I'm not arguing backed vs. fiat, or base system denominations, but inter-currency transaction roll-backs. When a transaction is made across non-equivalent currencies, is there an *ethical* means of determining what amount should be refunded?
I don't think it's so clear.
How is this situation usually handled (fiat <-> fiat transactions)? Is the merchant/payee's currency used as the basis for refund, or the customer/payer's currency used?
I might be mistaken, but I believe "no refunds" is the normal policy - at least with most cash exchanges. If I were to give 500 USD to a cash exchange provider in Amsterdam in exchange for Euros, I wouldn't expect to be able to go back later and get my USD back. I would have to make another exchange from Euros to USD.
It seems the scenario closest to Graham's situation would be if I push my 500 USD across the counter and the person on the other side picks it up and at that point (before I've received the Euros) I say, "wait I changed my mind!" In that case I'm guessing the person would hand the money back, and say "make up your mind". This suggests to me that Graham should have returned the currency given to him (e-gold) in the amount he received (which is measured in weight), less fees extracted by the e-gold system. OR he should have said, "sorry, no refunds".
OR he should do exactly what he said (on his website) he'd do.
It does seem a bit unfair that a customer can cancel an order because the price of dollars in terms of gold went down. If I send you 100 aug and expect 1000 USD for example, it seems a bit cheap and smarmy to cancel the order and redo it because the price of 1000 dollars went down to only 90 aug.
Wayne
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