Silk Road forums

Discussion => Silk Road discussion => Topic started by: SRtester on December 06, 2012, 11:15 pm

Title: Price of BTC keeps rising
Post by: SRtester on December 06, 2012, 11:15 pm
I've only been around this community for a couple months but back in Oct. the price per BTC was around $10.65 USD.  Today it's $13.65 USD. Has it ever gone this high, or is this normal fluctuation? I think much higher prices will start driving people away.

On a related note, this guy is saying he has made $100K investing in BTC; what do you guys think about this?
Clearnet link:
https://bitcointalk.org/index.php?topic=116937.0;all
Title: Re: Price of BTC keeps rising
Post by: QC_M39_KING on December 06, 2012, 11:24 pm
I love it.. i have been stacking btc since I learned about them... I first got in at under 10 bucks each.. have accumulated more along the way and all in all I'm up all kinds..

I cant wait to see it at 20$.. that's when I'll unload a tonne.. also the bitcoin was at 40$ before... so it has potential to go back... mind you it was once at 4 cents each....

Title: Re: Price of BTC keeps rising
Post by: Limetless on December 06, 2012, 11:35 pm
Let us hope it keeps going.... ;)
Title: Re: Price of BTC keeps rising
Post by: SRtester on December 07, 2012, 12:54 am
Do you see this kind of "inflation" having adverse effects on SR? Who's going to want to spend $20+ per bitcoin?
Title: Re: Price of BTC keeps rising
Post by: QC_M39_KING on December 07, 2012, 12:56 am
Do you see this kind of "inflation" having adverse effects on SR? Who's going to want to spend $20+ per bitcoin?

most sellers set the prices to the usd... so the price will remain the same all that will change is you will need less btc to buy it.. the value of the product tho will remain the same.
Title: Re: Price of BTC keeps rising
Post by: KripsyKreamer187 on December 07, 2012, 12:58 am
This is because the bitcoin reached a certain amount in circulation so the number of coins being produced has been cut in half, probably will continue to grow
Title: Re: Price of BTC keeps rising
Post by: Limetless on December 07, 2012, 01:26 am
Do you see this kind of "inflation" having adverse effects on SR? Who's going to want to spend $20+ per bitcoin?

No I see it being excellent for my wallet. :)

And shut the fuck up talk MtlJohn you fucking child molesting FaceTime wank-captain French Canadian croissant fucking bag of AIDs.

You can get yourself a haircut as well you cunt, and slap your mother round the face and say it was me. Kinky bitch loves that shit.
Title: Re: Price of BTC keeps rising
Post by: FastFix on December 07, 2012, 01:28 am
wish i stocked up when i first got on the road and they were 4-5 USD per BC
Title: Re: Price of BTC keeps rising
Post by: QC_M39_KING on December 07, 2012, 01:50 am
Do you see this kind of "inflation" having adverse effects on SR? Who's going to want to spend $20+ per bitcoin?

No I see it being excellent for my wallet. :)

And shut the fuck up talk MtlJohn you fucking child molesting FaceTime wank-captain French Canadian croissant fucking bag of AIDs.

You can get yourself a haircut as well you cunt, and slap your mother round the face and say it was me. Kinky bitch loves that shit.


how about you give me a rim-job lim because you sure love hoping on my dick...

hahahah..
Title: Re: Price of BTC keeps rising
Post by: brusselsprout on December 07, 2012, 02:28 am
As someone who has approximately zero interest in BTC price speculation as some kind of investment, the BTC price means nothing as long as I exchange GBP for BTC and place my order asap. Keeps it fairly simple. Sure, I could get more value if I put in the effort, but this is purely recreational for me.
Title: Re: Price of BTC keeps rising
Post by: Slacker on December 07, 2012, 03:21 am
I'm with brusselssprout.  I have an understanding of markets and would have loved to have stockpiled in hindsight, but I like to keep this my recreation.  Although the profits would have been sickening.  I'd be set for months on all kinds of product off the profit. 
Title: Re: Price of BTC keeps rising
Post by: Razorspyne on December 07, 2012, 04:33 am
I must be missing something gathering from the posts above on BTC conversion rate from QC_M39_KING and Limetless. I was under the impression that higher USD to BTC (or GBP, AUD, etc.) meant less BTC can be bought at that rate, meaning yes that would definitely put off  buyers from getting BTC until it came down a little. So while the ACTUAL value of drugs has not changed, it will still technically cost more to buy at this rate if you still need to buy BTC. What am I missing here?

The high rate is the whole reason I'm sitting here drinking Coke instead of sniffing coke (and playing with my poisons). Am I really bad at maths or something?


Title: Re: Price of BTC keeps rising
Post by: QC_M39_KING on December 07, 2012, 04:45 am
I must be missing something gathering from the posts above on BTC conversion rate from QC_M39_KING and Limetless. I was under the impression that higher USD to BTC (or GBP, AUD, etc.) meant less BTC can be bought at that rate, meaning yes that would definitely put off  buyers from getting BTC until it came down a little. So while the ACTUAL value of drugs has not changed, it will still technically cost more to buy at this rate if you still need to buy BTC. What am I missing here?

The high rate is the whole reason I'm sitting here drinking Coke instead of sniffing coke (and playing with my poisons). Am I really bad at maths or something?

nahhh bro... let me simplify it...


i sell weed...

lets say I was asking 100$ usd for 10 grams..


if the btc cost is 10$ a btc then you would need 10btc to cover the 100$ usd cost..

lets say the btc was at 20$ then you would only need 5 to buy the same 100$ worth of weed.

lets say btc was worth 100$ then you would only need one to buy the 10 grams...


drugs are not more expensive, they remain the same price and as such you never pay more because the btc goes up.....

hope this clears some things up...

also someone made a comment earlier regarding the reward split earlier this month..... it is true this happened and now each block can produce 25 btc and not the 50 it was used to...

so now every 10 minutes there are only 25 btc available, but..... and this is a big but.... this was supposed to be off set by new hardware for mining bitcoins... the hardware was supposed to be out this month and now it looks like it will be a few more months till its available and people start mining with it... when it does come out, i expect the value of btc to rise even more... ..


if you have cash to fuck around with i would recommend buying btc.... i only see it going higher over the next 12 months!!!

Title: Re: Price of BTC keeps rising
Post by: Razorspyne on December 07, 2012, 06:24 am
Oh got yah. TY for that breakdown. Thought I knew a LITTLE bit about computer tech, but since discovering the underweb last month I'm finding the more I learn the less I knew. (Trying to read pine's posts is like reading Chinese.)

Yeah explaining it that way does make a bit more sense. Yeah I do have "cash to fuck around with" but was earning reasonable INT on a term deposit. Then they got greedy and reduced it and I took it out. If I can't make money off them, they're not making money off me. Been watching AUD to USD climb a little, fall a little, climb a little, fall a little, but I need it to be at least 1.08 and sell at most 0.98 to make decent profit, ASSUMING there is no commission. I took a briefcase of money to my capital city and every bank or exchange union I went to wanted a commission for every 2,500 and on top of that wanted to know how much was in the case. Like I'm that stupid to do either. I considered gold bullion but rate too high to buy (good to sell though). So now nobody gets my money, they're too greedy.

I've tried talking to people in real life (SR is cyber life) but they haven't even heard of a bitcoin, let alone mining or the best place to do it. I set up an account with Mt.Gox as they have the lowest commission, but they actually wanted ACCURATE information about me. Weren't they hacked recently? I saw the customer DB for sale on the black-market with my own two eyes. So basically, you need to download an electronic wallet from a REPUTABLE site (done), wait days for it to synchronize and then keep synchronizing on a daily basis (done), then pick an exchange like Mt.Gox or directly P2P from an un-vouched for vendor, have a quick check on an independent site to see that the exchange rate is what they say it is, enter the amount to be traded, go to a non-local bank so you can give them false information about your identity when asked for name and number when making the exchange, ask them to write down the Order ID or whatever in the description section on the receipt they give you, take a photograph of this, upload it to the exchange market you chose to do business with, wait a few hours and hope it went through, assuming all this was done within 4 hours. If it wasn't, depending on who you used you will get the current rate or you will need to start the whole process over. Did I mention one numb-nuts exchange charges 10% for this service (Mt.Gox is about 1 I think)? And that you need to make a purchase as soon as you get it to reduce the chance of it being hacked like is happening to a lot of people? Oooooohh shit, that is so not uncomplicated or involved.

Now. Bitcoin mining. Thiiiiink I'm going to have to leave this to the pros till I get out of my BTC nappies. Good idea, yes. But some of us have still yet to make a single exchange thanks to how easy this process is. And investing in bitcoins? GREAT idea. IF you know what you're doing. I'm still very much a newb at this. By the time I figure it out it'll be Christmas.

TY for reply. Piece out. Don't forget to eat. Trolls, don't forget to die.
Title: Re: Price of BTC keeps rising
Post by: JezuzWazaMushroom on December 07, 2012, 06:29 am
Do you see this kind of "inflation" having adverse effects on SR? Who's going to want to spend $20+ per bitcoin?

No I see it being excellent for my wallet. :)

And shut the fuck up talk MtlJohn you fucking child molesting FaceTime wank-captain French Canadian croissant fucking bag of AIDs.

You can get yourself a haircut as well you cunt, and slap your mother round the face and say it was me. Kinky bitch loves that shit.

LOLOLOL CLASSIC!!!