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Lindex Crash During Holiday Due to Demand Shortage
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Written by Nicolo Luminos
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Tuesday, 30 December 2008 |
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For SLReports.net Central Banker Supply Linden Away and Market Forces Cause Collapse for Short Period....
During December 27th's trading day a Lindex Currency Exchange collapse took place, as Supply Linden, the appointed Central Banker who oversees the Lindex, and away status of several institutional traders allowed a relatively small influx of orders to collapse the Linden/$1 all the way to L$200/$1 USD.
The situation was monitored by several smaller traders and their thoughts developed on the Second Life Forums.
Your2ndLife corrospondent Ciaran Laval explained, "However more worryingly is the claim that a sell rate of 262 was there, but they weren't shifting. Which suggests that buyers would have been getting a raw deal, especially if they were buying at L$200 to the dollar. There was evidence earlier that something had been amiss, there were plenty of Linden dollars avaialble at a sell rate of 262, some at 261 and then a jump to 254, that's not normal. There is also evidence in the current sell rates, 262 is lowish in reality at 19 million (It doesn't take long to get through 19 million) but then look at the next highest amount of dollars for sale rates, it's not as you'd expect 261 and 260...In the thread people are claiming that sales at 250 and 251 were being met within minutes, even today. Now you might think that Supply Linden is having a holiday but, ordinarily there would be a lot more Linden dollars being sold on the exchange. What on earth is going on, and more to the point, are buyers being given a raw deal here?" TOP NEWS:
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