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November 07, 2013, 08:05:17 AM
Last edit: November 07, 2013, 04:50:07 PM by BBLotus |
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I agree with another member to exchange my btc for a Moneygram. I send the coins and find out he can't send it for another 24 hours because the Western Union closed at noon in his country, for some reason.
But the next day he can't send the money until after he get's off work at 5:30pm, which means that because of my time zone I have to wait another day to pick up the funds.
The price of bitcoin raises an enormous amount withint this 2 and a half day period. He now tells me that he will honor the agreement based on when I sent the bitcoins and not when he is actually able to make the transfer. Plus he will add an additional fee on top of that.
Wow, I paid a hidden fee of $200-300 or more plus another fee, when I could of just used an Exchange to make a Monegram that would of been far safer, taken the same amount of time, and for merely $40.
Is this common practice with private sellers on this forum and I'm just dumb for not understanding the terms?
Why is the price "locked in" before he is able to fulfill his end of the bargain? What if the price plummets 50%, is he expected suck up that loss as well. By that same logic then shouldn't the price be locked when we first made the verbal agreement instead of when he receives my funds.
I suppose a bank transfer would of been the same thing. Takes about 3 days, locks in the price for when the user starts the trade... But that's more of a technical limitation, they can't give you the money based on current prices without resending. Guess you could look at it either way. I'm not mad as much as surprised. I would expect user exchanges to be based on when both parties could fulfill their end of the agreement.
But no wonder people are so willing to provide USD for BTC - that's a lot of free interest to be made!
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