GAWMiners.com Hash Marketplace- AVOID! (See update)

[ANTIcentralized]

When a seller places an offer on the market place they are essentially agreeing to "accept" any bid at the price they are offering. The GAW marketplace is also not a site that people will regularly log into and the same goes with the zen portal as everything is really automated and there are no setting to adjust, and nothing to really get an update on. All you really have to do is withdraw your money every so often assuming that you do have this set to automatically happen. If a seller needs to confirm a sale then he could potentially delay a sale long enough to see how the difficulty will change, potentially making a sale at a certain price more or less attractive to him. If a sale is not attractive then he cancels the order and the buyer looses out, if the sale is more attractive, then by default it is now less attractive to the buyer, and the seller confirms the sell and the buyer looses.

There could be reasonable timeframe, e.g. 24 hours to confirm or the sale is auto-cancelled, and a rating system to deal with deadbeats.

I don't like it at all, I'd much prefer an "exchange" interface, but a lot of posters here and on HT seem to be convinced that Zen marketplace is more comparable to e.g. eBay (both by function and by the fee amount) and not to e.g. Cryptsy. And on places like eBay the seller makes the final decision whether to deliver the product to a specific buyer, so it seems appropriate to have the same kind on seller protection on Zen.

This would still not deal with the issue of people not having a reason to log into the account very often. If you must confirm a sale then you must log in every day just to check if an order is filled or not.

I think it is stupid to make the seller agree to fill a sale after they have already offered their hashlets for sale. The buyer wants to know for sure they will be able to buy the hashlets and will not want to participate in a matketplace if they may have to wait several days just to find a seller that will confirm a sale.

[suchmoon]

When a seller places an offer on the market place they are essentially agreeing to "accept" any bid at the price they are offering. The GAW marketplace is also not a site that people will regularly log into and the same goes with the zen portal as everything is really automated and there are no setting to adjust, and nothing to really get an update on. All you really have to do is withdraw your money every so often assuming that you do have this set to automatically happen. If a seller needs to confirm a sale then he could potentially delay a sale long enough to see how the difficulty will change, potentially making a sale at a certain price more or less attractive to him. If a sale is not attractive then he cancels the order and the buyer looses out, if the sale is more attractive, then by default it is now less attractive to the buyer, and the seller confirms the sell and the buyer looses.

There could be reasonable timeframe, e.g. 24 hours to confirm or the sale is auto-cancelled, and a rating system to deal with deadbeats.

I don't like it at all, I'd much prefer an "exchange" interface, but a lot of posters here and on HT seem to be convinced that Zen marketplace is more comparable to e.g. eBay (both by function and by the fee amount) and not to e.g. Cryptsy. And on places like eBay the seller makes the final decision whether to deliver the product to a specific buyer, so it seems appropriate to have the same kind on seller protection on Zen.

This would still not deal with the issue of people not having a reason to log into the account very often. If you must confirm a sale then you must log in every day just to check if an order is filled or not.

I think it is stupid to make the seller agree to fill a sale after they have already offered their hashlets for sale. The buyer wants to know for sure they will be able to buy the hashlets and will not want to participate in a matketplace if they may have to wait several days just to find a seller that will confirm a sale.

I agree. I'm just following the logic of claims that the marketplace is "eBay-like". It shouldn't be. It's a commodity market, not a flea market. Anyway, I'm more interested now in how the issue with GAW fatfingering the wrong MH/s (see a couple of posts up) will be resolved, and how the resolution compares to the issue of users fatfingering the wrong selling price.

[ANTIcentralized]

When a seller places an offer on the market place they are essentially agreeing to "accept" any bid at the price they are offering. The GAW marketplace is also not a site that people will regularly log into and the same goes with the zen portal as everything is really automated and there are no setting to adjust, and nothing to really get an update on. All you really have to do is withdraw your money every so often assuming that you do have this set to automatically happen. If a seller needs to confirm a sale then he could potentially delay a sale long enough to see how the difficulty will change, potentially making a sale at a certain price more or less attractive to him. If a sale is not attractive then he cancels the order and the buyer looses out, if the sale is more attractive, then by default it is now less attractive to the buyer, and the seller confirms the sell and the buyer looses.

There could be reasonable timeframe, e.g. 24 hours to confirm or the sale is auto-cancelled, and a rating system to deal with deadbeats.

I don't like it at all, I'd much prefer an "exchange" interface, but a lot of posters here and on HT seem to be convinced that Zen marketplace is more comparable to e.g. eBay (both by function and by the fee amount) and not to e.g. Cryptsy. And on places like eBay the seller makes the final decision whether to deliver the product to a specific buyer, so it seems appropriate to have the same kind on seller protection on Zen.

This would still not deal with the issue of people not having a reason to log into the account very often. If you must confirm a sale then you must log in every day just to check if an order is filled or not.

I think it is stupid to make the seller agree to fill a sale after they have already offered their hashlets for sale. The buyer wants to know for sure they will be able to buy the hashlets and will not want to participate in a matketplace if they may have to wait several days just to find a seller that will confirm a sale.

I agree. I'm just following the logic of claims that the marketplace is "eBay-like". It shouldn't be. It's a commodity market, not a flea market. Anyway, I'm more interested now in how the issue with GAW fatfingering the wrong MH/s (see a couple of posts up) will be resolved, and how the resolution compares to the issue of users fatfingering the wrong selling price.

I think this really comes down to that the OP was not paying attention to detail. He placed an order below where he wanted to and ended up having to pay for it.

Most commodity markets do not have any kind of "confirmation" period, once an order is placed, it is placed, and you can try to cancel it, but the exchange and your broker will attempt this on a "best effort" basis. I do think that the market is not large enough to really support both bids and offers so only offers (and buyers accepting sellers' offers) will need to remain.

[suchmoon]

Most commodity markets do not have any kind of "confirmation" period, once an order is placed, it is placed, and you can try to cancel it, but the exchange and your broker will attempt this on a "best effort" basis. I do think that the market is not large enough to really support both bids and offers so only offers (and buyers accepting sellers' offers) will need to remain.

That's not the full picture. At the very least most such exchanges / software tools would have an option (often the only one or the default) to enter price per unit. There is no reason for Zen to use the total price as the basis and it doesn't even show price per unit anywhere in the process. Not to mention that you can't even see your own hashlet in the market, doesn't make sense at all. Poor UI design + target customer base of "people new to mining" = disaster.

[bitgeek]

Most commodity markets do not have any kind of "confirmation" period, once an order is placed, it is placed, and you can try to cancel it, but the exchange and your broker will attempt this on a "best effort" basis. I do think that the market is not large enough to really support both bids and offers so only offers (and buyers accepting sellers' offers) will need to remain.

That's not the full picture. At the very least most such exchanges / software tools would have an option (often the only one or the default) to enter price per unit. There is no reason for Zen to use the total price as the basis and it doesn't even show price per unit anywhere in the process. Not to mention that you can't even see your own hashlet in the market, doesn't make sense at all. Poor UI design + target customer base of "people new to mining" = disaster.

Half of what you said here is completely irrelevant to the accusation.
He picked the wrong hashlet and confirmed it. Your hashlet not being visible on the market has nothing to do with it!

I accidentally clicked on the 70 MH hashlet on accident and typed in the price of what I would sell the 1 MH Zen hashlet for (thinking I was selling my 3rd and last 1 MH zen hashlet).

The real issue here is OP saying he was "fucked over" which in fact is a lie. He fucked himself and blames GAW, which is pathetic.

[MrBig]

So here is an interesting moral dilemma. It looks like GAW may have sent out 25 MH/s Prime activation codes instead of 1 MH/s. Some users activated them and dumped them on the market. GAW halted withdrawals to sort this out. At the time of this posting the final outcome is not yet known, but in the light of MrGreenHat's problem and other similar incidents, what would be the right solution:

a) let it be as it is - all sales are final, GAW made an error, their problem - just like many in this thread were saying it's the seller's problem if he/she fatfingers the wrong price. Consistent with GAW's stance on user-inflicted pricing errors, right?

or

b) Try to make it how it should have been if the activation code was correct. E.g. confiscate the funds from the proceeds of the 25 MH/s sale and put 1 MH/s back into seller's account. Or remove 24 MH/s from the accounts that haven't sold them yet. But what to do with the purchaser? Take away their cheap Primes and refund? But the purchaser didn't do anything wrong, it wasn't too good to be true, perhaps 20-25% cheaper than usual. Or what if the seller withdrew funds before being caught?

Any other options?

https://hashtalk.org/topic/11685/market-update

Going by their logic here, they screwed up so they should be made to bear the consequences like anybody else.