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Author Topic: Hi new here and I have a question about trading linden to bitcoin  (Read 1449 times)
darkhein82
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August 03, 2012, 11:09:26 PM
 #1

First off let me just say hello to everyone. Now to my dilema. I recently bought lindens in order to exchange for bitcoin not knowing that Virwox or rock trading won't let me trade them because of the risk api thing. So i'm stuck now with lindens that I don't want, I only opened a second life account to do an exchange not knowing I wouldn't be able to. Someone mentioned that I might try in this forum to see if anyone can help me out or even trade with me. So I was wondering if anyone can give me any ideas or would even be willing to trade with me. Thanks and sorry if this was posted in the wrong section or If I did anything wrong. I'm completely new to the whole forums thing..
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Stephen Gornick
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August 03, 2012, 11:35:11 PM
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That must be getting more strict because that's been coming up more often.

Like here:
 - http://bitcointalk.org/index.php?topic=96166.0

Had you bought SLLs on VirWoX or Rock, or did you buy them at the Linden exchange itself (if they offer that, I don't know).

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darkhein82
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August 04, 2012, 12:09:57 AM
 #3

I bought them from a separate exchange site. Virwox notified me that I could've bought the linden from them without opening a second life account and they would've exchanged it no problem but sadly it was to late. So now it seems i'm stuck...

ETA: it's really my fault for not doing more research on it. It just seemed at the time the most hassle free way of obtaining bitcoin. I was wrong...
deus-ex-machina
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August 06, 2012, 01:36:18 PM
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It isn't too late. Go to a Virwox terminal in Second Life once you have an account at Virwox. Pay the terminal the amount you want to trade. It will show up in your account at Virwox. Make sure you check if it is actually a Virwox terminal first!
mustkillidiots
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August 06, 2012, 04:18:29 PM
 #5

I went through this recently too....seems to be scammers popping up in second life with 'fake' lindens.  The risk API was implemented to gauge how risky your transaction is.  Seems one of the 'risks' of having fake linden is having an account that is new.  I dont remember if it was 30 or 60 days, and then the risk api will only let you trade in limited amounts.  Sorry but I could not find a work around for this when I went through it either....Pretty sure that since the rock got scammed with a major amount of fake lindens all the exchanges there are using the risk api.
DeathAndTaxes
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August 06, 2012, 04:22:13 PM
 #6

How are their fake Lindens?  That seems impossible with a digital centralized currency.
mustkillidiots
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August 06, 2012, 05:40:03 PM
 #7

Not impossible....There could be fake bitcoins if you had 51% of the network hash power.  Although Second Life only says 'Fraudulent transactions' and of course never gives specifics as to how.....Thus the risk api.  It limits you by how old your account is, and how much 'exhangeing' you do.  Im not well versed on the specifics.....

From http://therocktrading.com/topics/96

Quote
"In reply to Re: General Halt updates
Dear Friends,

as you may know, for the past few months we had issues with Linden Lab.

It all started the moment we decided to trade bitcoins vs lindens.

Here is the story of what happened or, at least, what we believed happened because we never got too many details from Linden Lab.

After a short time since our Bitcoin exchange opened, a major player started to move a lot of lindens/bitcoins. A couple of weeks later, all our SL avatars and few of our regular Customers were frozen and funds seized for an ongoing investigation….

Please, it is important for you to know that, before we were stopped by Linden, we alerted Linden about the Suspect because of his unusual volume. Also, it is important to know that, before the stop, the Suspect had limits with our exchange.

It took few days for Lindens to solve the issue and return all our funds (and our customers too). Please note that the “suspect” was released as well without consequences.

At that point, because the suspect was investigated and released, we assumed he/she was ok and let him freely trade on our exchange raising his limits as well….. Also, the suspect, provided payment info with Linden on top of his docs.

Finally Linden gave us RISK API after many months of our request….

At that point, out of the blue, one morning our exchange account dropped from a little less of 2 million down to more than 10 million!!! Linden Lab charged us for almost 12 million but never suspended our Avatars…..

After few days it come out that they seized the funds because of illegal transactions made by an avatar before RISK API. They never released the name but, the only Avatar that moved so much was the Suspect….

Of course, we emphasized the fact that they allowed him to continue his fraud after the first investigation and it was not our fault to assume he/she was not acting honestly…. But, with Linden, you do not really have many chances to argue…

We had 3 choices:

1) Fight them back legally

2) Close the business

3) Find an agreement

We choose the 3rd option because the first one was too complex being overseas and we did not like the second (which was the most logical!!!).

In the end, we agreed with Linden to pay on a monthly basis 50% profits of our holding Company The Digital Rock.

What does it mean?

It means that our investors and shareholders are not affected by this accident because we will fully absorb it from our income.

Now, I challenge anyone to find in the past or even in the present any other company or exchange to accept such a deal in the interest of its investors…..

Thank you again"

I dont want to sound like an expert about Lindens, because frankly I am not.  This is just some of what I uncovered after attempting to buy Lindens with Bitcoin.
Stephen Gornick
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August 06, 2012, 07:48:51 PM
 #8

There could be fake bitcoins if you had 51% of the network hash power. 

"Fake" ... that's not the best way to describe what can happen with a 51% attack.  The attacker can re-spend coins that were previously sent to you.  So the coins you had were turned worthless by the attacker.  Calling them fake is not really the right word to use.

Anyway, the problem with the Lindens appears not to be that they are counterfeit / fake but they were purchased with stolen funds (e.g., compromised credit card info.)  Because chargebacks occur days, weeks or even months after the purchase, the ability for VirWoX to accept them brings risk.  Since VirWoX wasn't the one that sold the SLLs to you, they cannot even fight the chargeback -- so it makes sense they aren't extending trust to all accounts equally.

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pompeii
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August 08, 2012, 05:56:48 PM
 #9

a bit tangential but has anyone here used second life as a "game" or chatroom or whatever it is?  I don't quite get it and why they have their own currency lol.
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