Silk Road forums
Discussion => Silk Road discussion => Topic started by: bopeep on June 23, 2011, 12:15 am
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I wanted to buy a few things, but I didn't want to have to purchase any bitcoins so I decided to sell first. I listed an order for about $50 (2 bitcoin) which someone bought. I shipped it out and according to the tracking number the package got returned to sender. Of course I didn't put my return address on the package. The seller and I decided to split the bitcoin in half so I was left with 1 bitcoin. Well now the price dropped so I had to go out and buy 2 more coins. I bought 2 more and placed an order. The seller had no feedback (Coloradogold i think). He canceled my order after 3 days with no reason given. I placed a second order with gamely54 (93 feedback). He canceled my order after 2 days with no reason given. Now bitcoin has dropped more so I may have to go buy more. I'm about to give up. Has anyone else had this much trouble?
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It sucks that you haven't had a good run but keep at it. The BTC price moves up and down so even though you have bought high this time, that won't always be the case.
Good luck and good shopping!
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So what is a normal time limit to ship? I placed an order over a week ago, the seller processed it but has not communicated anything since then. Just wondering if sellers normally will let you know when something has shipped. I have also had two seller's cancel orders several days after I placed them. Are people just getting spooked by the publicity or is this the norm?
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As of the past week, one of the main bitcoin exchanges was hacked and is in disarray right now, no one really knows what the prices will be like once they reopen. If you ordered recently and the sellers canceled, they may be concerned that bitcoin prices will plummet when Mt Gox reopens. Or it could be some other reason entirely.
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It sounds like to me that some vendors (after they sell something) see what the bitcoin is doing. If it is dropping in value, they in turn cancel the order. I'm only assuming, of coarse, but this seems logical. I think once a deal is done it should be DONE! With the bitcoin, the its always going up and down. I think buyers should post on the forum when this happens, (Unless they give a valid reason).
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Gamely54 just got back to me and said he canceled because of the uncertainty of the price of bitcoin. You shouldn't be taking any orders if you're that worried about it. I guarantee if the price had gone up to 30 in the few days that he held my order, he would have shipped it. He basically just freerolled me, which it seems like a lot of the sellers are doing.
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There is a lot of clearnet e-commerce sites who do similar things. They either advertise stock they don't have just to get the traffic to their site, or they only buy the item from their wholesaler when an order has been made. In some cases they cancel the order if they cannot get a decent exchange rate when purchasing from the wholesaler.
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Things are weird because mt gox is down... we have no idea what the price of BTC will be when it starts. i'm hopeful, but I can understand people who aren't. there will probably be a crash, as some people transfer their money out of the system. BTC are averaging 14 to 15 on TH, hardly a recovery from the last crash. so, basically, some sellers probably aren't eager to ship now until this resolves itself... and we still don't know when that is.
still, i agree that he should take the listing down if he's not selling... but just wait until mt gox opens up before dismissing SR entirely.
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I personally think its wrong for a seller to cancel a shipment (unless somebody came in and got 20 2$ 1/8ths like greenco said)...you should be on top of your listings. Most of us aren't BTC speculators...If you have a listing, it should be honored.
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Things are weird because mt gox is down... we have no idea what the price of BTC will be when it starts. i'm hopeful, but I can understand people who aren't. there will probably be a crash, as some people transfer their money out of the system. BTC are averaging 14 to 15 on TH, hardly a recovery from the last crash. so, basically, some sellers probably aren't eager to ship now until this resolves itself... and we still don't know when that is.
still, i agree that he should take the listing down if he's not selling... but just wait until mt gox opens up before dismissing SR entirely.
Things have been weird for me long before that. The first two incidents I mentioned were the beginning of June and early last week.
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I'm in the same boat as you. I've shipped out 5 orders and have 5 more waiting, but have yet to get anything that I've ordered. Either they get get canceled, or they're in processing forever.
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I'm a vendor and my statement is: if an order is placed, the buyer will get his item(s). I don't care about the btc price. I even think, that selling at a low btc price is better! Let me show you why:
Lets assume a bitcoin exchange rate 1 BTC = 15 Dollars
Now lets say you have a product you want 45 Dollars for. With an exchange rate of 1 BTC = 15 Dollars you will get 3 bitcoins.
Now lets assume a exchange rate 1 BTC = 25 Dollars. Here you only get 1.8 Bitcoins.
As a guy who observed the btc price for a long time i know, that if once the price dropped in value, there will be a dramatic increase soon after that. At this point, what is better? To have 3 or 1.8 bitcoins? I think the price for one bitcoin will increase soon. I can't explain why but theres this "feeling" inside of me :) Most people are getting to nervous once the price dropped a little bit. You have to trust the Bitcoin, otherwise you wont make much money with it.
i say: the more bitcoins the better! ;)
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Yeah I think the sellers that will do well here are people that are in it for the long haul.
Silk Road buyers don't care what the bitcoin price is because they are immediately spending them and the price is fixed to USD.. so this subgroup of btc buyers have inelastic demand. that's pushing the price up constantly...
I bought coins at $10 and if i spent it those sellers could have cashed my coins out at $30.. they would have gotten 3x what they should have made off a product.. so the fact that price later drops mean they can take a subsequent loss, assuming things will become a wash over time, or just wait a little while till the price goes back up and bring in some nice profits. The only people its negatively affecting is sellers trying to sell only a couple items then disappear.
I think if we get a decent run of stability with both SR and the exchanges the price is going to level out a bit, but with such a relatively low volume of btc being traded daily and the exchanges being open 24/7, the volatility is going to exist to some extent.
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I bought coins for $16, and bought a big order when coins were at like $28.
The price will most likely go back up.
Sorry you haven't had any good experiences yet, my 2 transactions so far have been awesome.
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"I'm a vendor and my statement is: if an order is placed, the buyer will get his item(s). I don't care about the btc price. I even think, that selling at a low btc price is better! Let me show you why:"
Well said, and made me want to make a purchase, and I checked...but U don't ship opies to my neighborhood, I'm afraid :( ... best wishes to u tho ...
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GreenCo honors all legitimate orders even when we lose money.
@OP you got in during the hardest 2 weeks for Silk Road and bitcoin. The fundamentals are good and we expect things to bounce back. Come by our shop on Monday and we will help restore your faith.
http://ianxz6zefk72ulzz.onion/index.php/silkroad/user/1647
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IMO, if you place an order and it has not gone in transit or gotten a pm from said vendor, that's not a vendor you probably want to be doing business with, since time is money.
IF you are gonna vend vend and do it right it you are gonna fuck around, fuck around somewhere else.
The vendors that do as I've said above and get product in transit the next day or same day or send you PM's make money and they do it because they are professional about their services and that's who I do business with, I don't place orders with newbie vendors and I'm 100% sure of the vendors I do place orders with and they will get weekly business from me. :D