"LindeX" - Linden Currency Exchange Begins Public Testing

No min L$ trade size will open for a lot of abuse of the market. But, I guess, there are some things you'll need to learn by experience I suppose.

Tony that order will take you over your 24 hour limit for sales. Try about L$5700 at L$285/US$1.00... that should go through still.

I'm going to be talking to Philip again soon, and I'm going to recommend we start raising the sell limit. In the meantime I'm working on an appropriate way to expose the limits to you all.

You can see why better error messages are on the known issues list twice

Cheers,
Lawrence

If you could make "orders" count the number of different avatars instead of orders placed, that'd be nice. Otherwise it's a meaningless at best, deceptive at worst statistic.

Excellent. Thanks Lawrence!

L$5700 caused the same error message, then i tried L$5200 and that went through but now i see both L$5700 and L$5200 on the transaction page, which takes me over my limit.

I'm able to put L$6000 at both L$285/1US and L$300/1US (separate open orders)
Can somebody explain the system here?

BTW. The system where the selling rate is automatically set on the lowest value is very dangerous without a minumum selling amount: set L$1 at 1000L$/US... wait for the first 'basic mode sales', buy again

hmmmm...

well some kind of limits need to be imposed, I think.

Folks who abuse the market will be shut out, at least during the beta period. So if you're tempted to create absurd trades please don't, and if you do don't be surprised if your daily sell limit is set to US$0.00.

Cheers,
Lawrence

Great suggestion!

Thanks,
Lawrence

You haven't exceeded your $100US sell limit yet. The L$300/1US will be first to sell... your other will languish there until other cheaper (for the buyer) orders sell off.

Editted to add: Unless you mean you only have L$6000 and you are able to list it twice -- in that case, that's a slight problem, ya think?

Ah. Sell limit lies at 100US/24hrs. Thanx, couldn't find this on the site.

Isn't it easier just to do 1000/x = y
or 1000/L = $us

(sigh)

I'm going to be assume you didn't mean that.

Earlier, I saw a sell order for a NICE price, except
there was only 1 (one) Linden dollar for sale.

I'm not sure how to buy just L$1
And was not interested in buying the
next level of $L being sold.

Perhaps this is a good example of some kind of limit?
Or, reason to trade in blocks of 1000, rather than
some odd ratio which might leave an odd number
of $L in any given pool.

It *IS* live.



There's a difference between checking for possible problems and reporting them, and attempting to exploit them. I want people to try crazy things... but once you have uncovered bad behavior please report it.

That being said, I've made some adjustments to the sell orders.. there's a US$1.00 minimum for new sell orders for now... it's a stop gap measure until we have limit buy orders. So if for example you want to list L$ at L$500,000/US$1.00, go for it, you'll need to list at least L$500,000 at that rate.

I have raised the limits once again for the three folks who were getting carried away earlier.

I welcome any additional feedback you have... check out the "Open Sell Orders".

Cheers,
Lawrence

oh ok no problem

well at least you quoted the semi-nice version

I saw that a couple times today -- just someone jerking around with the market. Looks like an hour or so ago there was a $500000L/1US trade -- ie 0.2 cents for a thousand L$ -- though I'm sure it was only $1L available.

Something else that has me worried...

If there are L$2000 being sold at 295/$US
and the next rate is L$2000 being sold at 200/$US

What if I try to buy 2000, I'm quoted an "estimated"
price on the 295/$US amount, and while I'm submitting
the final form, someone beats me to it, and THEY
buy the 2000 at 295/$US ....

Does that mean I REALLY end up buying the 2000
at the 200/$US rate? Cuz that would REALLY suck!

yeah that was me. I probably should have canceled the order before it went through.

I was wondering what it would do to the average and the graph though.

Woooah.

Is it hitting my mastercard instead of my USD balance?

I have money in my account, can't I buy the lindens with that?

Eeeep.

I can't have that kind of action on my CC card. It might raise all sorts of weird flags.

This may be the same way with most traders.

Without traders providing liquidity of some kind you may end up with a pretty volatile market.

Yeah, this is how it works on GOM.

The reason it's a problem here is because you can't see what the market looks like and whether or not you're in danger of getting screwed.

GOM shows you the market, even in simple mode, when you go to confirm your purchase.

Lawrence, I was just fiddling with the buy page, and it looks like you haven't limited the "Quantity of Linden Dollars" field in any way. it's possible to put really big numbers in there which causes wacky behavior with the calculator that approximates the USD cost and the Estimated exchange rate. Similar weird behavior with the Selling page.

As Donald Trump would sing:

"Moneymoneymoney... MONEY!"

LindeX, Linden Lab's L$ Currency Exchange is now in public testing

Hmm.... I don't remember it working that way for me.
How GOM works for me, is that if I'm trying to buy
at a stated price and someone beats me to it, I am
given a message that there are no longer any available
blocks at that price.

OH... I just realized you are probably talking about the
"buy now" part of GOM.... but... do any of the REAL
traders use that? -- don't we all give a specific price
we want to buy and sell at? (on GOM)

I feel that LindeX should work the same way...
if LindeX quotes me a price, then as soon as it
does, my session should lock in those $L and not
allow them to be sold to anyone else... at least for
60-120 seconds while I finish the order. OR...
if the price changes... I should be warned, and given
the option to cancel, or accept the current price.

GOM has two options - limit buy order or market order.

As for locking, well locking is very evil, unfortunately.

With locking, a group of people can lock up the whole market and force people to buy their L$ at the price they want simply by sitting in the confirmation stage and then cancelling.

True, you could probably ban them from the market, but then what if people do it accidentally?

How can you tell? Suddenly it becomes this complex policing issue.

I think it'll only be a problem if the market stretches out on thin sell orders, because the descrepancy then will be significant.

This could happen because people can not sell to the buy side, because, well... there is no buy side! heh.

It's a weird weird market, but it does make it interesting.

Anyways, the only way they can sell their L$ in a hurry is by selling lower than the next guy. Since everyone will be doing this, it won't pile up. I think. We'll see.

What I thought would happen would traders would come in and trade the market anyways and make their own buyside with auto-trading code.

Unfortunately, I have discovered that every buy hits the credit card... which is really nasty. I just don't want to risk that on my CC.

Will it be the same for other traders? I guess we'll see.