estimated time changing AFTER limit buy order transaction

[Helen Somerset]

Is this just the name of the game or something? About a day and a half ago I placed a limit buy order at 274 per 1L and the estimated time was 13 hours. now, with the advice of the forums, it was a good idea to place orders less than 24 hours or estimated 3 days, and your order would quickly go through (instead of basically being delayed indefinitely)

 

though my order (at the time of placing the transaction) was estimated to be 13 hours approximately, it has now since changed to 3 days (entering the same amount and rate in a new order showed this). 

 

really? with the current inflation going on over the summer in canada, i can't really afford buckets of lindens, so i'm kind of exhausted from finding the sweet spot. even then, it can just change whenever? should i go ahead and cancel the order? this has already happened before, but i had exaggerated the rate. 274 was a better alternative. additionally, the max quantity remaining for 274/1 is L$92,423 as of writing, with 275 being nearly 1 million, with the same estimated time of 3 days approx.

what's the deal, exactly? what am i not noticing?

sorry, and thank you for anyone who can offer some advice. 

[Wulfie Reanimator]

It's an estimate based on how much is being bought and offered. Of course it can change, because the amount people buy (and the prices/amount being offered) can change after you place your order.

[Helen Somerset]

1 hour ago, Wulfie Reanimator said:

can change after you place your order.

so i was ... screwed out of a purchase? i assumed the estimated time was actually approx 13 hours. regardless of knowing or not that it can change drastically even after purchasing, that sounds really simple to overlook, at least for me.

at or after 3 days as an estimate, people are saying they've waited weeks,  months, or have waited so long they would consider it indefinite. 

i'm trying to understand if its even worth waiting on, or to accept it and cancel the order. thanks for the advice, anyway.

Edited September 26, 2023 by Helen Somerset

[Wulfie Reanimator]

26 minutes ago, Helen Somerset said:

so i was ... screwed out of a purchase, because i assumed the estimated time was actually approx 13 hours? regardless of knowing or not that it can change drastically even after purchasing, that sounds really ridiculous, especilly because at or after 3 days as an estimate, people are saying they've waited weeks,  months, or have waited so long they would consider it indefinite. 

i'm trying to understand if its even worth waiting on, or to accept it and cancel the order. thanks for the advice, anyway.

You weren't "screwed out," your order is still active and it will be filled as soon as someone is offering to sell their lindens for that price. 🙂 The buy orders aren't a queue or a waiting list, you're ignoring people who aren't selling for your price as the market fluctuates. You might have a better chance of getting your price at the end of the week/month, depending on when other people are cashing out into USD.

The difference between the current market rate (instant buy) and your target of 274 is about 10%. If you think that's worth waiting on, keep your order as it is. From the tone of your posts it sounds like you'd be happier if you canceled the order and placed one at a lower amount.

For example, you could get 259 lindens within 10 minutes, or 260 within 3 days. It seems unlikely that your order of 274 would be filled quickly, but it's possible that some people will dump their lindens for really cheap because they want a fast payout.

 

It also seems like 3 days is the maximum time LL will estimate, so I would disregard it completely. (Buy order of 1000 lindens per 1 USD is 3 days. lol)

Edited September 26, 2023 by Wulfie Reanimator

[Helen Somerset]

12 minutes ago, Wulfie Reanimator said:

You weren't "screwed out," your order is still active and it will be filled as soon as someone is offering to sell their lindens for that price.

it's really kind of semantics at that point. someone who is buying something and isn't getting it. instead, put on some type of waiting list, knowing (or not knowing, in my case) that the rate fluctuates, the estimated time is actually far more incorrect with higher rates,  and simply that they end up paying more in the end for what was meant to be paying less.

i was not purchasing this to have a surprise in the next weeks, this was something i expected within two days. there was no indication, on the page or with the advanced market option enabled, that it would change to 3 days (but not actually be 3 days)

12 minutes ago, Wulfie Reanimator said:

the current market rate and your target of 274 is about 10%. If you think that's worth waiting on, keep your order as it is. From the tone of your posts it sounds like you'd be happier if you canceled the order and placed one at a lower amount.

unfortunately, i don't really have the money to keep doing that. i've done this twice before, one the day before this current order because of my own ignorance. i won't be happier canceling it, because of the currency conversions in my own country and the fees attached to the usd tillia balance it'll end up putting the money into. 

12 minutes ago, Wulfie Reanimator said:

You might have a better chance of getting your price at the end of the week/month, depending on when other people are cashing out into USD.

 It seems unlikely that your order of 274 would be filled quickly, but time will tell.

this is all i'm going to have to hope for. thanks for your advice.

Edited September 26, 2023 by Helen Somerset

[Rowan Amore]

35 minutes ago, Wulfie Reanimator said:

It seems unlikely that your order of 274 would be filled quickly

Or ever. 

Take a look at the exchange market to get a better idea of what is going on...

https://secondlife.com/my/lindex/market.php

[Alwin Alcott]

1 hour ago, Helen Somerset said:

I placed a limit buy order at 274 per 1L

the current, past and future of the Lindex néver been 274/1

the current rate is about 256-259( and thats already remarkable higher as it been for years .. you clearly don't realise how a exchange works.
No matter your request to buy, every order that is better, and comes in later, will go before yours, simply because 274 is a very bad deal.

The estimated time mentioned should be taken out, it gives no usefull information at all.

When you want a real advice about rates, have a look at the current stock. That's nowhere close to your offer,

 

Edited September 26, 2023 by Alwin Alcott

[LittleMe Jewell]

1 hour ago, Helen Somerset said:

i assumed the estimated time was actually approx 13 hours

Based on experience, any estimate over 2-4 hours could easily translate into Days/Weeks/Never

[Helen Somerset]

2 hours ago, Alwin Alcott said:

you clearly don't realise how a exchange works.

thanks everyone, order was canceled. and no, i clearly do not know. 

[Rowan Amore]

4 hours ago, Helen Somerset said:

the max quantity remaining for 274/1 is L$92,423 as of writing, with 275 being nearly 1 million, with the same estimated time of 3 days approx.

What this means is other people are also waiting for.someone to sell at 274/1.  That number will.go down as people, such as yourself, remove their offer.  You won't be able to buy at 274/1 if no one is selling at 274/1.  I certainly wouldn't sell at that price when there are $39million plus orders to buy @ 260/1.

As @LittleMe Jewellsaid, anything over an estimate of 2-4 hours pretty much means never.  Not impossible but not at all likely.