Silk Road forums
Support => Technical support => Topic started by: GoodGuyGreg on July 08, 2012, 07:54 pm
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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!
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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?
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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.
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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
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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%