Silk Road forums
Discussion => Newbie discussion => Topic started by: venomballs on April 04, 2013, 09:24 am
-
I put in some bitcoins last night onto my SR account.
The bitcoin price is pretty much the same as when i bought them... around 130 (I know... i missed out on the dip by just 2 hours).
Now i don't got enough to my purchase, I am actually waiting on the boost in price, so i can get me drugs already. But what i noticed is that... even tho BC/USD price is pretty much the same. The value of my coins in the SR wallet is steadily decreasing... it already lost 17$ !!!
Now this is... unnerving to say the least. whats happening here?
-
dont worry, just wait a day or more and you'll have more value to your coins.
-
That's what i am thinking ye.. but i was actually wondering, by which exchange rate does SR go? I'd guess they make a very slight profit on that also, but how do they calculate it? why would the rate fall significantly with no visible change in rate on the exchange markets.. im watching http://bitcoinity.org/markets ... and the price is pretty static.
Maybe they have deliberate lag on the system? I don't see any other way to explain this...
Also: this other question popped into my mind...
We see Bitcoin price fly around liek mad by the hour... I wired the cash the rate was 130. It got to 150 and dropped back down to 134 by the time i paid. Within 2 hours it was 115 (here i started getting very uneasy obv.) then it popped back up to 130...
On some speculation boards people are saying -20/+30 is boring... the new -2/+3... and predicting that soon enough we will see BTC at around 1-1.5k and -200/+300 will be... normal... This creates obvious problems for us no? By the time you get your money in your SR wallet... you won't be able to afford your purchase. Perhaps not even close... We will have to gamble, something I prefer doing when I want to, not need to. Then again it could crash and things will be more or less stable again... who knows. what you guys think?
-
REMBER what goes up must come down ;)
-
ye i think its gon pop also.. hopefully not before this bubble is big enough to pay my drugs ^^
-
On the off chance that it doesn't... and bitcoin really does blow up to be a lot more expensive. we might have some annoyance on our hands.
also... i lost almost 20$. bitcoin price still static on the markets... SR rate slowly decreasing
atm its:
SR - $127.6374 MtGox - 132.00 BitStamp - 132.96
ill update soon enuf, but the last 2 values were similar last night. and as i said - 20$. weird
-
yeah well yeah its a stock you market have ya highs and lows ...
for feb its went from 20 to april 128 mtgox source
check stats they are due to drop
https://blockchain.info/stats
-
http://upload.wikimedia.org/wikipedia/commons/4/4b/Stages_of_a_bubble.png
-
25$ down... this annoying. I'm waitin for coin price to grow, and even if it does.. end up watching as i loose cash.
SR - $127.0831
MtGox - $135 BitStamp - $136
SR went down to
$127.0786
exchange rates went up
MtGox - $136.99 BitStamp - $139.21
I thought it could be calculated of Blockchain Market Price on https://blockchain.info/stats (thanks howhigh)
$128.17 USD (weighted) But that has remained unchanged for the last 10-15
Im confuzled :/
-
As far as the bubble thing... i still leave have an open mind when it comes to bitcoin. If we have millionaire whales investing, and maybe eventually using the system for proper reasons (who knows.. maybe even SR?). imagine how much the price could shoot up. we dont really have anything to compare BitCoin to economically.. ur example graph could perhaps not be applicable here.
My self i have no idea... it's reassuring tho that we had a dip yesterday (something to do with MtGox spanking up) and it recovered decently quickly! Even growing again. I would ExpecT a proper pop... we went up 35 - then down the same ammount. and recovered. promising - if u have money in bitcoin that is...
If i didn't panic when i did all those months ago.. I would be able to pay off my debts by now :( and not have to buy quantity...
-
http://www.youtube.com/watch?v=riJRODogRVI
Which one are u gaba? ^^
-
As I understand venom: while on SR coins are going down on Mt gox they went up. I'm also confused! So basically SR does as they like?!...Or am I missing something?
-
Ye basically I am confused about how they calculate their estimate of the BC price... different markets have different estimates.
Just can't figure out what they are basing their numbers off... feels liek there is either a lag on their rate or... Theoretically, nothing prevents them from playing with those numbers.. This could be especially noticeable now since BC is becoming expensive. So at least for me, this raises an eyebrow.
-
Ok we feel pretty low at one point. now we climbing back up.
my conspiracy-paranoid mind is thinkin someone noticed this thread ^^ but ye.. doubt it. just dont get how they do their count
Yesterday while exchange markets were all over the place... at one point tumbling down. SR was lagging behind. actually had a higher rate then MtG...
5-10 minutes ago we had these numbers:
SR - $127.7385 MtGox - $142.05728 BitStamp - $139.00 BlockChain - $128.45 USD
I guess would be good to actually as some SR admins how they calculate the price.. there seems to be a small correlation between SR and BlockChain estimate.
-
@venomballs We do not have the same culture, but I like it: I Like To Dance from yogabbagabba 8)
This is an issue of children's television in your country?
To me, the bitcoins will inevitably become a safe haven for a time.
Soon be time to invest, maybe not...
For the "stage of a bubble" example, I am a public buyer on SR with my small and quiet life;)
http://www.youtube.com/watch?v=cg_FrUzaFwc
-
rooofl wtf? issue of childrens television? ^^ just found that while googlin gabagaba for some reason lool. was askin which character u were for shits and giggles
ye.. bit coins are cool. wish i had the balls 2-3 months back to pour in sum funds. now they gettin expensive and a big pop cud be devastating. then again things cud get pretty boombastic... who knows
-
http://www.youtube.com/watch?feature=player_embedded&v=OMAI-OIxLPo
The rise of bitcoin, an electronic currency traded on an online exchange, has generated a media frenzy. Once scoffed at, its value has risen by 631% (denominated in dollars) since the start of 2013.
Lots of people think that means we’re in a bitcoin bubble and it will eventually pop. But if you’re one of these bitcoin bears, it’s not easy for you to “short” it—i.e., bet that its value will go down.
The usual way to short a currency is to use a currency pair—something like EUR/USD, the value of a euro denominated in dollars—which trades as a single unit. For example, if the euro was trading at $1.3000, you would “borrow” a currency pair from your broker, which you have to return within a certain period of time, and sell it on the open market, pocketing $1.30. If after an hour EUR/USD is trading at $1.2950, you can buy the currency pair at that price and return it to your broker, making a profit of $0.0050. (If you’re wrong, you lose out.)
Most of the exchanges which allow you to trade bitcoins, however, don’t currently offer anything like currency pairs, nor any other futures or derivatives. Which means you would have to amass a stock of actual bitcoins to bet on them. That gets expensive.
One day, if bitcoin becomes well established, institutional foreign exchange dealers could make markets in bitcoins. (Among the current obstacles: There are only 11 million bitcoins in existence, and there can never be more than 21 million, so it’s not a very liquid market. If a way ever emerges to break bitcoins up into even smaller fractions, that might solve the problem, according to traders we spoke to.) But for those looking to short bitcoins right now, there are two notable ways to do it:
Bitfinex: A Hong Kong-based bitcoin exchange based in Hong Kong, Bitfinex allows ordinary bitcoin holders to act like brokers and lend bitcoins to people who want to trade them. The exchange does a lot of this automatically.
ICBIT: ICBIT allows traders to make bets using futures—financial contracts in which a buyer agrees to buy a security, in this case a bitcoin, at a future date at a predetermined price. Futures contracts can be bought and sold, so you can make money without buying the actual bitcoins themselves. This platform will also let you trade commodities, such as oil, in bitcoins.
Still, do you really want to short bitcoins? The market is still pretty volatile, and because it’s an unfamiliar mix of currency and equity, it’s likely to stay that way for a while. Remarks Cullen Roche, the founder of Orcam Financial Group, “You’d probably be better off just going to Vegas though. You’ll have more fun, about the same odds, and the drinks in the casino will be free.”
bitcoins can already be traded in small fractions, indeed to 0.00000001 BTC (eight decimal places). Nonetheless, even with the ability to break bitcoins into small pieces, there are too few bitcoins in existence for institutional traders to be willing to trade them.
Our readers also inform us that it’s possible to short bitcoins on MPEx, which allows you to buy and sell BTC/USD currency pairs.
-
This is just a taste of what’s to come.
The largest market for trading bitcoins, Tokyo-based startup Mt. Gox, went down for about an hour today, after the alternative currency’s value swung more than 20% this morning. It’s clear as day in the chart, and Mt. Gox confirmed its downtime in a statement: “Due to high volume trading at the moment, there is a lag in trading and order cancellation.”
It appears that normal trading has just resumed, according to several bitcoin investors contacted by Quartz and others who use Reddit to follow the currency, but it remains to be seen whether trades during the downtime will be honored.
Disruptions in bitcoin trading are fairly common— a software glitch caused a market crash just a few weeks ago—but this is a bigger deal for several reasons:
Mt. Gox processes about 76% of all bitcoin trades.
Bitcoin recently surpassed $1 billion in total value, a symbolic barrier that has brought with it a lot of new attention.
Indeed, this is the week that the mainstream media decided to write about bitcoin—from Businessweek to the New Yorker to Reuters.
There is intense debate about whether bitcoin is in an asset bubble or just finally discovering its real value.
All that attention is messing with the market for bitcoins, which is what I predict. More attention brings more demand, which inclines people who already have bitcoins to hold onto them, expecting their value to rise, which reduces the available supply of bitcoins in the market, driving the price higher, increasing attention, pushing up demand, encouraging still more hoarding…
That’s sometimes referred to as a “deflationary spiral,” but I prefer the term “demand crisis.” Whatever you call it, this is what it looks like.
bitcoin 101
http://www.youtube.com/watch?feature=player_embedded&v=hKr7xNu0xbw
-
Many people will be jumping ship from Mt.Gox i recon.. their services are gettin hard to trust with all the lag and downtimes. i hear they make around a mil per day.. thats crazy.
ye well thats the point.. there will be less and less coins. more and more demand. price will be driven up. and it could be a very worthwhile investment, if lots of people start using it and investing/hoarding this coins. the system gets adopted by more and more services.. there will be a growing and growing demand. more and more attention from investors/holders/hoarders but also actual users, who will buy at what ever price since they need to make purchases. price of product will be same in USD but bitcoin availability will go down, so they will be paying higher rates. demand crisis cud be interpreted as price adjustment in that case no?
like u said.. its wat it looks like. tbh i recon no one really knows how things are gona go for bitcoin. and thats the fun part. cool about the media attention... wats also cool is that it seems most are writing about bubbles and how its just going through its phases.. but the price is growin ^^ me recon ppl are starting to believe in it
-
yeah it is up in the air i agree.. well onnly the future will tell...
-
@gabagaba... aaa issue of tv yeye i get, sory lal. na man thats sum american shit ^^
haha - iv seen Schnappi before :d krokoodiil. ^^
check out this krokodil http://www.youtube.com/watch?v=V-TithD7izM :]
-
The very structure of the BC concept, with it's unbreakable upper limit of the number of coins that can eventually exist, dictates that, unless it all falls in a heap and fails totally, the only way is up. There will be fluctuations of course, but ultimately it can only go up IMO.
-
I put in some bitcoins last night onto my SR account.
The bitcoin price is pretty much the same as when i bought them... around 130 (I know... i missed out on the dip by just 2 hours).
Now i don't got enough to my purchase, I am actually waiting on the boost in price, so i can get me drugs already. But what i noticed is that... even tho BC/USD price is pretty much the same. The value of my coins in the SR wallet is steadily decreasing... it already lost 17$ !!!
Now this is... unnerving to say the least. whats happening here?
That sucks, I thought I missed the boat when I STOCKED up at $46 lol
-
Market has been crazy lately.
-
yeah what goes up ust come down mark my words :-*
-
Yeah I've been wondering about this too, how to SR calculate BTC To USD? It seems like the best thing to do it switch everything in to USD.
-
well that's whats its coming down to.. my messed up mind. has a theory that makes me think that the US are realizing that this is not stopping.. so they are going to try dominate the industry.. what else can they do... oh we can make money here so lets buy and get out of this debt we are in.. and TBH they will never get out of the debt there in no country will.. its a matter of time thatthe banks relize that money can be made and then BC go to record lows as they will print them out like dollar bills.. banks goverments are corrupt where they can make 2cents they will jump on it.. they dont care about drugs they anit going to stop that and there kidding them self if they think they will every secound house is a pot head.. so ohhh fuck the drugs lets make the coin... My oppions only by the way
-
How will they print BC, there is a limited number of them? And the more they'll want, the more they'll have to pay. If they start hoarding the market, buying at what ever price - the price will shoot up no?
As far as SR prices go, i think they're calculations something to do with the blockchain. I got some numbers together, from points in time.
From what I see it is the closest stat to theirs.. but sometimes its lower, sometimes higher. Weird.
SR - $127.0831 MtGox - $135 BitStamp - $136 BlockChain - $128.17 USD
SR - $127.0831 MtGox - $135 BitStamp - $136 BlockChain - $128.17 USD
SR - $127.0786 MtGox - $136.99 BitStamp - $139.21 BlockChain - $128.17 USD
SR - $127.7385 MtGox - $142 BitStamp - $139 BlockChain - $128.45 USD
SR - $128.0718 MtGox - $135 Bitstamp - $136 BlockChain - $128.80 USD
SR - $130.2485 MtGox - $133.75 BitStamp - $134.98 BlockChain - $129.75 USD
SR - $141.1055 MtGox - $142 BitStamp - $143.27 BlockChain - $140.89 USD
-
Yo gabba gabba?
Bitcoins have really been interesting to watch the last few weeks.
I always try and add around 20% more than whatever i purchase to make up for any possible loss.