Silk Road forums

Discussion => Silk Road discussion => Topic started by: Veetano on July 30, 2012, 11:35 pm

Title: Order canceled by vendor and I lost 15 BTC?
Post by: Veetano on July 30, 2012, 11:35 pm
I posted this over in Tech Support but I figure I would get a much faster response here....


More details here:
http://dkn255hz262ypmii.onion/index.php?topic=33219.0


To sum it up.

Paid 354 Bitcoins for an order, had about 16 remaining in my account

Vendor realized he had more than he thought(I wanted more than he thought he had at the time), so he canceled the order and relisted me a new one.

I notice my money is incredbly off so I look at my transactions, and I was only refunded 339 Bitcoins by SR. This left me with 355 bitcoins in my account, when the refund should have left me with around 370BTC. I am missing around $130 worth of bitcoins!.

Where did they go?

Does anyone have an idea of what happened? Just have a looksie yourself!@ The order was never marked in transit to my knowledge, and it still says my refund rate is 0%

refund    transaction #cc5525a7e7    ฿339.16    ฿355.92    July 30, 2012, 8:21 pm UTC
purchase    transaction #cc5525a7e7    ฿-354.34    ฿16.76    July 30, 2012, 5:23 pm UTC
Title: Re: Order canceled by vendor and I lost 15 BTC?
Post by: Tunbear on July 30, 2012, 11:52 pm
I dunno but Jesus Christ you've spent a lot of money here!
Title: Re: Order canceled by vendor and I lost 15 BTC?
Post by: Veetano on July 30, 2012, 11:55 pm
That is just 1 account that is no longer in use. I have about 7 other accounts :p.

Though I really need to get to the bottom of this!
Title: Re: Order canceled by vendor and I lost 15 BTC?
Post by: oscarzululondon on July 31, 2012, 12:22 am
The order was hedged. Basically the value of Bitcoins went up while the order was on hold, so when you get a refund you get less back, because if they give you the exact same amount back you would end up with more money.

It does make sense, don't worry, you haven't been robbed. Your bitcoins should be able to buy you the exact same amount of product as before, assuming their value hasn't changed again.

Think about it like this, if you had $100 and bought some Bitcoins, and got 10 Bitcoins, then bought some drugs, but the order cancelled. Now after waiting 4 days for it to cancel $100 will now buy you 5 Bitcoins, meaning each bitcoin is worth more, you wouldn't expect to get the same amount of Bitcoins back would you? Otherwise you would be getting free value. You could scam the website if they did this.
Title: Re: Order canceled by vendor and I lost 15 BTC?
Post by: Veetano on July 31, 2012, 12:31 am
The order was hedged. Basically the value of Bitcoins went up while the order was on hold, so when you get a refund you get less back, because if they give you the exact same amount back you would end up with more money.

It does make sense, don't worry, you haven't been robbed. Your bitcoins should be able to buy you the exact same amount of product as before, assuming their value hasn't changed again.

Think about it like this, if you had $100 and bought some Bitcoins, and got 10 Bitcoins, then bought some drugs, but the order cancelled. Now after waiting 4 days for it to cancel $100 will now buy you 5 Bitcoins, meaning each bitcoin is worth more, you wouldn't expect to get the same amount of Bitcoins back would you? Otherwise you would be getting free value. You could scam the website if they did this.

That is completely wrong, I have thought about that.

My bitcoins were worth 8.88 when I placed the order, and when I recieved the refund they were worth 8.81, this is all according to the Bitcoin Rate shown in the shopping cart on SR.

I addressed this on the other topic

Quote
Considering the USD conversions.

After the order was placed for $3139, I had $140 worth of bitcoins.

Even if the order was hedged(not sure if this applies even in this scenario), I should have $3279 worth in my account right now. Yet I only have $3171. There's $100 some dollars missing there!!
Title: Re: Order canceled by vendor and I lost 15 BTC?
Post by: Veetano on July 31, 2012, 12:36 am
If the refund was hedged correctly, then I should have recieved even MORE bitcoins in the refund considering their value depreciated. Yet, I recieved even LESS than I paid, inspite of the DROP in BTC Value?

That is not how hedging works
Title: Re: Order canceled by vendor and I lost 15 BTC?
Post by: UKGrower on July 31, 2012, 12:40 am
Isn't there a charge for hedging though?  4%, I think?
Title: Re: Order canceled by vendor and I lost 15 BTC?
Post by: raven92 on July 31, 2012, 12:45 am
Isn't there a charge for hedging though?  4%, I think?

Yea, there is a 4% hedge charge that you pay refund or no-refund, and on such a larger order, 4% is roughly $126. Sucks
Title: Re: Order canceled by vendor and I lost 15 BTC?
Post by: oscarzululondon on July 31, 2012, 12:47 am
Isn't there a charge for hedging though?  4%, I think?

Yes you have to include this too.

If the refund was hedged correctly, then I should have recieved even MORE bitcoins in the refund considering their value depreciated. Yet, I recieved even LESS than I paid, inspite of the DROP in BTC Value?

That is not how hedging works

I wasn't aware the value had gone down sorry, the exchange I use has been showing increasing values for a a few weeks now, but upon just checking I see a sharp drop the past day or so.