Silk Road forums

Discussion => Newbie discussion => Topic started by: GuyBrush32Threepwood on February 01, 2013, 04:48 pm

Title: Newbie Bitcoin question
Post by: GuyBrush32Threepwood on February 01, 2013, 04:48 pm
Do prices adjust for bitcoin fluctuation on the road?  A few weeks coins were around $14, but now I see they are around $20. I'm trying to figure out if I send coins to my SR wallet and my setting to show USD will it be the same amount of cash I deposited.

More specifically, I deposited (after charges) $288 into my MT Gox account. If I buy coins at the current rate and (allowing for some shuffling between other wallets, of course  ;D) send them to my SR wallet, will I still have $288? Or will fluctuation impact it and I could gain/lose a few dollars?
Title: Re: Newbie Bitcoin question
Post by: TwoHat on February 01, 2013, 04:55 pm
It seems like the prices are pinned to USD and not to BTC. What I mean is that it appears that even as bitcoin rises, the prices on SR stay the same. What i think will eventually happen though, is that vendors will raise their prices if bitcoin goes too high in cost.
Title: Re: Newbie Bitcoin question
Post by: android465764E on February 01, 2013, 05:58 pm
The rates change so often, it's upto the buyer to get their coins when the rates are most favourable.

After you've actually purchased your coins though, your exchange rate drama is over.
If you've bought say, ฿20.00 ..you will still have ฿20.00 when you put them in your SR account.
Rates do not affect already purchased coins. 
Title: Re: Newbie Bitcoin question
Post by: AAfive on February 01, 2013, 06:04 pm
Yeah, the easiest way to think of it is this:  You are buying X number of BTC, once you have bought them, it doesn't matter if they go up or down in value, you will still have X amount of BTC.

Just have to be careful to not leave them in there while BTC takes a nose dive

-AA
Title: Re: Newbie Bitcoin question
Post by: android465764E on February 01, 2013, 06:48 pm
⇧ agree.  I find the best method is to buy them as and when you need them. Sod the rates. lol
Title: Re: Newbie Bitcoin question
Post by: AAfive on February 01, 2013, 06:53 pm
Yep, that is what I do.  The only thing that sucks is when you buy them, and before you can get your order placed, it fluctuates and you are like .50cents short  :o

-AA
Title: Re: Newbie Bitcoin question
Post by: NorthernStar on February 01, 2013, 08:30 pm
Yeah, I see your point but, I have been advised to never leave BTC in my SR account, because its vulnerable to hackers/scammers. Or if the site goes down ( which I doubt and have every faith in DPR. Rather leave it in a Wallet( not 3rd party) or make sure the emergency return BTC address is meticulously typed. So SR can send my BTC to my addy if the site needs to. surely if the coins are safe in my wallet they can't fluctuate ? Do they have to be in my SR account to be immune  from fluctuations? And is having a personal wallet the safest way?
Title: Re: Newbie Bitcoin question
Post by: android465764E on February 01, 2013, 10:29 pm
.......if the coins are safe in my wallet they can't fluctuate ? Do they have to be in my SR account to be immune  from fluctuations? And is having a personal wallet the safest way?


Once you've bought your coins, they are unaffected by the rates.

The only time the exchange rate is a factor, is when you are buying/selling them. 
So yes, coins in your wallet(s) will stay at the same amount of coins.
Title: Re: Newbie Bitcoin question
Post by: idgafos44 on February 01, 2013, 11:01 pm
some wallets require a small fee to transfer coins around too.  almost screwed me on an order