Silk Road forums

Discussion => Newbie discussion => Topic started by: Thatone567 on April 09, 2013, 09:00 pm

Title: Once again, a question! Bitinstant moneygram to Mt. Gox, nothing yet
Post by: Thatone567 on April 09, 2013, 09:00 pm
I sent a moneygram on Sunday (the 7th) using bitinstant to my Mt. Gox account. It should still be in USD as I didn't choose to automatically convert to bitcoins.
My Mt. Gox account still hasn't received anything, and though it says it takes three business days to receive money from wiring, I've been hearing lots of complaints on r/silkroad about bitinstant not sending money, causing me to be paranoid.
I did get a confirmation e-mail from ZipZap on the 7th with my account number, and I have a receipt from the location I went to in order to send the moneygram.

Is this a problem with bitinstant, or Mt. Gox?
Title: Re: Once again, a question! Bitinstant moneygram to Mt. Gox, nothing yet
Post by: dothedamnthing on April 09, 2013, 09:10 pm
Bitinstant. Their service is terrible and only getting worse. You'll get your BTC, but as for when, your guess is as good as mine.
Title: Re: Once again, a question! Bitinstant moneygram to Mt. Gox, nothing yet
Post by: SFdirect on April 09, 2013, 09:18 pm
that sux, know the feeling of waiting for stupid banks to clear in 3-4 days but charge overdraft fees in hours? Hope the btc catches on.
Title: Re: Once again, a question! Bitinstant moneygram to Mt. Gox, nothing yet
Post by: Thatone567 on April 09, 2013, 09:23 pm
Thank you.

Also, I've been wondering if, after I've converted my USD to BTC, (let's say I put in $50 and it becomes .2127 BTC at first), the 'bubble' pops and bitcoins lose their value while my bitcoins are in my SR wallet, will I get screwed over while trying to buy something from a vendor? What if I begin the process, and my money goes into escrow, then the value drops? I've been told to see if my vendor has a hedge option, but I'm not sure what that entails, other than knowing that a hedge is something that is used to prevent losses.
Title: Re: Once again, a question! Bitinstant moneygram to Mt. Gox, nothing yet
Post by: alagandar on April 09, 2013, 09:27 pm
=(
Title: Re: Once again, a question! Bitinstant moneygram to Mt. Gox, nothing yet
Post by: SFdirect on April 09, 2013, 09:37 pm
I dont hedge my sales. What is means is that:

Example 1

Bitcoin increase during escrow  =  Seller, not you, make $$$$

Example 2

Bitcoin Decrease during escrow  =  You make out like a bandit. When the seller transfers to fiat currency, the $100, when received is worth $10, Seller loses money.

Hedgeing = Price is fixed to fiat currency. When you make a purchase for $100 the seller receives $100 regardless of bitcoin price, but it cost the seller a fee that is passed to the consumer.

Hopes this helps,
SFd
Title: Re: Once again, a question! Bitinstant moneygram to Mt. Gox, nothing yet
Post by: jjds101 on April 09, 2013, 10:15 pm
Prob is definitely with bitinstant. I've always had great luck with bitinstant although yesterday it took about 2 hrs for payment to reach mtgox. 

Check out mtgox twitter acct, it looks like you aren't the only one who has had problems the past few days.  I'd contact bitinstant support (mtgox can't help with this).  BI should *not* take 3 days, only a wire transfer directly from your bank will.

Most of the time it takes a minute or two.  But as I said, been some crazy high volume lately so I think they're just getting backed-up or bugged or somethig.   Anyway try their support and hope for the best.  It will get there sometime.