Silk Road forums

Discussion => Newbie discussion => Topic started by: blackballbros on August 14, 2013, 10:53 pm

Title: BTC question
Post by: blackballbros on August 14, 2013, 10:53 pm
I have 1.6647 BTC and on a bitcoin converter it says that is worth about $178. On my actual SR account at first it showed it worth $180, and now it's only worth $164 after I tried adding an item to my cart.
Title: Re: BTC question
Post by: EverAfterGlow on August 14, 2013, 11:18 pm
SR btc price is based on weighted average of certain exchanges ( I don't know which, my post asking that was deleted) For better or for worse, SR has decided to dis-include Mt. GoX, the biggest exchange of the weighted average, supposedly due to Mt. Gox being regulated and having inflated values.

Not so great for buyers.
I personally saw 100$ disappear with the click of a button and a major purchase planned in the next few minutes.

Supposed to be good for vendors though.

You are probably using a btc converter that is directly tied to Mt. Gox which last I looked was 112usd
Title: Re: BTC question
Post by: Under1Nation on August 14, 2013, 11:27 pm
the fluctuation of the bit coin usually varies about a couple of dollars
Title: Re: BTC question
Post by: Chang on August 14, 2013, 11:46 pm
Not so great for buyers.
I personally saw 100$ disappear with the click of a button and a major purchase planned in the next few minutes.

Supposed to be good for vendors though.

The SilkRoad method of determining Bitcoin price weighs equally for buyers and sellers. It is not better or worse for either party. If a buyer purchases BTC at x price off-site, then uses them at y price on-site.. The Vendor would receive the coins at y price on-site and have to cash them out at x price off-site. So in the end neither makes out better.
Title: Re: BTC question
Post by: vaper on August 15, 2013, 12:02 am
Anyone know how often SR updates the value of BTC?

I'm now £30 short of making an order after BTC suddenly dropped from £69 to £63 on SR. What a pain in the arse.

EDIT: Just gone back up to £68 so it must be an hourly thing