Sorry to hear that.
Did you use pgp for your communications? The Madhatter has a very good reputation so I feel that something like this need some kind of proof, unless of course he's willing to give an explanation here.
Topic: Warning: Bitcoin4Cash trades cancelled! Won't do business with Madhatter again. - page 6. (Read 18300 times)
May 14, 2011, 06:45:40 AM
May 14, 2011, 06:20:32 AM
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.
Now I have no idea if/when I will ever get my $350 refunded to me. Furthermore, I made this order on behalf of a friend of mine whom I was trying to convince of the merits of Bitcoin. He gave me the $350 to buy for him and I confirmed to my friend that the order was locked in for 288 BTC and that I would take care of securing his newly bought coin on his behalf. Now, where am I supposed to obtain these 288 BTC for my friend? I'll have to pay $2500 out of pocket to do good on my own word because Madhatter was too greedy to honor his!
Nowhere did Madhatter indicate that a locked-in order could be canceled. According to his own website, the BTC were supposed to be already available in his possession and "Reserved" to the person who booked the order. The whole point of leaving a 10% deposit was to guarantee that the order could not be canceled. If I had known there was a possibility that my order might be canceled then I would never have booked it with him in the first place. I would have found a much more expedient channel to obtain the BTC. I was relying in good faith on the terms he specified on his website and on his high esteem within the Bitcoin community.
What he chose to do is outright theft as far as I see it. If the price had dropped considerably in the last three weeks then he would not have refunded my deposit as is clearly stated on his website. I bought the coins on the terms that he specified. It's not my fault if he was (in retrospect) overly generous in the terms that he offered on his website. This gives him no right to defraud his customers because of his own lack of foresight.
If he wants to save his face and/or ever do business with me or the other people whom he has defrauded, then I suggest he make good on his orders. Someone who has shown his willingness to unilaterally changes the terms of a contract that he agreed to and even himself came up with the terms thereof can never again be trusted for any kind of business dealings anytime in the future. I'm not sure is Mr. Madhatter is aware of the magnitude of the mistake he has committed but I hope he will be smart enough to correct it in an expedient manner if he wants to maintain his excellent standing within the community.
Now I have no idea if/when I will ever get my $350 refunded to me. Furthermore, I made this order on behalf of a friend of mine whom I was trying to convince of the merits of Bitcoin. He gave me the $350 to buy for him and I confirmed to my friend that the order was locked in for 288 BTC and that I would take care of securing his newly bought coin on his behalf. Now, where am I supposed to obtain these 288 BTC for my friend? I'll have to pay $2500 out of pocket to do good on my own word because Madhatter was too greedy to honor his!
Nowhere did Madhatter indicate that a locked-in order could be canceled. According to his own website, the BTC were supposed to be already available in his possession and "Reserved" to the person who booked the order. The whole point of leaving a 10% deposit was to guarantee that the order could not be canceled. If I had known there was a possibility that my order might be canceled then I would never have booked it with him in the first place. I would have found a much more expedient channel to obtain the BTC. I was relying in good faith on the terms he specified on his website and on his high esteem within the Bitcoin community.
What he chose to do is outright theft as far as I see it. If the price had dropped considerably in the last three weeks then he would not have refunded my deposit as is clearly stated on his website. I bought the coins on the terms that he specified. It's not my fault if he was (in retrospect) overly generous in the terms that he offered on his website. This gives him no right to defraud his customers because of his own lack of foresight.
If he wants to save his face and/or ever do business with me or the other people whom he has defrauded, then I suggest he make good on his orders. Someone who has shown his willingness to unilaterally changes the terms of a contract that he agreed to and even himself came up with the terms thereof can never again be trusted for any kind of business dealings anytime in the future. I'm not sure is Mr. Madhatter is aware of the magnitude of the mistake he has committed but I hope he will be smart enough to correct it in an expedient manner if he wants to maintain his excellent standing within the community.
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We now offer two types of trade. If you want us to hold the live rate for you, until your letter arrives at our location, please select the "fixed rate" option. This option requires a small up front deposit of 10% (payable in Bitcoins) to reserve Bitcoins from our pool. Once your letter arrives we will return your deposit and honor the locked-in rate. If you decide to cancel your order, we will return your deposit less any rate fluctuations. This is similar to how numerous online gold/silver bullion dealers deal with rate fluctuations
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Due to the Bitcoin prices being so volatile I am unable to honor locked in trades at this time. I will still accept open rate trades.
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