Silk Road forums
Discussion => Newbie discussion => Topic started by: SmokesHisBroccoli on June 09, 2013, 04:29 pm
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Well it's been a number of months since I made a purchase. The last time I bought BTCs they were at $17 a pop. Wish I would have held onto those. Oh well.
Anyways, I made a small order purchase totaling 0.72 BTC on a NON HEDGED item. I now see that same item listed at a price of 0.80 BTC obviously because BTC dropped from $108 when I bought to $98 now. Is the vendor going to cancel my order? Am I responsible for paying him the 0.08 BTC difference to this point or does he lose out and eat the loss if he proceeds with order? He messaged me earlier today and said it's being packaged and shipped within 48 hours. What if the value of BTC tanks more during that time?
I read the wiki and understand how hedging works if orders get canceled. I'm just hoping my order won't get canceled and that I won't have to pay more BTC. Can anyone please shed some light on my current situation? Thanks in advance!
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Usually not, I bought some goodies when the BTC dropped from 200 USD down to the current value and all orders when through, tho one vendor asked if we could split up the loss 50% for everyone.
Here is some quote I read somewhere a while ago and found it interesting enough to note it down:
The Silk Road runs on Bitcoin, the untraceable electronic currency that has been in the news thanks to its spectacular rise in value and subsequent crash. It turns out it’s not just the creepy Winkelvoss twins who are sitting on piles of theoretical money, but dealers on the Silk Road too. When Bitcoin rose to over $200, some were lucky enough to sell high. Others weren’t so fortunate—one vendor, SuperTrips, claims to have lost $1.5 million when the price crashed.
It comes from some guy who quoted it from somewhere too. The origin is unknown to me.
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Any decent vendor doesn't give half a shit about .08 BTC, it simply isn't worth their time. Also, I could be wrong on this, but a vendor can't cancel an order once it has been marked as shipped. For your non-hedged order, if it is canceled you will receive .72 BTC back (the original amount you spent). Nobody loses or gains any BTC in such an event (although abstractly you lost USD because of the change in the exchange rate - but that would have happened regardless of the order). The only time there has been mass panic, cancellation of orders, and venders dropping into stealth mode is when the value of BTC dropped from over $200 to under $100 within hours. The SR values of BTC was at $160 while the actual value was at $100. That's when you have to worry about if a vender will shaft you or not. $110 vs $90 is nothing to think twice about.
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Any decent vendor doesn't give half a shit about .08 BTC, it simply isn't worth their time. Also, I could be wrong on this, but a vendor can't cancel an order once it has been marked as shipped. For your non-hedged order, if it is canceled you will receive .72 BTC back (the original amount you spent). Nobody loses or gains any BTC in such an event (although abstractly you lost USD because of the change in the exchange rate - but that would have happened regardless of the order). The only time there has been mass panic, cancellation of orders, and venders dropping into stealth mode is when the value of BTC dropped from over $200 to under $100 within hours. The SR values of BTC was at $160 while the actual value was at $100. That's when you have to worry about if a vender will shaft you or not. $110 vs $90 is nothing to think twice about.
Thanks for your reply. Just to clarify he hasn't marked it shipped yet. It's still in processing stage. He just sent me a message regarding the shipping. And on such a small value item I figured he doesn't make much profit, so the drop might be taking away a substantial portion of that and give him a reason to cancel. This is my first order from this vendor and he knows that, so I'm hoping he comes through for a new customer.
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Any decent vendor doesn't give half a shit about .08 BTC, it simply isn't worth their time. Also, I could be wrong on this, but a vendor can't cancel an order once it has been marked as shipped. For your non-hedged order, if it is canceled you will receive .72 BTC back (the original amount you spent). Nobody loses or gains any BTC in such an event (although abstractly you lost USD because of the change in the exchange rate - but that would have happened regardless of the order). The only time there has been mass panic, cancellation of orders, and venders dropping into stealth mode is when the value of BTC dropped from over $200 to under $100 within hours. The SR values of BTC was at $160 while the actual value was at $100. That's when you have to worry about if a vender will shaft you or not. $110 vs $90 is nothing to think twice about.
Not everyone does only 100$ orders, at some stage the margins for the vendors aren't so big anymore as well and then they will care about it.
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I can see the margins getting to be small, but it takes a lot of effort to comb through your orders and cancel the ones that have too small of margin. I think that most vendors would rather just stick it in a package, pop on a label, drop it off, and forget about it. Plus, vendors like that will lose potential customers. A lot of customers will order ~$100 orders to test their product in preparation for a $500 order. If their small order gets canceled, they'll move on to the next vendor. For a small difference of $120 vs $100 in BTC price, I can't imagine it'll make enough of a difference. Plus, it could go back up to $120 by tonight for anyone knows.
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in our community we have started to call BTC - BITCH, all because its never stable and is a PITA to gamble on it. For example i just bought for 94 EUR piece and when i wanted to order i did it with 84 EUR per. Lost 10€ per.
What a BITCH.
:P