Silk Road forums
Discussion => Newbie discussion => Topic started by: lstermadden on February 19, 2013, 03:08 pm
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So my first transaction worked out great last week with deluxedelivery, good product, good delivery. last night i placed an order with flashforward for 2 of those .2 bags, that plus the .33 BTC delivery charge came to 5.00 BTC. that left me with .34 btc left. this morning I woke up and a messege in my inbox said that flashforward canceled the order... which sucks because I was expecting it to ship today, but then i look up and it says I only have 4.99 BTC... Wow.. now I can't even make a 5.00 BTC order... where did my .33 delivery charge go? did flashforward just jack me for it? gr :( i already sent a messege to SR and I will see how it unfolds.
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it's more likely the SR transaction fee which doesn't get refunded if the vendor cancels unfortunately.
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Thats rough.
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No, he didn't "jack" you for anything. He probably has escrow hedging activated, which is why a small fee was kept. (the vendor doesn't get the fee, by the way, it goes to SR.)
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if this is normal then how can anyone be safe from this... he didn't even messege me to ask any questions.. just cancelled and boom there goes my btc.. thats like 8 bucks for nothing
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Well, it tells you when you add something to your cart whether or not it is hedged. So if you want to avoid vendors who use escrow hedging, it's easy to find out when you add an item to your cart.
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Well, it tells you when you add something to your cart whether or not it is hedged. So if you want to avoid vendors who use escrow hedging, it's easy to find out when you add an item to your cart.
I see that when items are in my cart it tells me if its hedged or unhedged..
but the description when you hover over the green '?' reads,
"In the event of a refund, you will be returned the dollar value in bitcoins of any of the items in your cart labeled "hedged""
So if you haven't told me what you said, how can anyone make that assumption by reading this description..
To me it says "If there is a problem and a refund is in order, if your item is labeled 'hedged' you will get all the money you spent on the item returned to you"
Please explain and correct me if im wrong. Thanks
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Scout is everywhere, hence the TITLE.YOU FIND OUT BY READING. LOL
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it's more likely the SR transaction fee which doesn't get refunded if the vendor cancels unfortunately.
This is what I thought.
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southpaw, was that english XD
I previously explained, when I DID read, i STILL didn't find out what happened to my money.
and correct me if im wrong, but if the SELLER CANCELS a transaction, shouldnt the SELLER be responsible for paying the FEE to post on silk road? why am I penalized for him canceling the transaction?
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I have a vendor account myself, & therefore I know from my own firsthand experience that the vendor who cancelled the order (FlashForward in this instance, apparently) didn't screw you over or profit off the order of yours that they cancelled in any way. When a vendor cancels an order, there's absolutely no way in which they could take any of the money that you paid them for the order even if they wanted to. It all goes into escrow, & all is supposed to go back into the buyers account when an order is cancelled. It sounds like this is an issue you should take up with someone representing the Silk Road, since I'm 99.9 per cent certain that whatever error occured that caused you to lose bitcoins was SR's fault, & the only party that may have received those Bitcoins of yours is the Silk Road themselves in some capacity or another.
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luxxiaxx is correct. the vendor did not profit from this in any way.
however, this loss was not the result of an error -- as previously stated, it was the result of escrow hedging.
i'd encourage you to read the Buyer's Guide on SR before placing any more orders. the Buyer's Guide specifically explains escrow hedging:
Escrow hedge
Unfortunately, the Bitcoin exchange rate isn't as stable as we would all like it to be, and can fluctuate wildly in a matter of hours, let alone the days or weeks it takes for a package to arrive. Because of this, there is a real danger that the Bitcoins being held in your escrow account will lose value by the time your vendor gets paid or you are refunded. So, we've given the option to vendors to hedge the future payments they are expecting from escrow such that the dollar value of the payment doesn't change as the Bitcoin exchange rate changes.
For example, a seller is hedging the escrow for a 10 btc order you place with them, and the dollar value of your order when you purchase it is $100. Now, let's say your order never arrives and your vendor agrees to a full refund, but those 10 btc are no longer worth $100, they're worth $50! Because your vendor hedged the escrow, you won't get a refund of 10 btc, you'll get 20 btc equaling the original value of $100. Of course, the opposite is also true. If Bitcoins appreciate in value while your order is in escrow, your refund will be fewer Bitcoins, but still equaling the original dollar value.
When checking out, you will see which orders will be hedged and which won't. After the order is placed, your escrow balance will reflect the dollar value of your hedged orders and the Bitcoin value of your unhedged orders. All hedged orders are hedged as soon as the order is placed. So when getting a refund for hedged items, don't be surprised if the number of Bitcoins you get back is not the same as the amount you paid.
If you need the most up-to-date USD/BTC exchange rate, we recommend mtgoxlive.com.
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southpaw, was that english XD
I previously explained, when I DID read, i STILL didn't find out what happened to my money.
and correct me if im wrong, but if the SELLER CANCELS a transaction, shouldnt the SELLER be responsible for paying the FEE to post on silk road? why am I penalized for him canceling the transaction?
I had to learn several languages growing up while moving from country to country, and I will be the second,haha to admit my English is the worst of them. But the end result was exactly what my poor English stated, YOU NEED TO READ MORE AND PAY ATTENTION TO THE PEOPLE THAT HAVE BEEN HERE FOR A LONG TIME... :P