Market Question - Seller wants to cancel transaction.
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Hi Guys,
I have a quick question on the protocol when a seller wants to cancel the transaction after a sale has been agreed, either by winning the auction, or Buy-it-Now, when the stated reason is that the price of FTC has dropped too much against USD ($1 to $0.24).
I can understand where the seller is coming from, but I don’t think the seller would be quite so understanding if the price had gone from $1 to $10 and the buyer wanted to back out.
So what is the protocol? Is a sale a sale, or is it more a loose suggestion that a trade may take place if both parties agree?
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They should just find a way to work it out.
I would’ve happily let my recent pay shirker out without bad feedback if they would’ve just communicated with me.
Personally if a sale didn’t go in my favor, current FTC exchange lower than price I set before the fix, I’m still anticipating that a FTC will eventually be back to that original price point or beyond.
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It’s the typical risk, if you buy sell in another currency than your local one.
If you are in Europe and buy at $price in the US, you also have to cover any change in exchange rates between closing the deal and actually paying.
On the other hand FIAT currencies are not as volatile as Cryptos, so I think buyer and seller should agree on an acceptable price in FIAT and calculate the FTC price accordingly.
Also my believe is, that FTC will raise again, so the seller’s loss is just temporary.
My suggestion for all trades:
Be friendly, be fair and talk to each other.
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I’m on the same page as HopeStillFlies and Wellenreiter. Communication is key and be friendly and fair with each other. I post my items knowing full well that the price swings are going to be in full effect. If you are a seller who is looking at the short term fluctuations, simply list your item in USD (or whatever currency you feel comfortable with). Maybe people haven’t realized that Bushstar added the pin-to-fiat feature? Of course, that would also mean that the buyer would be parting ways with more FTC when the value is on decline.
I think a sale is a sale, but if a buyer is going to be reasonable and communicate I’d definitely be willing to work it out. If you bought one of my shirts (and for some reason I accidentally had the price pinned to fiat) for 47FTC and messaged me to let me know you only wanted to spend 30FTC on it, I would say that’s fine. I would relist that shirt at 30FTC and you could buy it that way, no harm done. The only problem that I see arising is, someone who repeatedly buys things then complains about the price swings after the fact.
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That seems to be the general consensus then, I guess I must be coming more from a selling on ebay mentality, where a sale is a sale and there needs to be a very good reason for cancelling a sale.
I guess it does all come down to communication, although in the case I’m thinking of, there was precious little of that either.
Thanks for the feedback.
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[quote]That seems to be the general consensus then, I guess I must be coming more from a selling on ebay mentality, where a sale is a sale and there needs to be a very good reason for cancelling a sale.[/quote]
True, but they’re completely different animals. Since FIAT currency is very stable. -
Agreed, i am more used to selling on Amazon or Ebay where the seller is committed to selling once an item is purchased, or suffer the negative feedback consequences.
I had an item i won and sent payment for with no communication from the seller, it was canceled today. They were won on the 22nd. I am not sure what will happen with the funds that were sent to the payment address. I wonder if there is an auto-refund system for that?
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[quote name=“dvsmasta” post=“47597” timestamp=“1388027011”]
Agreed, i am more used to selling on Amazon or Ebay where the seller is committed to selling once an item is purchased, or suffer the negative feedback consequences.I had an item i won and sent payment for with no communication from the seller, it was canceled today. They were won on the 22nd. I am not sure what will happen with the funds that were sent to the payment address. I wonder if there is an auto-refund system for that?
[/quote]The escrow should refund, maybe Bushstar can provide some input. I had one I won cancelled on me today, too.
Of course, I also had one where someone won something off me but shouldn’tve because the reserve price should’ve kicked in but apparently it zeroed out when I added a picture or something. I messaged them to work it out; I’m willing to let it go for my cost and I’ll cover shipping.
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The FTC in escrow is manually refunded, send Pete an email and he’ll sort it out for you.
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Cancelled sales by seller should show up as a needs to be refunded in their admin section or something. Much like a buyer flips a flag for item received so they know to release the funds.
