Look out below, IGE Amabassador just sent everything to GOM

Good point, there is no way I would allow them to sign up. Can always be circumvented with a new av tho, so maybe a there is little point.

I understand your frustrations, many of us feel that way. But LL didn't let all the L$ get into the hands of the few, the residents did.

Ironically I seem to recall somebody from GOM saying they were banned from IGE. But that may have just been a rumour.

Well I apologise to the Lindens if the heat flies around in haste. But I-am-not-happy.

Some people say the Linden dollar should be stabilised. I say we hang the Linden dollar from the nearest tree.

But if the 'Linden dollar' is to be stabilised it can't come too fast for me cause my confidence is badly, badly shaken.

Well I am not taking blame completely away from LL lol. They need to annouce solid plans about their intentions before there is even a chance of general confidence in the L$, let alone stabilisation. You're expressing what many feel I would guess, myself being one of them.

Neither of IGE's avatars are registered at GOM.

OoOOoOOh. The plot thickens.

Thnx for that info Ricky There is of course no way of knowing if IGE's L$ are being sold via another av tho.

Pen, it means:

OMG SOMETHMG BAD IS HAPPENIN 2 MY WURLD OMG OMG I AM GLAD I SELLED ALL MY LINDUNS ALREADY INSTEAD OF WAITING TIL IT WAS UP 2 $3.75 AGAIN OMG OMG NOW U CAN BY L$1000 4 LESS THAN L$3.30 OMG OMG!!!!!!!!!!11!!!ONE!

Disclaimer: not an economist, nor do I play one on TV.

What this means, assuming the facts presented are true (and I have nothing to say they ain't)

1. IGE put a bunch (maybe 2/3) of their L$ for sale on GOM
   
2. IGE would appear to be trying to get out of the L$ market
   
3. The equilibrium price should not change as a result of this alone
   
4. IGE effectively set the "value" of L$ at around US$3.30/L$1000 until this huge dump is purchased.
   
5. If people had occasion to want to deny IGE US$, they could pay a few cents more per block.
   
6. IGE may have spread their dump across the price range to avert this "denial"
   
7. IGE may believe that the L$ will not be going higher in the forseeable future
   
8. IGE demonstrated that they are a "market maker" in that they had sufficient holdings to set the exchange rate for a long time
   
9. The US SEC has rules about market manipulation by market makers to avert this, such rules don't apply here
   

Well, IGE also apprently is still buying L$. Haven't confirmed this, but if it's the case, then either IGE has gone institutionally mad, something more to this than meets the eye.

well, I just put in a buy order at 11 cents. So if IGE really feels like selling..

Frankly, I am impressed with the strength of the $L in this situation.

Over $20,000 USD worth of $L where converted yesterday, and the market didn't implode. While there are still many sell orders, at what many of us consider a low price, I believe the market will absorb these.

Prior to this dump, the market was on it's way back up. I think that once these $L are absorbed, the market will once again, start it's upward trend. The redistribution of these $L was inevitable, I had thought the market would look alot worse than it does.

To me it never made much sense that IGE was holding such a massive amount of $L. The only two reasons I can think of for a currency broker to hold such a large inventory would be:
1) Speculation that the value will dramatically increase over time.
2) Manipulation of the currency market.

Assuming that this is indeed IGE selling off, I am baffled if they are still buying. I would also guess that IGE aren't getting completely out of the $L business, just liquidating some of their holdings.

My advice to y'all during these troubling times:

Hehe.
Not me, my advice to those with fortitude, watch for the bottom, then buy! buy! buy!

This would be my thought as well. Heck, even *I* may try and get my hubby to let me buy some if the price drops low enough. (of course he won't though.. he would make me use my NY money.. which I can't do )

And thanks again for the clarifications everyone! I guess for me, panic is just not the thing to do. Of course, I've watched "It's A Wonderful Life" at least once a year since I was a little girl. So I guess that got kinda drilled into my mind.

Conspiracy Theory #1:

(Please note -- the following is the rambling of someone who doesn't know anything about anything)

Somebody hacked IGE Ambassador's account and transferred the L$ to their own account and placed on GOM late last night in large size chunks. Alternatively, a disgruntled employee/ex-employee of IGE who had access could accomplish the same thing.

IGE has realized what happened and contact LL shortly when LL comes in to work.

LL will contact GOM to freeze account(s). GOM will be down for a while today.

Large chunks removed from GOM, L$ returned to IGE.

Price flies to $3.50 or so.


Ok - done rambling -- off to smoke some more crack.

Yeah, but then why not just kill the whole market. Why put in sell orders?

As one who can only do L$ business with IGE because they can help me circumvent PayPal, this troubles me. On the other hand, IGE may have done what they did just to stay in business; if so, I can breathe easier, but the economy is getting rather volatile isn't it?

and that is the perfect answer. Rule #1 in a volitile market, or even for the day trader, unless you are perfectly sure where the prices are the next day, clear all your positions before you take your cookies and milk and go home.

Exactly.

I'm waiting for 4.28 like it was when I bought mine

Looks like the 12 million is now gone from GOM.

and the Linden has jumped 10 cents since last night.

Really?

Last trade: $3.17