Silk Road forums

Support => Technical support => Topic started by: GoodGuyGreg on July 08, 2012, 07:54 pm

Title: Vendor cancels order and refunds, but now I'm jipped out of btc? WTF?!
Post by: GoodGuyGreg on July 08, 2012, 07:54 pm
So I had an order placed with pot2peer a couple days ago. I made a mistake on the shipping address and he just cancelled and refunded instead of fixing it. (Most likely because he is so busy) Now I'm now short one bitcoin.

Here is the transaction history from when I first got all of my btc

action   notes   amount   balance   date
sent from   BTCmaster   ฿15.00   ฿20.82   July 7, 2012, 12:33 am UTC

and the "purchase" plus refund.

action   notes   amount   balance   date
refund   transaction #9bc74e7016   ฿15.60   ฿19.86   July 8, 2012, 3:14 pm UTC
purchase   transaction #9bc74e7016   ฿-16.56   ฿4.26   July 7, 2012, 9:10 am UTC

My current balance is 19.82 btc. So what gives? Why the hell didn't I get all of my money back? That one bitcoin is 5 bucks that could cover shipping elsewhere!
Title: Re: Vendor cancels order and refunds, but now I'm jipped out of btc? WTF?!
Post by: GoodGuyGreg on July 08, 2012, 08:00 pm
if hedging was used on the listing you'll get back 96% of the equivalent usd amount, not an equivalent btc amount.

So where does that extra bitcoin go to? The vendor?
Title: Re: Vendor cancels order and refunds, but now I'm jipped out of btc? WTF?!
Post by: GoodGuyGreg on July 08, 2012, 08:05 pm
silk road admin, he's gotta get his juice lol

But if I'm not getting my goods from the transaction than he shouldn't be either.
Title: Re: Vendor cancels order and refunds, but now I'm jipped out of btc? WTF?!
Post by: GoodGuyGreg on July 08, 2012, 09:46 pm
if you think the admin is greedy feel free to buy your drugs somewhere else that's what's cool about agorist enterprises :)

Na I don't think he's greedy, I just think it's a faulty systematic response that needs to be fixed and updated. It would only make sense if the cut were done after the buyer finalized
Title: Re: Vendor cancels order and refunds, but now I'm jipped out of btc? WTF?!
Post by: anonaddict on July 09, 2012, 12:28 am
if you think the admin is greedy feel free to buy your drugs somewhere else that's what's cool about agorist enterprises :)

Na I don't think he's greedy, I just think it's a faulty systematic response that needs to be fixed and updated. It would only make sense if the cut were done after the buyer finalized

Hedging is set up to try and protect the vendor, but it can also protect or hurt you. The cost of the service is 4% of the listing's value. Lets take a look at two scenarios.

You purchase a product for $100 while bitcoins are worth $4 for a total of  25 bitcoins. Bitcoin prices went up to $6 per coin before your order was canceled, when you get your refund it would have been $100 - 4% = $96/$6 (per bitcoin) = 16 bitcoins.

If you had purchased a product for $100 while bitcoins were worth $6 for a total of 16.67 bitcoins. bitcoin prices fell to $4 per coin before your order was canceled, when you get your refund it would have been $100 - 4% = $96/$4 (per bitcoin) = 24 bitcoins.

This system was set up to keep vendors from canceling out orders because bitcoin prices were falling. There is plenty of risk in the system but Silk Road has to cover that risk, hence the 4% fee.

If the transaction is concluded then the vendor pays the 4, if the order is canceled then the customer pays the 4%