Limit buys

Are you plugging in the right fields? Above the form does it say "Buy Linden Dollars (Market Buy)" or "Buy at a Specific Rate (Limit Buy)"?

Cool thread.

That is correct. Any buy order will incur a charge of 30 cents. Refer to our fee schedule.

Fees for Buying L$

You will be charged a fixed fee of $0.30 per transaction regardless of the amount of L$ you purchase.

Actually it was sell, and yah on 4 different machines, reloading, and all that jazz.

Looks like it is specific to IE... I don't see the problem under Firefox. Jeff is working on fixing it right now.

Cheers,
Lawrence

Did the Lindens realize that allowing direct US $ transfers should help take a lot of pressure off the Sell market?

Before today, I could collect the island rent in PayPal, which was nice - BUT, I then had to buy L with it, then sell the L to get the money in my account.

Now? I can directly transfer the money in, without going through a Sell process. So can Anshe and others who take PayPal.

I would think this would take some stress off the market... that was part of the plan, I presume?

Nice scam. Place a limit buy order then cancel it without it being filled even 1L LL pockets $0.30US. Count me as scammed out of $3.90US so far.

ps I will place NO further buy orders until this problem is resolved. I will not pay LL $0.30 for the right to place an order that may not get filled.

Sounds like you could be on to something Jennifer.

This is a problem. If no lindens were sold, the transaction fee should be refunded on cancelling.

Anyone has an idea how it works?
/139/5a/108387/1.html#post1049809

Maybe it should say Placing any buy order will cost 30 cents?

I guess it depends on who posted his offer first on the market.

I slept through all the excitement. Well done LL!

Yes Fade you really did. I think the second offer to buy L$ was L$78,6140 at L$78,614/1. Then sombody matched that so there was L$1,512,280 offered at that rate. Somebody different I think placed a buy order for L$5,000,000 at L$78,613/1. Then another person placed a buy order for L$5,400,000 at L$78,612/1. I think the L$78,613/1 offer was then moved to L$78,611/1. Now another person comes in with a L$7,800,000 buy order at L$78,610/1. Finally the guy who made the first L$5,000,000 offer at L$78,613/1 then moved it to L$78,611/1 moves it again to L$78,609/1. At one point there were offers for L$19,772,280 at L$78,609/1 or higher.

It was real exciting because that all happened within the first hour. There were legitimate offers as well and I don't know how much of the open buy orders were executed but you can see them on the chart on the upper right of the page.

The seller's side is now at 320 whereas the buyer want to buy at 339. I think both sides will slowly move towards 330 and hopefully stabilize at that level.

Unless the US Dollars pour in, nothing is going to stop this
falling knife. The buyers will see the flood of Linden's coming
and readjust their buying price lower.

Wrong, there will be always at least 9-10 L$ difference between buy and sell requests. And buy requests will readjust themselves looking at the sell requests. Now most of the market buy requests are to resell. And because of 3% comission, if you buy at 330/usd, you must sell at least aprx. 318/usd to not make loss.
Now if lindex sell rate goes down to 330/usd, buy rate will go down to 345-350/usd.

You are right. I didn't take the fees into consideration. Thx for the correction.

Technically, it does:

https://secondlife.com/currency/describe-transaction-fees.php



However, we are reevaluating this right now. I'm sure Jeff will keep you posted on the results of our evaluation.

Cheers,
Lawrence

from the fee page:

That certainly implies a fee when the transaction actually happens and some Lindens are sold. If you put up a buy order and then cancel it without any sale happening, you should get the $0.30 back.

Anyway, thanks for looking at it. Keep us posted.

After some intense discussion, we've decided that you're right, and limit buys that cancel with no fills should not incur the buy fee, despite the placement.

Instead, the buy fee will be fully refunded if you cancel a limit buy order that isn't filled at all.

This has been deployed, and we will refund 30 cents to those who have had a cancelled limit buy order that wasn't filled before now.

Intense discussion? Honestly, that should have been a no-brainer...

As the lead developer on this upgrade, you can blame me directly if you like. My email is [email]jeff@lindenlab.com[/email] if you would like to contact me and yell at me directly.

Since you changed it, there's no need to yell at you. However, the phrase "intense discussion" implies that there were some people that thought it would be a good idea to charge customers for providing no service at all. Call me crazy, but that really rings false to me...

well, i appreciate this post. True leadership, responsibility. Just wanted to say.