Silk Road forums
Support => Technical support => Topic started by: hubbabubba on May 03, 2012, 11:50 am
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Hi, I checked the Wiki and also used the search function for an answer to this question but could only see information for Vendors cancelling orders.
If a buyer cancels an order before shipment or if a Vendor disappears how much does it cost to cancel and how long does it take for BTC to return to the buyer's account?
Thanks
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The last time I had a cancelled order, the BTC came back instantly.
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Yes you get the btc back instantly.
If the seller uses hedging then you'll get back more or less btc depending on whether the price of btc has gone up or down. Also the spread + exchange fees will cause you to lose approximately 4% of the value, even if the price hasn't changed at all. The spread is the difference between what people are willing to immediately buy and sell bitcoins for. Say you can sell bitcoins for 4.90 but buy them for 5.10 then you'll lose 20 cents for every bitcoin if you convert to and from USD.
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Hi, sorry for posting in the wrong forum and thanks for moving it.
Thanks for replying too guys with the relevant information, that's great.
So basically I'm best waiting until BTC go up in price before cancelling so I limit my losses?
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if the order was hedged, you will get the same $USD back. if it was not hedged, then you get the same $BTC back, so sure if your order was unhedged, you could wait for the value to go up (or down) and profit (or lose), but if it was hedged, you will get the same $USD back regardless of current BTC value.
side note, I wonder if setting up a separate seller account and posting hedged listings for your main account BTC value, and buying those listings with your main account to counter the constant BTC fluctuation would be a good idea instead of rushing to cash out large qty of BTC at an exchange all the time...just a thought