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LL authorises L$ resellers -- maybe solves the problem of buying L$?


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There is a new blog post about this, explaining that LL has authorised several of the old L$ exchanges to sell, though not buy, L$.   This would seem to go some way towards solving people's problems who find it hard to use PayPal or credit cards to buy on Lindex.   

Converting L$ to US$ (cashing out) remains firmly in LL's hand, though -- these resellers aren't allowed to buy your L$; if you want to change L$ into US$, then via LL is the only authorised means of doing it.   They do say, though, that they are aware of people's concerns about how long it can take and they're working on ways of speeding it up.

The authorised resellers are listed here: Linden Lab Official:Linden Dollar (L$) Authorized Reseller Program

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This is awesome news!

I found it interesting that Anshe was on the lsit as well as Zhoa who are in the top 10 Estate holders:  http://www.gridsurvey.com/index.php     I dont know where Fantasy Land fits in but they are a large land holder also.

I was wondering if they were being given an alternative way to cash out all the tier (rent) they collect but reading through the TOS for this it sounds like they are completely restricted to selling only $L they purchase on the Lindex.

So there appears to be no favoritism here.  Meet the terms of the TOS and you are good to go.

Sounds like a win - win for everyone.

 

 

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This is only great news if you don't understand the consequences. It means it will be much easier to put money into the game than taking them out of it. This will most likely cause inflation, which means L$ to devalue over time. To Linden this is great because it means people will need to buy more and more L$ to purchase the same stuff, but the users will pay the price.

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Resellers can't buy linden dollars from users under any circustances unless there is a special situation and in this case they need written permission from Linden Lab each time (rofl). This company (Linden Lab) is a freaking joke. 

 

http://wiki.secondlife.com/wiki/Linden_Lab_Official:Linden_Dollar_Authorized_Reseller_Terms_and_Conditions

 

This basically means there won't be cashouts from places other than LindeX. It means the slow death of SL Economy. 

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hubbaird wrote:

This is only great news if you don't understand the consequences. It means it will be much easier to put money into the game than taking them out of it. This will most likely cause inflation, which means L$ to devalue over time. To Linden this is great because it means people will need to buy more and more L$ to purchase the same stuff, but the users will pay the price.

You forget that LL controlls the money, if there is more demand for L$ then LL will just put more L$ in the market, if there is less demand they will put less L$ in the market, it's the function of Supply Linden, currently they are putting a maximum of 300000 usd worth of L$ in the market

Edit: also if Supply Linden is not enough they can easely increase sinks like cost for advertising, listing in search, group creation etc.

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hubbaird wrote:

This is only great news if you don't understand the consequences. It means it will be much easier to put money into the game than taking them out of it. This will most likely cause inflation, which means L$ to devalue over time. To Linden this is great because it means people will need to buy more and more L$ to purchase the same stuff, but the users will pay the price.

This may only be the first step.  Right now it is a "Pilot Program."

True, there will be some who for varied reasons still wont be able to Cash Out using the Lindex.  But the majority of complaints about Cash Outs I have been reading here is not the inability to Cash Out but the fact that the Lindex does not provide for "Instant Cash Out."   Those people can still cash out on the Lindex.

While I absolutely agree that Cash Outs need to be processed faster, as part of its fraud control measures, I doubt very much that LL will ever offer "Instant Cash Out."

I had stated previously in other threads that I was of the opinion that stolen/phished $L were being cashed out on the TPE's.  I bet that LL after following the stolen $L trail knows which TPE's were being used the most for this.  Conversely then, LL knows who had the worst anti-fraud measures in place.

 

 

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Abigail Merlin wrote:


hubbaird wrote:

This is only great news if you don't understand the consequences. It means it will be much easier to put money into the game than taking them out of it. This will most likely cause inflation, which means L$ to devalue over time. To Linden this is great because it means people will need to buy more and more L$ to purchase the same stuff, but the users will pay the price.

You forget that LL controlls the money, if there is more demand for L$ then LL will just put more L$ in the market, if there is less demand they will put less L$ in the market, it's the function of Supply Linden, currently they are putting a maximum of 300000 usd worth of L$ in the market

Agreed that the L$ is a very tightly controlled currency and that there's practically no risk of fluctuation with Supply's presence in the market. I wonder, though, how you got the US$300,000 figure. The Lab used to publish monthly statistics on how many L$s they sold, but that was years ago -- unless there's a newer source.

(FWIW, I suspect that Supply is selling more L$s, more constantly, now than before, simply because, per resident, L$ sinks seem to have stayed the same or increased while sources have markedly fallen: fewer Premium stipends put into circulation.)

To the topic at hand, I wonder if forbidding third parties from cashing-out L$s, in addition to "throttling" money-laundering via L$s, might also help LL maintain the convenient fiction that the L$ is not really a value-bearing currency. Not sure that's good enough for FinCEN's purposes (i.e., LL may still need to comply as a MSB under the new guidance), but it may be enough to save them from changing their accounting methods to reflect all resident L$ balances as liabilities (which would be... difficult).

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Qie Niangao wrote:


Agreed that the L$ is a very tightly controlled currency and that there's practically no risk of fluctuation with Supply's presence in the market. I wonder, though, how you got the US$300,000 figure. The Lab used to publish monthly statistics on how many L$s they sold, but that was years ago -- unless there's a newer source.


https://secondlife.com/my/lindex/describe-limits.php at the bottem is the limits for Supply Linden per 24 hour and 30 days

offcourse it can be less then that but that is the maximum.

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hubbaird wrote:

This is only great news if you don't understand the consequences. It means it will be much easier to put money into the game than taking them out of it. This will most likely cause inflation, which means L$ to devalue over time. To Linden this is great because it means people will need to buy more and more L$ to purchase the same stuff, but the users will pay the price.

I don't know about other people, but my reaction last week, on learning that I couldn't any longer enjoy almost instant cash-outs via Virwox, was to say "Damn, this means I'll have to start cashing out via LL and wait up to a week for my money each time."  

I certainly didn't say, "Oh, since I can't cash out immediately, I'll let all my L$ pile up uselessly in SL and find some other way of paying for my groceries".

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Adding to my thoughts above, obviously LL is responding to its customers concerns.

It is a self serving response in that contrary to popular belief, they don't want to lose our business.  They could fool us sometimes, but I really do think they want to keep us. 

Why they have so much trouble getting a handle on customer service is one of the great mysteries of our time.

Why they had not moved proactively before the fact of the new TOS is beyond me.  Someone at the Lab should have foreseen the uproar the new TOS would cause. 

And Rodvik wonders why they have trouble retaining new users!!!!!!!!!

I've heard it said that an Employee** will treat a Customer no better than how the Employer treats them (the Employee**).

An unhappy customer is never good for anyone's business.

We will be less enthused about helping new users if we are not happy.

 

**ETA:  We are all "accidental employees" of LL in that 90% and probably more of the support and teaching in SL is done by Residents.  Maybe we have all both learned and been teaching bad habits.  When we need help or need to learn something is our first response to search for the answers ourselves or do we by reflex ask someone else?

 

 

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Point 10 in the Reseller TOS strikes me as something that might bite resellers in the butt. Since they are required to inform LL of any unauthorized transfers/gifts to their reseller account then someone who knew the account name could, in theory, repeatedly and over a period of time send the account L$ forcing the reseller to spend time reporting them all to LL.

Also, point 16 is interesting, it requires exchanges to carry insurance, presumably to cover them in case of fraud and any lawsuits that might ensue because of any real or accused fraud that might occur through the exchanges.

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Hi Innula - thank you for doing this solution!

it seems that the thing is developping along logical rails. I am happy for this solution. The problem simply was to get Lindens soon and without troubles - many people i know here in europe had a 'big' problem. People who is to shy to say it in public forums. Rent is to pay weekly and if u have to get a Credit Card u cant do this so fast.

So were the sights heared and all the prays :)

 

And i will try this PayPal workaround :) thank you for all Innnula you are great.

:heart:

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Perrie Juran wrote:

Adding to my thoughts above, obviously LL is responding to its customers concerns.

It is a self serving response in that contrary to popular belief, they don't want to lose our business.  They could fool us sometimes, but I really do think they want to keep us. 

Why they have so much trouble getting a handle on customer service is one of the great mysteries of our time.

Why they had not moved proactively before the fact of the new TOS is beyond me.  Someone at the Lab should have foreseen the uproar the new TOS would cause. 

And Rodvik wonders why they have trouble retaining new users!!!!!!!!!

I've heard it said that an Employee** will treat a Customer no better than how the Employer treats them (the Employee**).

An unhappy customer is never good for anyone's business.

We will be less enthused about helping new users if we are not happy.

 

**ETA:  We are all "accidental employees" of LL in that 90% and probably more of the support and teaching in SL is done by Residents.  Maybe we have all both learned and been teaching bad habits.  When we need help or need to learn something is our first response to search for the answers ourselves or do we by reflex ask someone else?

 

 

I agree on that, if they would have even thought about it or communicated with the TPE`s, this would have been the transition instead of the boot and pat on the head

Atleast they listend, much to late, even if it`s just for people able to buy lindens in their local currency

 

I guess the forced linden sale is so that you can wash your lindens clean, there is just no sock to put it in (cashout) as LL has access to the payment info

Using rocket science, like setting up fake paypal accounts is a big deal for criminal networks if they can fake entire ID`s or buy them, but maybe that`s just me... spoiler.png

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