On Sun, May 8, 2011 at 12:51 AM, The Madhatter <themadhatter@i2pmail.org> wrote:
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On 05/06/11 09:58, Jeffery Coleman wrote:
> Hmmm....this is problematic since I have already sent the expresspost. I
So you re-sent the cash for an expired trade? Can you explain your
reasoning please.
I emailed you as soon as I saw the first trade marked "expired" since I had no warning of how or why that would happen and you had advised me that my original letters would arrive on their own--the second trade had not yet expired so it seemed obvious to resend for that one as soon as you told me you were making it a matter of policy to cancel at 60 days and I have no idea when the original ones will show up..
> wasn't selling you reputation--I was offering a gesture of goodwill since a
> third party has interfered in an otherwise clear and simple exchange. The
> way people deal with unexpected circumstances is a good measure of
> trustworthiness for me since one can never predict what will happen, and my
> trust rating would simply reflect that. It's difficult for me to see what I
Agreed. However, I can't hold a rate for you from 2 months ago. The
problems with Manitoba's mail system are unfortunate, but I can't honor
that old rate without losing a lot of money.
The fixed rate trades are time-sensitive -- they have to be.
I understand that, depending on the model you use for buying your bitcoins, you might need to cancel orders after a certain period of time. However, since I did not know which model you use, nor that you planned to cancel the orders at 60 days, I had no opportunity to mitigate both of our risks due to the third party. I was led to believe due to your comments on the forum that you simply buy the coins at market rates when a trade is locked in, with the deposit intended to cover the possibility of nonpayment. If this is the case, then the difference in btc value you are referring to is not money you are losing, but rather money I gained by taking on the risk of a potential drop in btc value. Note, for example, that when I bought in February at 1.10, the rate fell drastically. So even with a different model it appears that my having locked in the coins then prevented you from potentially selling them at a much lower rate in the following weeks. It's only very recently that the rate has again improved--a risk that I bore. You'll also note that when I first contacted you seeking to find out if my letters should be considered lost and re-sent, the price was below what I had paid. Because I had agreed to bear the risk of lost or stolen letters, I intended to pay you anyways despite the substantial combined loss because I always honour my agreements. I also do my best not to profit from someone else's vulnerability--when prices dipped to 61 cents I wanted to buy $500 instead of the $50 I did, but I could see that on Mt. Gox at least the market was too thin to support a purchase of that size, so I did not. I have no desire to make you or your business lose money; but without being warned in advance of the risks to both you and me, I cannot help to prevent them.
> could have done differently here since I notified you of the problem early
> and you replied "I'm sure it will be fine" and mentioned a letter that had
I don't really remember, but I recall that was in response to your last
trade that you sent with expresspost.
> arrived 3 months late but didn't tell me the trades would be cancelled at 60
I don't understand this at all. Nothing with those order #s arrived here.
This was not a letter of mine, but an anecdote you told of one from Germany. You didn't tell me that there had been any problem with that letter arriving that late--it seemed like that potentiality was normal operating procedure for you.
> days. I guess it's just hard for me to understand why someone who's
> offering such gracious service to the BitCoin community is taking a hard
> line when your risk is fully managed and I am also a trusted member of the
My risk isn't managed when you are expecting me to honor a rate from 2
months ago.
How are your books different from having received my money then vs now? If you are telling me that you were able to predict the recent rally, then surely you are already swimming on money from that, right? But it seems unlikely to me that your business model was predicated on that rise. The expired rate I asked for you to honor was followed by a distinct fall in market rates. Were it not for the recent rally, I would have saved you a substantial amount of money. The second trade, meanwhile, was still valid when I re-sent the money--I hope you received it promptly. Am I missing something?
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