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"LindeX" - Linden Currency Exchange Begins Public Testing |
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ReallyRick Metropolitan
Yes it's really me.
Join date: 4 Jun 2005
Posts: 691
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09-29-2005 16:35
OOPS asked to remove.
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blaze Spinnaker
1/2 Serious
Join date: 12 Aug 2004
Posts: 5,898
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09-29-2005 16:45
Yuck.
Missing GOM already. Still, not being able to buy below market should help prop up the L$. |
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Lordfly Digeridoo
Prim Orchestrator
Join date: 21 Jul 2003
Posts: 3,628
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09-29-2005 16:48
Where can I see it?
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Chosen Few
Alpha Channel Slave
Join date: 16 Jan 2004
Posts: 7,496
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09-29-2005 16:51
How do you register for this thing? I notice the new link for Currency on the SL website, but it asks for a user name and password, which apparently is something different than your avatar name and password.
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Land now available for rent in Indigo. Low rates. Quiet, low-lag mainland sim with good neighbors. IM me in-world if you're interested. |
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Torley Linden
Enlightenment!
Join date: 15 Sep 2004
Posts: 16,530
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09-29-2005 16:51
IMGO, LindeX rhymes with WindeX. But that's just me!
 Where did you see this release, RR? I didn't see it in Announcements. _____________________
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Alexander Yeats
Registered User
Join date: 8 Sep 2005
Posts: 188
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09-29-2005 16:51
two things...
3.5% is 1.5% more then GOM at highest tier. the flat paypal charge is nice, esp when converting more than 175$ US BUT the limits are a lil limiting to do any type of "day" trading. |
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blaze Spinnaker
1/2 Serious
Join date: 12 Aug 2004
Posts: 5,898
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09-29-2005 17:01
No paypal fee? WOW. Missed that.
So actually, they are charging only 0.6%, which is waaaaay lower than GOM. In otherwords, the seller is paying the PayPal fee. But, yeah, forget day trading with this.. |
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Alexander Yeats
Registered User
Join date: 8 Sep 2005
Posts: 188
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09-29-2005 17:06
No paypal fee? WOW. Missed that. So actually, they are charging only 0.6%, which is waaaaay lower than GOM. But, yeah, forget day trading with this.. Actually there is a fee. 5$ each time you pull money out. Though if you did save your cash out for a week at a clip, you could drive that 3.5% down to 0.6% if you pulled out more than 175$. It definately is better on the actual fees, but I just don't think it will be better on the trader, where we need volume or spreads to make money. |
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blaze Spinnaker
1/2 Serious
Join date: 12 Aug 2004
Posts: 5,898
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09-29-2005 17:10
Actually there is a fee.
5$ each time you pull money out. Well, I paid like 30$ everytime I pulled money out of gom. Hopefully they're using mass pay so it's just the 5$ fee and that's it. I think the 3.5% is referring to the commission SL is taking on the trade. On GOM if you're going to buy something from paypal, first they charge you 2.9% on the paypal transfer (plus 30 cents) and then another 3% to the seller for selling (actually, 12 cents, so even more than 3%). So it was like 5.9% vanishing to overhead, paypal and gom, before you got your L$. Here, it's just 3.5%, where SL is taking money from the seller to pay the paypal fee. I *think* that's what this is about. Also, LL may have like a 2% or even lower paypal transaction fees than GOM (who had 2.9%) because they're bigger / friendlier with paypal, etc. Anyways, very good news for content creators, that's for sure. |
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blaze Spinnaker
1/2 Serious
Join date: 12 Aug 2004
Posts: 5,898
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09-29-2005 17:14
The problem with this system, though, is how big will the buy queue get without limit orders?
If it doesn't get big enough, people will end up having to sell on ebay/ige. I am actually kinda glad they didn't do limit orders. It will be interesting to see how this all plays out from a pure experimental point of view. oh boy I feel giddy. giddy like a schoolgirl! |
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Cristiano Midnight
Evil Snapshot Baron
Join date: 17 May 2003
Posts: 8,616
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09-29-2005 17:19
Actually there is a fee. Well, I paid like 30$ everytime I pulled money out of gom. Hopefully they're using mass pay so it's just the 5$ fee and that's it. I think the 3.5% is referring to the commission SL is taking on the trade. On GOM if you're going to buy something from paypal, first they charge you 2.9% on the paypal transfer (plus 30 cents) and then another 3% to the seller for selling (actually, 12 cents, so even more than 3%). So it was like 5.9% vanishing to overhead, paypal and gom, before you got your L$. Here, it's just 3.5%, where SL is taking money from the seller to pay the paypal fee. I *think* that's what this is about. Also, LL may have like a 2% or even lower paypal transaction fees than GOM (who had 2.9%) because they're bigger / friendlier with paypal, etc. Anyways, very good news for content creators, that's for sure. I hope to god they use mass pay or it will be even more expensive than GOM. _____________________
Cristiano
ANOmations - huge selection of high quality, low priced animations all $100L or less. ~SLUniverse.com~ SL's oldest and largest community site, featuring Snapzilla image sharing, forums, and much more.  |
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blaze Spinnaker
1/2 Serious
Join date: 12 Aug 2004
Posts: 5,898
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09-29-2005 17:22
Oh, I'm sure they will.
If they're going in and manually doing every transaction by hand, that'd be pure foolishness when they can just upload a simple excel file with all the email addresses / amounts. |
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blaze Spinnaker
1/2 Serious
Join date: 12 Aug 2004
Posts: 5,898
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09-29-2005 17:36
A more detailed analysis:
Feature Set: The LindeX Exchange --------------------------------- Buying and Selling: LindeX allows currency buyers to instantly buy currency at the best price created by the current outstanding sell orders. Right, but you can't SELL your L$ immediately. You have to wait for people to buy it. An illiquid market for sellers could prop up the L$ Sell orders can be partially filled, meaning that for a specified desired purchase size, the price given will be the best possible price. Great for buying, but again, not for selling. More generally, Lindex allows sellers to create limit orders specifying an amount of L$ they want to sell, and a price. Orders will be filled at that price or better, and may be partially filled. At present, LindeX does not offer a 'limit buy' - Buy orders can only be made at the current best market prices. We will work to add this feature soon. "Soon" .. Before or after Havoc 2? A basic set of statistics and graphs are provided to allow visualization of the trading price over time, with adjustable time scales. Blah blah blah All open sell orders are visible on the system, including volume and price. Seller identify is not shown. Same as gom. Too bad no identity, heh. Trading Limits: Sellers less than 45 days old can only sell $100/day on the market, and $2000/day thereafter. Buyers are limited to $20/day for the first 45 days, $250/day thereafter. I wonder if this applies to ALTs or how this works. Fees: Buyers of currency will pay a fixed $0.30 fee per purchase. Note that it's not including the 2.9% fee that GOM charges, just the 30 cents. LL is eating that fee and giving it to the .. Sellers of currency will pay a fee of 3.5% when selling. Sellers are paying the Paypal fee. This is a great deal compared to GOM. And certainly IGE or anything else. Going to be impossible to compete with this, except for people trying to sell in a hurry. Sellers wishing to be paid by check or paypal from their account balance will be charged a service fee of: Check: $10.00 Paypal: $5.00 (we are automating this, fee will drop when done) Hopefully this is MassPay. I have a hard time imagining they wouldn't utilize it as it would be easier to do than hand do every transaction - just an excel file upload. Sellers can request payment from their account balance by sending an email to [email]exchange_proceeds@lindenlab.com[/email] and asking for the amount they want paid as well at the method (check or Paypal) of payment. Heh, well, GOM is to thank for this rushed out the door approach. Basic/Expert mode: You can set whether you want to see the exchange in 'basic' or 'expert' mode as a preference on your account. In 'basic' mode buyers and sellers are offered a simple exchange rate based on the current market price, and trades are executed as quickly as possible. In 'expert' mode, there is an ability to set limit prices on sell orders. Oooouch. Couldn't you have used different terminology folks? I mean.. that's rubbing it in the wounds a bit, eh? Anyways.. Gotta go for dinner. BBack later. |
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Alexander Yeats
Registered User
Join date: 8 Sep 2005
Posts: 188
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09-29-2005 18:50
Well, I just fired up the lindex and took a look around.
It is interesting... hrrrrm It is a little unweildy for the casual player I think at this point, as it does require you convert the other external markets value of the dollar against the linden the reverse way around, linden against the dollar. So instead of say 1000 linden at 3.56 you have to first figure out how much you think X block of liden are worth at 1$ flat. Interesting.... hrrrm. |
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Surreal Farber
Cat Herder
Join date: 5 Feb 2004
Posts: 2,059
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09-29-2005 18:52
Heh, well, GOM is to thank for this rushed out the door approach. In a word... bullshit. I suspect it is more likely that the folks at the GOM had a good suspicion of when the launch was for the LL system and wanted to be sure they could close up business in an orderly manner. I just hope we don't get bugs in this system like we do in SL. Screw with my prims, textures, even items for sale... well grrr. Screw with my money and expect to catch hell, TOS aside. _____________________
Surreal
Phobos 3d Design - putting the hot in psychotic since 2004 Come see our whole line of clothing, animations and accessories in Chaos (37, 198, 43) |
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Siggy Romulus
DILLIGAF
Join date: 22 Sep 2003
Posts: 5,711
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09-29-2005 19:25
Sellers can only sell 2k a day?
Please tell me thats some kind of misinterpretation or typo.. because if not... well thats pretty fucked up. what's that - 8 bucks a day? If thats really the case and I'm reading that right - then theres plenty of room for competition! _____________________
The Second Life forums are living proof as to why it's illegal for people to have sex with farm animals.
I, for one, am highly un-helped by this thread |
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Alexander Yeats
Registered User
Join date: 8 Sep 2005
Posts: 188
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09-29-2005 19:26
I think they mean 2000 US a day, not linden, as trades have already been up to 7k $L that I have seen.
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Jillian Callahan
Rotary-winged Neko Girl
Join date: 24 Jun 2004
Posts: 3,766
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09-29-2005 19:40
Someone PM me the URL pleeeeeeze?
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Rhiannon Chatnoir
elf gardener-poet-artist
Join date: 26 Jan 2005
Posts: 74
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09-29-2005 19:41
me too.. dying to check this out and see for myself LL's replacement
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Khamon Fate
fategardens.net
Join date: 21 Nov 2003
Posts: 4,177
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09-29-2005 20:08
I was told that it wasn't open to the general public, only the people who volunteered to test it.
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Jillian Callahan
Rotary-winged Neko Girl
Join date: 24 Jun 2004
Posts: 3,766
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09-29-2005 20:09
I was told that it wasn't open to the general public, only the people who volunteered to test it. _____________________
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Siggy Romulus
DILLIGAF
Join date: 22 Sep 2003
Posts: 5,711
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09-29-2005 22:43
I kept trying to volunteer, but ther freakin' mail system bounced every attempt. I just wanna lookies! You know the drill Jillian! Napoleon first then Snowball, THEN Boxer! _____________________
The Second Life forums are living proof as to why it's illegal for people to have sex with farm animals.
I, for one, am highly un-helped by this thread |
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Buster Peel
Spat the dummy.
Join date: 7 Feb 2005
Posts: 1,242
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09-29-2005 23:12
Sellers less than 45 days old can only sell $100/day on the market, and $2000/day thereafter. Buyers are limited to $20/day for the first 45 days, $250/day thereafter. Is that US$ or L$. If L$, those limits are way too low. Must be US$. |
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Moonshine Herbst
none
Join date: 19 Jun 2004
Posts: 483
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09-30-2005 00:25
Where I come from, Lindex is a Swedish clothing company, competing with H&M.
http://www.lindex.com_____________________
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Malachi Petunia
Gentle Miscreant
Join date: 21 Sep 2003
Posts: 3,414
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09-30-2005 01:50
Heh, well, GOM is to thank for this rushed out the door approach. Oh, and my friend William of Occam says there is no LindeX. So much rumormongering, so little time. |