Change to the Sell Linden Page

Ummm - What is going on?

I just went in to sell lindens, I see the open sell orders at 325. But when I go to actually sell my lindens it no longer gives me the option to select a target rate to sell at. Instead it computes my proceedes and when I do the math I'm selling for 353 lindens per dollar.

Even when I take the transaction fee of 3.5% into account I'm getting a rate of 337.

Any idea what's going on?

Go here and change the setting to advanced.
This will give you the limites sells order option.
https://secondlife.com/account/currency_settings.php

Yes there are now two ways to sell: Market Sell, and Limit Sell. There are also now two ways to buy, Market Buy or Limit Buy.

If you sell your Lindens via Market Sell, the order will instantly be matched with Limit Buy orders, which are orders to buy at a specific rate, at the best rate being offered.

If you sell your Lindens via Limit Sell, you choose your price, and if the market arrives at that price, you'll sell your Lindens to people doing a Market Buy, which previously was the only way to buy.

Here's The Announcement:

/3/d4/107923/1.html

Note this part:

"1. If your Currency Exchange interface is set to Basic, you will see Market Buy and Sell options, to let you buy or sell immediately and get right back to what you're doing.

2. If your interface is set to Advanced, you will now also see Limit Buy and the existing Limit Sell functions. These allow you to specify both a quantity of Linden dollars to offer, and an exchange rate. Limit Buys will work almost exactly like Limit Sells."

So basically, a Market Buy is the way you've been buying prior to this change, and a Limit Sell is the way you've been selling prior to this change.

They should of got rid of that basic sell and buy as it kinda defeats the purpose of the new orders option.

Thanks - I did that and it works great.

I see the default as being a very bad move and it will move the linden down at a much faster rate. It matches a sell with an existing buy order and that's gonna move a lot of Lindens ar a lower value.

I wish I could help Foxy but its incomprehensible to me.

I'm sure one of the resident "market trader roleplayers" will be along shortly to explain in a patronising manner.

Looking at the difference betwen the basic and advanced settings it would seem that those of us who DON'T WANT TO PLAY THIS RIDICULOUS GAME will be sold short and receive less for our Lindens than my common sense at least suggests looking at the numbers. How does this benefit anyone other than those seeking to profit from the buying and selling of currency ?

exactly. you beat me to it.

IK lets see - lets say I'm a dedicated artist who produces fantastic content for SL, and somebody actually buys my stuff - I'm an artist not an economist - so I go to sell lindens, By the way I also never read forums because of all the a****** trolls in here so dont know anything about this and just want to sell my lindens - two things happen I drive the value of the lindens even lower and get automatically screwed because I don't want to learn all about ecioomics and limit buys and market sells and all that crap???

hmmm this will not end well

I agree with you CJ. This change is crazy cause it defaults to basic which only benefits the currency traders. It will also greatly accelerate the currency depreciation. I've worked in the futures and options markets and I'm a full time programmer and even I didn't understand how to change my sell option from the new default "Basic". Heck - there's not even a link on the page to do it! It's carefully hidden.

My only guess is that somehow it benefits LL to have the currency drop and they have taken this step to force it down faster, expect a huge drop today solely because of this change. There is a point where the value of the stipends is reduced by the fall of the currency so perhaps LL just wants to get the price value to there faster to "get through it" and stabalize at a lower point. LL can't change their "stipend" for many reasons but they can effective make it worth less by devaluing the currency. I just think this is a pretty crappy way to do it.

It does give me a glimmer of hope that there are buy orders out there - at least somebody has some faith in the Linden at a lower price.

If you want to sell L$ and you think the new system is crap, just use the "limit sell". It is the same thing as before the Lindex change.

Yes, you have the option to carry on as if nothing ever happened, on both the sell and buy side.