Silk Road forums
Discussion => Silk Road discussion => Topic started by: 420med4u on July 07, 2011, 12:37 am
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I am going to raise the price. For example, if I am selling something for 300 USD, I am going to jack the price up to 380 USD and will let my customer knows that I am actually selling the item for 300 USD firm! While the item is in transit and if the price drop to 340, then I will issue 40 bucks back to the buyer after he releases from escrow or if the price goes up to 420, then I will issue 120 to the buyer after he releases the bitcoin. This way the buyer and me wins! I get my cut and the buyers are happy! Sounds good to everyone?
USD=BTC
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i like the idea. as long as you follow through with it (i'm sure you will). he may even be able to implement this into the market as a feature. obviously, this would account to more transactions though. hope it works for you!
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I think this is a very good idea. How much over the purchase price would you expect the buyer to put up upfront? In your example of a $300 you said you were going to charge $380, which is just under ~27% surcharge. It should probably be more of a round number surcharge to make it easier for people to budget. I think its a great idea and I hope SR can write this feature into the code of site.
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as posted in another thread, heres my interpretation of the idea, if SR were to implement it:
-the seller can be give the option to specify a 'target price' when he puts an item up for sale.
-to account for fluctuation, SR will add a certain value onto the price, which probably will be calculated using 2 things:
a) the current price in bitcoins
b) the total for the item in question (bigger price, bigger adjustment)
-the buyer will buy using the full price as listed on SR
-escrow, when releasing the funds, will release the 'target price' to seller, and '(total listing price - target price)' back to the buyer.
heres an example. the seller has username 'Seller' and the buyer has username 'Buyer'. 'Item' is whats being sold.
-Seller- puts up -Item- for a -Target Price- of $300.
Using the current price in bitcoins and the -Target Price-, SR calculates it should put up -Item- for $380 -Listing Price-.
Item goes up for $380 -Listing Price-, and -Buyer- buys it from -Seller-.
-Buyer- sends $380 to escrow.
DUE TO FLUCTUATION, the total value of the -Listing Price- goes down to $365
When it comes time to release funds, ESCROW sends -Target Price- of $300 to -Seller-
Then, ESCROW subtracts -Target Price- $300 from -Listing Price- $365 to find the -Refund Price- $65
-Refund Price- $65 is given to -Buyer-
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What happens when the exchange rate of USD/EUR to BTC fluxuates more than 20-30% below the total price paid in USD/EUR? Will you refund the buyers out of pocket?
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Also imho other sellers will take advantage of your method (eg. they'll sell without the surcharge) so you either have to vend unique or very high quality products to stay in competition.
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Another would be central banker :-X