Silk Road forums
Discussion => Silk Road discussion => Topic started by: sofish89 on April 25, 2013, 04:07 pm
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If i place an order with someone who is hedged and i cancel an order a week later (because it still says processing) do i get the amount of bitcoins back or the amount in USD?
and how do i check if someone is hedged?
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When you place your order on the far right it will show "hedged" with yes or no underneath.
If hedged you get the USD value in BTC. Unhedged you get the BTC despite the value.
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i imagine if you cancel an order while in a hedged escrow you get the dollar value of your purchase back.
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"kind of related"-question:
Are Buyers affected from the Bitcoin currency fluctuation? Or are the prices inserted in USD by the Vendors and then the prices are being converted in Bitcoins at the actual rate?
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All this info can be found in the wiki, the SR guide provides a lot of information people ask here...
Plus there were people who have asked this many times before...
Would save a lot of time, plus make your experience a lot safer, if you take the time to read the wiki and make sure you understand the system before placing orders and asking questions that are answered.?
BUT with respect to your question, the vendor inserts the amount of BTC he wants to receive and then can either set it as post-commission (pays the SR fee) or pre-commission (SR adds the fee on) and hedged (pegged to BTC value) or unhedged (get amount of BTC regardless of value)
The BTC values will adjust accordingly. For example if you see my half oz listing it is at 1.06 BTC. If the weighted average (NOT market value...weighted average!) became very very low my price would increase automatically. Same thing if it rose.
When BTC soar to 250 my oz listing was 0.86 BTC. Unfortunately customers FE and I ended up losing close to 600...sigh....
So the prices ARE inserted in BTC but the vendor can set it to hedge at the weighted average USD value
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I've read the SR wiki, but obviously I did not read this part! But thanks anyway! :)
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I've read the SR wiki, but obviously I did not read this part! But thanks anyway! :)
No problem =)
Sorry if I came across as rude or something btw, it is possible to miss over some things!
Again apologies if I seemed rude, wasn't directed at you necessarily mostly the SR noobs who are like "OMG THE SITE IS DOWN OMG OMG MY ORDERS" when clearly there is a thread by DPR saying "Site down for maintenance"
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:-X [REDACTED]
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I've read the SR wiki, but obviously I did not read this part! But thanks anyway! :)
No problem =)
Sorry if I came across as rude or something btw, it is possible to miss over some things!
Again apologies if I seemed rude, wasn't directed at you necessarily mostly the SR noobs who are like "OMG THE SITE IS DOWN OMG OMG MY ORDERS" when clearly there is a thread by DPR saying "Site down for maintenance"
haha yeah i know lot of people should better read first than making another post/thread, and its ok i really did not take offense bro! :)
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Vendors can set their prices to be stable Dollar amounts or set Btc amounts. Almost all vendors set their prices linked to the dollar value so that the price of an item does not seem to change if you have your account settings set to see things in dollars.
I'm not positive, but I think if a buyer orders a hedged item and then it is canceled by the buyer or vendor, the buyer gets back Btc equal to the current dollar value amount of their purchase MINUS a hedging fee of around 5% (I think it is 4 or 6%, I cant remember for sure). If that is correct and you try to buy 20k worth of stuff from a hedged vendor and the vendor cancels right away for any reason, you lose like $1,000.
I hope I am wrong about that^.
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So if I make a purchase on a hedged listing that is $100 while coins are worth $100 each and I cancel or get refunded when coins are worth $10 each, then I will receive ten bitcoins back?
Where do the nine extra bitcoins come from??
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If I am reading it correctly, in your example Jack, the price of Btc did not change and my theory is you would get about 9.5 of the 10 Btc you offered to spend back.
It went fro $100 to $10. So I spent 1btc, the order got cancelled, and I receive 9.5btc back. That's pretty damn cool!
I could essentially use a vendor account and a buyer account to make orders through myself before I think the bitcoin price will crash and make lots of money from the hedging system.
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All this info can be found in the wiki, the SR guide provides a lot of information people ask here...
Plus there were people who have asked this many times before...
Would save a lot of time, plus make your experience a lot safer, if you take the time to read the wiki and make sure you understand the system before placing orders and asking questions that are answered.?
BUT with respect to your question, the vendor inserts the amount of BTC he wants to receive and then can either set it as post-commission (pays the SR fee) or pre-commission (SR adds the fee on) and hedged (pegged to BTC value) or unhedged (get amount of BTC regardless of value)
The BTC values will adjust accordingly. For example if you see my half oz listing it is at 1.06 BTC. If the weighted average (NOT market value...weighted average!) became very very low my price would increase automatically. Same thing if it rose.
When BTC soar to 250 my oz listing was 0.86 BTC. Unfortunately customers FE and I ended up losing close to 600...sigh....
So the prices ARE inserted in BTC but the vendor can set it to hedge at the weighted average USD value
+1000000000
THIS IS A PERFECT ANSWER AND AFTER THIS RESPONSE THE THREAD SHOULD HAVE BEEN LOCKED
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...while coins are worth $10 each and I cancel ... when coins are worth $10 each, then
Coins worth 10 ea beginning and end of your example.
But if you meant coins were worth $100 (so u spent 1 coin) and crashed to a value of $10 at the end, then ya, you get 9.5 back (and DPR provides the 8.5+/- new coins).
Oops typo. What I described would be shortselling bitcoins and against the rules. If you expected a crash you might as well sell them on on an exchange and buy them back cheaper instead. I understand it now.
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:-X [REDACTED]