Silk Road forums
Discussion => Silk Road discussion => Topic started by: ananamas on April 12, 2013, 10:50 pm
-
I Ordered 100 tramadol from GOTMILK for $120, and today for no other reason than the 200% devaluation of the bit coin cancelled my order. I'm left with $60. Who else wants to name the vendor that behaved sinisterly with them?
GOTMILK likes to make lots of money, but can't take a small loss.
-
You took the small loss, have you ever thought about the other 30+ orders he could have pending like I did?
That adds up in numerous thousands of dollars of lost money had he chose to fulfill the orders, I don't think you would have lost thousands of dollars fulfilling orders had you been the vendor.
-
I Ordered 100 tramadol from GOTMILK for $120, and today for no other reason than the 200% devaluation of the bit coin cancelled my order. I'm left with $60. Who else wants to name the vendor that behaved sinisterly with them?
GOTMILK likes to make lots of money, but can't take a small loss.
It's not a "small loss" at all when you have multiple orders from people trying to take advantage of the unreasonably low btc rate. :-\
-
I don't even know where I stand on this. I can see both sides. On the one ananamas is right in the fact that it's kind of fucked up for a vendor to CANCEL an order (not pull a listing). It seems unfair to the buyer. At the same time. I can understand why a vendor such as Sam would cancel orders seeing as how they would be selling it for 1/3 of what it's worth. I guess someone has to lose here, just depends whether it's the buyer or seller. I guess now everyone knows to order a hedged product if they're worried about losing money. But with that said, this is just part of the game. Neither the sellers nor buyers wanted or expected this to happen.
-
This may have hurt my Karma a bit lol. I appreciate Icecreamman for seeing both sides, I'm trying to as well. I think had the vendors not been holding so much bitcoin, and instead had it in their own currency, they wouldn't have had to cancel so many orders. just my opinion...
Maybe once I quit crying they'll rise back in value anyways ::)
-
I hear where you're coming from ananamas. If the vendors are getting screwed because SR's bitcoin value is lagging behind what they're currently selling for then by all means they have the right to cancel, I also wouldn't fault any vendors for pulling there listings until the volatility cools down a bit, but it's not like you knew the prices were gonna keep dropping. I'm assuming if btc would have jumped back to $200 you wouldn't be given an option to cancel on your end. So in that way you end up kinda being the default hedge. Maybe if you play your cards right and keep cool, you could see if gotmilk would be willing to hook you up with some extras in a future order once prices steady a bit for being the understanding customer.
-
its fucking lame is what it is. it has not effected me but what a bitch GOTMILK is and any other vendor that does this.
as the guy pointed out above me-
you CANNOT cancel an order when the price jumps by 100$ per coin
but the vendor CAN cancel it to save his own ass and fuck yours when the price goes down
+1, all of your -1 are from other pussy vendors btw.
-
This may have hurt my Karma a bit lol. I appreciate Icecreamman for seeing both sides, I'm trying to as well. I think had the vendors not been holding so much bitcoin, and instead had it in their own currency, they wouldn't have had to cancel so many orders. just my opinion...
Maybe once I quit crying they'll rise back in value anyways ::)
and WHY were they holding on to so much bitcoin at a time?
OH YEAH! because they were banking from the massive increase in price. they fucked themselves with their own greed!
-
its fucking lame is what it is. it has not effected me but what a bitch GOTMILK is and any other vendor that does this.
as the guy pointed out above me-
you CANNOT cancel an order when the price jumps by 100$ per coin
but the vendor CAN cancel it to save his own ass and fuck yours when the price goes down
+1, all of your -1 are from other pussy vendors btw.
yes, I think this current situation has pointed out that the disparity between the vendors right to cancel a trade at any time, and a buyer locked in (either until trade completed, or four days) needs to change, as it hugely favours the seller.
-
its fucking lame is what it is. it has not effected me but what a bitch GOTMILK is and any other vendor that does this.
as the guy pointed out above me-
you CANNOT cancel an order when the price jumps by 100$ per coin
but the vendor CAN cancel it to save his own ass and fuck yours when the price goes down
+1, all of your -1 are from other pussy vendors btw.
yes, I think this current situation has pointed out that the disparity between the vendors right to cancel a trade at any time, and a buyer locked in (either until trade completed, or four days) needs to change, as it hugely favours the seller.
The buyer can choose to only purchase hedged listings, however, which removes this problem.
-
charabros just tried to scam me ..... I asked if he could send a larger order tracked he said yes I bought iit and asked for tracking he then said f.e first I said no and he cancelled my order thus loosing £200 reported for forcing f.e but you think Sr will give a fuk ?
ass hole
-
Please excuse the mini rant but we have received many messages where people assumed we would cancel their orders and leave them high and dry. The buyers did nothing wrong or risky so how could one seriously punish them by canceling their order and returning depreciated money. It honestly kind of irks me, thats just not acceptable.
A vendor who cancels your order due to their own greedy risks (exposed escrow) SHOULD NOT be your vendor anymore, quite frankly. Our listings were indeed exposed as the majority were. At the end of the day WE chose to take the risk and we all knew a crash was coming eventually anyway. The difference between those who canceled orders and those who still honored their orders is simple, BEING WISE. This is a business at the end of the day and with any business you will take losses at points. Taking it out on buyers is not a trait of a good business.
Now for the buyers who took advantage of the low BTC rate purposely, it is more than reasonable to cancel the order but ive have been hearing of some vendors canceling orders from before the crash even took place and thats just not right.
-
its fucking lame is what it is. it has not effected me but what a bitch GOTMILK is and any other vendor that does this.
as the guy pointed out above me-
you CANNOT cancel an order when the price jumps by 100$ per coin
but the vendor CAN cancel it to save his own ass and fuck yours when the price goes down
+1, all of your -1 are from other pussy vendors btw.
Fuckin eh!
-
When the BTC price was falling, SR often treated BTC as being worth $50 more than it was actually trading for. That made things cheaper for the buyer than they actually should have been given the current trading price. What SR told you was $120 worth of coin was actually worth maybe $90. The situation continued to get worse of course.
Instead of making a list of vendors that will cancel your order instead of taking a loss while illegally selling you drugs you may as well instead make a list of vendors that won't cancel such orders. The list will be far shorter that way.
-
TheHeineken has done the same with me. He could have cancelled the order when BTC were still high but chose to wait it out and do it now, when they are much lower.
Contacting him for a resolution. I would be surprised if I get it from such a mediocre vendor.
Much love to the vendors out there who didn't cancel orders and value their customers.
-
Please excuse the mini rant but we have received many messages where people assumed we would cancel their orders and leave them high and dry. The buyers did nothing wrong or risky so how could one seriously punish them by canceling their order and returning depreciated money. It honestly kind of irks me, thats just not acceptable.
A vendor who cancels your order due to their own greedy risks (exposed escrow) SHOULD NOT be your vendor anymore, quite frankly. Our listings were indeed exposed as the majority were. At the end of the day WE chose to take the risk and we all knew a crash was coming eventually anyway. The difference between those who canceled orders and those who still honored their orders is simple, BEING WISE. This is a business at the end of the day and with any business you will take losses at points. Taking it out on buyers is not a trait of a good business.
Now for the buyers who took advantage of the low BTC rate purposely, it is more than reasonable to cancel the order but ive have been hearing of some vendors canceling orders from before the crash even took place and thats just not right.
I just lost 1000 dollars due to a vendor named Kensho cancelling on me. I did not order to get rid of my coins that I got cheap. I purposefully went out and bought 7.25 BTC at 230 ish dollars apiece to get a HP off of him. The price of BTC was still going up when I ordered. I ordered 28 hours before the crash and he still hadn't shipped it by the crash. Sent me a message the night of the crash saying he was gonna fill my order the next day. The next day comes and he cancels my order without sending me a message first. Last night, I was driving down the road at 100 miles an hour looking for something hard to hit and kill myself, as I am a professional weed buyer, and this just pretty much ruined my life.
Still thinking about jumping off the roof today, hard. Probably will jump if I can't find someone who is actually fucking reliable.
XXX, brother, if you promised to keep the same quality as that 1500ish HP Bubba, without jacking the price up on me, I would give you the entirety of my business. I ordered about 3-4 HP a week before this, and I'd probably be able to get it back that way pretty quick given your shipping speed. My employer would be willing to order again if he knew it was from somebody whom I've already done business with, especially when it was as quality as that Bubba was.
-
GOTMILK messaged me immediately and offered to make up the difference of what I lost if I order the same thing again, which I certainly will. He took a much bigger loss than i did even if he didn't play it as smart (claims he lost 22k usd). SO anyways I'll post again on this thread once GOTMILK sends me the extras to make up my loss as he promised. he's a good vendor, i overreacted at first slightly.
Thanks PINKKUSH you got exactly where I was coming from.
Glad this thread gave alot of people a place to publicly announce their sticky situation with their vendor.
I think the forum can be a powerful tool for the less powerful buyer!
LOVE THIS COMMUNITY
F*** THE BANKERS THAT PUMPED AND DUMPED OUR LOVELY BITCOIN!!!
-
I Ordered 100 tramadol from GOTMILK for $120, and today for no other reason than the 200% devaluation of the bit coin cancelled my order. I'm left with $60. Who else wants to name the vendor that behaved sinisterly with them?
GOTMILK likes to make lots of money, but can't take a small loss.
It's not a "small loss" at all when you have multiple orders from people trying to take advantage of the unreasonably low btc rate. :-\
sadly i agree... but fuck... vendors arnt stupid they know the coins gonna possibly shoot up or down so they should be glued to their computers ready to do transactions so they make thst money
-
£200 od down >:(
-
Gotmilk team learned some lessons this week. We have a bit more respect for bitcoin and a financial vehicle, but the trading systems in place are not fully there yet.
We no longer speculate on any transaction and no vendor should.
This is a new realm of business, there will be hiccups. I comped everyone who was cancelled on, either doubled order or upgraded quality with bonus.
We have an online pharmacy and we distribute in bulk to Africa and Asia. Under those trades its all bank to bank fiat currency. Credit card guys take a chunk, banks and scammers take some. Hands down bitcoin is brilliant any of these e-currencies are brilliant if they can stay stable.
Here is my question for my fellow SR members, what happens when 11 million people buy 1 coin and hold them?
11 million people is NYC and north jersey or UK alone.
just to hold one coin
-
Gotmilk team learned some lessons this week. We have a bit more respect for bitcoin and a financial vehicle, but the trading systems in place are not fully there yet.
We no longer speculate on any transaction and no vendor should.
This is a new realm of business, there will be hiccups. I comped everyone who was cancelled on, either doubled order or upgraded quality with bonus.
We have an online pharmacy and we distribute in bulk to Africa and Asia. Under those trades its all bank to bank fiat currency. Credit card guys take a chunk, banks and scammers take some. Hands down bitcoin is brilliant any of these e-currencies are brilliant if they can stay stable.
Here is my question for my fellow SR members, what happens when 11 million people buy 1 coin and hold them?
11 million people is NYC and north jersey or UK alone.
just to hold one coin
Not much would happen....there is 680 million coins this moment. Read the financial comments.
The crash has a number of reasons.
The crisis in general, the crisis in Cyprus (and Greece) and the money people are loosing because the banks take everything above 100.000 euro.
The btc is the new gold. People don't want to have their money on a bank....now is proven how dangerous that is.
Russians lost billons (they had in Cyprus banks)
Everybody is in panic (and rightfully so) their whole pension, savings...all gone !!!
So in the panic they start to buy coins...the smart ones anyway.....
The coin rising like crazy...demand demand demand....
But now it is so high that people who already had them (or even the new ones) could not resist to sell.
One guy dumped 5000 coins at 250 dollar...
At that moment the crash is a fact.
More panic, more sales, more ''crash'' .
So, as always this will come to a stop and slowly will get better.....can take some time, couple of weeks.
If you want....now it is time to buy. ;)
I am a vendor, I just keep what is coming in ;D and save it 8)
I agree thats its going back up but bro there are only 24 million coins max.
hard limit of 21 million bitcoins is reached during the year 2140, there are 11 million of 24 million in circulation and there are 3600 new coins mined a day?
Users authenticate the bitcoin log by using dedicated servers called bitcoin miners to perform calculations of varying difficulty. Each 10-minute portion or "block" of the transaction log has an assigned number of bitcoins that are awarded to miners (who can then sell them at their discretion) once it is added to the log and confirmed by other miners. The number of bitcoins per addition depends on how long the network has been running and how much in transaction fees has been paid.[clarification needed] Currently, 25 new bitcoins are generated with every 10-minute block. This will be halved to 12.5 BTC during the year 2017 and halved continuously every 4 years after until a hard limit of 21 million bitcoins is reached during the year 2140
I agree if MT Gox had not screwed up the coin would have gone 500, read all the search trends buy bitcoin.
Slovenia or Slovakia banks are about to collpase, Italy Spain bankrupt and they are socialist, france I say no more....Germany cant back the euro Helmut Kohl Former Pm of Germany basically says he signed Germany on to EUro using facist techniques, its in teh news not making this up and its MSM.
-
Thanks GOTMILK and JESSE for all the wonderful info on latest bit coin trends. nice to see some optimism. As an offline seller I'll consider investing in bit coins again as well now that they are low again. As long as you don't get to greedy and are smart with the bit coin, I think it's usually a success. I also expect them to climb this week, so best to buy tomorrow morning!!
Who else thinks that the "One guy dumped 5000 coins at 250 dollar..." was in fact a big banking power like GOLDMAN SACHS with the printing power of the FEDERAL RESERVE?? This "pump and dump" scheme steals from the average sr user/vendor and helps keep the dollar from inflating more. Just a thought, not! :D
-
The reality is by 2140, when the last part of a bitcoin is mined, the decimal will have been move over 6 places. What we presently call 1 bitcoin will be 1 million sBTC (where 100 satoshis is equal to 1 sBTC) when the decimal place is moved 6 decimals (1.00000000 to 1,000,000.00). On top of that there will be things like ripple or other payment systems that haven't been thought of yet that will work within bitcoin and allow further division of a satoshi.
If you consider that what we call satoshis will some day be the equivalent of a US cent then there are actually 20,999,999.976,900.00 sBTC. So basically just save a bitcoin somewhere and don't touch it and your great-great-great-grandkids will surely be bitcoin millionaires.
-
Gotmilk team learned some lessons this week. We have a bit more respect for bitcoin and a financial vehicle, but the trading systems in place are not fully there yet.
We no longer speculate on any transaction and no vendor should.
This is a new realm of business, there will be hiccups. I comped everyone who was cancelled on, either doubled order or upgraded quality with bonus.
We have an online pharmacy and we distribute in bulk to Africa and Asia. Under those trades its all bank to bank fiat currency. Credit card guys take a chunk, banks and scammers take some. Hands down bitcoin is brilliant any of these e-currencies are brilliant if they can stay stable.
Here is my question for my fellow SR members, what happens when 11 million people buy 1 coin and hold them?
11 million people is NYC and north jersey or UK alone.
just to hold one coin
Not much would happen....there is 680 million coins this moment. Read the financial comments.
The crash has a number of reasons.
The crisis in general, the crisis in Cyprus (and Greece) and the money people are loosing because the banks take everything above 100.000 euro.
The btc is the new gold. People don't want to have their money on a bank....now is proven how dangerous that is.
Russians lost billons (they had in Cyprus banks)
Everybody is in panic (and rightfully so) their whole pension, savings...all gone !!!
So in the panic they start to buy coins...the smart ones anyway.....
The coin rising like crazy...demand demand demand....
But now it is so high that people who already had them (or even the new ones) could not resist to sell.
One guy dumped 5000 coins at 250 dollar...
At that moment the crash is a fact.
More panic, more sales, more ''crash'' .
So, as always this will come to a stop and slowly will get better.....can take some time, couple of weeks.
If you want....now it is time to buy. ;)
I am a vendor, I just keep what is coming in ;D and save it 8)
I agree thats its going back up but bro there are only 24 million coins max.
hard limit of 21 million bitcoins is reached during the year 2140, there are 11 million of 24 million in circulation and there are 3600 new coins mined a day?
Users authenticate the bitcoin log by using dedicated servers called bitcoin miners to perform calculations of varying difficulty. Each 10-minute portion or "block" of the transaction log has an assigned number of bitcoins that are awarded to miners (who can then sell them at their discretion) once it is added to the log and confirmed by other miners. The number of bitcoins per addition depends on how long the network has been running and how much in transaction fees has been paid.[clarification needed] Currently, 25 new bitcoins are generated with every 10-minute block. This will be halved to 12.5 BTC during the year 2017 and halved continuously every 4 years after until a hard limit of 21 million bitcoins is reached during the year 2140
I agree if MT Gox had not screwed up the coin would have gone 500, read all the search trends buy bitcoin.
Slovenia or Slovakia banks are about to collpase, Italy Spain bankrupt and they are socialist, france I say no more....Germany cant back the euro Helmut Kohl Former Pm of Germany basically says he signed Germany on to EUro using facist techniques, its in teh news not making this up and its MSM.
sorry, you are right, 21 it is I thought...
the 683 millon was an other figure in the btc discussion.
-
As I said in the other thread, vendors have been reaping the rewards of the BTC increase for 2 months. Most buyers will get bitcoins and spend them the same day, but vendors often hold onto their coins for a week or two before cashing out, giving them time to appreciate in value. Many vendors were surely cashing out their coins at 2-3 times the value at the time of the purchase. They should all be way ahead in profits, even with the BTC crash, so sticking it to the buyers was a shitty thing to do.
-
+1 astor and lets not forget Sr make 6 grand a day in fee,s ??? suck it up buyer.
-
As I said in the other thread, vendors have been reaping the rewards of the BTC increase for 2 months. Most buyers will get bitcoins and spend them the same day, but vendors often hold onto their coins for a week or two before cashing out, giving them time to appreciate in value. Many vendors were surely cashing out their coins at 2-3 times the value at the time of the purchase. They should all be way ahead in profits, even with the BTC crash, so sticking it to the buyers was a shitty thing to do.
Yup. I got no one to blame but myself. Been making a killing with the bubble. That killing got shaved considerably with the correction.
I, like many vendors I'm sure, stopped cashing out completely as the price increase accelerated these past few weeks.
I took losses on many orders during the crash. It's messed up to cancel and screw the buyers, but it's also fucked up all the buyers that put through orders when the SR btc rate wasn't updating during Mt. Gox's outage/freeze. (And they knew. All of a sudden I got 3 times more orders than normal...)
I filled them, but I don't deal with a quantity of orders nearly as large as the big drug sellers. So I understand a vendor not wanting to take a $20k loss. This is business. Likewise though customers have every right to shit talk and criticize that behaviour.
-
My frank advice all vendors should be required to stay hedged.
Reason:
1) both buyer and seller are protected against swings in coin value. Example buyer orders package pack is seized coin drops refund is issued buyer and seller lose money. Vendor is protected from wild swings and buyers are protected because SR system has a 4 hour freeze on prices.
2) vendors keeping your coins hedged also keeps scammers away who use the coin value increase as a way to leverage refunds.
If every vendor was hedged not one would have cancelled.
-
yeah i lost over 2grand that day lol. I understand where my vendor comes from he woulda lost alot but fuck.. He has made it up to me though which will help me out in the long run
shit happens. I make alot of $$ off of some these products. I live a life i never thought i would be able to afford. Saving for legit shit though. cant be doing this forever.. stress level sometimes is unreal ><
-
yeah i lost over 2grand that day lol. I understand where my vendor comes from he woulda lost alot but fuck.. He has made it up to me though which will help me out in the long run
shit happens. I make alot of $$ off of some these products. I live a life i never thought i would be able to afford. Saving for legit shit though. cant be doing this forever.. stress level sometimes is unreal ><
:D I was able to get out right before the crash by ordering 5 big orders and only having one cancelled. The vendor which cancelled has made up for it big time (GOTMILK) as you said your vendor did too.
We're in the same boat moneybags though your maybe further along. My "pre-SR dealing life" was quite pathetic compared to my serious SR dealing career which has allotted me a valuable plethora of a stash that actually gives me potential to not just be another "dime-bag pusher".
You don't have to do it forever, I don't plan to either. Created a 3 step program to riches and this offline Sr dealing is just part 1 8)
My stress gets pretty bad to buddy. I dissolve it by dropping 99% of my stash around the block in a discreet location and popping a half klonipin obtained from SR ;D ;D ;D
-
This may have hurt my Karma a bit lol. I appreciate Icecreamman for seeing both sides, I'm trying to as well. I think had the vendors not been holding so much bitcoin, and instead had it in their own currency, they wouldn't have had to cancel so many orders. just my opinion...
Maybe once I quit crying they'll rise back in value anyways ::)
OOPS FOR NOT CLEARING HIS NAME EARLIER
GOTMILK IS THE MAN AND MADE UP FOR MY SMALL LOSS RIGHT AFTER I PM'D HIM.
HE IS A PILL POWERHOUSE AND DESERVES MORE RECOGNITION
THANKS AGAIN GOTMILK