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Tech Robonaught

Anyone else disenchanted with 5 business days to send money?

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Ok, here is my point.

We can buy Lindens with two clicks in world.  We can buy lindens with a couple of clicks on the website.  Linden Labs OWNS the exchange, AND the currency.

Why in the HELL, does it take 5 business days to get money shot to Paypal AFTER we have already converted the Lindens to USD - WITH processing fee's?  Why?

I live in a small town, in Hicksville, USA, and I can pay my rural electric co-op in TWO CLICKS.  Why can LL not send money from Silicon Valley, in TWO CLICKS?  There is not that big of a backlog of people cashing out.  I can tell you for the most part that there is probably alot more money going IN to SL than out of it.
 

So in summary, WHY does it take 5 business days?  They could mail it faster.  It is complete bullcrap.

Like , comment ... etc.

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Nope, the payments are processed by a real human,  They had some issues with a certain set of people causing some issues and they put the process onto a more looked at approach, while it's gotten faster, it's still going to take time to make sure the funds are legit and not from fraud or other means.   sorry it's just how the cookie is gonna roll.

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1 hour ago, Tech Robonaught said:

It doesn't have to.  It's deliberate.

 

and ? ... LL makes the rules, makes the transfers, pays the employees who need to do it.. so it happens that way...

i can't change it, Bigmoe can't change it, and i guess even Dakota and Tommy can't change it...

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Mine surprisingly came in two days at the first of the month. No clue why. Normally it is longer. 

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On 6/5/2017 at 11:54 AM, Tech Robonaught said:

Ok, here is my point.

We can buy Lindens with two clicks in world.  We can buy lindens with a couple of clicks on the website.  Linden Labs OWNS the exchange, AND the currency.

Why in the HELL, does it take 5 business days to get money shot to Paypal AFTER we have already converted the Lindens to USD - WITH processing fee's?  Why?

I live in a small town, in Hicksville, USA, and I can pay my rural electric co-op in TWO CLICKS.  Why can LL not send money from Silicon Valley, in TWO CLICKS?  There is not that big of a backlog of people cashing out.  I can tell you for the most part that there is probably alot more money going IN to SL than out of it.
 

So in summary, WHY does it take 5 business days?  They could mail it faster.  It is complete bullcrap.

Like , comment ... etc.

I totally agree. If you have a payment information on file and are a member in good standing this should be much faster.

The issue is that not everyone has first bought Lindens, then tries to convert them back -- that's not very economical.

The system is designed for people *earning* Lindens from businesses, then converting them.

So the Lindens are constantly on the alert for fraud and money-laundering so they take that long. I think 3 days would be more reasonable.

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Many years ago I worked in the IT department of an insurance brokers... 

Many people wondered why it took 2 weeks to send you your payout when your car was stolen or your house burned down, but your premium cheque cleared in a few days...

 

As the System Op, who ran the monthly 'funding' report, that was only seen by myself, the head of the accounts department, and the members of the board of directors, I knew the answer...

See, only 45% of the brokers monthly income came from selling insurance...

The OTHER 55% came from holding the premium payments in their bank for a week or too before passing them to the underwriters, and holding the payouts for a week or two before paying the customers, and THEN cutting a deal with a merchant bank to use the pool of other peoples money for short term high interest corporate loans for takeovers and buyouts, people who needed a few million till friday and would pay the standard yearly interest rate PER DAY to get it...

Many companies have similar strategies, utility companies that regularly overcharge customers by 'accident' a couple of hundred bucks a year, who gladly give credit notes when contacted about this, because they know most customers wont notice for a year or two, and when you have 4 million customers all 'lending' you 200 $ each, interest free that you can invest and get interest on... well 4-8 hundred million $ generates a fair income right?

Holding onto money is something most large companies do to some extent, live with it...






 

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When I withdraw money it normally hits my PayPal account in the UK the following US business day, and has done since they introduced the higher processing fees and faster processing times in March of last year.

@Klytyna Since US interest rates are so low (the Fed has just raised them to 1.25% a year, I think), LL would be having to turn over a very large amount of money, I would think, to make much from hanging on to payouts for a week or so.   One million dollars multiplied by 1.25% is $12,500, which is equivalent to just over $240 a week.   I don't know how many millions people cash out the course of a year, but I cant imagine that parking the money on the short-term money markets makes LL a lot of money.

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8 minutes ago, Innula Zenovka said:

When I withdraw money it normally hits my PayPal account in the UK the following US business day, and has done since they introduced the higher processing fees and faster processing times in March of last year.

@Klytyna Since US interest rates are so low (the Fed has just raised them to 1.25% a year, I think), LL would be having to turn over a very large amount of money, I would think, to make much from hanging on to payouts for a week or so.   One million dollars multiplied by 1.25% is $12,500, which is equivalent to just over $240 a week.   I don't know how many millions people cash out the course of a year, but I cant imagine that parking the money on the short-term money markets makes LL a lot of money.

Back when i used to do those monthly reports, the rate you could get on say a few grand in a uk building society account was 5-7% a year...

The Company's funding account payed 7% a DAY...

The corporate takeover thing back then was a big market for individuals who wanted 20-30 million till next friday, and were willing to pay 40 mil back after asset stripping their buyout victims.
 

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