Silk Road forums

Discussion => Silk Road discussion => Topic started by: Aoth14 on December 02, 2011, 05:49 am

Title: Getting BTC cheapest
Post by: Aoth14 on December 02, 2011, 05:49 am
I was just curious what the strategy is to get your $ worth on BTC, as I know with my luck, I will buy BTC at $3-4 and they will loose value before I spend them. Then I will wait forever, waiting for the exchange rate to go back in my favor. 

What is the typical purchase practice regarding open and close values of BTC? How much money has been lost do to dropping value of BTC? How much does the rate fluctuate and do sudden spikes and drops occur? I'm about to ask a seller about swapping MP for BTC and don't want to feel like a nervous stock broker...

I know this question is better suited for a BTC forum but I figured someone in here can shed some light on the general fear of buying something today that will be worth less tomorrow??

P.S. What standards does SR go by when giving the BTC/$ rate?


Title: Re: Getting BTC cheapest
Post by: MagicMan on December 02, 2011, 05:47 pm
I got into bitcoins when they were around 17 dollars each, the first batch of them that I bought I lost about $1000 due to their crashing price. Now, whenever I need to spend BTC I wait until the last moment and buy only slightly more than what I need and spend them instantly. In that way I minimize my risk of exposure to fluctuation.
Title: Re: Getting BTC cheapest
Post by: Addy on December 04, 2011, 02:38 am
I spend BTC the day I get them. That way, I won't lose anything if I ever get hacked, and I won't lose any money if the value of BTC drops.
Title: Re: Getting BTC cheapest
Post by: c0w4bung4t007 on December 04, 2011, 05:31 pm
I will buy BTC at $3-4 and they will loose value before I spend them. Then I will wait forever, waiting for the exchange rate to go back in my favor.

Don't buy bitcoins above 3.10-3.20 if you can help it.
The usual price tends to be around 2.90-3.10USD per BTC
Buy around those prices and you shouldn't lose money on your purchases.
Title: Re: Getting BTC cheapest
Post by: Addy on December 04, 2011, 11:03 pm
I will buy BTC at $3-4 and they will loose value before I spend them. Then I will wait forever, waiting for the exchange rate to go back in my favor.

Don't buy bitcoins above 3.10-3.20 if you can help it.
The usual price tends to be around 2.90-3.10USD per BTC
Buy around those prices and you shouldn't lose money on your purchases.
There really is no "usual" price for BitCoins. Over the last few months, they've fluctuated between 2 and 7 BTC. Over the last week alone, between 2.4 and 3.2. They will continue to fluctuate, and there will never be a price set in stone.
Title: Re: Getting BTC cheapest
Post by: MagicMan on December 05, 2011, 12:17 am
I will buy BTC at $3-4 and they will loose value before I spend them. Then I will wait forever, waiting for the exchange rate to go back in my favor.

Don't buy bitcoins above 3.10-3.20 if you can help it.
The usual price tends to be around 2.90-3.10USD per BTC
Buy around those prices and you shouldn't lose money on your purchases.
There really is no "usual" price for BitCoins. Over the last few months, they've fluctuated between 2 and 7 BTC. Over the last week alone, between 2.4 and 3.2. They will continue to fluctuate, and there will never be a price set in stone.

That's not really fair to say, no value of any currency is set in stone, BTC just currently fluctuates a little more than a typical first world currency. I have strong faith that BTC or something very similar will eventually be the dominant international currency at which point though it still wont be set in the stone the price will be relatively stable
Title: Re: Getting BTC cheapest
Post by: c0w4bung4t007 on December 05, 2011, 12:34 am
I will buy BTC at $3-4 and they will loose value before I spend them. Then I will wait forever, waiting for the exchange rate to go back in my favor.

Don't buy bitcoins above 3.10-3.20 if you can help it.
The usual price tends to be around 2.90-3.10USD per BTC
Buy around those prices and you shouldn't lose money on your purchases.
There really is no "usual" price for BitCoins. Over the last few months, they've fluctuated between 2 and 7 BTC. Over the last week alone, between 2.4 and 3.2. They will continue to fluctuate, and there will never be a price set in stone.

I understand what you're saying.
What I meant was currently over the pas week I tend to see it in the upper $2 range enough that it would make sense to wait for it to get down there before buying to maximize your wealth.
Title: Re: Getting BTC cheapest
Post by: thisisatest on December 05, 2011, 01:11 am
I have used bitcoin-otc twice to exchange moneypak for btc.  although it was a nice alternative to the sellers on SR selling bitcoins, its still an expensive way to get btc.  you pay $5 for the moneypak and then a fee to the trader for your btc.  Its more worth it to plan ahead and use mtgox, much smaller fees. 
Title: Re: Getting BTC cheapest
Post by: Addy on December 05, 2011, 11:28 pm
Quote from: MagicMan
That's not really fair to say, no value of any currency is set in stone, BTC just currently fluctuates a little more than a typical first world currency. I have strong faith that BTC or something very similar will eventually be the dominant international currency at which point though it still wont be set in the stone the price will be relatively stable
Permit me to say, it fluctuates far, far more than most currencies. Even jumping from 2.50 to 2.90 is roughly 16% increase. Imagine going to buy a television for $699 one day, and the next day it's $599 simply because that's how much the dollar (or euro, or whatever) changed overnight. And the next day, it's up to $649.

Most of our vendors probably cash out at least once a week (if not more- once every other day? Every day?) partially because the 'coin is so volatile. Each 'coin was worth, what, 17 dollars less than five months ago? 7 dollars a couple months ago?
Title: Re: Getting BTC cheapest
Post by: oppyate on December 06, 2011, 07:48 am
Every week I send a Money Order for 100 bucks to Campbx. Meanwhile, I place a Limit Order ( My buy only executes when BC hits a certain Price, right now my Limit is 2.70) If your patient, the Price will hit and all the Dollars you placed will Buy at that price. Also, once you have accumulated $500, you can Buy on Margin ( your 500 can Buy as many BC's as long as your on plus side) my Margin are at 3.55. Everytime that hits, I get to buy BC's worth 3.55 for 2,70. I keep my stash of BC's at Camp and simply transfer to SR as needed. Problem is PATIENCE. Most people just dont have it in a McDonalds want it now world.
Title: Re: Getting BTC cheapest
Post by: Dobbs on December 06, 2011, 10:38 pm
Every week I send a Money Order for 100 bucks to Campbx. Meanwhile, I place a Limit Order ( My buy only executes when BC hits a certain Price, right now my Limit is 2.70) If your patient, the Price will hit and all the Dollars you placed will Buy at that price. Also, once you have accumulated $500, you can Buy on Margin ( your 500 can Buy as many BC's as long as your on plus side) my Margin are at 3.55. Everytime that hits, I get to buy BC's worth 3.55 for 2,70. I keep my stash of BC's at Camp and simply transfer to SR as needed. Problem is PATIENCE. Most people just dont have it in a McDonalds want it now world.

THANK YOU!