Silk Road forums

Support => Customer support => Topic started by: botboy80 on May 24, 2013, 11:57 am

Title: Vendor cancelled, bitcoins returned minus 0.04BTC
Post by: botboy80 on May 24, 2013, 11:57 am

HI I have had two orders cancelled b and on both occasions when the money was refunded it has been less 0.04 bitcoins, totalling 0.08 bitcoins. I cannot find anything in the forums or SR policy to explain why this has occurred. Can someone explain why this has possibly occurred.

Title: Re: Vendor cancelled, bitcoins returned minus 0.04BTC
Post by: generaldealer on May 24, 2013, 12:57 pm

I'm no expert, but I'm guessing that's because the bitcoin mining network take a commission for mining all BTC transactions.

I will add, though that 0.04 BTC is pretty steep, which does beg the question why?

Title: Re: Vendor cancelled, bitcoins returned minus 0.04BTC
Post by: jase00 on May 24, 2013, 01:01 pm

I think you pay the fee for the item even though the order gets cancelled.

Title: Re: Vendor cancelled, bitcoins returned minus 0.04BTC
Post by: Libertas on May 24, 2013, 04:53 pm

Quote from: botboy80 on May 24, 2013, 11:57 am

HI I have had two orders cancelled b and on both occasions when the money was refunded it has been less 0.04 bitcoins, totalling 0.08 bitcoins. I cannot find anything in the forums or SR policy to explain why this has occurred. Can someone explain why this has possibly occurred.

Please read the Silk Road Wiki - it answers ALL of the questions that people repeatedly ask on a daily basis:

http://dkn255hz262ypmii.onion/wiki/index.php?title=Main_Page

http://dkn255hz262ypmii.onion/wiki/index.php?title=Frequently_Asked_Questions#Why_is_my_refund_less.2Fmore_than_I_paid.3F

http://dkn255hz262ypmii.onion/wiki/index.php?title=Buyer%27s_Guide#Escrow_hedge

The order was hedged, so you received back the money you paid less the ~4% hedging fee that is applied to all hedged orders.

Libertas

Title: Re: Vendor cancelled, bitcoins returned minus 0.04BTC
Post by: botboy80 on May 24, 2013, 10:16 pm

Thanks for the response. I have read all the links, however none of them outline this hedging policy. I believe it would be worthwhile for this to be made a little clearer for buyers, especially because it is the vendors discretion to cancel and thus the buyer loses 4% for no reason, it seems a little unfair, especially since I have now had two orders cancelled.

Title: Re: Vendor cancelled, bitcoins returned minus 0.04BTC
Post by: wraithe on May 25, 2013, 03:35 am

if you paid 100btc at the time you ordered and the value was $122 and the item is hedged and it cancels 6 days later and btc is at 124 then youd get back 98.38 BTC, same applies if value goes down on btc to say 118 per btc you would get 103.38 back.  Either way it is worth 12,200 at the time you purchased and time you got refunded