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"LindeX" - Linden Currency Exchange Begins Public Testing |
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Alexander Yeats
Registered User
Join date: 8 Sep 2005
Posts: 188
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10-02-2005 09:26
A basic account on paypal can recieve upto $500 USD a month, if you are making more then $500 a month, then you are making more then, I would guess, 99% of all sellers and buyers. I'd take a stab and say LL is aware of mass pay, and I did see it mentioned someplace by Lawernce that they will use it.... have to go dig that out. I would also agree that most didn't really make large amounts of cash trading on GOM, but it was more a vehicle to "cash out" from their monthly $L intake. |
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blaze Spinnaker
1/2 Serious
Join date: 12 Aug 2004
Posts: 5,898
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10-02-2005 09:26
And just in case anyone missed it, the scoop from Apotheus over @ SLExchange on the new market system they are doing: Quick status update: Based on my progress yesterday and today I believe closed testing (those who have contacted me) will begin early on Sunday. I expect the testing period to last only a day or two and we should have a crude, working market available to the public by Wednesday at the latest. Functionality at launch will include:
Should be pretty cool stuff. |
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MJ Hathor
Purple Butterfly
Join date: 17 Mar 2005
Posts: 901
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10-02-2005 09:26
Um, no you can actually still trade till 10pm EST today. You are obviously not a fan of GOM in the first place. I find your post(s) to be more about a vehement dismissal of anything not LL rather than productive discussion on potential, positive growth. Actually I was a big fan of GOM until they gave up and are closing. I, unlike you, have an open mind about LL. I felt I wanted to state something positive about it. They are afterall the creators of this Second Life we both enjoy (at least I think we both enjoy). Just because I wasn't a trader doesn't mean I'm not aquainted with many who have or that I'm not knowlegdeable about it. MJ |
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Dnate Mars
Lost
Join date: 27 Jan 2004
Posts: 1,309
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10-02-2005 09:27
Just as I find yours irrelevant. To each his/her own I suppose. A) GOM is only open for people to cash out. B) GOM did have several good things about them and let us all down by closing. So Good Riddens I say. C) If none of the other services have a market system in place then I say that LL is gonna be very successful then. You know, every day that GOM is staying open they are LOSING money? I think LL let them down with all the bugs that they can't or won't fix. If you didn't like GOM, that is fine, but they still paved the way for a SL that you know now. _____________________
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blaze Spinnaker
1/2 Serious
Join date: 12 Aug 2004
Posts: 5,898
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10-02-2005 09:28
And you think SL uses mass pay? I have yet to here this one way or the other. If someone can point to the answer, I would like to know. Also, to the small time seller, this does not matter, they only have basic accounts and therefor don't have the 2.9% PAYPAL fee. I bet there are many more small sellers then there are big time sellers. I would also guess that the small time seller is only selling about enough to cover tier fees. A basic account on paypal can recieve upto $500 USD a month, if you are making more then $500 a month, then you are making more then, I would guess, 99% of all sellers and buyers. If they're not doing mass pay then they're cRaZy. |
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Dnate Mars
Lost
Join date: 27 Jan 2004
Posts: 1,309
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10-02-2005 09:30
And just in case anyone missed it, the scoop from Apotheus over @ SLExchange on the new market system they are doing: Quick status update: Based on my progress yesterday and today I believe closed testing (those who have contacted me) will begin early on Sunday. I expect the testing period to last only a day or two and we should have a crude, working market available to the public by Wednesday at the latest. Functionality at launch will include:
While this all sounds great, I will believe it when I see it. Talk is cheap, but maintaining is a lot of work. Wonder what will happen when the shorter doesn't pay up, or just vanishes. I will have to see what all the fees are, since this spread fee sounds like they are trying to eliminate the day trader. _____________________
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Dnate Mars
Lost
Join date: 27 Jan 2004
Posts: 1,309
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10-02-2005 09:31
If they're not doing mass pay then they're cRaZy. This is LL we are talking about.... _____________________
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Alexander Yeats
Registered User
Join date: 8 Sep 2005
Posts: 188
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10-02-2005 09:31
Actually I was a big fan of GOM until they gave up and are closing. I, unlike you, have an open mind about LL. LOL! Sorry that made me laugh. Go use search or ask Dnate about how much Devil's Advocate I have played over GOM closing, then realize that was a super funny statement. |
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Leif Loveless
Registered User
Join date: 5 Mar 2005
Posts: 16
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I am going to miss GOM...
10-02-2005 09:35
I have not heard much about what an important service GOM has proviced to the SL community. They have provided an open and reasonably efficient market for moving money between the RL economy and the SL economy.
Those who point to IGE as a "market" are mistaken IMHO - IGE is acting as a dealer for their own account and has made huge profits on unsuspecting buyers. The current buy/sell spread for $5K is $20.49/16.50 or $4. That is about 20+% profit on every deal. The spread on GOM is currently $3.48/3.33 or 0.15 on a 1K trade, or 0.75 on a 5K trade. Some days the spread is closer to 0.40 but it is still less than the spread on IGE. Will LindeX ever be a free and open market? Not in its current state with the barriers, lack of transparency, and general inefficiency. Of course it is only beta and of course the next release will add the important features and fix the bugs. I also worry about having the Lindens (aka Government) in charge of the exchange. As happens all to often in RL when the government gets into these markets they tend to put their thumb on the scale to favor their own policies. "Gee the Linden should go up against the dollar!" or "Stability is good, lets keep it in a narrow band!". Yes it will be more convenient and trusted (deserved or not) but it is not the same as an independent body providing a transparent marketplace filled with a small army of independent dealers not beholden to the whims of GOM or Linden. Will the LindeX continue to improve as quickly once GOM is gone? My guess is that it will see another release or two til it is "good enough" (for the Lindens of course and probably most casual users) then fall into neglect/stability as resources are diverted to other important activities. Just my two Lindens... |
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Alexander Yeats
Registered User
Join date: 8 Sep 2005
Posts: 188
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10-02-2005 09:36
since this spread fee sounds like they are trying to eliminate the day trader. Yeah I am not sure what to make of that. Do they intend to charge based on the pip difference? Or is the spread adjusted so that their fee is already included? I am leaning towards the latter, since he did mention a more forex type rate/terms. The real scary part there then is, the market will not move based on trades from the user, but rather from the cash flow from the back of the house where we are trading against, at least how it reads to me right now. Which in effect means someone is sourcing the reserves that we trade against. However, if that is not the case, and we are trading at a fixed spread against each other, that is definately not a free market. |
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Gabrielle Assia
Mostly Ignorant
Join date: 22 Jun 2005
Posts: 262
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10-02-2005 09:38
Those who point to IGE as a "market" are mistaken IMHO Will LindeX ever be a free and open market? Not in its current state with the barriers, lack of transparency, and general inefficiency. I also worry about having the Lindens (aka Government) in charge of the exchange. Will the LindeX continue to improve as quickly once GOM is gone? My guess is that it will see another release or two til it is "good enough" (for the Lindens of course and probably most casual users) then fall into neglect/stability as resources are diverted to other important activities. Just my two Lindens... ... well... then... you might wanna check this out... /130/b5/63988/1.html |
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Merwan Marker
Booring...
Join date: 28 Jan 2004
Posts: 4,706
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10-02-2005 09:47
On top of what Alexander said... GOM was *THE* exchange up until now. If we're going to be working with and considering any new exachanges, they will certainly be compared to what the traders have been use to over the last year or so. It will be very interesting to see how the SL exchange currency trading works. Sounds like they will have quite a few more nice features than the LindeX (for us traders). Having more OPTIONS is always a good thing.  And even honesty and integrity! WoW! _____________________
Don't Worry, Be Happy - Meher Baba
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Merwan Marker
Booring...
Join date: 28 Jan 2004
Posts: 4,706
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10-02-2005 09:50
While this all sounds great, I will believe it when I see it. Talk is cheap, but maintaining is a lot of work. Wonder what will happen when the shorter doesn't pay up, or just vanishes. I will have to see what all the fees are, since this spread fee sounds like they are trying to eliminate the day trader. And not to mention honesty and integrity! References provided upon request!  _____________________
Don't Worry, Be Happy - Meher Baba
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Barbarra Blair
Short Person
Join date: 18 Apr 2004
Posts: 588
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highs and lows reversed
10-02-2005 10:32
for the Bug list: in expert mode the listing of daily highs and lows are backwards--the low price is listed as the high and the high price is listed as the low.
Also, I see a list of open sell order but no buy orders. What's up with that? _____________________
--Obvious Lady
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Dnate Mars
Lost
Join date: 27 Jan 2004
Posts: 1,309
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10-02-2005 11:09
for the Bug list: in expert mode the listing of daily highs and lows are backwards--the low price is listed as the high and the high price is listed as the low. Also, I see a list of open sell order but no buy orders. What's up with that? You can't place buy orders. Also, the higher the number, the cheaper the L$. It is backwards of the way we are used to. _____________________
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Martin Magpie
Catherine Cotton
Join date: 13 Nov 2004
Posts: 1,826
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10-02-2005 11:39
oh thanks, Nimrod. I saw that one, but I thought maybe there was more information on the Lindex page itself. I don't have enough Lindens to spend on testing it out! you have to be signed into your account to see this page i believe. https://secondlife.com/currency/market.php |
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Alex Edo
Insert Brain Here...
Join date: 27 Feb 2005
Posts: 108
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Simple...
10-02-2005 12:14
Hi,
Would it not be simpler for everyone to set a 1 fixed price, $3.50. Then make a que, when the peopel in front of you have sold there lin yours is then on offer. I know this means that if the person infront of you has alot of lindens it will take time to sell... but it adds stability. This means that: $5 = L$1,428 $8 = L$2,285 $15 = L$4,285 $25 = L$7,142 $40 = L$11,428 $75 = L$21,428 $125 = L$35,714 $195 = L$55,714 This is without any tranfer rate. I know there are downsides to this, but there are down sides to all options, every plan has a weakness. |
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blaze Spinnaker
1/2 Serious
Join date: 12 Aug 2004
Posts: 5,898
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10-02-2005 13:17
Yeah, it's not a bad idea.
People would perform arbitrage on the other markets and then sell here. Unfortunately, if the L$ dips too far then everyone would skip the lindex and the lindex would have to move its peg. A moving peg is pretty much the same thing as a regular market. |
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Lo Jacobs
Awesome Possum
Join date: 28 May 2004
Posts: 2,734
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10-02-2005 13:37
Has anyone tried to transfer the resulting USD to their PayPal account after selling $L? The email is not working for me; it got returned.
_____________________
http://churchofluxe.com/Luster
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Lawrence Linden
Linden Lab Developer
Join date: 25 Jun 2005
Posts: 235
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10-02-2005 15:19
Has anyone tried to transfer the resulting USD to their PayPal account after selling $L? The email is not working for me; it got returned. Taking care of that right now... |
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Lawrence Linden
Linden Lab Developer
Join date: 25 Jun 2005
Posts: 235
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10-02-2005 15:30
Taking care of that right now... Ops is pretty busy at the moment with a grid problem, once someone is available I'll make sure that email address is externally accessible. Cheers, Lawrence |
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Jillian Callahan
Rotary-winged Neko Girl
Join date: 24 Jun 2004
Posts: 3,766
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10-02-2005 15:41
A question on a somewhat related subject to Lo's - as I understand it, when billing time come rolling around, the money will be taken from my LindeX account first,t hen LL hits my credit card/PayPal account. I sthat correct? I don't have to blow money on a transfer just to get my LL bill paid?
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Lawrence Linden
Linden Lab Developer
Join date: 25 Jun 2005
Posts: 235
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10-02-2005 15:43
A question on a somewhat related subject to Lo's - as I understand it, when billing time come rolling around, the money will be taken from my LindeX account first,t hen LL hits my credit card/PayPal account. I sthat correct? I don't have to blow money on a transfer just to get my LL bill paid? Correct. Cheers, Lawrence |
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Gabrielle Assia
Mostly Ignorant
Join date: 22 Jun 2005
Posts: 262
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10-02-2005 15:44
Along those same lines....
Is it true that if you have some amount of $USD in your account and then buy more $L, the exchange draws the charge from your credit card rather than using your supply of $USD? I've been hesitating to buy more until I know. Thanks |
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Barbarra Blair
Short Person
Join date: 18 Apr 2004
Posts: 588
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10-02-2005 15:46
Well, I hope the "real" system works better than the "test" system, because right now the price is dropping so fast that you can't sell.
_____________________
--Obvious Lady
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