1.03L$ - so if you can hold off till then, so you don't incur any losses.

And checking my portfolio, my stocks were fine, but these SLW shares had not just dropped but plummeted to just half their value.

Man ...

I'm not really blaming JT Financial, and I've given away in charities and tips far more than was lost here. Besides, it was just a fraction of the prize money I had won in a trivia contest. But this whole bank mess cost a lot of people huge amounts of cash, and in some cases their land as they found themselves unable to pay Linden Labs for their continued rights to it.

Bixyl Shuftan

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