Silk Road forums
Support => Technical support => Topic started by: Andrewbud420 on June 02, 2012, 03:07 pm
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When cancelling an order, if the order was hedged and the exchange has changed since the order was made... Do I get refunded my original BTC or do I get whatever BTC ='s the USD$ amount?
Thanks :)
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The BTC worth increased the last few weeks, so what?
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so if the BTC worth increase over the past week when I made my order.. Then I would have got less BTC back CORRECT?
No big deal just less BTC
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You get your original BTC back.
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minus SR FEE for what? Cancelling an order? so I have to pay because a seller is incompetent?
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minus SR FEE for what? Cancelling an order? so I have to pay because a seller is incompetent?
If you are hedged, you pay the hedging fee, which I believe is 1% per side (BTC to USD to hold static value, then return to BTC if you cancelled, at USD value), so 2% hedging fee.
If you are unhedged, you should get back the BTC amount you spent.
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well yeah the fee is for you dumb motherfucking cutomers who cant read a fucking listing, fuck up, piss off a vendor and get your order cancelled.
Dumb motherfucker? I cancelled an order myself due to a sellers incompetence.
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You can disable hedging if you want, just keep in mind that you are fully, emotionally exposed to every fluctuation of the BTC market at all times. It can be a bit nerve-wracking, trust me on that.
Check this thread out if you want a description of what SR was like back when I started and the concept of hedging had yet to be introduced:
http://dkn255hz262ypmii.onion/index.php?topic=13047.0
And geez, what the FUCK is up with the hostility, two-post-back-guy? It's an honest question.
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as far as i was aware the hedge fee is 4% on top of there 10% and if you use the coins to buy you get hit with another 10%.
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as far as i was aware the hedge fee is 4% on top of there 10% and if you use the coins to buy you get hit with another 10%.
The other fees are all tiered by % to the bitcoin price. 10% is the highest charge for the smallest orders. Now, are you implying that SR is making 24% commission on all the transactions on this site? That's insane. I can tell you that when I list an item for about $200, about 2 BTC get tacked on, making the fee 5-ish%, plus the hedge is either 2% or 4% (it's been a while since I checked), for a total of either 7% or 9%, which in my books is completely fair. Besides, if you don't like the fees, you just don't buy and head back to the streets.
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The other fees are all tiered by % to the bitcoin price. 10% is the highest charge for the smallest orders. Now, are you implying that SR is making 24% commission on all the transactions on this site? That's insane. I can tell you that when I list an item for about $200, about 2 BTC get tacked on, making the fee 5-ish%, plus the hedge is either 2% or 4% (it's been a while since I checked), for a total of either 7% or 9%, which in my books is completely fair. Besides, if you don't like the fees, you just don't buy and head back to the streets.
no dont get me wrong i know larger orders get charged less commission, when i was talking to DPR in another thread he told me the hedge fee is 4%, now i remove my coins by buying what ever is in short supply in my local area and then sell it on and get cash, this removes the need for exchange sites that leave a paper trail to my bank account, so if i sell an item i get hit with the first 10% fee, then when i use the coins i made from that sale to buy coke for example i get hit with a second 10% and if i hegded the first order i have been stung for 24% by this time and if my coke order is hedged then thats another 4%
does that make sense?
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The other fees are all tiered by % to the bitcoin price. 10% is the highest charge for the smallest orders. Now, are you implying that SR is making 24% commission on all the transactions on this site? That's insane. I can tell you that when I list an item for about $200, about 2 BTC get tacked on, making the fee 5-ish%, plus the hedge is either 2% or 4% (it's been a while since I checked), for a total of either 7% or 9%, which in my books is completely fair. Besides, if you don't like the fees, you just don't buy and head back to the streets.
no dont get me wrong i know larger orders get charged less commission, when i was talking to DPR in another thread he told me the hedge fee is 4%, now i remove my coins by buying what ever is in short supply in my local area and then sell it on and get cash, this removes the need for exchange sites that leave a paper trail to my bank account, so if i sell an item i get hit with the first 10% fee, then when i use the coins i made from that sale to buy coke for example i get hit with a second 10% and if i hegded the first order i have been stung for 24% by this time and if my coke order is hedged then thats another 4%
does that make sense?
It does now lol. I guess "if you use the coins to buy" didn't do the best job at conveying that. I'm pretty sure everyone on this site uses the coins to buy ;)
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It does now lol. I guess "if you use the coins to buy" didn't do the best job at conveying that. I'm pretty sure everyone on this site uses the coins to buy ;)
if thats true they are absolutely raking it in ;)
just think if everyone brought with there earnings the coins would just continue to get taxed until there is nothing left of them, no coins would ever leave the site they would all end up in one big wallet owned by admin lol
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It does now lol. I guess "if you use the coins to buy" didn't do the best job at conveying that. I'm pretty sure everyone on this site uses the coins to buy ;)
if thats true they are absolutely raking it in ;)
just think if everyone brought with there earnings the coins would just continue to get taxed until there is nothing left of them, no coins would ever leave the site they would all end up in one big wallet owned by admin lol
I can personally attest that there are LOTS of coins leaving this site ;)
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Thanks for the info...
I think some people are just douche bags..... Little penis syndrome... Hate on everyone else because you hate yourself :P
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Thanks for the info...
I think some people are just douche bags..... Little penis syndrome... Hate on everyone else because you hate yourself :P
A lot of that around here sadly!
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So not to steal the thread here, but when you cancel a "processing" Hedged order, you lose alot of money???
Where does SR state this?
I re-read the Buyers guide and don't see this noted anywhere.
"For example, a seller is hedging the escrow for a 10 btc order you place with them, and the dollar value of your order when you purchase it is $100. Now, let's say your order never arrives and your vendor agrees to a full refund, but those 10 btc are no longer worth $100, they're worth $50! Because your vendor hedged the escrow, you won't get a refund of 10 btc, you'll get 20 btc equaling the original value of $100. Of course, the opposite is also true. If Bitcoins appreciate in value while your order is in escrow, your refund will be fewer Bitcoins, but still equaling the original dollar value.
When checking out, you will see which orders will be hedged and which won't. After the order is placed, your escrow balance will reflect the dollar value of your hedged orders and the Bitcoin value of your unhedged orders. All hedged orders are hedged as soon as the order is placed. So when getting a refund for hedged items, don't be surprised if the number of Bitcoins you get back is not the same as the amount you paid."
Where does it state that you lose 4% as a buyer, for clicking CANCEL to a 'processing order' (for over a week+) ?? :'(
So technically IF vendors that I ordered from hedged the funds and kept leaving, or not shipping orders, I would continually lose money by clicking Cancel?
Thanks!
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It does now lol. I guess "if you use the coins to buy" didn't do the best job at conveying that. I'm pretty sure everyone on this site uses the coins to buy ;)
if thats true they are absolutely raking it in ;)
just think if everyone brought with there earnings the coins would just continue to get taxed until there is nothing left of them, no coins would ever leave the site they would all end up in one big wallet owned by admin lol
I can personally attest that there are LOTS of coins leaving this site ;)
I read on a site I believe it was either above $1mil turnover since started, or $1mil+ profit.
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I read on a site I believe it was either above $1mil turnover since started, or $1mil+ profit.
lol id love to know how much profit they have made, they should give a yearly figure like the big company's do, bet its over a million, if DPR wasn't already a millionaire he is now