Silk Road forums

Discussion => Silk Road discussion => Topic started by: alwaysopiated on March 03, 2012, 07:11 pm

Title: Bitcoins Vanishing from my SR acct
Post by: alwaysopiated on March 03, 2012, 07:11 pm
Hi all, I'll make this as brief as possible.

I contacted a veteran vendor (don't want to name names) on SR to have $500USD converted to BTC last week. After the vendor's 10% cut and deposit fee, it ended up being $444. A few hours later, I had 84.57 BTC in my account.

Later that day, I bought an item which was $210USD exactly.

Here's what's confusing me...If I had $444 sent to my SR account, I should have been able to buy 2 of the item I mentioned, right? That would be $440. Well, after buying the 1 item last week, I was left with 41.18 BTC ($192) in my account. What happened to that remaining $50 bucks? I just don't get it, how did $444 turn into $402???

Thanks in advance everyone!

After a little research, here's what I've found. My vendor based our transaction on the BTC rate being 5.10. I checked and the BTC market high for the past 7 days was 4.78 with the average being 4.68.  (Our transaction was less than 7 days ago)

Does this mean my vendor took advantage of me?
Title: Re: Bitcoins Vanishing from my SR acct
Post by: Sunray1000 on March 03, 2012, 07:27 pm
Very likely a shift in the value of bitcoins while you were ordering.  Its quite a volatile currency.

SR prices are set in USD and the prices in bitcoin tracks the value on the exchanges.  When the value moves about so do all the bitcoin prices.

I really don't like holding onto Bitcoins for very long at all,  for this very reason.  The 2-3 hour window to move them onto the SR bothers me and I always have to buy a few more just in case the values shift while I am waiting.
Title: Re: Bitcoins Vanishing from my SR acct
Post by: alwaysopiated on March 03, 2012, 08:37 pm
Does everyone put up with this? My balance has remained at 41.18 sine I made my purchase, so maybe "vanishing" wasn't the correct word to use. But I just don't find it acceptable that $40 is literally nowhere to be found.
Title: Re: Bitcoins Vanishing from my SR acct
Post by: anarcho47 on March 03, 2012, 08:51 pm
are you accounting for the hedging fees?
Title: Re: Bitcoins Vanishing from my SR acct
Post by: wretched on March 03, 2012, 08:51 pm
that is why you shouldn't buy your bitcoins until you are ready to purchase something. there is just way too much fluctuation in the market.
Title: Re: Bitcoins Vanishing from my SR acct
Post by: alwaysopiated on March 03, 2012, 09:40 pm
I did account for hedging and I bought my item within MINUTES of the Bitcoins hitting my account.

After conversing with the vendor, they discovered an error on their part. They just sent me the difference.

Thanks for the info everyone, problem solved!
Title: Re: Bitcoins Vanishing from my SR acct
Post by: DigitalAlch on March 03, 2012, 09:46 pm
Dood, ฿84.57 - ฿-43.39 = ฿41.18   
There is a fee added to each purchase when you order.

~Digi