Silk Road forums
Discussion => Security => Topic started by: bbd82584 on August 14, 2013, 12:58 am
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Hey all,
So I just finished up a transaction with a vendor and reup'd on BTC. His rate is MTGOX's current rate plus 7-8%- a fair rate in my opinion. So today I make a trade and get home to find the SR price is listed like $13 per BTC less than I'd paid, IE-significantly lower than MTGOX's. So my BTC arent going as far as I had planned. What gives? It's never been such a big difference. I feel like I'm missing ~$50 in the discrepancy.
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Hey all,
So I just finished up a transaction with a vendor and reup'd on BTC. His rate is MTGOX's current rate plus 7-8%- a fair rate in my opinion. So today I make a trade and get home to find the SR price is listed like $13 per BTC less than I'd paid, IE-significantly lower than MTGOX's. So my BTC arent going as far as I had planned. What gives? It's never been such a big difference. I feel like I'm missing ~$50 in the discrepancy.
MtGgox is not a liquid exchange and price there is inflated.
You get a better idea of the real BTC value here http://bitcoinity.org/markets/bitstamp/USD
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Gox is overpriced and still people are managing to sell coins at gox+ prices! Gox is about 15% over fair, then you get sellers tacking on their 7-8% and you are really getting robbed! You could buy100BTC on a fair priced exchange for the same price as 75btc from a middleman charging gox+ prices!!! Shop around, there are a lot of exchanges where your dollar will go further, buy BTC for under 100$ right now and SR has BTC value at 112
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hi hi
DPR posted about this in a thread a few days ago. he has recently made a change because most vendors do not cash out via gox but instead use one of the other smaller exchanges that consistently have lower rates. therefore the vendors were getting shafted through no fault of their own. the reasons for this have to do with gox taking forever to wire cash and heavy ID requirements for any substantial amount of fiat.
the SR BTC rate has been modified to be an aggregate of a few different exchanges, gox being one of them, however the smaller ones get weighted a bit heavier since it's more in line with reality for a number of vendors.
xoxo
-mb
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hi hi
DPR posted about this in a thread a few days ago. he has recently made a change because most vendors do not cash out via gox but instead use one of the other smaller exchanges that consistently have lower rates. therefore the vendors were getting shafted through no fault of their own. the reasons for this have to do with gox taking forever to wire cash and heavy ID requirements for any substantial amount of fiat.
the SR BTC rate has been modified to be an aggregate of a few different exchanges, gox being one of them, however the smaller ones get weighted a bit heavier since it's more in line with reality for a number of vendors.
xoxo
-mb
Ah ha! Ok, so that makes sense. If it supports the vendors, fuck it. Thanks for the knowledge bomb, mb!