Silk Road forums
Discussion => Newbie discussion => Topic started by: budsbutters888 on August 22, 2013, 08:54 pm
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So is there anything I can do to get back the amount of BTC I originally paid for an item that the vendor ended up cancelling? Sorry if the topic is already posted somewhere, I'm still rather new to this.
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Good question.
The same thing happened to me this morning.
Look at this;
purchase transaction #9c07a0d9e6 ฿-5.80 ฿2.92 August 26, 2013, 11:04 pm UTC (purchased for 5.8BTC)
refund transaction #9c07a0d9e6 ฿5.25 ฿5.38 August 27, 2013, 11:23 am UTC (refunded 5.25btc)
I placed an order. 12 hours later the vendor cancels the order claiming his product is bunk. I get a refund minus .55 BTC
WTF?!?!? Is this how hedging is supposed to work?!?!
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What happens if vendors does not hedge is this.
You put in an order when BTC is $100=1 for .44 BTC, so in essense your .44 BTC is worth $44. If the vendor Hedges then no matter when you release funds or if they cancel you or the vendor would get back $44.00.
Now if they are not hedged and when you buy the BTC is $100=1 and you bought for .44 BTC, then if you release funds or they cancel and now the BTC is only worth BTC $50=1 your .44BTC is only worth $22. And same thing with if you went through and finalized.
Now you ask why wouldn't a vendor hedge? Well in the instance that they think BTC's are going up.
If they hedge and when you first bought 1BTC=$100 and you bought .44, then you finalize and 1BTC=$200 then that .44 BTC would give the vendor $88 if they didn't hedge but if they hedged they would only get $44.
Make sense?
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let me know if you have any other questions 8)
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