Syntria
(?)Community Member
- Posted: Thu, 24 May 2007 03:08:02 +0000



As many of you are prehaps unaware, and some of you painfully are, there has been a recent policy change on gaia banning user-ran banks. There are many reasons behind this ban, positves and negative views. However one thing is clear, it is telling us we can not do what we want with our own gold or choose who we want to trust with it. (All users who disagree with this policy change are welcome to sign this petition)
Aside from that, the RBG was one of the first and highly successful user-ran banks on Gaia. It allowed users to store their gold safely from hackers, collect intrest, and you could even get loans and put items on layaway! For three golden years they provided these services and more to thousands of gaian's and now due to this policy change they are being forced to shut down.
The point of this auction is this, like when the stock-market crashed in the U.S., everyone rushed the banks and demanded their money for fear if they didn't do it fast enough it wouldn't be there. They were right. Banks never keep all the fundage they take in, they invest it and loan it and gradually make profits for their investors and account-holders. But having it all having to be paid out all at once is extreamly a shock-to-the-system for these banks, and namely for their honest administrators.
If you would like to show your support for the RBG and help support them, please join this auction, sign the petition, and let Gaia know your willing to support these user-ran banks and our rights to do what we want with our gold, invest it how we want, and with who we want.
All proceeds of this Auction will go to the RBG so they can pay out to their numerious account holdings their full deposits plus the intrest they are owed, which the new policy change even gives them permission not to do. This bank is going to go down the right way. Already, the administators are arranging to sell all of their own goods which were not gotten through profits of the bank to help pay back every single user who used the bank. These honorable gaian's will also be leaving once this buisness is taken care of, unfortunately because of being told they can not continue the dream they have been building for over three years now.