Silk Road forums
Discussion => Silk Road discussion => Topic started by: mrlavish on April 11, 2013, 09:43 pm
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Noticing that vendors that are usually well stocked are "out", Seems to me that the BTC crash has scared off quite a few. They sold their product at 250 BTC, but by the time it gets to customers and finalized BTC not even worth half.
It would be ironic if the end of SR was caused by BTC, "the secure currency" that allowed this place to thrive, rather any effort by LE.
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Noticing that vendors that are usually well stocked are "out", Seems to me that the BTC crash has scared off quite a few. They sold their product at 250 BTC, but by the time it gets to customers and finalized BTC not even worth half.
It would be ironic if the end of SR was caused by BTC, "the secure currency" that allowed this place to thrive, rather any effort by LE.
fukd
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Unless those orders were hedged, that is true...I just hope we can weather this out because I'm new to SR and want to retire here lol!
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2 sugars in the tea love, it been 1 of those days :o
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It doesn't make sense. It's hedged !?
Only very stupid vendors with no hedging would be in trouble. Hats what hedging is for. It's here just for this very reason. Funny.
Like insurance. you can tell who is a good vendor and who isn't.
Who is too cheap to pay for hedging and who is isn't .
It's just good management.
Btw. All my orders today went through.
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Two shots with that beer, it is going to be a long road to get away from this day.
For what it is worth: (I hope) Vendors who are brave enough to play the UN-hedged game saw the crash coming. and this is FAR better than the last crash we weathered. Just keep coming back, we Vendors will be just fine.
Any specific products missing, throw them in the Product Request to quickly find the vendors looking for business :)
Happy tripping roadies!
@Jedi- Vendors are given a choice under our account, some choose to live dangerously. To the guy who sat on his coins, to the victor goes the spoils!
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I don't hedge and my customers will be receiving all of their merchandise :) These things happen. Just make sure you have your tight boxer shorts on with the buttons undone.
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Only very stupid vendors with no hedging would be in trouble.
An interesting statement considering all the threads a week ago saying, "I feel sorry for you vendors that hedged."
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It doesn't make sense. It's hedged !?
Only very stupid vendors with no hedging would be in trouble. Hats what hedging is for. It's here just for this very reason. Funny.
Like insurance. you can tell who is a good vendor and who isn't.
Who is too cheap to pay for hedging and who is isn't .
It's just good management.
Btw. All my orders today went through.
You're joking... right? It's a gamble man. For awhile the price was going nowhere but straight fucking up. Somebody's gotta take the hit -- hedging just lets it be Silk Road's coffers that take the gamble instead of the vendor. Believing in Bitcoin doesn't make them stupid any more than betting they won't get caught & have all their cash confiscated for selling drugs makes them stupid O.o
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Even if vendors are hedged they are getting fucked right now because SR uses the weighted average. So SR might assume BTC is worth $150 when it is actually selling for $100. Add to that the fact that it takes time to transfer and that mt.gox isn't even online right now....not a good situation. If you have a hedged order then the best thing to do for the vendor is to not finalize until BTC stabilizes.
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I'm still here and I'm not running off any time soon! I am unhedged, but I believe it's coming back up, and I have been paid double on some orders, so I guess it's my turn to feel the sting of a bouncing value... But I'm not sure all my sellers agree, I have shipped 15 orders today and I have made 15 purchases today, I wonder if my sellers are as legit as I am!
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Trust me to choose the most volatile week in BTC history to start vending :/ haha, oh well. Here's what I did, on the run up, I was unhedged, it would've cost me a small fortune in gains had I hedged. As the market turned, I switched to hedged. Of course I have honored any order placed before I switched to hedged. My turnaround is usually 24 hours so those couple of orders that went through are the cost of business. No biggie.
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I've had 2 out of 5 orders cancelled today. I have faith that at least 2 of the remaining 3 will come through, not sure about the last. Fuck the other two who cancelled. I will never order from again. They gladly accepted my coin when they thought it would safely rise, but now it's not a sure thing they pack up. Fuck that. Business works both ways, I've been handing over coin for weeks that's been arriving at a higher value then when it was sent. Now it might arrive lower and they won't accept it. I hope they are done for good and they just might be whether they know it or not. Alienating a customer base can be a very bad thing. I'm not here trying to rip anyone off. I'm not in control of the BTC value, I just want to buy my fucking drugs. But you are either in business or not. Props to the Real Vendors who aren't going to run and hide.
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Agreed......all mine are hedged......it's the same $$$$ either way to me......all my orders went out today......and they will do it again tomorrow
It 4% to hedge......cost of doing business.......
It doesn't make sense. It's hedged !?
Only very stupid vendors with no hedging would be in trouble. Hats what hedging is for. It's here just for this very reason. Funny.
Like insurance. you can tell who is a good vendor and who isn't.
Who is too cheap to pay for hedging and who is isn't .
It's just good management.
Btw. All my orders today went through.
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@medicalcannibas420 Your vendor link in your sig is bad. It links to an item that isn't listed. Either way I know how to order from you and I intend to if any of my current ones cancel. ;)
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I'm still here. I'm still unhinged :-) Have some orders it appears I will lose a lot of $ on. I probably should have hit the hedge button and maybe still should as it looks like coins may be crashing some more? I wonder if setting my account to hedged only affects new orders after I change the setting? I do still have faith the coins will be going back up fast after the profit takers get rich off this crash.
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I don't hedge and my customers will be receiving all of their merchandise :) These things happen. Just make sure you have your tight boxer shorts on with the buttons undone.
I wish this were my case. Vendor canceled my order and i Lost $1400.. Never been gambling even though I'm able but I know how shitty it must feel to lose that much money in less than 45min rofl
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No hiatus here, even with around 130 orders in the past 24 hours that are worth less than they should be. You win some and lose some in the currency game and at the moment it hurts, but I fully expect BTC to recover at least part of the loss quickly and eventually get much of it back.
What really hurts is looking back at my 2011 transaction history in my wallets and seeing 1,000BTC+ coin transactions like they were nothing...!
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I dont hedge and i will be honest i made some good money and i also on Wednesday made HUGE losses, ive had to send out loads of orders at much less than cost price, but ive honored them and of course i must. As you must take the good with the bad and its the risk i chose to make. But i can say i changed my price constantly so my costumers still paid the same price weather the BTC is £13 or £165. So the lesson ive learned is you win some you lose some and im lucky i have been able to source top gear for many many repeat costumers
http://silkroadvb5piz3r.onion/silkroad/user/0319a1315a
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I'm still here and I hedge. Sure they may be losses but I'm not looking to cash out anytime soon.
I am here for my customers, I am here for Silk Road :)
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oh great getting fuked with refunds now >:(
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Got some orders still processing I expect to be cancelled due to this.
Also FE'd an order, I know, which I now don't expect to arrive (looks at Tunbear)
Feckin marvelous.
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lost my ass. shipping out products for less than i paid for them... hopefully market corrects. :-[
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Although yes it is very frustrating that some vendors pulled listings and chose to cancel orders once the crash occurred I can understand why they did that. If they were not hedged the vendors stood to loose a shit-ton(scientific term) of money. At the same time all vendors who are weathering the storm with the rest of us customers are showing why this is such a great community. I feel like in a week, maybe less, the market will stabalize. I feel it was more of a correction than a stablization anyway, but that's neither her nor there. I personally placed 4 orders before the crash and had 3 of them shipped after the crash occurred. Only one canceled the order. I feel I have to give a shoutout to the vendors that stayed professional so thank you to BreezeTheGnome, TheGreenOvenDoor, and Maggots. You guys are the shit. Again in a week from now everything will be business as usual on the road. And to all the vendors in the thread, stay golden. Icecream for everyone.
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It would be ironic if the end of SR was caused by BTC, "the secure currency" that allowed this place to thrive, rather any effort by LE.
It would be ironic if a member actually *thought* the end of SR was caused by BTC, "the secure currency" that allowed this place to thrive, rather any effort by LE.
Silk Road is going to still be here tomorrow when you get up. It's not going anywhere.
Piece, Love, and Fuck Haters.
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Trust me to choose the most volatile week in BTC history to start vending :/ haha, oh well. Here's what I did, on the run up, I was unhedged, it would've cost me a small fortune in gains had I hedged. As the market turned, I switched to hedged. Of course I have honored any order placed before I switched to hedged. My turnaround is usually 24 hours so those couple of orders that went through are the cost of business. No biggie.
HAHA,
Reminds me of a great line from the movie Airplane. "Looks like the I picked the wrong week to stop sniffing glue!"
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It doesn't make sense. It's hedged !?
Only very stupid vendors with no hedging would be in trouble. Hats what hedging is for. It's here just for this very reason. Funny.
Like insurance. you can tell who is a good vendor and who isn't.
Who is too cheap to pay for hedging and who is isn't .
It's just good management.
Btw. All my orders today went through.
Really? Because I am a vendor that uses hedging. I had about 90% of my orders finalized at 200+ about 2 days before the crash (before i could cash it all out) and now i just lost a HUGE chunk of money for selling drugs to all of you. I would of been better off had i not hedged them but i still would of lost money. You have no idea what you are talking about and can eat shit. Vendors pull all your listings and fuck this place.
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Really? Because I am a vendor that uses hedging. I had about 90% of my orders finalized at 200+ about 2 days before the crash (before i could cash it all out) and now i just lost a HUGE chunk of money for selling drugs to all of you. I would of been better off had i not hedged them but i still would of lost money. You have no idea what you are talking about and can eat shit. Vendors pull all your listings and fuck this place.
[/quote]
pussy.
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As a vendor who is unhedged,
I have been unhedged since BTC was at 12 a few months ago
I have probably made an additional 250k USD for leaving escrow exposed.
I just lost approx 50k USD from the crash,
now im hedged moving forward.
Doesn't seem very irresponsible or stupid does it? lol
Crazy shit though was VERY fun watching it fluctuate these past months.
NWD
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got a message from vendor saying sorry but I lost 4 grand ??? :(
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joolz
instead of blasting off in the forums all your cancelled orders and vendors doing so...can u be specific?
perhaps let others know which they are to prevent such circumstances?
cheers
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So, in light of things that have just happened to the BTC, I completely understand why vendors would cancel orders. However, at the same time I do feel it is kinda bogus, because like people have been saying, it's a gamble that should work both ways.
If the vendor had it unhedged in the past couple weeks, they should have made a small fortune. And it was no secret that this was some sort of bubble waiting to crash.
If the vendor has the power to cancel the order without any sort of consequences other than the SR fee they will have to pay, then the Vendor has an unfair advantage over the customer.
So, before I get blasted by both sides, I just want to say what I did to mitigate some damages for both parties.
I had placed an order literally the morning right before the big crash, the value of the purchase was $180...the value now is about $76...instead of one of us getting completely fucked I messaged my vendor and asked to compromise the situation.
Now obviously I feel like I shouldn't have to compromise, because I am sure vendors weren't complaining when their BTC value doubled, but instead of soaking the entire loss if he cancels, hopefully I can split it.
Remember, there is not much leverage I have here...he could simply cancel the order and I'm then out $100...so...hopefully this will resolve both of us taking major losses.
Also if vendors DO honor the deals that where unhedged, you should realize they are a GOOD FUCKING vendor...because even though they had the opportunity to fuck us over, they walked the higher road...
and this game of selling drugs...it's a rarity to see such a righteous person! 8)
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It doesn't make sense. It's hedged !?
Only very stupid vendors with no hedging would be in trouble. Hats what hedging is for. It's here just for this very reason. Funny.
Like insurance. you can tell who is a good vendor and who isn't.
Who is too cheap to pay for hedging and who is isn't .
It's just good management.
Btw. All my orders today went through.
You're joking... right? It's a gamble man. For awhile the price was going nowhere but straight fucking up. Somebody's gotta take the hit -- hedging just lets it be Silk Road's coffers that take the gamble instead of the vendor. Believing in Bitcoin doesn't make them stupid any more than betting they won't get caught & have all their cash confiscated for selling drugs makes them stupid O.o
You tell 'em SS!
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destabilization of the btc might be the result of a tactic that the l e is using to attack the commerce going on. or maybe it is just "growing pains" that are happening with btc.
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Two shots with that beer, it is going to be a long road to get away from this day.
For what it is worth: (I hope) Vendors who are brave enough to play the UN-hedged game saw the crash coming. and this is FAR better than the last crash we weathered. Just keep coming back, we Vendors will be just fine.
Any specific products missing, throw them in the Product Request to quickly find the vendors looking for business :)
Happy tripping roadies!
@Jedi- Vendors are given a choice under our account, some choose to live dangerously. To the guy who sat on his coins, to the victor goes the spoils!
Kudos to vendors like you. I for one will keep purchasing and giving vendors my business throughout this rough patch. Come hell or high water I'm gonna support SR and the vendors and BTC currency till the very end. This is a time for the community to be on the same side, not fighting/bitching over vendor hiatus or anything else.
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If you're in the game, you should be prepared for the potential to lose everything. Whether it is some stick up crew kicking in your door, the police ,or a friend robbing you,shit happens. The Silk Road affords a significant safety net for dealers. No face to face contact or open transactions; plus you can more easily white wash your funds. The vendors also do not need to turn their location into a 711. If the vendor is savvy, the risks of being caught are very low compared to the street.
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You can complain about vendors going on hiatus, but buyers were doing the same thing when BTC price was exploding. There's at least one thread in this subforum where vendors were talking about lower sales and buyers explicitly told them that they were waiting for BTC to keep rising so they could get more value for their coins. So it goes both ways.
Ultimately, any large movement in price is going to reduce trade. Stability is the best thing to promote trade.
In any case, I see about 3020 domestic US listings and there were 3100 before, so only about 3% of the listings have been taken down, at best. They just happen to be some of the top vendors, like Nod and Kush in the stimulants category, so it's noticeable.
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As a vendor who is unhedged,
I have been unhedged since BTC was at 12 a few months ago
I have probably made an additional 250k USD for leaving escrow exposed.
I just lost approx 50k USD from the crash,
now im hedged moving forward.
Doesn't seem very irresponsible or stupid does it? lol
Crazy shit though was VERY fun watching it fluctuate these past months.
NWD
NWD in the hizzzle! you guys are so freakin' cool. announcing your loss like that, and not even in the vendor forum, hahaha. that is just downright COOL. i love you NWD.... puffin' on some leftover shiskaberry atm.... NEED more SKYwalKerrrrr in my life, though. and i am not talking about that dumb movie, guyzzz :P
PS: The Scurvy Crew is not on hiatus
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As a vendor who is unhedged,
I have been unhedged since BTC was at 12 a few months ago
I have probably made an additional 250k USD for leaving escrow exposed.
I just lost approx 50k USD from the crash,
now im hedged moving forward.
Doesn't seem very irresponsible or stupid does it? lol
Crazy shit though was VERY fun watching it fluctuate these past months.
NWD
NWD in the hizzzle! you guys are so freakin' cool. announcing your loss like that, and not even in the vendor forum, hahaha. that is just downright COOL. i love you NWD.... puffin' on some leftover shiskaberry atm.... NEED more SKYwalKerrrrr in my life, though. and i am not talking about that dumb movie, guyzzz :P
PS: The Scurvy Crew is not on hiatus
I agree with you on two things. NWD is awesome. And also I need more of that Skywalker in my life, aswell. That is probably some of the best weed I've ever smoked.
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Well typically I have about 2 orders a day or so. With the price drop I had 14 orders.
Worst part is they chose a FE option. Pretty much every package sent out was at a loss. Sigh...
But I didn't want to cancel the orders either because would look bad on my part especially since a lot of them were new customers.
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thanks for the heads up.....I fixed that.
@medicalcannibas420 Your vendor link in your sig is bad. It links to an item that isn't listed. Either way I know how to order from you and I intend to if any of my current ones cancel. ;)