Large Scale Currency Transfers
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Hildolfur McMillan
Registered User
Join date: 5 Apr 2007
Posts: 19
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05-14-2007 05:45
Hello residents! I've got a question on currency exchange. First, I read this article: http://randolfe.typepad.com/randolfe/2007/01/secondlife_revo.htmlFrom: someone So it is not surprising that our attempts to trade our L$ for $ USD were met with confiscatory market reflectivity. Or, put simply, every time we attempted to transact more than a couple hundred dollars, the SLL/USD rate would spike to levels approaching or even greater than 500. Example: mid July 2006 SLL/USD was 293.0/279.2 bid/ask on the primary open exchange. Our attempts to trade L$650,000 resulted in settlement bids of 350-450. Interestingly, these trades tended to net returns of right around 4%, which was the prevailing dollar deposit rate. This leads me to the conclusion, that there might be many people, propably from the real estate business, that own large amounts of Lindens without the possibility to change it back, as the currency breaks on large scale exchanges. Obviously even amounts as low as 2600 US$ at the usual exchange rate can't be transfered into these US$, you only get around 1600 US$ in the end... So now I am planning to change large amounts of US$ into Lindens, to do In-Game Micropayments for SL residents. I'm planning to start beta tests with 1000 €, if business goes well it might go up to 100 000 € and even more. My question is now if and how I can make a profit on currency exchange, since I am buying Lindens at a large scale, something that most people shouldn't be interested in. Are there any Real Life Banks that provide information on how to best do such currency exchanges? Best regards Gregor |
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CCTV Giant
Registered User
Join date: 2 Nov 2006
Posts: 469
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Large Scale Currency Transfers
05-14-2007 09:53
Gregor
IM me in world - I got some ideas for you and also buy Lindens.
CCTV Giant
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poopmaster Oh
The Best Person On Earth
Join date: 9 Mar 2007
Posts: 917
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05-14-2007 14:11
that article is total bs
there is no problem moving 'large' amounts off game and into cash.
well at least for me, i've pushed over 600k out of game at average rate of 291:1
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InSL u find every kind of no-life retard you could possibly imagine as well as a few even Tim Burton couldnt imagine u find 12yr-olds claiming to be 40 men claiming 2 be women, women claiming 2 make sense and every1 claiming 2 have ideas that are actually worth a damn if only someone would just listen to their unique innovative and exceptionally important idea
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Elanthius Flagstaff
Registered User
Join date: 30 Apr 2006
Posts: 1,534
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05-14-2007 14:22
There's something like USD87,000 being sold at 266 and 265. Your measly 2600 isn't going to even dent that. If you stuck L$700k of lindens at 266 right now it would all be sold in under 24 hours.
You'd need to lift the offer for over USD134,000 to move it one point. Admittedly there's not a lot of depth behind that but still, that's a pretty hefty chunk of change.
That article was always nonsense (who'd be stupid enough to hit the market with those sums? Use the limit bid/offer and wait it out) but it's especially ludicrous now when the market is a lot bigger.
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Hildolfur McMillan
Registered User
Join date: 5 Apr 2007
Posts: 19
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05-14-2007 14:51
Ok, thanks to you both to make that clear. It's still linked in wikipedia btw. I must admit I was quite a bit scared of the market situation if that had been true...  So no benefit from currency exchange for me, but a stable economy is more attractive to me anyway. So I don't have to fear that putting 100K € into the game within a few days will have a significant impact on the economy, is that correct? To clarify: I don't have these 100K yet, it's a Startup thing checking possibilities... |
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Ravanne Sullivan
Pole Dancer Extraordinair
Join date: 10 Dec 2005
Posts: 674
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05-14-2007 16:07
The author of that article is an idiot. Limit sell, not market sell if you want to get the best rate. And the inworld banks have nothing to do with LL. If you want to do an article about something it would be a good idea if you actually knew something about what you were writing about.
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Elanthius Flagstaff
Registered User
Join date: 30 Apr 2006
Posts: 1,534
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05-14-2007 21:35
From: Hildolfur McMillan Ok, thanks to you both to make that clear. It's still linked in wikipedia btw. I must admit I was quite a bit scared of the market situation if that had been true... So no benefit from currency exchange for me, but a stable economy is more attractive to me anyway. So I don't have to fear that putting 100K € into the game within a few days will have a significant impact on the economy, is that correct? To clarify: I don't have these 100K yet, it's a Startup thing checking possibilities... I think you can see from my examples that 100k euros would be on the large side for the lindex. But if you were smart you could probably get it all in the game within a week without moving the market. |
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Shirley Marquez
Ethical SLut
Join date: 28 Oct 2005
Posts: 788
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05-14-2007 23:02
The economy of Second Life is considerably larger than it was last July. So it should be able to absorb larger money transfers than it could back then.
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Gaud Hoorenbeek
Registered User
Join date: 1 May 2007
Posts: 29
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05-15-2007 10:17
I am a little tea pot.
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