Silk Road forums
Support => Technical support => Topic started by: gazwel on April 17, 2012, 03:50 pm
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I ordered something earlier and it was cancelled by the vendor an hour or so later as he had just that moment ran out of stock.
However I did not get my full amount back, it was only a small transaction and the amount lost is 0.17 but that small amount is the difference between me affording to order some more :(
Do SR charge for cancelled orders? Surely it is not my fault if it was listed as in stock when I ordered and I should not be charged for this? Just want to add the vendor is a good guy and is trying to find out what happened for me as he does not know either and this is in no way a dig at them.
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As I understand it, if the order was hedged, you would get a different amount of BTC back = to the UDS amount you spent, and if the order was not hedged, you would get the same amount of BTC back that could = a different dollar amount by now.
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Yeah, hedging really fucks with the buyers when the vendor cancels that order. Just lost ~$30 due to a vendor freaking out over TFM and cancelling my order.
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Thanks for the replies guys. :)
The vendor gave me the small amount back even though it was clearly not his fault. Looking at MM's reply I am lucky.
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I have never understood why you don't get the amount of BTC you were supposed to spend back, can anyone give me a reason?
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I think it is because the bitcoin price fluctuates so much, so by the time you get the refund it could have went up or down.
I think :D
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I think it is because the bitcoin price fluctuates so much, so by the time you get the refund it could have went up or down.
I think :D
Yes, I know. I was just wondering why SR or the vendor should have the difference when an order is cancelled. Makes no sense to me.
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I think it is because the bitcoin price fluctuates so much, so by the time you get the refund it could have went up or down.
I think :D
Yes, I know. I was just wondering why SR or the vendor should have the difference when an order is cancelled. Makes no sense to me.
they don't have the difference. that is the point. BTC fluctuates quickly, so it could be worth $5 right now, an $4.20 in ten minutes. if the order is hedged, you will get mote BTC refunded worth the same $, if unhedged, you will get the same btc refunded worth a different $
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I think it is because the bitcoin price fluctuates so much, so by the time you get the refund it could have went up or down.
I think :D
Yes, I know. I was just wondering why SR or the vendor should have the difference when an order is cancelled. Makes no sense to me.
they don't have the difference. that is the point. BTC fluctuates quickly, so it could be worth $5 right now, an $4.20 in ten minutes. if the order is hedged, you will get mote BTC refunded worth the same $, if unhedged, you will get the same btc refunded worth a different $
I am sorry if I am missing something, I am really tired, but if no business transaction takes place you should just get the same amount of BTC you paid back. If it's a refund we're talking about I get the purpose.
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In 10 minutes there is/can be a lot of fluctuation in the instantaneous BTC price, but SR doesn't use instantaneous prices, they use rolling averages over a 24h period. Now, what hedging does is protects the seller from longer term (several day from having placed the order to escrow being released) BTC fluctuation at the cost of 4% of the product's value which is taken directly from the buyer. Say a vendor want's to sell something for $100, on top of that $100, the price that shows up would be $100 + SR fees + $4. The moment that the order is placed, however, the $4 hedging fee is taken into SR coffers and is NOT counted in what you have in escrow. I'm not sure if SR fees are also refunded if an order is canceled, but I'm certain that the hedging fee is non-refundable.
To put this into perspective, for a $50 dollar product you would pay $50 + $2 (hedging) + $5 (SR fees) = 57 but if the order is canceled your refund would only be $50 (assuming SR fees are counted like hedging fees which I think they are), a loss of ~12% for nothing.
Is this acceptable? It's up to you to decide.
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I think it is because the bitcoin price fluctuates so much, so by the time you get the refund it could have went up or down.
I think :D
Yes, I know. I was just wondering why SR or the vendor should have the difference when an order is cancelled. Makes no sense to me.
they don't have the difference. that is the point. BTC fluctuates quickly, so it could be worth $5 right now, an $4.20 in ten minutes. if the order is hedged, you will get mote BTC refunded worth the same $, if unhedged, you will get the same btc refunded worth a different $
I am sorry if I am missing something, I am really tired, but if no business transaction takes place you should just get the same amount of BTC you paid back. If it's a refund we're talking about I get the purpose.
If a vendor has hedging turned off you will get the exact same BTC back.
If a vendor has hedging turned on you will get your exact same USD back minus 4% (a fee that SR takes in case BTC decreases in value).
This goes the same for the vendor upon finalize. Vendor can get either exact BTC paid or USD amount minus 4% and fees.
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Thanks for explaining this marvelous feature made for us buyers. ::)
It does work well doing a fair transaction.
If a vendor cancels you are out BTC. I think that is unfair. Too bad :'(
So now you have PM the seller, ask, you sure you have the product, and are willing to deal with me?
Unless you like loosing money.
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It's usually a good practice to communicate with vendors before placing order and maybe that will cut down on loss monies...
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Happened to me again with the same vendor, this time is is 0.40 I have lost.
0.29 short of the order i want now :( This is not fair on the buyer SR, I have done nothing wrong.
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Time for a new vendor. Lol.
I realize this shit sucks, but after the first time I wouldn't buy from him. Or at least message him first, man.