GOM L$ Block Size Changing?

Did the block size for selling and buying L$ just change from L$250 per block to L$1000 per block?

http://www.gamingopenmarket.com/market.php?symbol=SLL

It most certainly did.

Edit:

It seems like they had to do this to keep up with IGE or something maybe? You can get 10k for about 40 USD. Great freakin deal.

Looks like the commission went up as well. It's now US$0.144 per block instead of US$0.03

they don't plan on the price per dollar goin up any time soon, obviously ^_^

Well, in a way, it makes sense... what's someone going to do with $L250 anyway? Buy a hat?

LF

1 block of 250 was at $1.20
4 blocks = 1k which is $4.84

now trading at $4.76 the market takes a turn down!

SELL hehe

oh and not happy about the commission going up. just take take take KA FRICKEN CHING!

Psst you can buy a lot at the christmas shoppe for 250

Not amused by the 20c downturn in the market, and it is a bit disappointing that this came unannounced.

I hope it recovers tho my premium SL account depends on it

email received from Gom:

A bit of a shakeup at GOM tonight. Don't worry! Nothing bad this time!


We shut the site down briefly tonight to make two changes: commissions
and SLL block-size.

First, I think it was about 6 months ago that I announced we were
changing the fees charged for selling at GOM from 3 cents per block to 3% of
the total sale. Turns out we didn't end up doing that back then. No
reason really except we didn't want to interrupt service, and then we got
busy, and so on. The change has been made effective immediately. The
percentage is bound to change, but for now it provides us with a slightly
more stable income based on the amount traded and not whatever the
price per block happens to be.

And speaking of blocks, we've made a slight change here too. Over the
past 10 months, we've had roughly 800 bazillion people ask us why L$
trade in blocks of 250. When we first listed all our games, we were aiming
at a block size that would provide us with roughly 3% fees per trade in
order to be competitive with the giant auction site which will be left
unnamed. 250 L$ is just where we ended up. Since then, it's become a
bit of a pain trying to work out prices for this and that. We finally got
sick of it and bit the bullet.

SLL now trades in blocks of 1000 L$.

** NOTE ** All historic data has been scaled appropriately. The charts
are correct!

** NOTE ** All current orders have been updated to equivalent prices.
For instance, if you had an order listed to sell 4 blocks at $1.20, you
now have an order listed to sell 1 block at $4.80.

** NOTE ** Those of you who had orders for "odd-sized" amounts - orders
that were not for multiples of 4 blocks - have had your orders
cancelled. We encourage you to re-list as soon as possible and we apologize for
any inconvenience this might have caused.


Watch for other exciting (albeit less traumatic) changes to the site in
the coming weeks and months.


Trade smart!


Jamie Hale
President - Gaming Open Market Corp.
[email]jamie@gamingopenmarket.com[/email]
http://www.gamingopenmarket.com

Bleh. This should have been announced beforehand, not after the fact.

That'd be bad for buisness. You'd have massive quantities of buy/sell trades right at the end, the L$ price would fluctuate wildly as people speculated on what it could mean, and generally any annouced instability results in downturns in the market. Not annoucing it was a smart move.

This should have minimal impact on the market.

- Larger block size means that somebody wanting to buy/sell small amounts will be shut out. But this should be negligible, since the number of tiny-block orders crossing GOM was a small fraction of all L$ traded

- Higher commission rates (assuming the L$ stays above $L1000 == US$4.00) hurts day traders like me. I'll need wider spreads to make any money. Higher commissions will also affect regular L$ sellers.

- Larger block size results in a finer granularity on price. This would be the equivalent of allowing buy/sell orders denominated in 1/4-cent increments under the old regime. This should result in a better and more competitive market.

- Ace

Actually, the volume history chart still seems to be numerated under the 250-blocksize arrangement.

- Ace

Surely this statement is back to front... a fixed rate (L$0.03) per block gives guaranteed income regardless of price, whereas 3% of price changes as the price goes up and down...

I expect the market to be fairly volatile for the next few days as everyone gets used to the new enumerations. That's good for a GOM day trader.

- Ace

I wish in the email they would of stated the amount of the commission change.

Cat

It is Zeppi's business, so I figure he can do whatever he wants. Nobody gets in an uproar when someone in-world changes their prices on land or other things, why should it be such a big deal here?

They did...


- Ace

That statement is a little misleading.... Remember a block size went from L$250 to $L1000.... So really it's $0.12 (4 X $0.03) VS $0.14 (3% of ~$4.60).... A ~$0.02 increase .....