Silk Road forums

Discussion => Newbie discussion => Topic started by: tardo on January 23, 2013, 12:05 pm

Title: bitcoin price inflation
Post by: tardo on January 23, 2013, 12:05 pm
Whats the best thing to do when you have a seller who posted a sale, but could have posted that sale weeks ago when the BTC value was much lower? The price has jumped this week. wouldnt it be better if everything was priced in dollars in SR, then you get quoted a BTC amount at the time of sale? Otherwise I'll have to contact each seller for an up to date price and its harder to know if I'm being ripped off or not.
Title: Re: bitcoin price inflation
Post by: soralangg on January 23, 2013, 03:17 pm
Prices can be hedged by the vendor so that they chance with the value of Bitcoins vs the dollar. It says as much onthe site when you order.
Title: Re: bitcoin price inflation
Post by: 4737Carlin on January 23, 2013, 03:29 pm
Most of the better vendores will have a hedged btc rate infact if you brought 2 a couple of weeks ago you'de have more by now I gained about $10 overnight when I brought at £10.35 per btc today there selling at £13,way its going theres a lot more to gain on them but I got a feeling its going to pop and prices drop again if btc are finite and only 21 million are up to buy there going to either run out or create more and drop prices,the trick is seeing that coming,but alway's try and use vendor's with a hedged system,its mostly in your favour if something does go wrong.

Peace
 8)
Title: Re: bitcoin price inflation
Post by: soralangg on January 23, 2013, 03:39 pm
Most of the better vendores will have a hedged btc rate infact if you brought 2 a couple of weeks ago you'de have more by now I gained about $10 overnight when I brought at £10.35 per btc today there selling at £13,way its going theres a lot more to gain on them but I got a feeling its going to pop and prices drop again if btc are finite and only 21 million are up to buy there going to either run out or create more and drop prices,the trick is seeing that coming,but alway's try and use vendor's with a hedged system,its mostly in your favour if something does go wrong.

Peace
 8)

£13! It was 10.60 the night before last. It really is all over the place at the moment.
Title: Re: bitcoin price inflation
Post by: shinzon76 on January 23, 2013, 05:42 pm
I've got a pet theory that the price of bitcoin is being manipulated by an international cartel (similar to OPEC in operational effect) headed by the US government, in association with Iranian nationalists, and with a minor role being played by the Colombian government. If I'm right, it'll blow up in the news within the next few months. Keep an eye to the mainstream media for confirmation of my claims!
Title: Re: bitcoin price inflation
Post by: toff on January 23, 2013, 05:54 pm
It will be harder if the inflation don't stop so after my last order,i think i will expect
Title: Re: bitcoin price inflation
Post by: chango357 on January 23, 2013, 06:01 pm
I clicked this because of the inflation thing but I'm curious , Shinzon , why the Colombian Govt? The country is barely above water and their having enough of a hard time negotiating with FARC (not to mention that ELN is still very active). I dont see them having a strong influence in something underground as bitcoin. I'm not trolling when I ask that I would love to read your theory.
Title: Re: bitcoin price inflation
Post by: NorthState on January 23, 2013, 06:03 pm
Prices are getting higher and not inflating.
Title: Re: bitcoin price inflation
Post by: shinzon76 on January 23, 2013, 06:10 pm
I clicked this because of the inflation thing but I'm curious , Shinzon , why the Colombian Govt? The country is barely above water and their having enough of a hard time negotiating with FARC (not to mention that ELN is still very active). I dont see them having a strong influence in something underground as bitcoin. I'm not trolling when I ask that I would love to read your theory.

I don't want to get too specific in such a public venue; as we all know LEO, and, I'm sure, certain other agencies, are no doubt scouring this forum as we speak. All I will say, with respect to Columbia, is that there is a little known, very...intimate link between the Columbia government and a member of the anonymous group for programers that originally set down the foundation for what became the Bitcoin currency as we know it. 

edit: redacted something; said too much.
Title: Re: bitcoin price inflation
Post by: chango357 on January 23, 2013, 06:17 pm
Ill PM you my PGP. I'm curious to continue this discourse.
Title: Re: bitcoin price inflation
Post by: farmer1 on January 23, 2013, 09:07 pm
Vendors can 'peg' their prices to the USD in their account settings. Most of us do. This means that if an item is $100USD then it is always going to cost $100USD worth of BTC, however much that may be at the moment.

Buyers can set their account (account settings) to view everything on the SR in either USD, or BTC.  (this is the answer to the OP's question)

The price of BTC has been on the rise for the past week. If you bought BTC in the past 1-7 days then they are worth more right now then when you purchased them.
If the price of BTC drops sometime in the future then your BTC will become less valuable.

Hedging comes in to play after you make your order. Since the bitcoins sit in escrow until you finalize the vendor is unable to cash them out immediately. SR gives the vendors the option of converting the BTC to USD while they are sitting in escrow, then convert them back to BTC after the buyer finalizes and they are transferred to the vendor. There is a 4% fee for this service. If the value of bitcoin drops more then 4% while your bitcoins are locked up in escrow then hedging is a good thing for the vendor. Hedging doesn't mean anything to buyers unless the order is cancelled and they are getting a refund. Then they will see the reflection of their vendor's choices.
Title: Re: bitcoin price inflation
Post by: mastermaster on January 23, 2013, 09:15 pm
Yeah, bitcoin price hikes dont generally mean higher SR prices.
Title: Re: bitcoin price inflation
Post by: raynardine on January 23, 2013, 09:33 pm
I've got a pet theory that the price of bitcoin is being manipulated by an international cartel (similar to OPEC in operational effect) headed by the US government, in association with Iranian nationalists, and with a minor role being played by the Colombian government.

I lol'd.
Title: Re: bitcoin price inflation
Post by: DaveTheRave on March 18, 2013, 12:35 pm
Sam people that faked the moon landing
Title: Re: bitcoin price inflation
Post by: Daninha on March 18, 2013, 09:16 pm
THEY DONT MEAN since most of prices are  fixed in dollars
Title: Re: bitcoin price inflation
Post by: holyroller on March 18, 2013, 09:29 pm
fucking tit dirt
Title: Re: bitcoin price inflation
Post by: fredrics on March 18, 2013, 10:05 pm
Soon it will be $50 per coin, the bubble will burst and a lot of people will be very angry