Silk Road forums
Discussion => Newbie discussion => Topic started by: No1Real on August 28, 2013, 06:47 am
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As we all know SR lists prices for it's listings in BTC. My question is what exchange/source do they use to come up with the exchange rate? For example Mt. Gox' price in USD for 1 BTC is currently $129.50. Another popular source for BTC prices is BitStamp and their current quote is $117.70.
If I were to purchase 1 BTC at CoinBase right now I would pay $117.68 (plus fees = $119.01). CampBX is currently at $117 plus fees and www.preev.com, the online BTC exchange rate converter currently lists 1 BTC = $117.50.
It seems Mt. Gox prices are on the high side compared to some of the other sites and one can purchase BTC cheaper than their quoted rate. Keeping that in mind what does SR use for the exchange rate on it's site? For example if I wanted to purchase 1gm of BTH listed on for BTC 1.5, and I am the type of buyer who purchases his Bitcoins right before he is ready to place his order, where should I go to convert the price to make sure I am purchasing enough BTC to cover the total cost of the transaction?
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I would add the product to the basket, it will tell you the BTC price as well as the price in your chosen currency. Then buy however much BTC is quoted. Though if the price of the product is pegged to USD, then it may be subject to some fluctuation.
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OK, thanks. That seems like the practical way of doing it but just outta curiosity does anyone know who SR uses for their BTC price conversion? Is it Mt. Gox, BitStamp, some other exchange or an average of some number of them?
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Its an average of Mtgox and bitstamp. Not sure if it is 50/50 or what.