Lots of selling on GOM

Somebody just dropped over L$2M for sale on GOM at $3.93. Doesn't look like a panic, cause there's buyers for some large lots just a few US$ down, but I've never seen so many 100K blocks in a row so far under $4.

Yeah, pretty intense.

I haven't been around SL or GOM long enough to have a good feeling about the currency market, but it has got my attention. I have a feeling that there are quite a few people trying to play the market, in which case their buying has propped up the $L a bit.

The next 30 days of the $L currency market could be very entertaining.

I've been warning of exactly this for a time now... and you all called me chicken little.

Guess I'll eat my porrige now. Yummy.

Whoever it is is holding out for $4 on blocks of L$100K. If they were worried they'd sell off to the buyers. So whoever is selling $2M has faith that the market can absorb it or they would have dumped on the buyers that are there. So I don't see any panic, just bit of a glut.

Crazy GOM feature suggestion -

BUY L$

err no that's not it...

Say I deposit 50k into the GOM WOO go me! and I want to post it for sale...

I could sit there and post it as one chunk of 50 and it might sell in a day or two, or I could spend a while breaking it down to 5k blocks and move it faster...

Let's say I deposit 2 million (I sooo wish)

Im not going to break it down any further than this lucky bazillionaire did and it's gonna sit on the market, and GOM noobs are gonna post lower and lower (even tho there are nice blank spots higher up for 5, 10, 15 and 25)

ok... enough hypothetical.. the suggestion (which I will post to the GOM forums probably, unless I pass out drunk first)

placing an order for Selling as it is now-
action - sell dropdown
blocks - # input
commodity - Obsolete dropdown
price per block - # input
email notify - (spam / nospam) checkbox

OK now a really cool feature idea (ok I lied I didn't get to it before when I said I would)
action - sell dropdown
blocks - # input
CONCRURRENT ORDERS - How many more orders do you want to place identical to this one
price per block - # input
email notify - (spam / nospam) checkbox

-----
the point
- It would take this 2million and break it down to... umm math math math (hurty) a quick click through of 400 5k block orders... or 200 10k orders...

Anyway, yeah I typed a lot... but it would be neat, and large sum posters would be less likely to put the brakes on the GOM market....

yes yes yes Im replying to my post...

http://forums.gamingopenmarket.com/viewtopic.php?t=22

Apparently it's in feature suggestions on GOM, and has been there for quite sometime!

Anyway, yeah... this feature would totally rock

Oh btw, as I was posting someone dropped 3 lower 10k blocks for 3.92 even though there were no 10k blocks at 3.94... silly

can't wait for someone to drop another chunk of 10k blocks at 3.91!! hooray for higher brain function!

Is Anshe cashing out?

or IGE =P

Naw. She sells L$ on her own site anyway, and buys land for L$ on the auction. I suspect I know who it is, but naming names here isn't really proper.

Way to go, Chicken Little. I remember you telling us that GOM was crashing, and I just didn't believe you. But here's the proof! The L$ is worth nearly nothing! Well... ok, not nothing. Just not much. Alright, alright. You got me, the L$ is selling for a little less than 10% of its historical peak value. But still! The L$ is obviously "bleeding to death" as you put it.

The problem is that your warnings are indefinite. You see a short-term dip and you call it a market catastrophe. You claim that the L$ is hemmoraging, but you don't give any estimates about the rate of decline or even a rough timescale.

Besides, I don't have a problem with people prognosticating about the market. You have your fun (ghoulishly observing the market while licking your chops in anticipation) and I have my fun (chasing cattle off cliffs and feasting upon their broken carcasses). Different strokes for different folks, eh? My main complaint is always that you post your financial stuff in the wrong section. Economy stuff belongs in the Land and Economy forum, not General. Look at this post. It was placed in the proper spot.

Ooo, a game of outing the cashing outer without using names. Sounds like fun.

I would have thought that the addition of new members would have meant there would be more demand for buying $L. It might still be too early for that to have happened though.

But would not a transfer of this much be reflected on the Leader board?

I believe those were his reasons for assuming that it wasn't Anshe. He is arguing that she wouldn't be selling on GOM because she sells via her website. He then goes on to say that he suspects he knows who it is, but that he isn't going to say. I don't believe he's suggesting that the mystery seller is Anshe.

Someone is sure to understand this message:


Thank you!

If you mean the 2 million L$ worth of sell orders referred to in the starting post of this thread, it might reflect by the disappearance or position change of a name on the leaderboard, or perhaps a discernable rise on GOM's weekly change net worth figure.

Keep in mind however, that if the 2 million did come from one person -- which may or may not be an extravagant assumption -- the money could have been spread through several alt accounts and in the holder's GOM account. A person could easily hold several million L$ and never make the leaderboard.

It's also possible that a person could accumulate the 2 million from GOM purchases, never withdraw the money into an SL inworld account, and at a later date put the money up for sale on GOM. In that case, no changes would reflect on the leaderboard, since the money has -- at least in regard to inworld accounting -- done nothing except remain in GOM's Zeppi Schlegel account.

To my mind, the only marginally interesting metrics from the leaderboard are the IGE and GOM figures. Tracking financial doings or net worth of individuals from the boards is about as reliable as astrology, with far less entertainment value.

Now my question would be not only who is cashing in 2 mil, but why?
Now you say Anshe sells on her own site, but what if she is cashing out? it would be easier and faster for her to not wait for people to buy it from her, and just drop it into GOM. That is of course if it is Anshe.

I will tell you though that if I had the cash to cash out 2 mil, I would probably have much more money than that stashed away. For instance, I have a growing account of 3-4Mil. so I cash out 2 mil to put in my savings account for a rainy day, while still keeping another 1-2 MIL in my SL account.

Another scenario. Anshe Chung recently posted in the forum a few days ago that she is expanding her island sims to 14 sims. With this statement, I Highly doubt she is cashing out for good, but may need that quick cash for her expansion. That would be the smart thing to do. But we all just sit around here like bums in a store window wondering who the person is throwing their cash around.

Whoever it is, I'm sure they have a good reason for it, but I personaly would have used IGE to drop the cash. Anyways, if whoever did drop the cash is reading this thread, why don't you take a moment to identify yourself, and take props for your fortune?

I am.

What you talking about, Willis? Its trading WELL off its "historical" peak. Back in the day, (Summer 2004) it reached around $5.60 per L$1,000.

Thats WAY below 10% babe.

But its all good. Gonna keep dropping, most likely, IMHO.

I don't think its Anshe, but it could be. I think it is (mostly) one person because it all appeared at once.

In order for $L to be for sale on GOM, they have to be in Zeppi Schlegel's name. You can't necessarily tell from the leaderboard, though, because they may have had the $L2M in their GOM account (already in Zeppi Schlegel's name) for a long time.

Alts frequently appear on the leaderboard also, and the large dealers (IGE, Anshe, Zeppi) fluctuate a lot.

Buster

If you know me, then you know I am one practical and pragmatic girl. I use all markets when it makes sense. But I have one highly optimized cash flow, selling off in small quantities and on regular basis. I put effort into this in order to not waste any pennies so that I can keep land prices low and consistent.

I won't cash out and leave, because I am deeply involved with Second Life project. I want it grow and succeed. Since I joined Second Life I met many people who have nowhere to go in their real lifes. Some are sick and disabled, forced into their hospital beds. Others have less dramatic but nontheless real limitations in their normal lifes. When it is night time in the Central Park, when the virtual moon is illuminating the landscape and I see one young couple in love I have one feeling of sense and acomplishment for hard work. Because feelings of love and happiness are something real and I wish everybody in every hospital or lonely bedroom on this planet should be able to share it. Regaining youth and beauty, reliving childhoods - never forget those for whom Second Life is equal to Second Chance.

The L$ at GOM today might be from another nice person who put much effort into land trading but decided to retire or take one break.

Ummmm....

OK.... I guess it wasn't you who dropped 2 mil anshe, but whats with the romance novel? If I was a noob, I would think you were a saint or something.

-End of Transmision-

Blasphemy! Don't sacrilege The Anshe.

I liked the "romance novel." Everybody has a poetic side to them.

coco

Oh yeah. She's plummeting real good now. Bleeding all over the ground, as you put it. Day-um, dog. Look at that rate plummet.

Hmmm.... This comment gave me a nasty tangent thought. I was thinking Zeppi Schlegel could one day just decide to sell large sums of $L sitting in his account slowly until there were no longer enough $L in the account to fill orders. He then would be able to just disappear with all traders being out of luck. I looked around the GOM site though, and my fears are eased quite a bit. I see that GOM is a federally registered corporation in Canada. At least I know the corporation has to worry about law suits now, not that they may not be honest people to begin with. For all I know, the corporation could be run by saints. I guess I should of looked into this before I even started trading. I'm happy to see that GOM is somewhat secure at the same time that it is highly liquid. It is awesome that the trading happens in a similar way to how a real world exchange works. I wish more games would let GOM add their currency on the market, so I could make out my own orders for other games I play as well. Does anyone know of any sites that use a system like GOM for other online games?