Over 2,000,000 L$ at 300!!!!!

And the boat has now sunk....

Let the dance start... Who said it first?

On you marks

Gets Set

Go.........

I suggest, yet again, jumping up and down while screaming madly.

L$300 / US$1.00 11 L$2,680,346

I can't believe there is 11 "IRL ppl" selling around 240000L$ each.

I mean, when you sell/own so much money you DO care of the L$ value and you wait the end of this market abuse/griefing/manipulation/whatever/...

1) Someone have something to do with the 300L$/US$
2) Someone want to crash the land market

I think that ginko will be in trouble in the next few day.

Actually, there's one person selling over 2M L$ at 300. That person pretty much purposefully brought the rate that high, by posting these L$ at a rate about 10L$ / US$ above the going rate at the moment.

In three days that stash will be gone and rate will be down to about 286 L$ / US$.

I'm glad my First Life isn't dependant on price courses like these.

As Jesrad and me have pointed out a few times before, there is some evidence that there are people purposefully trying to bring the L$ down. Even if this sounds rediculous, there are SL businesses which would profit from such a development. This does not mean that these businesses are involved.

And there are risky schemes with which you can make a profit in such a market, too. A small economy like SL is easily manipulated if you have some (not too) substantial RL funds available.

I agree it's possible, this looks and smells like manipulation to me.

How do they get around the buy/sell limits? You normally can't sell more than $2000 worth of lindens (L500-600K) in a month ... unless you have one of those higher tiers. So the question is - should LL take away higher lindex tiers from people doing things like this? It's a privilege, not a right.

Speaking of LindeX tier settings, I applied for a business owner tier 1 a week ago, which hasn't been applied yet Anyone managed to get it done ?

Yes. it took one week for me. (5 business day)

About 3 weeks ago, someone posted a sell for 2.5mil L$ at L$278/USD.

It hasn't been back to that rate since.

I suspect that part of this comes from GOM shutting down, and LindeX's much higher transaction costs, which effectively eliminated currency trading, which I think added to the stability of the exchange rate.

I know some countries who actually manage their currency do trade currency - they lean against the current trend. When the valuation falls, they buy, when the valuation increases, they sell. So the purpose is to try and smooth out the bumps in the exchange rate, so it appears more stable.

Perhaps it's time for LL to do the same?

2,600,000 sold at 300L = $8363
2,600,000 sold at 290L = $8651

Difference of $288 dollars

Must carry a lot of Lindens to be able to lose 288 dollars.

I agree that LindeX needs lower fees. Bring GOM back ! I wanna currency trade all of a sudden.

Gah, see what SL being down does to me ?

True, if GOM was still around we'd be around 500L/$1 by now

Hmm, well this was a nice surprise to find while the server was down. Well, nice provided it goes right back to 280-285 next morning. I've been buying at 280+ of late, which is has been on and off again for the past couple months, so I'll grab what I can this morning and see what I can do with it.

(Its pretty high over at SLX as well, but not as high, just almost)

...

Thinking about it, perhaps it would make sense to limit how much any one person can sell per week (nothing too low though, people rely on this), and by that I mean "person" as in "one human being" and not several alts. Probably best to let people put up as much for sale as they want, but have the LindeX hold onto anything over the limit, and drop it onto the market as time passes (Tell the user about this of course).

Of course, it would be nice is Linden dropped the transaction fee some, so we could play the market a little more, otherwise one has to wait for large fluctuations like this to occur, but that's not gonna happen.

...

Another game I used to play, and MMO called EVE had an incredibly advanced economy and oodles of market data to do research on, with in game charts and everything. They too had to deal with people deliberately fluxing the market, whether by trying to run others out of business by underselling them, or buying out compeitors and reselling items at a higher price. EVE had a built in counter to this though, markets were not universal, if you were really in a fix due to this, you could pick up your stuff, and go somewhere else, and sell there (Markets were vast areas to be sure, and some people could cover more area, but none-the-less).

Not rely sure how this could be implemented into SL though.

...

I think, if we, the players really, truly want to effect teh value of the Linden, we have to look to the great market crashes and slumps in US history. The government acted in those cases by getting the banks to do certain things, though I would need to research what these were again as I have since forgotten, though in our case, there would be no government intervention. We do however, still have the equivalent of banks, and that is the large and medium sized players (financially).

Getting everyone to work together, without forcing them, might proove difficult. As I recall, the government had to force the hands of the banks to achieve its agenda in RL past.

Agreed. This is the second time already that someone sell L$ at that rate, and that doesn't count a few more times that the rate was sharply dropped by few persons selling lots of L$ at much lower rate than it should be.

This has to be controlled. Least thing we want is a few people getting free $USD in their pocket and pull down the entire SL economy....does that sound familiar to the RL scene?

I think you have a point there. If speculation was viable, there would be a reason for people to move in and buy large blocks of $L when they're cheap, putting pressure in the other direction. A few people realising that today might be a good day to get that new skin won't have quite the same effect.

Not.

People can choose to try and crash the exchange, they're doing it at a loss if the market shows them wrong. For example, the person selling the 2M L$ would lose about 300$ of perceived value if the rate bounces back to 286L/$. If not, they just helped the market reach a stabler rate.

I just check at the selling chart again, seeing lots of 900-3000L selling at increasing rate. This is surely a manipulation by certain someone or some group of people to get the rate up.

What about we trying to contact all the big seller like Ginko, SLEx, SLB, etcetc? Asking them to hold the selling at lower rate for a while and let the manipulator eating their own $USD up? Could we?

What if this is a try to manipulate the market? Like RL issues. They put some $L to the market, putting force to people to sell more at that rate, and just bought them all back, getting profit at lost of many more people? I do not think that's a fare exchange. RL govenments even has rules against it.

I suggest LL show list of all sells, telling who sell what at which rate. So we can know if it's a manipulation and who did it.

Being a real novice at using the LindeX I'm seeing quite a few people post stats like this - I've searched and searched (and am probably being dumb) but what page are these details shown on?

Thanks anybody who can point me in the right direction.

Moopf, find the line that reads "Currency Exchange Settings" on the right side of your profile page, this leads to a page where you can set the display of LindeX to Advanced instead of Basic. That gives you access to the detailed listing of L$ posted for sale

Jesrad, many thanks for that! I didn't realise there was a basic and advanced layout

All about the the lack of balance between buy requests and sell requests, if there was a balance between them noone could be brave enough to manupilate the market. Weak economy, unbalanced sell/buy requests and the result is coming. You are still making comments on the current data. 300L$/usd is a RESULT not a REASON. I am resending last 15 days data here again:
time over 250/usd market stock Exchange rate
march-08: 15:00 26676598 279
march-09: 16:29 27171853 279
march-10: 13:22 27578312 280
march-13: 14.05 27975892 280
march-14: 17:49 28286899 282
march-15: 17:28 27808106 281
march-16: 16:42 28256826 282
march-17: 15:21 28234515 281
march-19: 15:09 30064421 282
march-20: 14:41 32049378 286
march-21: 06:09 31267334 287
march-22: 08:05 30715728 285
march-23: 08:28 34995039 300
The big gap between buy requests and sell requests increasing everyday. over 8 million increasing in 15 days. This is not the total sell request in 15 days, this is the
(sell requests) minus (buy requests) in 15 days. This is just terrible and will bring worse results. This means in 15 days 8 million L$ could not be sold. yes some people couldnt sell their L$. Some people will say:"if you want to sell, just lower the value of ur L$" Yes people are doing this. And they HAVE TO. and L$ is loosing value. But will this end? if LL wont do anything,the answer is no. Because there will be always sell requests - buy requests positive. Too much L$ coming to the world and so less L$ is leaving the world.
Soon i will have to sell my over 1 million L$ to buy new sims. And i cant wait 2 million L$ to sell these L$s. Because my tier is working everyday. And free tier everyday is a LOSS for me. So i will have to sell one 1 million at 301L$/usd. Cant wait. And some people are in the same situation too. And if there will be no act by LL, this will never end. 300-350-400-500L$/usd.
You are looking for the reasons and being angry:" a guy put 2 millionm at 300L$/usd"
so what? if he/she puts at 294 it would make a similer effect. some people will put at 295 and some others at 296. This will never and BECAUSE SELL REQUESTS ARE MUCH MORE GREATER THAN BUY REQUESTS. And this gap is increasing everyday. The only solution is producing new services via L$. Or increase current services' fee.For example increase "find places" fee from 30 to 50. Or make minimum classified fee from 50 to 100. Find a way to delete money from world.
Current money deleting from world ways are:
classified ads 50L$ minimum(per 2 weeks)
find places 30L$ (per week)
texture upload 10L$ per texture
L$ auctions too few at total

Current money income to world ways are:
stipend: 500L$/week
daily traffic bonus: ALOT at total
Referral bonus and other awards: unknown.
?: unknown.

The difference between these too creating 16 million difference between sell and buy requests. My suggestion is:
Current money deleting from world ways are:
classified ads 100L$ minimum(per 2 weeks)
find places 50L$ (per week)
texture upload 15L$ per texture
L$ auctions too few at total (can stay same)
Another new service(a popular one) 10L$

Current money income to world ways are:
stipend: 500L$/week (can stay same)
daily traffic bonus: 0 (cancel daily traffic bonus)
Referral bonus and other awards: (can stay same)
?: unknown. (cancel all other money income to the world)

Cancel daily traffic bonus will hit many businesses, especially clubs. But money chair is a real problem to L$ value also. I don't know... But other than that, I do agree with you, Kazanture.

100L$ and 50L$ per week for classified ad and find place sound reasonable to me. Anyone who can do that must have lots of L$ to spend already anyway so it won't hit them much. 15L$/upload can be pain to newbie, and will sure hit the clothing/skinning business. And may result in the creator increase their selling price (even quitely and slowly). Which mean people will have to spend more to buy those clothing -- yet another sinkhole. And I'm a creator (and soon land owner) too so that will sure hit me also. But that will stabilize the L$ value.

Oh, you may be able to drop stipend after a few months for newbies also. But then, it may not a good thing to do if they drop the daily traffic bonus.

To reduce the resistant by residents, maybe they can just increase weekly stipend while drop the daily bonus at the same time? That will get rid of money chair and still allow newbie to buy somethings for free (of real money).