Saturday, December 6, 2014

How I Buy Lindens

I've run into a few people who were not aware of a method of buying lindens that can save you a few dollars. The catch is that it takes 5 to 20 minutes longer to complete your transaction. (Also this same technique works when selling lindens. You can get a few more $ for your Lindens if you are willing to wait a bit.)

In the example case of buying 20,000 L, I save $2.52, at an earlier exchange rate today. IF i am willing to wait an extra 5 to 20 minutes as opposed to having my purchase processed IMMEDIATELY

I have always been able to wait, except for one time when it was a small amount and I was in a hurry.

I want to be careful about financial advice as there is a reason that this method is NOT the DEFAULT method for buying Lindens with USD or Euros or ???. They don't want you to misunderstand and make a mistake and lose out which would happen only if you didn't understand or you accidentally entered an amount unfavorable to you and favorable to everyone else.

So I am presenting this simply as a method that I use without advising anyone to use it, as it could be easy to flub or misunderstand, I suppose. Proceed at your own risk and if you do experiment, start off with a small amount.

STEP 1) I click on Account.



STEP 2) I then click on Manage (IF this is my 1st time trying this, else I skip this step)




STEP 3) Then I press L$ Exchange Settings




STEP 4) Now I change from Basic ...



to Advanced so that I get the LimitBuy choices offered to me



STEP 5) At the top is the MarketBuy...this is similar to what I might normally  now when  buying Lindens from my viewer using BUY L$.


STEP 6) This would be a normal buy that would process immediately for when I am impatient and don't care about some slim savings...

...and so here is the top of the screen with he normal MarketBuy offerings.




Notice that for a 'right-now', I'm in a hurry to buy these to-die-for 20,000L shoes, then the buy it costs $80.95

Notice it is turns out the same price as I would normally buy lindens thru the top of myviewer window.




STEP 7) Now I scroll down to the bottom of the page where I will see the LimitBuy options



So I enter 20,000 in the Quantity and 256 in the Exchange Rate. It means I want at least 256 lindens for each USD $1.00. So it waits for someone to sell at the right price which goes into the total remaining quantity and we simply exchange buy and sell from that 256 bucket with Linden getting a small fee on both sides, from seller and buyer.

If you choose 257 you will wait for days weeks months. If you put in 255 either intentionally or buy mistake you will cheat yourself as you could have gotten a bit more and that equates to or closely to the MarketBuy. You see a 247.07 for the Instant MarketBuy but they factor in the total cost which includes 30 cents plus a percentage so that is an effective exchange rate. So you can see LL makes about 8 cents or 8/255 = .0313 which is near the 3% + 30 cents they take on both buy and sell side. I admit I may be off in fractions cause I sort of cheated as its not exactly .03 but you get the point.

Anyways...

The bottom line is that I save 2.52 cents on a 20k L buy order if we are willing to wait a bit. 

You will hear a ka-ching for partial and/or full order fills. It fills your order as sell transactions match yours on the other side in total or in part.

I hope this is of benefit to at least 1 person. If you find this helpful, please comment or send me an IM so I can feel good that I am doing the right thing. If you think this presentation is harmful or misleading or too erroneous, let me know and I will remove it faster than a lightning strike and make it available by 'request-only'.

My gift to you for the holidays...a gift that can keep on giving (savings).

p.s. Someone told me it wasn't worth the bother just to save a couple dollars, so i almost didn't post this figuring, probably everyone thinks that way but then someone said, "Well that's the price of a good pair of shoes or a whole costume."

Well when you put it like that....?

Lat "Yummy" Lovenkraft


6 comments:

  1. I had heard about the ability to do this, but had never been able to find any real information about how to do it. So thank you for the information - I have put in a small limit buy and will report back when it completes!

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  3. Ok, reporting back! I followed Yummy's very detailed instructions, and it was a very simple process. I put in a small buy for 5043L ($20US) just to try it out. Direct buy would have cost me $20.42US for the same amount of L$.
    Now, $0.42 probably seems like nothing, but it could add up over months and years. My limit buy filled in less than 30 minutes, so it really didn't take that long.
    When it filled, I went back to direct buy just out of curiosity. 30 minutes later, direct buy for 5043L would have cost $20.72US. For the same $20US, I would only have gotten 4866L (a difference of 177L). Again, it may seem like a small amount, but it can add up, especially if you are making larger buys.
    I will no longer be doing direct buys - I can wait 30 minutes for a buy order to fill. I will probably be setting them to purchase at night, and then hopefully they will be there when I log in the next day.
    So thank you, Yummy, for the great info!!!
    *I deleted my earlier comment because of a typo - OCD much?!!

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  4. I must to be the only one who never bough lindens, i know sounds weird cause to start to create and put a store you need to invest some,upload textures, upload mesh etc cost, but yeah i did dance first, get some lindens tip jar, then invest to a store, i wish real life would be as easy as sl, i would be rich in real ha ha

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    1. Well now you have lindens you can "sell" using the same method and convert into Danish krones

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  5. Excellent advice. I wish I had used the same methods with my real Stocks.

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