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What the $%# Happened on the Currency Exchange Today? |
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Smith Peel
Smif v2.0
Join date: 10 Jan 2005
Posts: 1,597
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10-01-2005 22:45
I used the currency exchange for the first time today. A few minutes after I bought my currency this afternoon, somethin kinda weird happened. A bunch of "too good to be true" open sell orders showed up... 1000 Lindens/$1.... 10000 Lindens/$1... etc. A few refreshes later I got the "The Lindex is currently down" message. Now it lists the High from today at 500000/$1. WTF peeps? Anybody actually get some of that action, or was it just a bug? I got lucky and got a rate of 375 Lindens/$1 (Not too shabby, but it wasn't like hitting the lottery or anything).
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Malachi Petunia
Gentle Miscreant
Join date: 21 Sep 2003
Posts: 3,414
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10-01-2005 23:37
I think those are called "bugs encountered during live testing of a new service".
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blaze Spinnaker
1/2 Serious
Join date: 12 Aug 2004
Posts: 5,898
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10-02-2005 05:53
It's in beta, these things are supposed to happen.
That's the whole point of beta. |
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DogSpot Boxer
vortex thruster
Join date: 23 Aug 2005
Posts: 671
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10-02-2005 05:55
To buy or sell L$ using LindeX your account must be at least 45 days old.
WTF? _____________________
Dogspot Boxer
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Simple Chaos
Registered User
Join date: 13 Nov 2003
Posts: 84
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10-02-2005 05:58
To buy or sell L$ using LindeX your account must be at least 45 days old. WTF? An attempt at fraud prevention. |
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blaze Spinnaker
1/2 Serious
Join date: 12 Aug 2004
Posts: 5,898
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10-02-2005 06:26
the restriction will go away soon, I think.
Otherwise - what's the point. |
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Gabrielle Assia
Mostly Ignorant
Join date: 22 Jun 2005
Posts: 262
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10-02-2005 07:20
the restriction will go away soon, I think. Otherwise - what's the point. Ya know... this brings up a challenge... I think the requirement of being 45 days old is to prevent fraud (as stated), yet it's the very new newbies who we want to make sure have easy access to buy $L so they enjoy SL and stay. Seems like a bit of a catch 22.... How about LL providing a much larger amount of welfare stipends during the first 4-5 weeks during the time they can't use LindeX. The amount could start fairly high, and reduce each week. I think most Premium accounts (biz people) would not mind a slight part of their stipends (tax?) to go toward this in an effort to keep more buyers active in SL and build a stronger retail base. .. just a quick thought... since newbies need easy cash, and LL needs to try and prevent fraud. Gabrielle |
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Lordfly Digeridoo
Prim Orchestrator
Join date: 21 Jul 2003
Posts: 3,628
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10-02-2005 07:21
the restriction will go away soon, I think. Otherwise - what's the point. A 45 day restriction on newbies trading is fair, it prevents them from buying millions of lindens before they understand how SL works. Also, it prevents fraud. GOM had something similar. LF _____________________
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blaze Spinnaker
1/2 Serious
Join date: 12 Aug 2004
Posts: 5,898
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10-02-2005 07:26
A 45 day restriction on the amount, perhaps, but to exclude them from the market?
The whole point of lindex is to make it easier for new people to buy. |
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Gabrielle Assia
Mostly Ignorant
Join date: 22 Jun 2005
Posts: 262
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10-02-2005 07:32
Another possible solution... that lets them in the market,
would be to gradually increase the daily/weekly amount they can buy/sell... over the course of their first 45 days. |
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Taylor Jacobs
Registered User
Join date: 7 Jul 2004
Posts: 51
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10-02-2005 09:00
Any idea as to how long the "sell" restriction will be in place?
$500 USD in linden is the minimum. I realize that they are trying to build a stock pile, but I usually only have about $100 USD at one time to sell. Lawrence said we could ask our questions in his thread, but I think he forgot it was an announcement thread and non repliable by non lindens.  -Taylor _____________________
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Margaret Mfume
I.C.
Join date: 30 Dec 2004
Posts: 2,492
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10-02-2005 09:08
Isn't there also a minimum service charge? Wouldn't a new person wanting a amount larger than the limit allowed to them being paying more in fees? That's in addition to having to wait to get an additional chunk. Not exactly one click, is it? Yes, GOM had restrictions in place as fraud prevention measures. But if these restrictions aren't in effect just for the beta test period, then the what's the point question remains. It certainly won't be a way for new members to easily access money.
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Simple Chaos
Registered User
Join date: 13 Nov 2003
Posts: 84
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10-02-2005 09:09
Any idea as to how long the "sell" restriction will be in place? $500 USD in linden is the minimum. I realize that they are trying to build a stock pile, but I usually only have about $100 USD at one time to sell. Lawrence said we could ask our questions in his thread, but I think he forgot it was an announcement thread and non repliable by non lindens. -Taylor Actually, $500US is the max. You can sell your $100 anytime. |
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Simple Chaos
Registered User
Join date: 13 Nov 2003
Posts: 84
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10-02-2005 09:16
It certainly won't be a way for new members to easily access money. You're right -- and I think LL promised more than they will be able to deliver in the way of providing a way for new members to purchase L$. It's wise for them to have fraud prevention measures in place. I imagine the delinquents out there with stolen credit cards and phished PayPal accounts are circling like vultures. |
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Taylor Jacobs
Registered User
Join date: 7 Jul 2004
Posts: 51
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10-02-2005 09:32
Actually, $500US is the max. You can sell your $100 anytime. *wipes Sunday morning sleep from eyes. Drinks more coffee. Re-reads announcment. Hits head and say's Duh.* Thank you Chaos.  -Taylor _____________________
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DogSpot Boxer
vortex thruster
Join date: 23 Aug 2005
Posts: 671
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10-02-2005 09:42
A 45 day restriction on newbies trading is fair, it prevents them from buying millions of lindens before they understand how SL works. Also, it prevents fraud. GOM had something similar. LF GOM only had a 7 day restriction. 45 days is entirely too long for some. For me, for example. I'm a little over a month as a resident, but I own 2048m of land, built a house and have otherwise become a reasonally productive part of the community,. But I can't buy lindens from LL. _____________________
Dogspot Boxer
Charter Member Of The Socially Inept Club Our Motto: We may be inept, but at least we're social |
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Surina Skallagrimson
Queen of Amazon Nations
Join date: 19 Jun 2003
Posts: 941
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10-03-2005 08:54
The GOM restriction was for accounts less than 30 days old (1 month) and involved Tom manually processing all the incoming PayPal payments rather than the automated system everyone else had. This allowed 'suspissious' transactions to show up.
If LL implement any big restrictions for new users when LindeX finaly goes live they will be countering the single reason they gave for creating it (and killing GOM) in the first place, ease of use for New Users... Ironic really. _____________________
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Surina Skallagrimson Queen of Amazon Nation Rizal Sports Mentor -------------------------------------------------------- Philip Linden: "we are not in the game business." Adam Savage: "I reject your reality and substitue my own." |
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Schwanson Schlegel
SL's Tokin' Villain
Join date: 15 Nov 2003
Posts: 2,721
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10-03-2005 08:59
I used the currency exchange for the first time today. A few minutes after I bought my currency this afternoon, somethin kinda weird happened. A bunch of "too good to be true" open sell orders showed up... 1000 Lindens/$1.... 10000 Lindens/$1... etc. A few refreshes later I got the "The Lindex is currently down" message. Now it lists the High from today at 500000/$1. WTF peeps? Anybody actually get some of that action, or was it just a bug? I got lucky and got a rate of 375 Lindens/$1 (Not too shabby, but it wasn't like hitting the lottery or anything). Perhaps somebody was screwing with the market.....  _____________________
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KatanaBlade Anubis
House of Blade
Join date: 20 Jun 2004
Posts: 369
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10-03-2005 19:50
There is alot of glitches going on during the beta testing. (hang in there)
BEST thing to do is bug report it and make constructive suggestions. Doesn't do any good to be negative. Things will go alot faster if we help. I think due to the short notice, things could be alot worse. We are all in the same boat here.... paddling in different directions gets us no where. _____________________
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Paolo Portocarrero
Puritanical Hedonist
Join date: 28 Apr 2004
Posts: 2,393
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10-03-2005 20:07
Um, isn't this just like IGE? It doesn't look like I can set a strike price.
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Xplorer Cannoli
Cache Cleaner
Join date: 18 Sep 2005
Posts: 1,131
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Read My Lips...
10-04-2005 13:25
No New Taxes...
er, I mean, read my message. Please!! Thank you. |
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Forseti Svarog
ESC
Join date: 2 Nov 2004
Posts: 1,730
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10-04-2005 13:52
the restriction will go away soon, I think. Otherwise - what's the point. Yes, I agree. 45 days is crazy, so let's hope they bring that way down. Such a long wait won't help their new resident retention rate. _____________________
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