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In both RL & SL in order to make money-bank deposits are invested to make a profit to be returned to investor's via interest payments. Therefore no bank-RL or SL has the funds on hand to allow 100% of all account holders funds to be withdrawn immediately.
Due to the fact that Linden Labs gave us no notice before making their policy public-many folks rushed the ATM's in a panic withdrawing millions & caused us to turn off the ATM's to allow fair distribution & consideration of our options.
Needless to say-liquidating investments in a quick manor is nearly impossible. Loans are out-some for up to a year and those folks aren't in the postion to repay their loan immediately-if they were they wouldn't have needed loans in the first place. Investments in other SL financial entities have either been severely limited or halted due to the recent policy changes or even have dropped in value again due to this recent development. This new policy is already beginning to effect other SL entities and the total effect is still to be determined. We expect to see land prices fall and other things that will result in a true recession within SL. Making liquidation at a worthy value a slow process.
After much consideration & after massive panic withdrawls in the wake of LL's new policy annoucemnt-we have decided NOT to bring our ATM's back online.
Massive withdrawls left us in a position to believe bringing ATM's online creates unfair advantages to folks who are online at the time & near ATM's. Each persons money-regardless of the size is important. Allowing withdrawls in such a manner is unfair & not in the best interest of our customers.
Instead while we examine our next steps we will begin handling avatar to avatar payments. We are working on bringing up our website-to not only post annoucements but get account balances for ourselves. We will then begin accepting notecard requests from account holders with immediate needs. Please note I state immediate. Not every request or amount will be able to be honored immediately and will be limited to a daily amount of $2000L each for the time being. Allowing us time to evaluate the best options and adjustments to be made to progress forward in complying to this new policy while distributing funds fairly.
We believe this is the only fair way to begin distribution while allowing us to be able to consider our next steps and business reorganization.
BCX has always been reliable-never claiming or experiencing attacks, fraud, or other events that have plagued other SL banks. Our system has proven over & over above other SL banks to be reliable & safe. It is not a "box system" but a custom developed system NOT offered or shared with ANY other entity. Other then neccessary upgrades for security & services-we have never limited funds before this new policy. Our CEO & staff have always been & will continue to be accessible to everyone-never hiding behind secertaries or such. We have ALWAYS-since opening our doors-worked for improvements in the financial sector-we have hosted meetings asking the financial sector to begin regulating itself-we have donated time & money to groups trying to form a safe & honest business platform for the financial world. Never have our actions been anything but honest and reliable. This new policy was a curveball that we did not expect & quite frankly even if we did-could not have prevented the inconviences it has caused.
BCX has ongoing income from outstanding loans, sim leases, & several projects in development-including handling the entire financial services for Central Grid-that will continue. We are currently looking at all options for restructuring & moving forward and will continue to do that while we work through this new policy conversion.
Linden Labs did a grave disservice to the virtual community yesterday. Sadly instead of working with the financial sector in putting safe guards in place-they have lumped us altogether with the likes of Ginko-never investigating our business model or speaking to our customers or to our CEO either. We believe however inconvenient this is-that BCX will survive-restructure-and move forward. This will not be overnight-we have many options to consider before making firm decisions on our course. In the meantime we will begin address withdrawls as stated above-exact procedures will be sent to group shortly-including operation times.
Rest assured-as always-BCX staff will be available to answer questions while we work towards the future. As soon as we have access to our data we will send exact instructions on how to submit a withdrawl request.
Thank you to the many of you who have contacted us-offering support & encouragement. You cannot know how much it means to us to know that you do understand that this crisis was not created by BCX itself but by Linden Labs.
Sincerely,
Travis Ristow CEO |
| BankingBeck |
I would just like to comment that i got my L$2000 today from Travis, so for any doubters out there (not that there should be), the BCX payout system is moving and is legitimate. Kind Regards. B.Beck |
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| cadencejuran |
Travis and Goldie will continue to have my absolute support as they navigate through these turbulent times. They have doen an outstanding job adjusting their business operations to handle the unannounced and unplanned policy change by LL. If nothing, this event has strengthen our business bond due to their sheer willinginess to work with my companies to ensure our operating reserves remain unscathed. There is no doubt in my mind that Travis and Goldie are true professionals here to serve the residents of SL. Now it is my turn to OFFER them the same in return. If there is anything any of my companies can do to assist you, please let me know and we will be there. Kind Regards, Cadence Juran |
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30.40 |
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L$0 |
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0 |
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2,151 |
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L$3,572,830 |
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L$50,000
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