Silk Road forums
Discussion => Newbie discussion => Topic started by: UFOCommander on February 27, 2013, 10:44 pm
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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
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That's something the vendor sets up on their listing IIRC.
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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.
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Yeah its up to the vendor
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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 :)
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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?
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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.
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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.