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

It actually ISN'T such a bad idea to identify the people entering limit orders (which, sadly, is currently the only way to sell). I think that if you're going to essentially quote the value of the L$, you should be known. I'm currently debating whether to slide this feature into the next generation of my stock trading platform. So far I think it's a good idea, and the feedback I've received has been positive.

Not everyone is that lucky :: /139/ae/95193/1.html

Ah. Point made. But the Lindens still make more USD than they give out in Linden Conversions, although not by much. My apologies though, as I did forget about this fact.

I'd say it would make more sense to limit yer ability to 'manipulate' things... if you want YOUR MONEY to sell *NOW* you can set it *one $L* over the current price... honestly.. supporting any 'greater' undervaluation on a single sale, than that one $L, is prety much just asking for people to make mistakes (like the whole 2700 fiasco) or attempt to manipulate the market by tricking OTHER people into selling low, (like the guy who keeps seeding L$300 every other day, and found a *BIG* 'winner' last night when someone without looking posted 2+ mil right after he did it.

Because thats what happened.. same person who has done it for about 2 months, every other day, got 'lucky' and immediately following his little 5k spit at 300, someone SLAMMED 2 mil ontop of it, probably without even looking, just pickin the default price, and going from there

(as an alternative, it could be set to default to the 'better for the seller' of 'average' and 'current best'.. aka if the daily average was 270 but someone put a blip at 300 *RIGHT* before someone else clicked in, it might suggest 270 as the current suggested sell price... if the 'average' was at 290 but it had been bought down to 275, it would suggest 275)

I mean honestly what happened is some joker 'lost' about 6 cents by sellin his $L a little higher, and he lost *EVERYONE ELSE* who sold last night, about a total of $450... that shouldn't be acceptable, should it?

It would make more sense to just do what works, and simply implement a realistic 2 sided market model. This is more of a classified ad than a market. If there were buy orders we wouldn't see any of this junk.

Why should LL re-invent the wheel, and at the same time rig the market, when they can just do what works?

And i suppose if I paid a musician for a concert they would have to buy that concert from someone else in order for me to have paid for the concert? ROFL! Regardless of the impact on the game economy Jonas and every other premium member PAID for their stipends. They gave someone cash in exchange for goods and services recieved. They paid for it. geez Are you RBD's alt?

Wrong. I pay LL, they give me a stipend. Thats called a transaction, and the source of the stipend's funds do not matter in its terms. It boils down to this:

I pay premium fees.

Linden Labs pays me a weekly stipend in L$.

Bought and paid for.

i don't think creating an unstable permanently falling economy works, unless yer of course 'short selling' the $L for fun and profit, or running some kind of interest based scam

Yes, I'm making money off it, I'm planning to get a land soon and I need USD money reserve. But I won't try to manipulate the market and getting profit out of unstable exchange rate. I always sell my L$ below the highest price and wait till it goes down to that rate.

But yes, I second using Today's Average as default price. That will eliminate many errors from unknowledge sellers.

We need a Futures Market on Linden Dollars.

I'll Buy Dec05 100,000 Puts @ L$300

Those problems are fundamental and have nothing to do with the currency exchange. I thought you were discussing the exchange market model itself. The economic issues are a whole other ball of wax, which I'm pleased to learn that LL is finally taking a close and professional look at with a real economist.

how soon do you want them? and can i sell you a bridge to go with your expired options? *big grin*

I've been suggesting this several times already. We can sell at a given rate, why can't we buy at a given rate too ? With enough Buy orders at rate+1, manipulation like the one we saw yesterday would be much harder, as pending Buys would damp the rise of the rate immediately.

Kool the rate is back to 300 , with an amount of 38 000L!

(and even nothing between 299 and 291)

Here we go again, who the hell is the one selling at 300? either a complete idiot, or someone with a master evil plan. Dr. Evil?

Only if the bridge is over a lake in the Sahara.. Otherwise, no deal.

I agree Jesrad.. But these are complex economic terms for the
Linden Labs Mgmt team to understand. Anything beyond a basic
Buy/Sell is beyond the scope of Linden Comprehension...

Oh course, if you start a 3rd party firm to meet this demand, it'll
only take a short time before Linden Labs decides to GOM You in the Back.


Virtual World Financial Pipeline Shutting Down
written by Tony Walsh | posted on September 27, 2005 @ 11:03 pm
tagged Business Internet Networks Mixed Reality Second Life Virtual Reality
http://www.secretlair.com/index.php?/clickableculture/entry/virtual_world_financial_pipeline_shutting_down/


The Gaming Open Market (GOM), which traded the virtual-world finances of Second Life for real-world currency, will be closing Sunday, October 2. The shutdown of the trusted currency exchange comes on the heels of its president's resignation, and after the makers of Second Life announced their intention to implement their own integrated currency exchange into the virtual world (thus getting the home field advantage over competing traders).

The absence of the GOM could have a major impact on Second Life's economy and its resident entrepreneurs, some of whom are able to make a decent salary from cashing out play-money accumulated from virtual-world transactions. Linden Lab hasn't yet launched their integrated currency exchange, leaving residents to deal with IGE, a large and clumsy virtual-world financial pipeline catering to numerous online games.

I take the 5th...

The only rational explanation I can find is that the person is expecting a panic sell to bring the rate even lower, for later profit when the rate stabilizes back.

Welcome to SL.

How about, "Damn it! Every time I place my currency for sale at L$1 below the current rate, some joker comes in and undercuts me and my order never sells. Well, I'm getting sick of it! I'm placing it at L$10 below the current rate so I can just get rid of it."

Case in point: About a month ago, there were roughly L$6M available at L$261/US$, which were typically undercut by a few million placed L$1 to $L3 below it. A couple of weeks ago, the L$6M order had dropped down to L$278, again with a couple of million quickly piling up just below it. Now, that L$278 order has begun evaporating, and I'd bet dollars to donuts it's partly due to sellers getting suck of their stuff not selling.

And that is just how Markets should work. Just like the current
Real Estate Slowdown. People put their home on the market for
US$700,000 and it doesn't move, but similar homes are still selling
for US$650,000. Which means the person asking US$700,000 can either
wait until the market to correct or lower the price to complete the Sale.

The same logic applies to the Linden Dollar. 'Cept some people around
here seem to think they have a "right" to a higher price and that market
dynamics don't apply to them for some reason.

Oh my, what one thread!

Of course the idea to drive down some L$ market that trades 6+ mio daily is complete nonsense. Every L$ you sell you must first remove from the market before you can put it back into market. And the one who loose money of course is yourself

The simple and much less spectacular truth is: 1) there is some businesses that must convert 7 digits L$ on daily basis to funds auctions, tier and salaries and 2) if you put 2 mio L$ on LindeX these days, if not put it slightly below market it will not sell, but instead after maybe 10% sells, the market will drop below.

In this particular case you saw L$ convert into US$ to mostly funds Dreamland tier charges during remainder of this month.

Hehe, hey Anshe, is there a group we can join to get announcements when your going to sell at this rate, or is this a monthly affair we should all come to expect?