4 hour limit buy

[Myst Serenity]

Rant coming 

I understand it is "Estimated"" but come on
I wouldnt have gone through with the limit buy yesterday if it hadnt said 4 hours.
I understand it is just software but i am a bit ticked off because I bought a large amount.
It was the number of L offered when i opened the page, a reasonable number and time so i purchased.
Page refreshing it it still said 4 hours so I told my friends.
How are new players supposed to get involved when it doesnt come through?
Its not like it said 'days' - god forbid you click on it then, at that point it should say say something like
Estimated Time to Fill - UNKNOWN

Maybe limit buy should just say this all the time 

"Estimated Time to Fill - UNKNOWN "   there we go, much better lol 
rant over

[Rolig Loon]

When you are buying or selling L$, you are trading with other SL residents, not with Linden Lab. All that the software can do is estimate the probability of a transaction, given the current volume of orders and the spread of asking and offered prices.  Those estimates are usually fairly good but they can be well off the mark, especially around holiday weekends, when it's hard to anticipate how many  people will be participating in RL activities instead of thinking about SL. If fewer people are trading, it will take longer for buyers and sellers to satisfy their goals.  So, you have a choice.  You can wait it out -- I have had a sell L$ order in the queue since Friday myself -- or you can cancel your order and place another at a different rate or simply at the Market rate.

Edited July 6, 2022 by Rolig Loon
typos. as always.

[Sid Nagy]

If you want instant money, buy instantly through the browser.
If you really need the few cents/dollar(s) discount, you'll have to wait at times.
That has always been the case.

Edited July 6, 2022 by Sid Nagy

[LittleMe Jewell]

17 minutes ago, Myst Serenity said:

Rant coming 

I understand it is "Estimated"" but come on
I wouldnt have gone through with the limit buy yesterday if it hadnt said 4 hours.
I understand it is just software but i am a bit ticked off because I bought a large amount.
It was the number of L offered when i opened the page, a reasonable number and time so i purchased.
Page refreshing it it still said 4 hours so I told my friends.
How are new players supposed to get involved when it doesnt come through?
Its not like it said 'days' - god forbid you click on it then, at that point it should say say something like
Estimated Time to Fill - UNKNOWN

Maybe limit buy should just say this all the time 

"Estimated Time to Fill - UNKNOWN "   there we go, much better lol 
rant over

Any time is says more than 10 minutes, it really means "maybe a few hours, maybe a few days, or maybe weeks or even months".

Just cancel the order you created and then do it again but drop the rate until the estimated time says 10 minutes.

[Love Zhaoying]

7 minutes ago, Rolig Loon said:

When you are buying or selling L$, you are trading with other SL residents, not with Linden Lab. All that the software can do is estimate the probability of a transaction, given the current volume of orders and the spread of asking and offered prices.  Those estimates are usually fairly good but they can be well off the mark, especially around holiday weekends, when it's hard to anticipate how many  people will be participating in RL activities instead of thinking about SL. If fewer people are trading, it will take longer for buyers and sellers to satisfy their goals.  So, you have a choice.  You can wait it out -- I have had a sell L$ order in the queue since Friday myself -- or you can cancel your order and place another at a different rate or simply at the Market rate.

Interesting if it does indicate a "L$ offer" as if there is an active, real "buyer" offering to sell L$ for that amount.

Versus: "Select this if you want to buy L$ for this amount, assuming an 'offer to sell' comes up that matches your bid"..

My point is, to the uninitiated, it would seem misleading.

[Rolig Loon]

2 minutes ago, Love Zhaoying said:

My point is, to the uninitiated, it would seem misleading.

This is the way that all currency exchanges work, Love. It's only misleading if you don't understand that the LindeX is an exchange, not a shop. In a RL currency exchange, you have the advantage of a much larger pool of traders than we will ever see in the LindeX, so statistical models that predict market behavior are more reliable.  Still, in any currency exchange, buyers and sellers have to wait in line, making their best offers and waiting for the system to negotiate a trade that satisfies them both.

[Love Zhaoying]

2 minutes ago, Rolig Loon said:

This is the way that all currency exchanges work, Love. It's only misleading if you don't understand that the LindeX is an exchange, not a shop. In a RL currency exchange, you have the advantage of a much larger pool of traders than we will ever see in the LindeX, so statistical models that predict market behavior are more reliable.  Still, in any currency exchange, buyers and sellers have to wait in line, making their best offers and waiting for the system to negotiate a trade that satisfies them both.

Guess the only currency I've exchanged is BitCoin! 🙂 

[Rowan Amore]

4 minutes ago, Rolig Loon said:

This is the way that all currency exchanges work, Love. It's only misleading if you don't understand that the LindeX is an exchange, not a shop. In a RL currency exchange, you have the advantage of a much larger pool of traders than we will ever see in the LindeX, so statistical models that predict market behavior are more reliable.  Still, in any currency exchange, buyers and sellers have to wait in line, making their best offers and waiting for the system to negotiate a trade that satisfies them both.

I've noticed that even veteran SL user do not understand that they are not purchasing or selling to LL and it is other residents who are selling that they are buying from.  

They really should have that disclaimer as a lot of people have no idea how it works.

"If no resident is selling at the rate you've offered to buy, your transaction may never fill"

[Pamela Galli]

It’s another example of someone blaming LL or a merchant for a problem caused by them not understanding how things work. I suspect this approach is not limited to experiences in SL. 
 

 

 

[Rolig Loon]

23 minutes ago, Rowan Amore said:

They really should have that disclaimer as a lot of people have no idea how it works.

"If no resident is selling at the rate you've offered to buy, your transaction may never fill"

That's a decent point, Rowan. It's been a very long time since I bought L$, so I have rarely visited that page. At the top of the SELL page, the instructions are pretty clear:

Just tell us how many Linden dollars you'd like to sell, and the LindeX™ exchange will automatically match you with buyers.

You may also make Limit Sell offers. Specify the amount of Linden Dollars AND the MAXIMUM exchange rate you are willing to accept. LindeX™ will automatically match up buy offers as they come in.

Sell Orders may be partially filled: Your Linden Dollars might sell to multiple buyers, and not all at the same time, and will remain open until they're sold or you cancel the order.

In the BUY page, however, the instructions offer only an abbreviated form of that note:

Note:
Buy orders may be partially filled: Your Linden Dollars might be purchased from multiple sellers, and not all at the same time. Your buy order will remain open until it is completed or you cancel the order.

It might help if the BUY page had wording parallel to the note on the SELL page. 

In any case, though, I would hope that anyone who is making a financial transaction in RL or SL would take time to figure out how to do it.  The Limit Buy and Limit Sell options only make financial sense if you are trading a moderately large amount of L$. Otherwise, as Sid suggests, you're better off making an instant Market trade and forgetting about saving the few pennies you might get with a Limit trade.  If you are planning to go the Limit route, I would hope that you do your research first.  

 

[Rowan Amore]

1 minute ago, Rolig Loon said:

That's a decent point, Rowan. It's been a very long time since I bought L$, so I have rarely visited that page. At the top of the SELL page, the instructions are pretty clear:

Just tell us how many Linden dollars you'd like to sell, and the LindeX™ exchange will automatically match you with buyers.

You may also make Limit Sell offers. Specify the amount of Linden Dollars AND the MAXIMUM exchange rate you are willing to accept. LindeX™ will automatically match up buy offers as they come in.

Sell Orders may be partially filled: Your Linden Dollars might sell to multiple buyers, and not all at the same time, and will remain open until they're sold or you cancel the order.

In the BUY page, however, the instructions offer only an abbreviated form of that note:

Note:
Buy orders may be partially filled: Your Linden Dollars might be purchased from multiple sellers, and not all at the same time. Your buy order will remain open until it is completed or you cancel the order.

It might help if the BUY page had wording parallel to the note on the SELL page. 

In any case, though, I would hope that anyone who is making a financial transaction in RL or SL would take time to figure out how to do it.  The Limit Buy and Limit Sell options only make financial sense if you are trading a moderately large amount of L$. Otherwise, as Sid suggests, you're better off making an instant Market trade and forgetting about saving the few pennies you might get with a Limit trade.  If you are planning to go the Limit route, I would hope that you do your research first.  

 

You and I read the knowledge base.  Other, maybe not so much.  It should be on the actual purchase page in big red letters, IMO.  People generally only seek answers after they encounter a problem.  

[Myst Serenity]

my rant is that they shouldnt post an estimated time at all because it is a complete unknown.

 I know it is an exchange and not LL 

(How can you guys be in SL and not buy Lindens? ) 

[Rolig Loon]

12 minutes ago, Myst Serenity said:

How can you guys be in SL and not buy Lindens?

I try really hard to budget.   I only buy things in SL when I have earned enough to have L$ in my account.  

I really do sympathize with your issue, Myst.  Until you've traded on the LindeX for a while, it's hard to feel confident using it. That's why I usually advise being cautious at first and reading on the Knowledge Base before you try the Limit options, which take a little nerve.  If I could wave a magic wand, I'd edit the words on the BUY page, because I think you, Rowan, and Love have a point. The estimated time is not a complete unknown, but it is more fluid than some people might expect. I think at least some of the frustration that people have with the LindeX could be eased by some careful wordsmithing there.

[Myst Serenity]

12 minutes ago, Rolig Loon said:

I try really hard to budget.   I only buy things in SL when I have earned enough to have L$ in my account.  

I really do sympathize with your issue, Myst.  Until you've traded on the LindeX for a while, it's hard to feel confident using it. That's why I usually advise being cautious at first and reading on the Knowledge Base before you try the Limit options, which take a little nerve.  If I could wave a magic wand, I'd edit the words on the BUY page, because I think you, Rowan, and Love have a point. The estimated time is not a complete unknown, but it is more fluid than some people might expect. I think at least some of the frustration that people have with the LindeX could be eased by some careful wordsmithing there.

OH you must be premium. I have been on 13yr free and paying a small rent. Buying L has been necessary and cheaper than premium including my rental, but lately the exchange seems to be more wonky than ever before. 
Thanks for the fish ! 👋 

[Sid Nagy]

42 minutes ago, Myst Serenity said:

(How can you guys be in SL and not buy Lindens? ) 

At the moment my shop makes enough L$ to cover my expenses. So I seldom buy L$.
In the past when I needed L$, I bought them directly when online, using the viewer. That pays a few L$ less per USD, but it fills almost instantly.

Edited July 6, 2022 by Sid Nagy

[Jules Catlyn]

14 minutes ago, Sid Nagy said:

In the past when I needed L$, I bought them directly when online, using the viewer. That pays a few L$ less per USD, but it fills almost instantly.

This is what i did as well. I never bothered with the exchange. 

[LittleMe Jewell]

3 hours ago, Sid Nagy said:

If you really need the few cents/dollar(s) discount, you'll have to wait at times.

If I buy US $300 worth of L$ at the Market rate, I'll currently get 72,300 L$.

If I buy US $300 worth of L$ at a Limit rate of 250, I'll get 75,000 L$ -- which is 2,700 more L$.   I can buy quite a few items with that extra 2,700 L$.

It is usually only worth doing the Limit buy when buying large quantities.  For smaller dollar amounts, the difference can be pretty insignificant.

Edited July 6, 2022 by LittleMe Jewell

[Alwin Alcott]

2 hours ago, Myst Serenity said:

my rant is that they shouldnt post an estimated time at all because it is a complete unknown.

 I know it is an exchange and not LL 

 

so you do also understand that all new orders after you, who have a better exchange rate, push yours backwards. The estimate fill is only valid for you as long there are no other orders placed.

[Sid Nagy]

15 minutes ago, LittleMe Jewell said:

If I buy US $300 worth of L$ at the Market rate, I'll currently get 72,300 L$.

If I buy US $300 worth of L$ at a Limit rate of 250, I'll get 75,000 L$ -- which is 2,700 more L$.   I can buy quite a few items with that extra 2,700 L$.

It is usually only worth doing the Limit buy when buying large quantities.  For smaller dollar amounts, the difference can be pretty insignificant.

If I would buy for US$ 300 at a time, I would become a big spender in no time.
Money burning in my pocket.
In weeks were business goes well, I even transfer L$ to my banking alt to avoid to go on shopping sprees.
I'm lucky, it is very hard to get money back from her and she is never online to go shopping herself. 

[LittleMe Jewell]

56 minutes ago, Sid Nagy said:

If I would buy for US$ 300 at a time, I would become a big spender in no time.
Money burning in my pocket.
In weeks were business goes well, I even transfer L$ to my banking alt to avoid to go on shopping sprees.
I'm lucky, it is very hard to get money back from her and she is never online to go shopping herself. 

After LL raised the fee for buying L$, I now do large buys a few times a year instead of lots of frequent small buys.  I then have to budget the L$ to last for a few months.

[Lindal Kidd]

3 hours ago, Myst Serenity said:

(How can you guys be in SL and not buy Lindens? ) 

When I was running my rental operation, I didn't have to buy $L for years. Lately, I've been having to do so to support my shopping habit, and only just beginning to realize how well off I was!

[Persephone Emerald]

4 hours ago, Myst Serenity said:

(How can you guys be in SL and not buy Lindens? ) 

I have 2 Premium accounts, nearly 78,000 items in my main account's inventory, and know how to get all kinds of good free and discounted stuff.

I only buy lindens for large purchases - such as land or a new mesh body - and haven't needed to do this ever since I stocked up with about $ 80 dollars worth of $ L before that previous purchase fee increase. After having let my total $L balance get relatively low, it has stayed around $L 9000 to $L 10,000 for each of my 4 accounts. My last big increase in the total was when I sold my land, though I quickly spent that money on buying add-ons for my Linden Homes. My last big purchase was for a smaller TMI wolf body for Tasha. Recently I also bought a fat-pack for a dress I asked the creator to rig for Belleza Freya, but usually I'm pretty frugal.

I also don't like SL dance clubs. If I were to go clubbing all the time, I'm sure I'd run out of money much faster from tipping the DJs and hosts.

Edited July 6, 2022 by Persephone Emerald

[Pamela Galli]

6 hours ago, Myst Serenity said:

OH you must be premium. I have been on 13yr free and paying a small rent. Buying L has been necessary and cheaper than premium including my rental, but lately the exchange seems to be more wonky than ever before. 
Thanks for the fish ! 👋 

Wonky how? The exchange rate does indeed sometimes become wildly unstable for no discernible reason but for a long time it’s been very stable.