Silk Road forums

Discussion => Newbie discussion => Topic started by: UFOCommander on February 27, 2013, 10:44 pm

Title: Question about Escrow
Post by: UFOCommander on February 27, 2013, 10:44 pm
Hi,

I already placed orders here and I remember that I could see the btc in escrow on my account page, now i placed 2 other orders and when I go to my account page I see USD in escrow.
I prefer to have btc in escrow since if the orders should go wrong and the btc price goes up in meantime that means i will loose some money. How can I switch USD to BTC in escrow please ?

Thanks
Title: Re: Question about Escrow
Post by: HalideCurve on February 27, 2013, 11:18 pm
That's something the vendor sets up on their listing IIRC.
Title: Re: Question about Escrow
Post by: acider on February 28, 2013, 12:34 am
Yes that's something a vendor chooses, if you see the option "hedged" it means you ll get USD escrow. It's the safe way to go for both sides.
But you are wrong UFOcommander, this is exactly when you keep your money. If the btc goes up you didn't lose money you lost the potential of gaining money. If you want to win money with btc gambling then buy some and keep them in your wallet.
Title: Re: Question about Escrow
Post by: scoob on February 28, 2013, 12:41 am
Yeah its up to the vendor
Title: Re: Question about Escrow
Post by: UFOCommander on February 28, 2013, 02:17 am
thanks for your replies

i sure will do some bitcoin speculation and leave some coins sitting around on an usb stick for a while to see how it goes :)
Title: Re: Question about Escrow
Post by: Oddworld on February 28, 2013, 02:26 am
I still don't understand, for the sake of this post lets say BTC=$20

Buy something for 3 BTC

$60 in escrow

Price of BTC rises to $21 and you will get less than 3BTC

and can't afford same item anymore

vendors don't update their prices everytime the BTC value changes do they?
Title: Re: Question about Escrow
Post by: HalideCurve on February 28, 2013, 03:27 am
If BTC went up then you would get some BTC back after finalizing. My understanding is that the prices here change based on the market value of BTC.
Title: Re: Question about Escrow
Post by: quardox on February 28, 2013, 03:55 am
A vendor can pin his price to BTC (specify the listing cost in BTC) or pin it to USD (specify the listing price in USD, changing the number of bitcoin you need). Same with escrow, he can hedge or not.