Currency Exchange Settings?

In account information on the web i noticed "Currency Exchange Settings" and an option for basic and expert. No other information is given at this time. So whats the scoop? Is this LL gearing up to sell L$?

Mar

That they are!

Yesh.

https://secondlife.com/currency/index.php

"Expert" gives you a fair picture of the market goings on, basic masks all that and just makes it easy to buy or sell at the "going rate".

Just a clarification. LL will not be selling L$. They are just building into the SL interface, a way for residents to buy and sell from each other using this new tool.

That's why GOM's dead, baby, GOM's dead.

coco

I know a few people that would still like to take over the
GOM operation.

I wonder what Tom and Jamie would
have to lose if they sold it or turned it over to another
group of people?

Gabrielle

Taking over GOM would be a... weird proposition.

There's really very little room for competition directly with this "federalized" currency exchange system, because if I understand the fees correctly, LLab is covering their costs and nothing more.

Hard to beat 0% profit margin.

LF

I was woundering if anyone could tell me the differences between Basic and Expert?

Basic mode does things like assume block rate limits for you, doesnt show anywhere the same amount of data, etc.

IE:

Sell Lindens (basic):
You see a box with: Amount to sell

Sell Lindens (Advanced):
You see two boxes: Amount to sell, and Sell at no less than L$X per1000

Ah, thanks a bunch..I think I'll go for expert untill I have to read the Instructions then I'll switch back to Basic.

Fees for Buying Currency

Buyers of currency will be charged a fixed fee of $0.30 per transaction, regardless of the amount purchased.
Fees for Selling Currency

Sellers of currency will pay a fee of 3.5% per transaction. Proceeds will be initially credited to your Second Life account balance. Sellers wishing to receive a payment by either check or PayPal will pay fees according to the schedule given below. To request a payment from your balance, send an email to [email]exchange_proceeds@lindenlab.com[/email] with the amount you would like to receive and the method of payment you would like to use.

Check sent by mail: $10.00 processing fee
Paypal transfer: $5.00 processing fee. (We are in the process of automating payment and will reduce this fee)


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True... I have not run any numbers yet (I think others have some)
But it seems the LindeX is better for the buyer and for the small
time seller, but worse for the day trader (and maybe high traffic seller?).

In this case, there might be a market for buying/selling on a variation
of the different exchanges.

I guess we still have no word from Tom or Jamie
saying they are even open to the idea of selling
GOM to another group to take it over?

A high traffic seller can lower his costs by just waiting til the end of the month or whatever to cash out... thus only paying one $10/$5 hit.

I dunno, we'll have to wait and see. This really cranks up the "convenience" factor though, especially if they ever manage to get it integrated into the client (scheduled for early summer of 3065).

LF

Anyone else thinking it's easy to lower those fees with a third-party exchange ?

LL's already said high fee are temporary while they are still processing things manually. They are working on automating it; I expect the fee to drop away when they do.

-Adam

I'm talking about the transaction fees (commision)

For people who trade a lot (day traders)

on GOM there was no fee for buying, but on LindeX there is a .30
fee for every transaction.

on GOM there was a .02 fee per 1k block sold, but on LindeX
there is a 3.5% fee. So, looking at 10 blocks selling for $3.50
the GOM fee would be $0.20 and the Lindex fee would be $1.22

Am I doing something wrong here?
If not... then I certainly see a continuing market
for a different (GOM style) free market where there is
less penalty for the day traders.

Has anyone managed to find out from Tom or Jamie to see
if they are open to passing along GOM to someone else?

Gabrielle


EDIT: while I was replying someone posted that lower
fees are expected after LL automates more. I do hope
that is the case, but no telling how long that might actually
be. In any case... having MORE competition is always
better ... and I still see an advantage to having someone(s)
willing to take up GOM where Tom and Jamie are leaving off.

Well I'd happily take over OR even better, that GOM goes open source for everyone to launch an exchange if interested.

That'd actually be really bad. There's extreme trust issues in running anything that involves a paypal account/credit card information. If you open source the whole deal, suddenly everyone wants to run their own little exchange thing, and suddenly fraud runs rampant.

The fewer folks that know my personal information, the better. Seeing as I already trusted LLab with my information when I signed up, I see no reason why that shouldn't continue.

LF