Increasing Exchange rate amount, is it frowned upon?

[RockyDenten]

I just bought 10,560L for $5.00. with the limited buy.I increased the exchange rate to a high number. It's gonna take me 11 days until the order is delivered. but I cant help but feel like i'm doing something wrong. Is this wrong? If so, I will cancel it. I don't want to get in trouble. Please let me know.

[LittleMe Jewell]

If you put in a buy order for 10,560 L$ for only US $5.00 then you must have entered an exchange rate of roughly 2100L$ / US$1.  If that is correct, regardless of how many days they said it will take, they are wrong -- it will never get filled.

At L$260 / US$1, the estimate is 10 minutes and that is likely pretty accurate - worst case would be a few hours.

However, just bumping to L$261 / US$1, the estimate jumps to 9 days and I know from other forum posts and friends that the time will likely really be 2 weeks or longer.

Therefore, if you want your L$ sometime in this life, I'd suggest cancelling the order and resubmitting it for something more realistic.

Edited July 22, 2017 by LittleMe Jewell

[Rolig Loon]

You didn't just "buy" anything.  You placed an order. You can set any price you want when you do that.  You're the one who's making the offer to buy, just as if you were in an auction in RL.  If you set a price that is much lower than most people are willing to accept at the moment, you'll have to wait for a very long time for your L$ -- possibly forever.   Remember, this is not a shop; it's a currency exchange.  Unless you trade at the current Market price, you are at the mercy of all other SL residents who are trying to make trades, and everyone is looking for the best deal they can get.

[Callum Meriman]

2 hours ago, RockyDenten said:

I just bought 10,560L for $5.00. with the limited buy.I increased the exchange rate to a high number. It's gonna take me 11 days until the order is delivered. but I cant help but feel like i'm doing something wrong. Is this wrong? If so, I will cancel it. I don't want to get in trouble. Please let me know.

Could be more than 11 days, but there is a chance it might happen around Christmas time (2055). It will need a few of the big land agents to stop cashing teir so the price rises that high.

Nothing at all wrong with the gamble (effectively you gamble someone wants to sell at that rate to you), and you won't get in trouble for it.

Edited July 22, 2017 by Callum Meriman

[Nalates Urriah]

You apparently are not familiar with currency exchanges. Exchanges are pure free market businesses. People and governments often try to manipulate them. But, these are the places where democracy rules supreme. People vote with their dollars. People are free to sell at whatever price they choose as long as someone else is willing to buy at that price.

An important concept is understanding the value of the L$ is set by the last, most recent sale. So, just as homes in a neighborhood are priced by the recent sale of similar homes in the area, so too are currencies prices.

If one needs to sell or buy a home or currency quickly, the market movement comes into play. To sell quickly, sell below market price. To buy quickly, buy above market price. 

Another concept is market spread, the gap between sellers' and buyers' offer and bid prices. Understand all the sellers and buyers that matched prices have closed their transactions and left the market. That leaves only those that haven't agreed on a price. What you see in the market are those saying I'll sell at 250 and those saying they'll buy at 260.

To know how long it is going to take to close your bid, look at the amount of L$ that have to move before your transaction can close. This morning there is L$97 million (US$400,000+) waiting for a seller @ L$261 and L$87 million waiting for a buyer willing to pay the higher L$250. All those transactions and more have to be processed before your silly offer will be processed, likely never.