Silk Road forums
Discussion => Silk Road discussion => Topic started by: IAmMeaty on November 24, 2012, 04:47 pm
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I recently claimed my first refund of 30% and it got accepted, my problem is that silk road support didn't refund the correct amount and my refund was short 20 bitcoin.
as well as this my refund rate has sky rocketed to 20% when it should be around 3.6%, 55 transactions and 2 refunds (the refund i just claimed was in 2 separate listings and resulted in me having double the refund rate i should have.)
I responded to SR support when i became aware of this and they basically just said don't worry about it sellers wont be to bothered. Well i am worried because this will prevent me from purchasing large listings with ease and FEing not being required.
I was hoping someone on the forums could shine some light on the matter or share any past experiences.
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fuck me, 30% refund and they were 20BTC out?! how much did you spend! 200BTC??
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something like that haha
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I wish I could be more helpful, but it certainly seems like an error. I guess this problem could stem from the other issues with the site? Hope it gets sorted out :-\
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For the calculation of the refund rate not the number of transactions is essential but the size of the orders. Quite logical, because otherwise a refund of 1$ and another one of 1000$ would both result in the same refund rate, which would be nonsense.
The refund rate also takes into account how recent a refund was. Newer refunds are counted with a higher weight than older ones.
Concerning the BTC 20 you are missing in your refund, if the item you bought was hedged, SR gets 4% commission of its value. When you are refunded a hedged item, you would get these 4% less.
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For the calculation of the refund rate not the number of transactions is essential but the size of the orders. Quite logical, because otherwise a refund of 1$ and another one of 1000$ would both result in the same refund rate, which would be nonsense.
The refund rate also takes into account how recent a refund was. Newer refunds are counted with a higher weight than older ones.
Concerning the BTC 20 you are missing in your refund, if the item you bought was hedged, SR gets 4% commission of its value. When you are refunded a hedged item, you would get these 4% less.
That's incredibly useful information, thank you. Some how I've received every package I've ordered and have never had to go through resolution -- had no idea it worked like that. Wouldn't a hedged listing use the bitcoin price at the time of refund to determine how much to refund though? ... though, no, that doesn't make any sense. The coins are already in escrow, the value of them shouldn't enter in to it.
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With hedged items the bitcoin value is converted into dollar at the moment of the purchase. The dollars are converted back into bitcoins when either the order is finalised, cancelled or a refund is paid out.
This way neither the vendor nor the customer would lose because of bitcoin value fluctuations. For this service SR asks the 4% fee, which has to be paid irrespective of the success of the transaction.
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For the calculation of the refund rate not the number of transactions is essential but the size of the orders. Quite logical, because otherwise a refund of 1$ and another one of 1000$ would both result in the same refund rate, which would be nonsense.
The refund rate also takes into account how recent a refund was. Newer refunds are counted with a higher weight than older ones.
Concerning the BTC 20 you are missing in your refund, if the item you bought was hedged, SR gets 4% commission of its value. When you are refunded a hedged item, you would get these 4% less.
Thanks for clearing that up, it was naive of me thinking itd be calculated that simply.
My refund seems abit more realistic now aswell