Silk Road forums

Discussion => Newbie discussion => Topic started by: ashogooner on April 10, 2013, 08:52 pm

Title: Cancelling an order
Post by: ashogooner on April 10, 2013, 08:52 pm
Hi guys, long time Road user, first time poster.

Never had an issue before but I purchased something last night which I need to be delivered by Friday as a few friends have put in for a night out's fun.

Issue is the vendor has clearly logged in today and yet my order is still in process. Now if I want this package to arrive by Friday morning I'll have to re-order tonight so that a decent vendor can send the stuff first class by lunch time tomorrow, which most vendors I've come across have done. However I don't want to cancel my order if I'm going to lose the bitcoins I've got in escrow for the order.

Can anyone tell me if I was to cancel the order, would my bitcoins be released back in to my account straight away, would I lose them, or would it take a while for them to be re-credited?

Any help will be much appreciated :)
Title: Re: Cancelling an order
Post by: CosmicApple on April 21, 2013, 12:09 pm
Hi there,

I just cancelled an order as it exceeded 4 days with no response from the vendor.

SR does not re-credit the Bitcoins spent - only the price in monetary value. E.g., if you purchase something for $100 and it costs at the time 2 bitcoins (1 bitcoin = $50), when you cancel (4+ days post purchase if no response from vendor) you will NOT be refunded the 2 bitcoins previously spent (then equiv to $100), only what $100 CURRENTLY buys you in bitcoins.

This sucked for me as the amount of bitcoins I spent on the purchase is worth considerably more NOW than what it was when purchased. If I simply left the BTC in my SR wallet/account, I would now be-able to purchase more.

Incidentally, the monetary value was instantly refunded into my SR wallet.

Hope this helps!

CA
Title: Re: Cancelling an order
Post by: CosmicApple on April 21, 2013, 12:16 pm
Hi again ashogooner,

I just came across the following on the SR Buyer's Guide.  Hope it helps!

Cheers,
CA

" 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. "
Title: Re: Cancelling an order
Post by: winedrinker on April 21, 2013, 02:16 pm
Hello Cosmic Apple,

Can an order be cancelled at any time before finalizing?  I placed an order 2 days ago and haven't heard anything from the vendor. 
The word "cancel" is not active on my order page.
Thanks,
Winedrinker
Title: Re: Cancelling an order
Post by: 88fxstc on April 21, 2013, 02:37 pm
Hello Cosmic Apple,

Can an order be cancelled at any time before finalizing?  I placed an order 2 days ago and haven't heard anything from the vendor. 
The word "cancel" is not active on my order page.
Thanks,
Winedrinker

I think it takes 4 days for the cancel option to become available.
Title: Re: Cancelling an order
Post by: dothedamnthing on April 21, 2013, 02:44 pm
Yes, after the order has been in processing for 4 days, the option to cancel will become available. If, however, the vendor has marked it in transit, you will not be able to cancel it yourself.
Title: Re: Cancelling an order
Post by: CosmicApple on April 30, 2013, 11:27 pm

Many thanks to 88fxstc and dothedamnthing for replying while I was away.

Winedrinker, I hope that all of this info was helpful.