I have two questions. I will try to provide adequate explanation of the information I am looking for. This may be posted some place in a blog or previously distributed, but, I don't see explanation on the Lindex pages, and I don't think it's necessary for me to spend weeks searching through forums and blogs for answers that should be in a FAQ or explicitely posted.
Can you explain to me why the Lindex market data shows the best selling price of L$ to be higher than the best buying price of L$? If I'm selling L$, I want to sell as few L$ as possible to receive a dollar. If I am buying L$, I want to buy as many as possible for a single US$ But what's posted looks backward.
Daily Summary
Last Close Date 2006-08-17
Best buying rate: L$295 / US$1.00
Best selling rate: L$310 / US$1.00
Last trade: L$295 / US$1.00
Last close: L$297 / US$1.00
Change: -L$2 / US$1.00
Today's volume: L$12,312,217
Today's open: L$298 / US$1.00
Today's high: L$310 / US$1.00
Today's low: L$295 / US$1.00
Today's average: L$298.5723 / US$1.00
These figures look like the best rate that Linden Labs buys L$, not what us consumers buy them for. Ditto with sales.
Using that same snapshot of the Lindex, I attempted a "market" "buy" and a "sell" of 30,000 Lindens. It would appear that I was, in fact, buying lindens at L$295/US$1, and selling for L$309/US$1, as the cost of L$30,000 was 101.85, while the proceeds from L$30,000 was only 93.69. I understand the US$0.30 fee for buying, and the 3.5% fee for selling, but I don't understand why there is a "buy" at one rate, and a "sell" at a different rate? Can someone please explain that to me? I realize there are the transaction fees, but this looks like someone is pocketing the difference in what we buy and sell for. Using 3.5% selling fee, and flat US$0.30 buying fee, this was, in fact, buying $L295/US$1 and selling L$308/$US1. In a real market, the price is the same for buying and selling. I'm not real market savvy, nor am I an accountant or financial genious, but, I'd really like an explanation as to why the "market" rates are so much different.
After going through all this, I discovered an option to change my Lindex display from "Basic" to "Advanced" and found a "market sell" option, which used to be the standard, but seems to now be partially hidden. So that answered my third question.
Thank you for your time and attention.