Silk Road forums
Support => Customer support => Topic started by: Mr Lucy on April 03, 2013, 03:42 pm
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Hello SR!!! 8)
I have a hedged order being processed for a LONG time, and it seems the vendor has been ignoring everyone (poor those who FEd). Could this be a Hedge Scam?
If i canceled my order, who would get the rest of the BTC's? Lets say i placed a 20 BTC order, and in the past 4 days, the value of the BTC has gone up, and now it is worth only 12 BTC. Who gets the 8 BTC once i press that cancel button?!?
Sure i get my dollar value back, isn't it fair if i get what i paid for; especially if the vendor is a scammer? Can't be my fault a vendor doesn't process a order and then i have to suffer because my invest never paid off.
Will SR come in and give me the unhedged value back (same BTCs) if the vendor gets "banned, dismissed, deleted" by SR for being inactive or scamming? Or will it be the same if i just manually cancelled the order myself?
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I've had the same question regarding the temptation to game the exchange rate.
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If you're able to cancel your order, or the order is cancelled by vendor or SR Support you will get the btc you spent, regardless of fluctuations. If the vendor asks you to finalise so he can refund you, don't do it. He/she will then be able to give you btc refund at current market rates. Hope that helps AB.
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Thanks Aussie bob, but i was wondering where the money went to? If the listing is unhedged, i get the exact btc value i paid for back (minus SR fee) but if it is hedged, i get the USD value of BTCs back (minus SR fee), but who gets that hedged left overs? Is it SR or the vendor who gets the money. The BTC must go somewhere. And if it goes to the vendor, then i suspect a scam, because it is only recently after a lot of success, this vendor has stopped replied messages and sending anything out, he just logs on every day to keep listings available so people can order..
Any information on this?
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I see, sorry. I'm almost certain hedging only applies to the vendor side of the order. So, if you let it auto-finalise and in that time btc plunged the vendor would be protected, and lose out if btc rises in that time. For you, though, and someone please correct me if I'm wrong, you'll get the same amount of btc you paid if you cancel it. He may be doing a hedging scam in that those customers who wait it out in escrow hoping to get their order processed will be paying a higher dollar value in the end. Does that make sense? AB
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If the listing is hedged, SR takes its hedging fee whether it's fulfilled or canceled -- so you won't get the full purchase price back in the case of hedged listings. I don't know the fee or I'd give you more details; perhaps somebody else can say more.
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"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."
That's from the buyers guide. So I was wrong, you will get less coin, and it seems it's SR who profit. They also charge you 4% hedging fee... Money Money Money
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I'm glad to see someone finally went and took a look at the SR wiki ???
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Thank you!
I wondered why i paid 17 btc for a product, waited a while for nothing to happen, and then the price of the same product later was down to 13 btc.. I cancelled and i got around 11.2 btc back, but the price for the product stayed at 13 for a whole day. :'(
SR is damn rich if they take 4% of all hedge orders, no wonder they don't want us to FE, and especially at these high times.
And it seems like the SR hedge fee is around 9-10%?? Can anyone verify..?
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Yeah the canceled hedged orders honestly seems a bit like a scam.
I had a large order in escrow for about 3 hours before it was canceled, and got totally fucked.
I was returned almost $100 less by the SR staff, just three hours later, and the average price had barely moved.
It doesn't seem right they take money when nothing happens, especially from the Customers!
SR has made so much money in the last three month on the hedged funds, they really should not be fucking over their loyal supporters.
I just wanted to rant, because even if this is the policy. It seems Wrong!
Now i don't have enough for what i want either...
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YEAH!
Lets go on a strike!
We stop buying drugs until we get our MONEY BACK!
btw im just posting to get 50 posts... ;)
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What is this 50 post thing i keep seeing.
also I really appreciate the SR staff and this community, i was just a little sad to lose so much dough and not be able to reorder what i wanted.
:(
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What is this 50 post thing i keep seeing.
also I really appreciate the SR staff and this community, i was just a little sad to lose so much dough and not be able to reorder what i wanted.
:(
All forum accounts need to have made at least 50 posts to be able to post in all the forum boards, until then they are confined to the newbie and customer support sections.
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All forum accounts need to have made at least 50 posts to be able to post in all the forum boards, until then they are confined to the newbie and customer support sections.
Thanks! haha, glad i have posted enough love for christy over the last year to reach over 50 haha.
While a mod is watchin, do you need a certain number of posts to give karma?
Thanks.
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All forum accounts need to have made at least 50 posts to be able to post in all the forum boards, until then they are confined to the newbie and customer support sections.
Thanks! haha, glad i have posted enough love for christy over the last year to reach over 50 haha.
While a mod is watchin, do you need a certain number of posts to give karma?
Thanks.
You can give karma after making 100 posts.