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Hello!

 

I have used the rate buy of lindens and it did say 6 days, now 6 days passed and I am not sure why I did not get the lindens yet or what the 6 days stand for?

 

Yuna Ovis

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Posted (edited)

When the rate you want to buy at is the going rate then you will receive them. Check the list of buy rates - If the current rate is 250:1 and your buy rate is 248:1 then you have to wait until all the offers to buy at 250:1 and 249:1 are sold out before your pool starts selling, and even then, first-come, first served, so if there are 100 people ahead of you at your rate, they sell first, etc.

The 6-Days is the estimated time to fill your order based on the trending history of the market. Look at MARKET DATA to see the trending history. The time-to-fill estimate is not that accurate. As I type this right now, the going rate is 253:1, TOday's volume is 18.7 Million $L (that's the total pool right now). If you're rate is at 254:1 (I presume) then you are in the next batch, once ALL the 253:1 sells out.

Most people who buy $L go with the quick-buy, rather than rate-buying because the potential profits (or difference) is minuscule compared to wait time unless you are buying in very large bulk (like $500.00 U.S. or more).

Edited by Alyona Su

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Posted (edited)
1 hour ago, Yuna Ovis said:

@Alyona Su and if I put a higher rate then 200? Like... really high

I thought it was working differently I guess

That's actually really low. The "high" versus "low" is a measurement of the strength of the dollar, not the Linden Dollar. The $1 is the anchor and reference point in the exchange.

The way to look at it is what is the value of the Linden Dollar; How many $L can I get for my one dollar U.S.? If I can get 300 $L for my $1 then I am getting a better deal (the $L is low value - so I get more for my one dollar). But if I only get 200 $L for the same $1 then the $L value is high, because it's costing me more each each $L, so I get fewer for the same $1.

So, for the *fastest* transaction, you lower the value of your $L by offering MORE for the same $1 - someone buying $L will buy yours because they are getting more.

If you are Buying $L you want the highest number of $L you can get for that same $1, right? This is why $L261:1 is called the HIGH and $L253 is the LOW - it's not the strength of the $L that is measured, it's the strength of the $1 that is measured.

NOW, the way RATE buys work:

Let's say ten people offer $L250, each selling L$1000. That's a total of $L10,000

Now ten more people offer $L249. 10 more offer at $L248.

Lets say you were the 5th person to offer $L249...

All $L10,000 being sold at 250 per dollar must sell before that pool runs empty. When that pool runs empty, all new buys will come from the next lower pool - the L$249 pool. 

So let's say the first three sellers in the 249:1 pool sell, then two people offer 250:1.

Now there is another 2,000 in the 250:1 pool...

Now I want to buy $L5000 - it will pull from the pools like this:

First 2000 from the 250 pool and the remaining 3000 from the 249 pool. That mean both sellers in 250 have sold and the next three in the 249 pool have sold - in the 249 pool you were number 5, but the first 3 sold earlier, so you are now number 2 in the batch of three that will be pulled, you've now sold your $L. :)

Edited by Alyona Su

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@Alyona Su 

So I think I got the idea, but if for example I made the rate to be over 1k L$ then is it better or worse? Like I said, the 6 days passed and I didn't get any linden, why I am thinking the rate I've put is too high and it will take longer if ever to get to me

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Posted (edited)

Updated my comment to detail how it works :)

There is a SAFETY - If the current high is 250:1 and you offer 1000: one, it will not go that high. It will create a new pool of 251:1 - the next higher rate. This way the market doesn't't go chaotic and you are protected also.

Edited by Alyona Su

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@Yuna Ovis,

If you feel you've made an unrealistic offer, you can go to your Dashboard page.  Select Linden Exchange>Manage>LindEx Order History.  Cancel your open order.  The money will go into your $USD Balance and can be used to make another $L purchase, either at the current market rate or another Limit Buy offer at a more realistic exchange rate.

Based on the current market data, I would suggest offering a rate of $L262 or $L263 to $1 USD.

For more information, see my blog post, "Trade $L Like a Pro".

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1 hour ago, Yuna Ovis said:

if I put a higher rate then 200? Like... really high

i would recommend to have a look at the market data, it's just below those buy windows ..... as Lindal said : 262 -263 is the market at this moment.
 

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