Subject:
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Re: level of interest in 7151 / Sith ?
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Newsgroups:
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lugnet.market.theory
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Date:
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Sat, 7 Oct 2000 00:48:02 GMT
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Viewed:
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995 times
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In lugnet.market.theory, Ray Sanders writes:
> The existing auction model (ebay, et al) is a seller with product being
> 'pushed' into the market. I'm thinking of something where a buyer wants to
> 'pull' certain product(s) if they are available at a particular price. I • believe
> that it would require full disclosure of the buyer identity (as ebay does with
> bidders).
It's interesting that what everyone is describing here is basically
a "stock market". The bit with a buyer stating the qty and price
they are willing to pay is the same as issuing a "Limit Buy Order"
on the stock market. The order will not be fulfilled until someone
is willing to fill that order. In stock markets it stands for a
day, or could be designated as GTC (good til cancelled, subject
to periodic renewals).
BrickBay currently provides sellers a ways to issue "Limit Sell
Orders", by saying here's what I have to sell, QTY, and price.
They are GTC.
"Market Orders" are when you just say, "get me 20 Galaxy Explorers
at any cost". If 20 appear, you buy them, regardless of price.
I don't think there's a parallel to that currently in our LEGO
world, other than maybe on ebaY. If you set a proxy bid with an
infinite limit, and provided there are no other proxy bidders,
you will get the item at a price determined by the highest
bidder. I'm really messing up the Market Order concept here
when applying it to an auction, but its at least partly
analogous.
Jumping into things deeper, we could go to the point of having
"Margin Buys" and "Short Sells" as well, where people buy things
with money they don't have, or sell things they don't yet own.
I have been thinking about this in regards to LEGO a lot lately! :]
And I've seen it almost happening already on LUGNET. Someone will
say they saw 20 of some (rarer) set at a local store, and they
would be willing to sell them for X to anybody who was interested.
They are issuing a Limit Sell Order, but they don't yet own what
they're offering. Someone else comes along and says okay I'll
take them (a Market Buy Order). Now the seller goes and buys the
sets (and hopes like heck they are still there!) and then sells
them.
In the stock market, someone tries to Short Sell when they think
they can sell now for a higher price, but wait some delay time
before filling the order. If the price goes down before they
have to fill the order, then their cost is lower, and the profit
larger. So if it takes 2 weeks for the above buyer's payment to
reach the seller, then the seller has 2 weeks to hope that the
sets on the shelf will go on sale. If they do, then he just
increased his profit. Complete Short Sell. PayPal kicks the
crap out of this concept of course... :]
Anyhow, entertaining, andyet scary at the same time! I wonder
what the significance would be of a LEGO market crash? :]
KDJ
________________________________________________________
Kyle D. Jackson, LUGNETer #203, Windsor, Ontario, Canada
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Message has 2 Replies:
 | | Re: level of interest in 7151 / Sith ?
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| (...) You're in the right ball park, but it's a commodity market. I can't believe I haven't been involved in a discussion like this before. One of the aspects of LEGO that appeals to me is the commodity market angle - I get to buy and sell LEGO. (...) (24 years ago, 7-Oct-00, to lugnet.market.theory)
| | | Re: level of interest in 7151 / Sith ?
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| In lugnet.market.theory, Kyle D. Jackson writes: <snipped most of a great post> (...) with (...) Right. I posted some and so did some people to this thread. Further, my want list is a limit buy to a certain extent (although I did turn someone down (...) (24 years ago, 7-Oct-00, to lugnet.market.theory)
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Message is in Reply To:
| | Re: level of interest in 7151 / Sith ?
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| (...) Yes, you are correct, but I believe that it is lacking. Here's how I would envision it working... The existing auction model (ebay, et al) is a seller with product being 'pushed' into the market. I'm thinking of something where a buyer wants (...) (24 years ago, 6-Oct-00, to lugnet.market.theory)
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