Silk Road forums

Discussion => Silk Road discussion => Topic started by: sparkus88 on November 16, 2012, 01:42 pm

Title: cancelling order
Post by: sparkus88 on November 16, 2012, 01:42 pm

Hi I have an order in processing I want to cancel but last time I did this I lost some btc i assume it was the SR fees. If the vendor cancels it will I get the full amount back or will I lose some btc still?

sparkus88

Title: Re: cancelling order
Post by: ilikebread on November 16, 2012, 03:59 pm

You still lose a bit when the vendor cancels an order too. Not sure if it's from hedging or fees but I lost $2 on a $60 order that was canceled by the vendor.

Title: Re: cancelling order
Post by: MarijuanaIsMyMuse on November 16, 2012, 05:41 pm

Assuming the vendor uses the hedged escrow service, you will lose 2-4% of your purchase amount when an order is cancelled.

MJMuse

Title: Re: cancelling order
Post by: StrangeHands on November 16, 2012, 05:44 pm

When people hedge you automatically lose about 4% for the exchange costs. This is why I avoid vendors that hedge.

The coin of the land is bitcoin, hedging just locks it to USD and results in less bitcoins.

I am not even from the US so the whole idea of paying to peg to a failing currency seems silly to me.

Title: Re: cancelling order
Post by: farmer1 on November 16, 2012, 06:15 pm

You will loose 4% off the top, and then whatever changes have occurred in the $/BTC rate needs to be factored in too. If BTC is on the rise you are loosing >4%. If BTC is falling you are loosing <4%.

Title: Re: cancelling order
Post by: sparkus88 on November 16, 2012, 09:32 pm

Thanks for the replies. Would I lose more cancelling myself rather than the vendor cancelling or would it be the same either way. I cancelled an order for something like 9.6btc and got a little over 9 back.