Lindex Market Sell question

Let's say you need $USD in a hurry and you have to sell lindens. The low for the day is 266 and the high for the day is 277. The best buy offer you can get is 277 and it gets worse from there.

My question is, how do they assign the rate for a market sell ?

My guess would be a market sell would take the first open buy order, so the 277 one. However, if you need to sell fast, you could still do a limit sell but price it one or two L$ above whatever the current best limit sell is at. In other words if you see 266 as the best limit sell out there, do yours at 267 or 268 and they'll go very fast.

-Atashi

if you need cash fast use Slexchange, they cash out to paypal within HOURS

not 10 days like Lindex.

as for your question.

to do a market sell, hit the button that says market sell....

look at Open Orders

Buy Orders Sell Orders

Rate Amount Rate Amount
281.4 60,044 281.3 28,057
281.5 119,368 281.2 28,822
282.1 65,750 281.1 662,782
282.3 85,000 281.0 7,020
282.4 2,000 280.9 84,891

Notice Buy orders rate goes UP as you move down the list and sell orders rates GO DOWN as you move down the list.

where they meet is the 'market rate' at that time. 281.35

You want to BUY at the highest rate you can to get the MOST L per dollar spent
you want to SELL at the LOWEST rate you can get to get the MOST $ per L sold

The part that confuses most people is that BUY orders are for people BUYING L that you would be SELLING to them to get that rate, and SELL ORDERS are ppl SELLING L to buyers who want to buy.....

there is alot of Inverse action here just like US Treasury bonds VS interest rates ((price goes up rates go down, prices go down rates go up)) this is what sets mortgage rates on conventional loans in the usa as mortgages are packaged and resold as MBS (Mortgage Backed Securities) on the open market





so what does this mean, BUY orders means they WILL BUY at that price that amount
so if you wanna sell 20k at 281.4 its done and done sold.

Sel orders is what ppl wanna sell it for, if you made a BUY order for 281.3 for 40k you would buy 28,057 right away and wait for someone else to sell at that rate or lower before your buy order was filled

When you make your SELL LIMIT ORDER it will be added to the list of Sell Orders
Looking at this data if you wanted to sell right now then take 281.4 if you can 'wait' 24 hours set your sell limit to 282.4 and you will get a few extra dollars and it will be filled withing 24 hours most of the time.

Is a few hours worth a few dollars? if you are using LindeX i would say yes cuz when you process credit to cash out it will take 10 days anyway might as well make a extra buck, on SLexchange you could sell at the open buy rate and cash out and get the cash in your paypal in a few hours

hope this helps

Thanks for your time. Actually I was only curious. What I usually do is do a limit sell order for around 266 or maybe 265. The 266 one usually sells within a few hours.

I've totally given up on LL to Paypal. I just leave my cash in LL now. It does annoy me that I get no interest for leaving my cash but at least it's uber-convenient for biz. I'll do slex if I need to cash out super fast.

How come Slex takes only a few hours and can do it so much faster than Linden Labs?? Just a curious question.

Fraud checking is the reason LL takes so long. Slex doesn't print L$ so doesn't have to worry about it but LL is fighting a huge CC fraud problem currenty and is checking everything. Have you noticed the complaints about disabled accounts because they bought L$ on eBay from CC thieves?

Steve,

Rather that just let your USD sit in your SL account not drawing interest go buy some L$ at 277 to sell at 266. The profit is .47% and you can turn that at least once a week.

Thanks !