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People Sell L$ Like Idiots

Alienware Pitts
Registered User
Join date: 16 Jun 2006
Posts: 57
09-03-2006 15:37
L$280 / US$1.00 1 L$97,083
L$278 / US$1.00 1 L$37,096
L$277 / US$1.00 1 L$102,058
L$275 / US$1.00 1 L$11,000
L$274 / US$1.00 12 L$368,394
L$273 / US$1.00 17 L$1,137,233

Above is what I see on the sell order now. The 274 sales I understand, but the others, especially the 280 sale, I don't. What are people thinking? They just like to toss L$ out the window? There is only 11k on 275, why in the world would you jump that? 11k sells about every 2-3 mins and the 280 sale? Skipping 279? You really think you wouldn't get it sold while placing it on the market at 6pm eastern on Labor Day weekend? You could prob have gotten 272 for it or 274 at the least. Goodness...
Luth Brodie
Registered User
Join date: 31 May 2004
Posts: 530
09-03-2006 16:19
could be morons, could be residents attempting to manipulate the market, or even possibly someone at LL doing it. Don't worry about it too much, seems to happen at least once a day around here.
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Gordon Wendt
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Join date: 10 May 2006
Posts: 1,024
09-03-2006 19:23
From: Alienware Pitts
L$280 / US$1.00 1 L$97,083
L$278 / US$1.00 1 L$37,096
L$277 / US$1.00 1 L$102,058
L$275 / US$1.00 1 L$11,000
L$274 / US$1.00 12 L$368,394
L$273 / US$1.00 17 L$1,137,233



Great opportunity to pop some L in on a limit order at 274 or 275, that way when all the 273 orders are exausted as long as there aren't any other orders that low, a smart person could make a bundle... too bad I've already cashed out most of my L$ reserves to cash already.
Keiki Lemieux
I make HUDDLES
Join date: 8 Jul 2005
Posts: 1,490
09-03-2006 20:05
From: Gordon Wendt
Great opportunity to pop some L in on a limit order at 274 or 275, that way when all the 273 orders are exausted as long as there aren't any other orders that low, a smart person could make a bundle... too bad I've already cashed out most of my L$ reserves to cash already.

Actually it works in reverse. Those orders will be fillled in the opposite order. The 280 order(s) will be filled first and the 273 orders last.

To the OP, the amounts are so small that it will make little difference. Within an hour the price will likely be 274 again, unless a new large order is posted.
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Alienware Pitts
Registered User
Join date: 16 Jun 2006
Posts: 57
09-04-2006 22:46
From: Keiki Lemieux
Actually it works in reverse. Those orders will be fillled in the opposite order. The 280 order(s) will be filled first and the 273 orders last.

To the OP, the amounts are so small that it will make little difference. Within an hour the price will likely be 274 again, unless a new large order is posted.


Yes, that is what I'm saying. The market will definatly eat through down to 274 again, (at least at the time i posted this,a and it did) so why sell at 280? Silly wabbits.
Adriana Caligari
Registered User
Join date: 21 Apr 2005
Posts: 458
09-04-2006 22:55
Ever go to an Airport and see people queueing up at the only open bureau de change to change their money into whatevers before they get on the plane ?

There are currency exchanges at the airport at the other end too.

Their are also probably currency exchanges (with better rates ) in the city you are going to too.

Why do they do it ?

Cos they want it now - pure and simple.

Same goes for Linden - how many people see the current sell order at 275 and instantly put their money in at 276.

There is nothing sinister, not a lot of thought, and who cares about a few cents ?

( So what if it crashes the market - they got their money and can continue their holiday )
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Desmond Shang
Guvnah of Caledon
Join date: 14 Mar 2005
Posts: 5,250
09-04-2006 23:40
From: Adriana Caligari
Ever go to an Airport and see people queueing up at the only open bureau de change to change their money into whatevers before they get on the plane ?

There are currency exchanges at the airport at the other end too.



Heh, reason I do that, is who wants to get off a 14 hour flight and THEN wait in a line at the other airport? Rates aren't necessarily better, both ends will screw you.

I get enough for cab fare, and worry about the rest later after a shower and a nap.

Hint: depending on your banking card and where you go, you *may* get the best rates just by using local ATM's. But you gotta ask your bank what it's currency conversion % rate is before you go.
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mcgeeb Gupte
Jolie Femme @}-,-'-,---
Join date: 17 Sep 2005
Posts: 1,152
09-04-2006 23:40
From: mcgeeb Gupte
Is there is reason to skip up 12 points to sell 500K Lindens. That's a loss of 77 dollars just because they are selling at that rate compared to a rate of 279. I wish I had that kind of money to through away. Oh what's up with the 280, 285, 290? Something fishy going on here once again.

L$292 / US$1.00 1 L$489,971


L$290 / US$1.00 1 L$11,000


L$285 / US$1.00 2 L$11,799


L$280 / US$1.00 3 L$30,702


L$279 / US$1.00 4 L$45,990


L$278 / US$1.00 6 L$696,790

This was last weekend I believe and it was more idiotic.
Adriana Caligari
Registered User
Join date: 21 Apr 2005
Posts: 458
09-04-2006 23:51
From: mcgeeb Gupte
From: mcgeeb Gupte
Is there is reason to skip up 12 points to sell 500K Lindens. That's a loss of 77 dollars just because they are selling at that rate compared to a rate of 279. I wish I had that kind of money to through away. Oh what's up with the 280, 285, 290? Something fishy going on here once again.

L$292 / US$1.00 1 L$489,971


L$290 / US$1.00 1 L$11,000


L$285 / US$1.00 2 L$11,799


L$280 / US$1.00 3 L$30,702


L$279 / US$1.00 4 L$45,990


L$278 / US$1.00 6 L$696,790

This was last weekend I believe and it was more idiotic.


Actually they skipped 2 points from 290 to 292 - thats a loss of about 10$ in an overall exchange of about 1,700$ - not much considering the size of the transaction.

And again it is the I will probbaly get it now and I know I lose 10$, put it in and wait until next week it may be a 50$ loss.
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Luth Brodie
Registered User
Join date: 31 May 2004
Posts: 530
09-05-2006 04:14
Wasnt last weekend when LL steped up and leapfrogged residents to bring the exchange up?

Talking about stupid people and the exchange, you can't forget those that do the market sell 'I'm an idiot' option. I seem to remember yesterday the rate never getting close to 291 but thats what the average was. Thats a lot of people selling really bloody low.
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mcgeeb Gupte
Jolie Femme @}-,-'-,---
Join date: 17 Sep 2005
Posts: 1,152
09-05-2006 04:39
From: Adriana Caligari
Actually they skipped 2 points from 290 to 292 - thats a loss of about 10$ in an overall exchange of about 1,700$ - not much considering the size of the transaction.

And again it is the I will probbaly get it now and I know I lose 10$, put it in and wait until next week it may be a 50$ loss.


It was a loss of 77 dollars if they had waited the one half an hour for the amounts at 290, 285, 280 and 279 to sell. Also the buy orders were set at about 295. So if there is a rush, why do a sell order that is nearly what the buy orders are at??
Luth Brodie
Registered User
Join date: 31 May 2004
Posts: 530
09-05-2006 08:20
L$287 / US$1.00 1 L$59,000
L$280 / US$1.00 2 L$44,084
L$279 / US$1.00 6 L$286,879
L$278 / US$1.00 4 L$517,871

I think they are actually getting dumber
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Adriana Caligari
Registered User
Join date: 21 Apr 2005
Posts: 458
09-05-2006 08:30
From: Luth Brodie
L$287 / US$1.00 1 L$59,000
L$280 / US$1.00 2 L$44,084
L$279 / US$1.00 6 L$286,879
L$278 / US$1.00 4 L$517,871

I think they are actually getting dumber


Ever seen horses jockying for position at the starting gate ?


1. Posts at 278
2. Posts at 279
3. Posts at 280
1. Pulls order and posts at 281
2. Ditto 282
3. Ditto 283
1. Again 284
2. 285
3. 286
1. Yet Again pull and replace 287
2. Says enough - retreats to 280
3. Says enough - retreats

1. Left standing at the front way ahead of the rest.

( Only 1 hasnt noticed the difference yet :-( silly yes - unexpected no )
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Dragon Keen
Registered User
Join date: 24 Apr 2006
Posts: 245
09-05-2006 10:10
ya people are dumb

L$292 / US$1.00 1 L$26,244
L$281 / US$1.00 1 L$80,300

or its genius... someone trying to tank the market from n00bs seeing 292 and gonna sell at 293.

Well what makes it even more retarded is the 292 sell order is 1 point away from the best buy order at 293. Logic would dictate this retarded, but someones in business in the currency market, with a lame attempt at trying to get a n00b to say "oh 292 is the best, Ill sell at 293" not realizing thats the best buy order.

I would even come to the conclusion whoever set the sell order at 292 has the buy order at 293, trying to get his/her 500,000 buy order filled faster.
Siggy Romulus
DILLIGAF
Join date: 22 Sep 2003
Posts: 5,711
09-05-2006 10:26
From: Adriana Caligari
Ever seen horses jockying for position at the starting gate ?


yah, but I've never seen them fighting over who comes last :P

Fastest != best... but at the end of the day its up to each individual to make their own deals and live with them - for whatever reasons.
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From: Jesse Linden
I, for one, am highly un-helped by this thread
Nowun Till
Anarchy in the UK Limited
Join date: 4 May 2006
Posts: 227
09-06-2006 05:30
Theorists have a polite way of expressing their comments on how others operate, maybe that is why they are theorists.

Let me see, why would I want to cash out or buy lindens at a worse price than the next offer or bid.

I am a land agent. I talk to a land seller who says they will accept my offer of xL$ but I need to conclude within a fixed period of time.

I don't have the Linden, so I need them quickly. I know what volumes go through the market normally and see that it could take too long. I have three choices, forget the Land trade, buy on the market, or ensure, as far as possible my exchange occurs in time at a better price than on the market.

The trade may loose a few dollars on theLindex, but is going to make me far more ingame. Now is that stupid?


I maintain an interest bearing account in L$ but want to pay my tier from these funds. I keep my money invested as long as possible with my inhouse 'bank' so need to make damn sure my tier is converted. I look at the market and need to ensure my transaction is processed. I can sell at market, or offer a limit sell order, at a competitive price.

Ther are many other scenarios when a prompt as possible transaction is important and not necessarily an at market trade and decisions are made on that basis not on pure currency speculation.

If you haven't played ingame you may never appreciate that there is a trading risk in retaining L$ funds, in the same way that there is a risk in not having L$ that risk is also assimilated by a business involved in ingame issues.

You may believe that a large L$ transaction never sometimes need fast, but not immediate funds. You would be wrong. You may believe waiting half an hour or an hour as opposed to 4 hours for a transaction to process is not critical. You would be wrong.

You may advise people to invest all they need ingame in L$ invest it in a high interest SL bank, you could well be wrong. You may take a market position that the L$ is getting stronger so buy L$. If the account does not have a treasury department and they spend their time ingame, they may not see or believe the signs.

If the posters on this forum were all such exopert traders, I am suprised they are not working in RL currencies where they can make far more money.

If it is about saving 70US$ or 21c on a trade then there are many instances when this is not an issue and there are many people who really don't give a damn about loosing that margin, for ego, for vanity, for the hell of it, because they don't need to or because they have an ulterior motive in moving the market, or any other myriad of reasons.

I could equally make statements about how stupid currency traders are chasing a 1c margin and they would be far better off making more money in SL or even in RL, but that is their choice for whatever reason.

Theorising that people who trade and take positions in the market unless they follow the sheep are stupid, are the ones who will never make great traders anyway.

Market positioning is not just about where the market sits at this second. Markets can move rapidly and it is better to have a position in the direction you believe the market is going than in where the sheep are grazing if it is heading the other way. Exactly where you place that bid or offer, depends on how yu believe the market will move.

What about me as a trader, a 'stupid' who decides to place a trade 12 points to the south of a current position. I place 500,000L$, you look at the figures and think I must know something as it is such a strong position to take. So the sheep follow. But it is wrong the 500,000L$ never gets trades and you are now sitting with another 200,000L$ behind me and another trader another 200,000L$. You can then look at the figues two days later and see this margin is only 5 points South so why are all the new trades coming in 5 points and now 6 points North. Well it's because the fools, as you would term it, are simply wrong.

Anway enjoy the theorising, let those who know what they are doing get on with it and those who watch the loudest economics experts prove themsleves wrong once again enjoy themselves. But there is no need for insults.

I woudl like to further add, there are some traders who do post valuable and considered opinions, who do have undoubted influence and are respected. But they are not the ones who feel the need to insult and if their projections are ignored or argued against in a polite manner, then start a name calling thread. They have the courtesy to recognize their part of the SL experience is valuable to them but not to others and the motivations of others is different. They may postulate on trends but will not expouse a 'you must do it this way' attitude or else there will be a less than 1% loss by executing a particular trade. The economy stability and volatility in SL is based on far more than a LS11,000 trade that may have secured an extra 5c.
eltee Statosky
Luskie
Join date: 23 Sep 2003
Posts: 1,258
09-06-2006 11:06
most of what you see is people trying to manipulate the market, there are the occasional 'oops' sales, or the people who jus don know how to work the system, but by in large it is people who are counting on the linden benig low/lowering, trying to loose a little money now to make more later selling short, or paying interest, etc
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