LindeX all that and a bag of chips!

That was the immediate price before the announcement was made. For quite a while before that, it was holding steadily around the $4.00 mark and higher. I also remember the pre-1K block size, when it was selling at $1.25US per 250L$, which translated into $5.00US/$1000L.

No matter how it's diced, the LindeX still has a ways to go. Granted, it's going in a positive direction, but it still hasn't yet proven itself, and it wont in my eyes until it's undone the damage it caused in the first place.


- Newfie

There was a significant slide in the economy even before the LindeX announcement, it was below 3.80. THe fact that the currency continues to rally upward is a positive thing - it already provided a bump to the economy that was not happening with GOM - the L$ was steadily trending downward over the summer. Yes, the long term success of the LindeX is not proven yet, but the stability it has already brought about is a good thing.

Indeed. Predictions and outlooks have changed as the market has behaved in a manner different than one projected.

I'm now embracing the altered reality of the situation.

The rallying of the currency value (and the final lowering prices of GOM) can be also interpreted as a relationship to the fear, uncertainty and doubt (doesn't that sound Microsoft-ish) that the LindeX caused. The closer the day came that the LindeX would arrive, the lower the GOM value got. Now that it's here, the further we get from the date, the better the LindeX price gets.

So far not enough time has passed to see if this rally is even stable. Not to mention despite GOM's being forced to close, there is always still a demand to have some type of currency exchange. As people start putting their toes into the LindeX water, the volume and price will rise until it reaches a rough equilibrium again.

Simply put, there hasn't been enough time to have the LindeX prove itself, and to that end I'm willing to suspend making a full conclusion as to their success for a while longer. It's reassuring to see the value rising, but until it can consistently match or surpass GOM levels, we're all still sitting in the red.


- Newfie

I am afraid, L$ was over-valued above at the high GOM levels, and unlikely to get back to those levels unless Lindens squeeze the money flow further (which itself is unlikely). We all know what happens when markets behave in irrational exuberance

Speaking as a resident that only purchases $L, I was thrilled with this service.

I didn't have to drag out my credit card, because LL already has it on file.

I didn't have to use PayPal, that unholiest of unholies.

My $L was delivered within about 20 minutes I believe, which is plenty fast enough for me.

Plus, I'm dealing with a company that I already trust, not IGE (who has always sketched me out) or PayPal.

Two thumbs up from me!

I have to say, that's the one thing that I really like about LindeX and hated about GOM. With GOM and Paypal, they would wait several days to take the money out of my account and I would have to remember that the balance wasn't the real balance but the balance - Paypal.

Now I know this is my fault for not being a good budgeter/saver. But I don't write checks for this same reason. I use my debit card for everything and if the money isn't there, the payment is rejected. I'm not on pins and needles because 3 days after a transaction the money is asked for and if it's not there, I have to pay a $20 NSF fee. LindeX bam, it's gone and I don't have to think about it.

It is much to early for me to say one way or the other. There seems to be a lot of cash that was sitting on the GOM market that is not sitting on the LLX market. Volumes seem to have gotten near what GOM was, but L$ sitting on the market is not. I bet you will also find, with the fees all on the sellers side, that the cost per L$ for the buyer is about the same as it was before GOM closed. I want to see what happens when the next 2ML$ dump come onto the market, then we will see what really will happen.

EDIT: I just realized, with the 1000USD per day cap, this can't happen any more. If these buying and selling caps stay in place, I think that the Lindens are unfairly hurting big business to try and help prop up the L$ value. 30,000USD a month max cap to sell does seem like a limiting factor to me. I would be hard pressed to even see anyone sell 1k a day every day without crushing the market to do it.

So far I love Lindex. I used to sell my $L on GOM then have it transfered to Paypal. Then I had paypal send it to my bank. Then I had my bank send it to LL.

Now I sell the $L and it's credited to my account to pay my LL charges.... super job LL.... !!!!!

The first time I tried to use LindeX... I placed an amount of Lindens for sale, and it was almost instantly deducted from my in-world account. I then realized I didn't know where the US$ would be going, and couldn't find the information, so I cancelled the transaction. The money was back in my in-world account within a minute. (Whew)

The second time, after getting the info from Kelly Linden about where the money would go, and how to withdraw it, I placed the amount for sale again. It sold in the same day. I sent an email that evening to [email=exchange_proceeds@lindenlab.com]exchange_proceeds@lindenlab.com[/email] asking for an amount to be withdrawn and sent to my PayPal account, and the money arrived in my PayPal account the next morning around 10am.

I had planned to stay with GOM even when LL started their exchange, but since that's no longer a possibility, I'm happy with how LindeX worked for me. I'm looking forward to the withdrawl process being automated, and the fees dropping a bit, but all in all, it's working well.

I do not think any people will be complaining if they were making $30,000 USD a month from SL. That would be $360,000 a year. If everyone is doing that I think every developer in the world would be hoarding to SL.

I am not an economist (I didn't think anyone would get 'IANOE'), but there seems to be something missing from LindeX: As a seller, you can choose to sell as the market rate, or you can set your sell price below the market (fewer L$ per US$). But as a buyer, you can only buy at the market. Doesn't there need to be the option to put in a buy order at above the market rate (more L$ than US$)? Otherwise, the only way buyers can exert their pressure on the market is by withholding purchase.

If buyers can put in buy orders, then sellers can see how much pressure on the other side of the market there is. Without it, sellers can just keep putting in sell orders at below market and let the market float downward (in sellers' favor). As buyers, all we can do is not buy.

(Please note, I agree that the terms 'above market' and 'below market' can be confusing. I recognize the terms 'above' and 'below' could be assigned the other way, but LindeX has focused on the buyer's point of view, quoting rates in L$ per US$, and hence I chose to make 'above' mean more L$ per US$. But really, this is perhaps a different discussion. My point is the same which either way you assign the terms.)

But what if your cost is 300k a year, or more? Then this would be an issue. I would like to even see anyone cash out this much. Since you can't have open sell orders that bring your total above 1000USD per 24 hour time, I can easily seeing a cap of around 10k a month. If your a bringing in that kind of money, then I would guess that your costs would be very high also.

One thing I'm a little confused on is the fees. If I sell through LindeX they're going to take a 3.5% fee, then a $5.00 fee for paypal, and then paypal is also going to take a fee (for premium accounts). Is this right?

Yep, you got it correct.

Me too. GOM was my friend. Lindex is my new friend that has promised to drop the transfer fee once mass pay is implemented. I hope that's not on the "good idea we've talked abou it definitely on the list but requires thousands of manhours for massive code revisions so is not going to happen in the near future maybe in <insert next revision>" list.

So now that LL has control of the money flow in and out, will we see?:

- IRS demand LL turn over all sales for tax purposes?
- US Gambling Commissions demand all transactions from gambling games?
- transactions over $10,000 US reported to the US Government as per banking laws?

Perhaps as long as Ebay is untouched, so shall we... but one day things will have to change.

Oh yes, long-time Usenet person, me