Topic: Warning: Bitcoin4Cash trades cancelled! Won't do business with Madhatter again. - page 3. (Read 18300 times)

Hmph, well now that we can't trust this guy anymore, what options do Canadians have to buy/sell bitcoins for dollars?

Nice to hear from you The Madhatter. Thank You for clearing this up. It looks like lots of us were too quick jumping to conclusions here.

Of course such deals have expiration time on them, particularly if it is made clear from the beginning. As far as I understand, if a deposit made (deal booked) but money do not arrive before expiration than the deal is off. I do not see why merchant would even need to return the deposit.

Think about is as a call option. If you buy a GOOG April 500$ call option for let's say 50$. On April expiration, GOOG is at 480$. Option has expired i.e. worthless. Now imagine GOOG grows to 2000$ in May. The option owner  do not get to go to the option seller in May and demand his GOOG shares for 500$ nor can he demand any option premium back.

So you are accusing eMansipater of lying?

I think the Madhatter may either have allowed recent exchange rates to get the better of his greed, or mismanaged the risk in his business.  He has similarly dishonoured two locked in trades of mine, with mailed payments unaccounted for (net loss to me in excess of 2000 USD all told).  I inquired early on when the payments seemed to be taking longer than usual, and he repeatedly assured me that everything would be fine and I needn't worry, without ever mentioning that he intended to cancel the payments.  When he cancelled one of them without warning I wrote immediately for clarification and offered to expresspost additional money if the payment delay (which I presumed due to postal problems) was an issue for him.  He completely refused this and numerous other workable options, even cancelling the second trade after I had already sent an expresspost to re-cover the amount.  He has also refused to update his website with regards to this supposed "cancellation policy" and numerous misleading statements such as the one claiming no mail has been lost up until January.

Although I initially trusted him implicitly and made every effort to find a win-win solution to the problem, I am feeling forced to consider that he has gotten in over his head somehow and his customers are paying the price; or even that he is intentionally defrauding people.  I am at present somewhat inclined to publish the record of our exchanged emails here so that the community might see how patiently I sought any other possibility before reaching this difficult conclusion.  At this time I would advise people not to send money to the Bitcoin4Cash service, at the very least until the situation can be thoroughly clarified.  Perhaps he will post here to speak for himself.

So I booked a transaction three and a half weeks ago for 288 BTC at $350.  I send a 10% deposit to lock in the rate at around $1.2 Canadian.  I mail the money the next day and then wait and wait and wait for over three weeks.  Then yesterday I find out that my deposit has been refunded and the Mr. Madhatter is "unable" (more likely unwilling) to honor the locked-in order because he decided that the prices were "too volatile" currently for him to honor his own word.

...

well, that just proves my point; he lost 6/1.44 or 417% on that one tx.  multiply those kinda losses x potentially dozens if not hundreds of lock ins and he's out of business.

He did say he doesn't visit this forum very often, hopeful someone can drop him a line so he can provide some explanation.

He honored the contract to give me the fixed amount of bitcoins I purchased at the locked in rate, so yes.

I think some people are just pissed that they wont be getting $2000 worth of BTC for $300.

Are you saying he gave you the higher rate even though you locked way low at $1.44? If so, that would be heroic of him.

He did say he doesn't visit this forum very often, hopeful someone can drop him a line so he can provide some explanation.

I have sent him an email letting him know about this thread and inviting him to respond here.

I agree--a lot of this commentary is premature until Madhatter has a chance to respond.  My intent in posting was not to hand out judge, jury, and executioner roles to the forums; but rather to underscore that this is a serious issue that needs to be addressed properly in order for faith in Bitcoin4cash to be restored.