Faster credit processing... but higher fees

[Qie Niangao]

Just in passing, and I don't know if this is useful, but it occurred to me that there may be another difference between LindeX orders and cashing-out: It must be common practice for some folks to sell L$s several times before cashing out, and/or add to their standing sell orders before those orders execute.* So, seeing small fluctuations in LindeX order quantities may not tell us much about the number of L$s that go into the average cash-out amount.

*I'm not sure there's a way to modify a standing order while in the queue -- I kinda hope not, to keep the order of sales fair. For an equivalent effect, though, a seller might simply add another little sales order at the end of the queue to manage a growing L$ balance. The point is simply that small Lindex sale quantities need not correspond to small cash-out quantities, even if all the US$ proceeds eventually end up sold.

[Rya Nitely]

I'm thinking of doing just that. After these observations, I'm thinking of selling in small parcels at 248, spread over a couple of weeks. That way, there should be a steady flow of executed orders. The amount I save at 248 will offset that fee increase a little.Then I'll cash out my regular amount once I accumulate it.

This could also explain the 248 wall, because others might be doing this. I placed a small order at 248 on Saturday and I'm waiting to see how long it takes to be executed.

So, that is probably true. Small orders do not mean small cash outs.

Also, You can't modify an order, only cancel and start again, which is fair.

[Perrie Juran]

---

Rya Nitely wrote:

I'm thinking of doing just that. After these observations, I'm thinking of selling in small parcels at 248, spread over a couple of weeks. That way, there should be a steady flow of executed orders. The amount I save at 248 will offset that fee increase a little.Then I'll cash out my regular amount once I accumulate it.

This could also explain the 248 wall, because others might be doing this. I placed a small order at 248 on Saturday and I'm waiting to see how long it takes to be executed.

So, that is probably true. Small orders do not mean small cash outs.

Also, You can't modify an order, only cancel and start again, which is fair.

---

The whole thing looks wild to me. 

The only way your sell will go through is if it gets used in the Market Buy currently at 241.

I do Limit Buys and I'd have to be crazy to buy at 248 when clearly there must be a lot of action (sell orders) at 258.

I could be wrong but you may wait a very long time for your sells to go through.  I'd be very curious to hear how long it takes.  Personally I think a lot of people are dreaming if they think they can sell at 248.

 

[Pamela Galli]

248 is the new 247.

[Rya Nitely]

---

Perrie Juran wrote:

---

Rya Nitely wrote:

I'm thinking of doing just that. After these observations, I'm thinking of selling in small parcels at 248, spread over a couple of weeks. That way, there should be a steady flow of executed orders. The amount I save at 248 will offset that fee increase a little.Then I'll cash out my regular amount once I accumulate it.

This could also explain the 248 wall, because others might be doing this. I placed a small order at 248 on Saturday and I'm waiting to see how long it takes to be executed.

So, that is probably true. Small orders do not mean small cash outs.

Also, You can't modify an order, only cancel and start again, which is fair.

---

The whole thing looks wild to me. 

The only way your sell will go through is if it gets used in the Market Buy currently at 241.

I do Limit Buys and I'd have to be crazy to buy at 248 when clearly there must be a lot of action (sell orders) at 258.

I could be wrong but you may wait a very long time for your sells to go through.  I'd be very curious to hear how long it takes.  Personally I think a lot of people are dreaming if they think they can sell at 248.

 

---

I do think that my sell order will be used in the Market Buy at 241.

It could be that LL are buying lindens at L$248 and L$249, and then reselling at L$241. If so, they make L$7 or L$8 per $US1.00.

Right this minute, the LindeX is very quiet on the sell side. There are no sell orders above 248. At 248 there is a total of L$219,786,027. When I do a refresh I see this amount going down in very small amounts, typically L$1000 to L$10000 at a time. These are small buy order. 

Who's placing the buy orders at 248  or 249, if not LL? I'd be surprised if most people in SL are savvy enough to set limit buys. I might be wrong, but I spent most of my years buying lindens in the viewer. I had no idea about the LindeX until I started selling.

I haven't really examined the open buy orders. The whole thing does look wild. It's a big gap between buy and sell. So, if I place a buy order at 258 I can then resell it at 249 and make a profit of L$9 per $US1.00, but that would probably be absorbed in fees. I haven't really looked at it.

As for my 248 sell order, I'll post here as soon as it sells. I think it will. Perhaps a week.

 

 

[Phil Deakins]

---

Rya Nitely wrote:

I haven't really examined the open buy orders. The whole thing does look wild. It's a big gap between buy and sell.

So, if I place a buy order at 258 I can then resell it at 249 and make a profit of L$9 per $US1.00

, but that would probably be absorbed in fees. I haven't really looked at it.

 

---

What? Is it because I've just got up and my brain hasn't quite made it yet? but I'm thinking that, if you buy at 258 and sell at 249, you make a loss of 9L - not a profit.

[Rya Nitely]

I buy 258 Lindens for a dollar. Then I sell 249L for a dollar. I now have my dollar back plus L$9.

[Phil Deakins]

You're right. My brain hadn't caught up to the fact that it was supposed to be wide awake

[Rya Nitely]

---

Rya Nitely wrote:

---

Perrie Juran wrote:

---

Rya Nitely wrote:

I'm thinking of doing just that. After these observations, I'm thinking of selling in small parcels at 248, spread over a couple of weeks. That way, there should be a steady flow of executed orders. The amount I save at 248 will offset that fee increase a little.Then I'll cash out my regular amount once I accumulate it.

This could also explain the 248 wall, because others might be doing this. I placed a small order at 248 on Saturday and I'm waiting to see how long it takes to be executed.

So, that is probably true. Small orders do not mean small cash outs.

Also, You can't modify an order, only cancel and start again, which is fair.

---

The whole thing looks wild to me. 

The only way your sell will go through is if it gets used in the Market Buy currently at 241.

I do Limit Buys and I'd have to be crazy to buy at 248 when clearly there must be a lot of action (sell orders) at 258.

I could be wrong but you may wait a very long time for your sells to go through.  I'd be very curious to hear how long it takes.  Personally I think a lot of people are dreaming if they think they can sell at 248.

 

---

I do think that my sell order will be used in the Market Buy at 241.

It could be that LL are buying lindens at

L$

248 and

L$

249, and then reselling at L$241. If so, they make L$7 or L$8 per $US1.00.

Right this minute, the LindeX is very quiet on the sell side. There are no sell orders above 248. At 248 there is a total of 

L$219,786,027. When I do a refresh I see this amount going down in very small amounts, typically L$1000 to L$10000 at a time. These are small buy order. 

Who's placing the buy orders at 248  or 249, if not LL? I'd be surprised if most people in SL are savvy enough to set limit buys. I might be wrong, but I spent most of my years buying lindens in the viewer. I had no idea about the LindeX until I started selling.

I haven't really examined the open buy orders. The whole thing does look wild. It's a big gap between buy and sell. So, if I place a buy order at 258 I can then resell it at 249 and make a profit of L$9 per $US1.00, but that would probably be absorbed in fees. I haven't really looked at it.

As for my 248 sell order, I'll post here as soon as it sells. I think it will. Perhaps a week.

 

 

---

Hi Perrie, my sell order at 248 took 6 days to execute.

[Perrie Juran]

---

Rya Nitely wrote:

---

Rya Nitely wrote:

---

Perrie Juran wrote:

---

Rya Nitely wrote:

I'm thinking of doing just that. After these observations, I'm thinking of selling in small parcels at 248, spread over a couple of weeks. That way, there should be a steady flow of executed orders. The amount I save at 248 will offset that fee increase a little.Then I'll cash out my regular amount once I accumulate it.

This could also explain the 248 wall, because others might be doing this. I placed a small order at 248 on Saturday and I'm waiting to see how long it takes to be executed.

So, that is probably true. Small orders do not mean small cash outs.

Also, You can't modify an order, only cancel and start again, which is fair.

---

The whole thing looks wild to me. 

The only way your sell will go through is if it gets used in the Market Buy currently at 241.

I do Limit Buys and I'd have to be crazy to buy at 248 when clearly there must be a lot of action (sell orders) at 258.

I could be wrong but you may wait a very long time for your sells to go through.  I'd be very curious to hear how long it takes.  Personally I think a lot of people are dreaming if they think they can sell at 248.

 

---

I do think that my sell order will be used in the Market Buy at 241.

It could be that LL are buying lindens at

L$

248 and

L$

249, and then reselling at L$241. If so, they make L$7 or L$8 per $US1.00.

Right this minute, the LindeX is very quiet on the sell side. There are no sell orders above 248. At 248 there is a total of 

L$219,786,027. When I do a refresh I see this amount going down in very small amounts, typically L$1000 to L$10000 at a time. These are small buy order. 

Who's placing the buy orders at 248  or 249, if not LL? I'd be surprised if most people in SL are savvy enough to set limit buys. I might be wrong, but I spent most of my years buying lindens in the viewer. I had no idea about the LindeX until I started selling.

I haven't really examined the open buy orders. The whole thing does look wild. It's a big gap between buy and sell. So, if I place a buy order at 258 I can then resell it at 249 and make a profit of L$9 per $US1.00, but that would probably be absorbed in fees. I haven't really looked at it.

As for my 248 sell order, I'll post here as soon as it sells. I think it will. Perhaps a week.

 

 

---

Hi Perrie, my sell order at 248 took 6 days to execute.

---

Thanks.

[Chic Aeon]

Just bumping this as I had no idea this was happening until I read it on an Opensim's grid blog.

 

What???????  

 

 

[Medhue Simoni]

Notice how everybody was trying to cash out yesterday. Heck, I forgot all about this and was just cashing out on my normal days. Seriously people tho, all this just to save 2 dollars? Get over it. 2 bucks isn't going to change your life.

 

Now!

 

Where's my money LL?

 

lol

[KrystalKandy]

Is this even on the go yet? I had a friend cash out today and she said she was still only charged the $1.00 fee. 

[Rya Nitely]

---

Medhue Simoni wrote:

Notice how everybody was trying to cash out yesterday. Heck, I forgot all about this and was just cashing out on my normal days. Seriously people tho, all this just to save 2 dollars? Get over it. 2 bucks isn't going to change your life.

 

Now!

 

Where's my money LL?

 

lol

---

Not sure where you get 2 dollars from. 

Edit: Oh ok that's the minimum. There are many people like me who will be paying $15.

[Rya Nitely]

---

Pamela Galli wrote:

248 is the new 247.

---

Just looking at the LindeX over the past week, I seriously hope the selling calms down or else 249 will be the new 248.

[Medhue Simoni]

---

Rya Nitely wrote:

---

 

---

There are many people like me who will be paying $15.

---

My old pattern was to cash out twice a week. So, $2/week. If I'm going to get the money right away, then I would cash out less. The point of cashing out twice a week, was to always have funds going into my account, to pay for things. For me, it all depends on how fast LL actually is at processing things. If it's instant, or same day, then I don't give a crap about a few dollars, or even $15/month. If I remember correctly. Xstreet charged more for instant payouts. I'll likely cashout today, to see if the system is live yet, as I do have a decent amount I could send.

[Abracadabra Foodiboo]

Whats the point of even going into SL anymore I just tried to process 4 dollars and they take 3 of it? and how much you want to bet it will be no faster.....Does anyone know a company that I could go through to exchange my linden? I know they have pretty much gotten rid of virwox but there has to be a way around this becuase they are taking over 50% of my profit!!!

[Medhue Simoni]

I just cashed out about 9 minutes ago. It's definitely not instant. I'll give an update when I get the money.

[KrystalKandy]

They never once said it was instant. What they said was: 

"Based on current data, we estimate that the upgrades we’ve made will allow approximately 75% of process credit requests to be completed within 2 business days.

For a minority of requests, the process may still take 5 business days. Because we’re dealing with sending real money to users around the world, we may require additional information and perform other processes that could impact the time needed. A good rule of thumb is that the better we know you as a customer, the more likely it is we’ll be able to quickly process your credit requests."

Then you still have to take into account that it could take another day or so from paypal to your bank.

 

Here is the official post:

https://community.secondlife.com/t5/Featured-News/Faster-Credit-Processing-amp-Upcoming-Changes-to-Fees/ba-p/3011794

[Rya Nitely]

I'll be interested to hear how long it takes. 

I was cashing out twice a month for $2, but now I'll start doing it once a month for $15. Maybe I'm tight, but there's a lot I could do with that $13. Just saying

[Medhue Simoni]

Duh! Where did I say they did said that?

What LL is going to tell us, is the far end of the spectrum, just so they can say they didn't say 1 day. Again, Duh! The reality is, if it's not under 1 day, all this BS is just that, BS, and all LL did was charge us more for a less crappy system.

 

 

[KrystalKandy]

I never said that you said THEY said that. I was replying to your previous post where YOU said this: 

 

"I just cashed out about 9 minutes ago. It's definitely not instant. I'll give an update when I get the money."

 

Do you not recall your own posts? LOL

 

And of course they say things to cover themselves, that's the way buisness works. It's worded to basically say "we might do it this quickly". I am still unsure of how you ever paid 2 dollars though. It's only ever been a dollar for me, no matter the size of the transaction. I put my request to process in on the 5th and I am still waiting too. 

[Phil Deakins]

He said that he normally cashes out twice a week. 2 x $1 = $2.

[Medhue Simoni]

---

Medhue Simoni wrote:

I just cashed out about 9 minutes ago. It's definitely not instant. I'll give an update when I get the money.

---

OK, NO MONEY YET!

Working on day 2 now. At 10:42am it will be 2 full days. I have little to no faith it will be processed today. Call me cynical.

 

Also, take note, that a cashout I made on the 2nd, was processed yesterday. That's 4 days, yet this new system can't even do it in 2 days. This is truly ridiculous, especially since we are paying more.

[Rya Nitely]

It's probably still not a good idea to cash out too close to a weekend,

or maybe they don't know you. I believe they need to know you. Do they know you? :matte-motes-dead: