So nobody ever reads announcements and saw the Lindex change?

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Early next week (we're aiming for Monday), the LindeX will launch with a new change:

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.

3. As Limit Buys may not be filled immediately, we have elected not to charge your payment option online with us. For this and other reasons, we ask that you have an existing US$ credit with us, from which Limit Buys will deduct. There will be a way for you to increase that if you so choose. Canceling a Limit Buy will similarly place the US$ charge back onto your credit.

4. We have not changed the fees. The LindeX is not selling L$ directly, but matching buy and sell offers from residents.

5. This feature will NOT, as some have mistaken, make your glass and windows shiny and streak-free. It will hopefully make your Second Life a little easier to manage!

It was only posted 19 minutes before your post.

And...

Hooray!

You'd have thought someone would have mentioned it, as it seems to be quite a big change.

The only thing I don't understand is why the 'advanced' mode isn't restricted from use by free basic accounts. That would have been perfectly legitimate, and another reason why people should have a premium account.

Lewis

Ugh. What possible reason could justify restricting basic users from seeing the advanced view?

Simple, it's another reason to encourage people to sign up to premium, and provide extra revenue to LL and help all of us.

Basic accounts were designed as 'trials' so that people can see what SL has to offer. If you're actually getting into the realms of selling money, then you aren't a 'new basic' user any more, and should really be Premium.

I would personally prefer to limit free basic accounts to "Buy only" on Lindex. If you're making enough money to want to cash out each month, then you can certainly afford $10 for a Premium account.

Lewis

Limit Buys

Lewis, this overlooks that there are in fact many basic accounts that do contibute to LL's revenue, via renting. The end result for LL is the same. You could be making money, and renting multiple locations,, indirectly paying more tier than some premiums. If you're renting, and don't care about the cheap Lindens (rapidly becoming not such a big deal anyway), why do you need premium? You'd still be paying your way.

Yes, limit buys good step toeards some stability.

Lewis idea of limiting basic users to only buy and not sell L$ is correct in principle but not viable as the market is an open market and their are other ways to sell it directly as well. This wont work, and would only help the big players who may start charging disparate prices to take advantage of such users. Sellers can always sell at ebay, remeber?

and yeah fade has a point.

... another problem caused by Land Barons then.

Lewis

And another reason to frustrate and annoy players into quitting.

These are not trial accounts, nor are they supposed to be. Maybe the original idea of free accounts was, but not anymore. Just like you don't need to be a website admininstrator/owner to surf the web, you don't need to be a land owner in SL to fully participate in the economy. That is a selling point for SL, not a detraction.

I would personally prefer it remains the same. If you are making enough money that you are cashing out Lindens each month, than you don't need to be paying for a stipend to be printed on your behalf.

How it is a problem? I doubt LL is seeing it that way... revenue is revenue. If they contribute as much or more in tier than they would have via the premium fee via renting, all is good from LL's point of view. Remember, the account fee is the smallest part of many's SL expenses. I imagine LL is quite happy with the renting arrangement, it probably gets more people paying tier. And users get more flexibility.

Anyway, Limit Buys

I saw the announcement and read it.

If we get limit buys how will people be able to sell L$78615/1?

If the best buy offer is at L$78615/1

I think Lewis has a point here. People complainging about basics who camp then sell their $L should be fully behind limiting the basics from participating in the advanced mode.

Ok we can get in a bidding war. I bid L$78614/1.

I think there's some misunderstanding going on.

The currency exchange page 'interface' has two modes: basic & advanced. Basic is for folks that don't want detailed information, and just want to make simple trades. Advanced is for folks who aren't overwhelmed by more info, and want the detail on the page.

Whether you select a view type of Basic or Advanced has nothing to do with whether your account is basic or premium.

I don't see anything in this announcement that establishes different levels of service based upon account type.

You won! can i buy at this rate?

No that is my open buy order.

Do you really think campers are able to sell many lindens? They are saving up for skins and hoochie hair.

if they are directly or indirectly payin LL money, what difference does it make? One way or another they are still paying into the system.

it is entirely possible that Land Barons are GOOD for LL

Instead of LL dealing with many many customers as far as teir and such goes, they have to deal with a few. Things (like billing and setting the land back on the market) are now done by the middle man Land Baron and not done by LL.

I wouldn't be surprised if they are promoting the health of land barons, given most of the new changes reguarding land involve things like making it easier for large scale land purchases and enhanced features for islands.

I guess in the interest of disclosure I'm getting a fledgling rental business going. The way I see it, is I can cash out to pay teir, or all 20 people who pay their rent from me who pay me in L can cash out to pay tier. *Shrugs* We still have people cashing out to pay teir so the only thing that changes, is I handle more of the paperwork and LL handles less. Heh I know for a fact a few of my tenants wouldn't be buying lindens at all if they had to pay in USD.



ummm... way to get a dig in at everyone there Lewis... could've said "check out this change!" or something but apparently nobody but you stays caught up on the latest news

I don't think that announcement has anything to do with premium vs. basic users... it says



Sounds like you will be able to set how you want to buy/sell your $L's...either using a basic setting or advanced setting, but it has nothing to do with your membership type.

Can someone explain limit buys and limit sells, I completely do NOT understand what that is at all.

It's a way to make an offer to buy or sell at a better rate (for you) than the market is at now.

The best offer on each side is called the bid and ask price.

If you buy at the ask price, that's called a market order, and it gets executed right away, assuming there's enough volume at the ask price to cover it (if there isn't then you get partial fulfillment). Same on the other end.

If you want to try to ensure the next market trade executes your order, but you don't want to jump over the gap with a market order, you can put your order in somewhere in the middle of the two prices. Your order will change the bid or ask price to whatever your bid or ask was.

The gap between the orders is the bid-ask spread. In currency markets, often the fees for the transaction are hidden in this spread. The lindex doesn't do this though, so the bid-ask spread can be very small. If the trading is thin, the spread is more apt to be larger.

A large spread is an opportunity for speculators to buy and sell on both sides of the spread, this is a natural force that tightens the spread and makes the market more efficient.

Right now, people can put Lindens up for sale (limit sell order) at a certain price, but if you want to buy Lindens, you can only buy at the best price that is currently being offered.

When this new feature you can put up an order to buy lindens you could say put up an order on the Lindex and say, "I'm willing to buy 100,000 Lindens for 350L/$". Then someone comes along who wants to sell their Lindens and doesn't want to wait to sell them, they sell them immediately instead of waiting in line.

Actually yes I do. I know several campers who are alts and just sit there all day and night and sell off their lindens. $3L /10min x 24 hours ...