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XStreetSL L$ Exchange Closing Dec. 15

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Nelson Linden

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As we continue our transition to the new SL Marketplace, we will be closing the L$ exchange on XStreetSL and moving all L$ sales and trading to the LindeX, the main L$ exchange.

The L$ exchange at XStreetSL will close on Wednesday, December 15th. All other account management and transaction history services will remain  available on the XStreetSL site through at least the first quarter of 2011.

When trading is halted on the XStreetSL exchange, any unfilled orders will be canceled, and all balances being reserved (both L$ and US$) will be  returned to Second Life accounts within 24 hours. You can view both your L$ and US$ account balances by logging in to the LindeX.

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If you're going to do this, I'm going to miss the instant cashouts. Please add a LindeX option that allows those of us who exchange far over US$5,000 per month, to trade quicker than a week. Not being able to pay my bills or rent because of a 7 day transaction delay is a nightmare. Plus, the 5k limitation is a huge restriction on us heavy business users.

Before you cut our golden ticket, please double check LindeX's quality of exchange, because as of now it's horrible.

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Agreed we need LindenX to be Instant or at least next day at the very latest, Many of us have this as a RL income and have a schedule that has been set based on the abilty to cash out instantly. PLEASE resolve this issue that is sure to be one for many of users all over sl.

 

Thanks

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I wish I had the problem of needing to cash out more than 5000 USD per month.. but even at my meager level of cashing out, I too wish that LL's Lindex would offer the speedy (minutes) cashing out that XStreet's exchange offered. It's really a pain to wonder "when" I'll get my money.. especially since Paypal piles on an extra 4 days for cashing out from them to the bank.

 

If XStreet could manage it, why can't Linden Lab?

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Hi does this mean i hereafter have to trade in lindex ...from wednesday ...its a bit tricky there isnt it drom the xstreetsl exchange

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I agree with everything that other people have said about the speed of cashing out. It's another aspect in which things have got worse, not better, in recent months .

/me wants instant gratification when I cash out

Come on Linden Lab, we are your customers... the people who pay your salaries... do something to make our lives better. I hate to be such a whinger, but nearly all the changes that have taken place in 2010 have made my SL worse, not better. I live in hope that 2011 will bring better things.

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For deposting money into SL --will Lindex still be limited to credit cards and *verified * Paypal accounts?

What about gift cards -that PayPal acccepted? WIll Lindex accept them now?

If the answers to these questions are "no"--how can we   SAFELY  add  money to our accounts  so that we can stay in SL --buying  items and paying tier?

Thank you !

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This is going to cripple me because of the instant cash out being taken away.  When I needed money for medical, grocery or other life expenses, Xstreet was the only way I managed my bills on time.  I can't predict how much L$ I'll have at any given time and thusly I can't 'schedule' around week-long transfer times, Lindens.

Please do something about this.  I'd be happy to use the lindex if only it didn't take me a week to get to paypal and then to my bank account.  PLEASE!

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I have to make another comment. I just dont understand what the point of taken this away is at this time. It is in place, it is instant, and as you can tell this will effect SEVERAL merchants many who prob will not bother to comment cause it really never does any good, cause you will do as you want and to heck with the people that PAY YOUR SALARY. This will cripple many people having to wait. Luckly I have a PayPal card so as soon as it hits paypal I am good, but still having to wait 3-5 or more days for MY MONEY when I have my bills set on a schedule like many others do is just plain stupid to toss out the instant cashouts when its in place and working.

Why not keep this exchange open untill the lindenX is ready to handle the instant cash outs? I can understand if it takes a few cashouts on lindenX to become instant just like we all had to with xstreet Xchange 2-3 or so cashouts before it was instant. When will LindenX be instant or at the very most 24 hour time frames to get money???????

 

My last question is this. My sim tier is due soon, can I wait to pay it to you 3-5 days later?? NO! I can't so why should we have to wait for our money?

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Linden Labs has never cared how what they do affects the very people who created and keep this world working and create the environment they need to attract new customers.

Why should this be any different?

Besides on small transactions they take a much bigger cut with the standard $1 fee so it's more profit on the little transactions and the top 10% the only ones they care about still only pay $1 on LindenX rather than the FAIR graduated scale on Xstreet.

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Right now I think the only good Exchange Market for L$ is the VirWoX: https://www.virwox.com/

You can cash out (and in) as fast or faster than the XStreetSL exchange and from my experience the customer service is fast and friendly.  Setting up an accout was very easy and although they have initial buy/sell limits to prevent fraud, it is easier and faster to raise limits than with the Lindex.

They are a real exchange with limit buy/sell and market buy/sell just like the XStreetSL exchange.  And they handle Euros and other currencies.  They provide charts, market data, and all that.

(All the other websites I've looked at that call themselves L$ "exchanges" are really just selling (and sometimes buying) Lindens at highway-robbery prices -- they are not markets where you set your own price, can lok at charts of the bid/ask prices, etc.)

...And no, I don't work for them.  But as they are a good replacement for the soon-to-be-decease XStreetSL Exchange, I hope they succeed.

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If XStreet could manage it, why can't Linden Lab?

Because Apotheus and Co. were actually competent and genuinely cared about having a superior product and providing services that the customers wanted..

Unlike "Commerce Team" that changes it's roster ever month. And provides "services" that no one wants and only serves to suck money out of pockets while providing less actual service.

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I just used the VirWox site, while it was a litte confusing at first to me with some help from a friend it went nicely. They held my first paypal transaction all of 20 min if that as a first transaction, now its instant. I emailed the support team there and got a FAST reply with DETAILED responses to my quesions.

 

GREAT alternative to LindenX.

 

and No I don't work there ither, but heard about them ( was leary ) cause of the apez thing, but it worked out. I recomend them if you want your $ now Like I do.

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You could have at least told us what time.  I just cashed out this second and then it would not let me transfer USD.  Why did it allow me to sell Lindens yet not allow me to transfer the funds out?

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Am I doing something wrong or what, no one seems to have mentioned that there is a commisson on the Lindex and there wasn't on Xstreet, I paid my dollar and the rest came to me, now it seems there's a 3.5% commission, this is daylight robbery, yet another example of LL's "F*** You" attitude to the very people who make this world an economically viable proposition.

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Larisa,  the XStreet Exchange charged a commission as well, just in a different way, but it always factored into the price people offered.  Most people buying Lindens couldn't be bothered to learn how to do a "mass pay" to make deposits, so they were paying 2.2%.  The XStreetSL exchange also had a "30 pip spread" which had the same effect as a 1.1% commission.  That totals to an approximate 3.3% commission.  Just because you were not paying this commission directly, the people who bought your L$ when yo cashed out were paying it, and for that reason, and this affected the prices you could get.

Here for example were your various options (effective prices) for cashing out up until the Xstreet xchange close a few hours ago;

Lindex:

   Immediate sale, plus days to "process credit":  265 + 3.5% = 274.3 L$ / $

   Sell in less than an hour, plus days to "process credit": 255 + 3.5% = 263.9 L$ / $

   Sell in 1-2 days, plus days to "process credit":  254 + 3.5% = 263.4 L$ / $

XStreetSL:  -- more volatile, but below are fairly typical recent prices:

   Immediate (Market) sale, Immediate withdrawal:  275 L$ / $

   Limit Sale*, variable delay, immediate withdrawal:  267 L$ / $

Of course on the limit sales, you could set your own price, L$/$, but too low and you might wait forever for the market to go that low.  Except for occassion lucky, random dips on Xstreet, your best price was always to wait about 5 days (average total) to cashout on the Lindex at 263.4.  If  you absolutey had to have an immediate cashout, then Xstreet's "typical" price of around 275 was not much different from the Lindex's fastest option at 274.3.  Quite often you could end up with a much worse price on Xstreet, maybe up to 280 or so, depending on market fluctuations at the moment and sometimes you might get lucky and the market price would go dow to 270 or so.  Generally speaking you were getting significantly worse prices on xstreet than on the Lindex -- those prices reflected what you (and everyone else) were willing to pay for immediate access to your money as well as the commissions ("conversion fee") payed by buyers and the "spread".

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this is NOT GOOD for me .. i had money in USD that I needed for my kids Birthday .. and even thought it was not much i was counting on it .. now I have to wait 2 days to get a credit back to my SL account and then 4 more days to process it if Im lucky .. well there goes my sons birthday this weekend ... I WISH we could have been warned .. I didnt even know this was going to happen today if I did I would have cashed out yesterday.

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At it again, well I've been here since 2004, doing business since 2004, cashing out over $5000L a day since 2004. I've been here through ALL ths absolute crap and bs you people have droppped on us, but this will probably be it!

So now I have to wait 7 days, yeah right I've had my money tied up for up to TWO WEEKS though Linden's exchange crap, (I've had to pay extra fees through other bills because I have money and I'm waiting to get MY MONEY, almost got me evicted one month because of it as well, thanks) so now I HAVE NO CHOICE??

Some of us NEED to utilize the instant cash out process and now you are seriously jeopordizing peoples REAL LIVES!

How about we hold up everyone at Linden Labs paychecks for 7-10 days maybe 2 weeks?

Well Linden Labs, you've done everything possible over the years to get rid of us old timers that BUILT THIS WORLD FOR YOU, (get some LL freebies and see how crappy they are compared to most of the everyday people's creations in SL).

No problem, would like to say it's been fun, but it hasn't, it's been a nightmare over the years cause LL just does what ever they want, whenever, and with little regard to who it's effecting. (except like CNN and NBC and all the big "wood" contracts they could wrap their lips around! You should see how the rules "bend" for these people!)

Time for the next generation to have at it, you win Lindens, Dog is out, 5ifth Order is out, and not like you guys would care, you just keep letting all the artists here get ripped and raped by your system and you just keep up the silly games and sooner or later there will be another one you and people will get tired enough.

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Belladonna -- if LL's transition has not locked up your L$, you should be able to cash out with VirWoX instantly ( https://www.virwox.com/ ).  Just set up and account with them and deposit L$ at one of their terminals.  They don't have limits for depositing and selling L$.  You might trip up the security API the first time if you make large deposits.  If so, just email the VirWoX support... they were very responsive to me.  Worst case is you cash out over there as soon as LL frees up y our L$ from the transition (I didn't have any L$ tied up in Xstreetsl exchange orders, so I don' t know if thhose L$ are inaccessible for those who do).  Anyway, with luck you'll be able to cash out in time for your son's bday.

Worst worst case:  if it is US$ funds that you have stuck in limbo between xstreet and secondlife... then as soon as they are free buy L$ on the Lindex and *then* depost those to VirWoX and cashout.  LL claims they will take 24 hours to transfer balances from xstreet to secondlife accounts...  after that you should be able to deposit to virwox and cashout nearly instantly.

Good Luck!

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Not directed to you Zeek...d'amn blogforum

All the quality services like SLEX Land Sales, SLEX forums, SLEX Exchange  that Linden Lab inherited, they've killed off.....instead they dedicate  their resources to provide you useful shinies like Display Names and  Voice Morphing

 

I suggest using VirWox...that will eventually  be the new SLEX Exchange (the original one which LL bought).  In fact if  you look at their website, you'll see it's superior in functionality  and information provided than both XStreet & Lindex ever were.

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