Recently I was sent an email by a seller of lindens offering me 10k lindens for only $27. This person has been undercutting other sellers like this for a few months now on a site I used to use to sell my lindens to others.
Im all for fairness in price but you can sell them through Second Life itself for $34 currently. Why would anyone be this stupid? This kind of thing will ruin our economy.
Im sure some of you are thinking you like those prices but guess what? Prices on your favorite items will start to go way up to compensate because land tier fees are still the same rates despite less valued lindens.
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$27 for 10k Lindens? Is our SL market in trouble? |
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Cathereine Night
Registered User
Join date: 7 Apr 2005
Posts: 36
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04-04-2007 04:03
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Ricky Yates
(searching...)
Join date: 28 Jan 2007
Posts: 809
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04-04-2007 04:25
Why would anyone be this stupid? This kind of thing will ruin our economy. It could be that someone has a big load of L$ and cannot go through the official channels for some reason. I wouldn't know what this reason could be, but, keeping in mind the old saying that if something sounds too good to be true, it probably is, I'd rather stay away from the offer. |
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Moire Georgette
ma english too bad
Join date: 19 Nov 2006
Posts: 66
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04-04-2007 04:27
It smells like a scam for me :|.
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Conifer Dada
Hiya m'dooks!
Join date: 6 Oct 2006
Posts: 3,716
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04-04-2007 07:52
I agree - how do you know you won't end up paying 27$ for 10K nothings?
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Meni Kaiousei
knowledgebase junkie
Join date: 6 Nov 2006
Posts: 162
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04-04-2007 08:37
In january Zee Linden wrote a blog article about this:
http://blog.secondlife.com/2007/01/17/if-it-sounds-too-good-to-be-true…/ Have you ever gotten an email from someone in a small nation on another continent asking for help in transferring a large amount of money to the US for which you’ll be richly rewarded? What do you do? The answer is simple - you ignore it. The same thing is true in the virtual world. Getting caught out by a scam, or duped by another resident is upsetting enough, but you should also understand that if you don’t ignore them and become involved we may close your account temporarily while we investigate. To avoid fraud, there are two situations that all residents and groups should be wary of: 1. Buying Linden Dollars from an unknown seller 2. Accepting large Linden Dollar gifts from an unknown donor (hundreds of thousands of L$) Both of these situations are happening more and more as we recently implemented the Risk API. The Risk API uses a complicated algorithm to identify accounts with suspicious activity and prevent them from trading Lindens or cashing out. Use of the Risk API helps us and other exchanges identify fraud before it happens. Because of the Risk API, fraudsters are having a much more difficult time cashing out. Instead, they have turned to a new form of social griefing. They join a group & then make large Linden Dollar gifts. If you accept the gift it’s going to look like fraudulent activity and we may temporarily close your account while we investigate. If a resident wants to donate to your group, please ask them to do it in US dollars rather than Linden Dollars. That may be the only way to avoid being defrauded. |
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Elex Dusk
Bunneh
Join date: 19 Oct 2004
Posts: 800
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04-04-2007 08:43
Recently I was sent an email by a seller of lindens offering me 10k lindens for only $27. This person has been undercutting other sellers like this for a few months now on a site I used to use to sell my lindens to others. The LindeX imposes limits to the amount of Linden dollars a residents can sell within a given period: https://secure-web4.secondlife.com/currency/describe-limits.php One possibility is the seller in your scenario has hit their limit (and possibly hit their limit on the third-party site you used to use) and is looking for other ways to sell currency. Im all for fairness in price but you can sell them through Second Life itself for $34 currently. Why would anyone be this stupid? This kind of thing will ruin our economy. Oh noes! Someone is unloading L$10K for US$27. It's unlikely _this_ would hurt the Second Life economy as new L$ are freshly minted and injected into the economy all the time by Supply Linden. L$383,316,396 during February and March, equivalent to US$1,435,641. These are "unearned" Linden dollars, meaning not injected via stipends, refereral bonuses, etc. Im sure some of you are thinking you like those prices but guess what? Prices on your favorite items will start to go way up to compensate because land tier fees are still the same rates despite less valued lindens. I'm thinking you've read wayyyyy too much into a single trade on a third-party currency exchange. You should be more worried that the volume of newly minted "unearned" L$ being injected into the SL economy is 38,331-times worse than your example and keeps the L$-to-US$ artificially "stable." My only advice is as you're looking about for the Spectre of Hyper-Inflation you might want to keep your eye on the guy running the printing press. |
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Something Something
Something Estates
Join date: 26 Sep 2006
Posts: 121
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04-04-2007 08:53
There is a risk when you buy Linden dollars anywhere other than LindeX.
As per the Risk API, if you buy Linden dollars from someone and it turns out the Linden dollars they are selling were obtained by fraud (a stolen credit card, for instance), then Linden Lab can take those Linden dollars away from you, the buyer, even if you had nothing to do with the fraud. LL have also specifically warned about this in their blog and in their latest newsletter. L$ 10k for US$ 27 works out to L$ 370 / US$, which is too good to be true. There are some reputable third-party sellers of Linden dollars, but in most cases the exchange rate they offer is worse than LindeX, often considerably worse. One third-party site where you can currently get Linden dollars cheaper than on LindeX is SL Exchange's currency exchange, but it's only a couple percent cheaper. Note, SL Exchange's currency exchange is a market like LindeX, matching buyers and sellers, so exchange rates will vary over time. The slight price disparity with LindeX has persisted for some time, but LindeX trading limits probably prevent most people who don't have LindeX currency trader tier limits from taking advantage of the arbitrage opportunity in any sustained or meaningful way. |
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Brenda Connolly
Un United Avatar
Join date: 10 Jan 2007
Posts: 25,000
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04-04-2007 09:00
I buy my Lindens in 10K blocks, replenishing when I get to around 1500. I buy from Lindex, $37.90 I think is the going rate right now. I've shopped around a bit, but haven't found a better deal worth going after.
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poopmaster Oh
The Best Person On Earth
Join date: 9 Mar 2007
Posts: 917
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04-04-2007 14:42
Just yesterday on EBAY (i missed out on it didnt get home in time to bid) i saw 6k go for 13.56 thats 442:1
There are tons of ppl on ebay selling L$ at favorable rates |
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Cathereine Night
Registered User
Join date: 7 Apr 2005
Posts: 36
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04-04-2007 17:32
poopmaster Oh - As someone on another forum pointed out to me they could be thiefs as well. No telling.
This has been going on a while and the values are going down, and we gotta pay the same tier amounts so.. well im just worried. Im no financial expert. |
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Tegg Bode
FrootLoop Roo Overlord
Join date: 12 Jan 2007
Posts: 5,707
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04-05-2007 02:52
Hi,
I'm Vice President of the Nicoagrowan Sim and I need your help.....................  |
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Kitty Barnett
Registered User
Join date: 10 May 2006
Posts: 5,586
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04-05-2007 04:52
Im sure some of you are thinking you like those prices but guess what? Prices on your favorite items will start to go way up to compensate because land tier fees are still the same rates despite less valued lindens. I buy my Lindens in 10K blocks, replenishing when I get to around 1500. I buy from Lindex, $37.90 I think is the going rate right now. I've shopped around a bit, but haven't found a better deal worth going after. It might not personally be worth it to you, but making a limit buy on the LindeX should get you 276/1 and generally fills in 1-30 minutes . |
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Prospero Greene
Registered User
Join date: 20 Dec 2006
Posts: 7
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With LindenX down where do you buy?
04-07-2007 09:46
I need to complete a land deal like NOW. Need to buy Lindens. But Linden Exchange appears broken. Where else can I buy (not Ebay).
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Something Something
Something Estates
Join date: 26 Sep 2006
Posts: 121
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04-07-2007 09:55
I need to complete a land deal like NOW. Need to buy Lindens. But Linden Exchange appears broken. Where else can I buy (not Ebay). SL Exchange currency exchange (SLExchange.com) is a reputable third-party exchange. |
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Prospero Greene
Registered User
Join date: 20 Dec 2006
Posts: 7
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SLExchange worked great!
04-07-2007 16:02
Thanks for the suggestion of SLExchange. Had my Lindens in hand instantly and was able to buy the property.
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