Philip Linden announces Economy policy changes

17 07 2006

Philip Linden announced in his blog today (Philip’s Blog: Linden Dollar Economy Announcement) that there will be various things happening regarding the Second Life economy. It might be due to the recent changes (that’s just speculation) on the LindeX at which the value of 1US$ is now around L$ 300,- after quite some fall from L$330,- between Jun 27th and Jul 3rd.

Here’s the short version of the announcement:

  • In the future the fixed-supply systems of Linden Dollars will be exchanged by a more dynamic system which also means to replace the fixed stipends by something he does not tell us yet (“… move toward
    selling Linden Dollars into the economy at prices or using mechanisms
    designed to keep the economy stable.”)
  • New Premium accounts will from now on get only L$400,- (instead of L$500,-) stipend per week.
  • Linden Lab will start selling Linden Dollars under a set of rules like that sells will not be secret, will be limit-sell orders, will fall under the limitations of Currency Trader Tier 2 (more information on tiers), will be not be more than 5% of LindeX volume in the past rolling 30 days, will be volume-restricted based on Linden Dollar Sinks.
  • Linden Lab will introduce “Circuit Breaks”. This means that trading will be halted for a specific time based on (pos or neg) movement of the average exchange rate in any given days (e.g. 10 percent in any 12-hour period : projected 1 hour halt, etc. See post for more details).

So these changes are obviously not easy to understand for people without a decent knowledge of economics. And even then it’s probably hard to estimate effects as it’s a) hard in general and even in RL and b) the economy of a virtual world is not really comparable with a RL economy.

Thus one things is probably sure: Lot’s of drama.

But: Linden Lab seems to learn and there will be two Townhall meetings, one at 6:30pm PDT tonight and one 9AM PDT tomorrow morning, both at the Pooley Stage.

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