Silk Road forums
Discussion => Newbie discussion => Topic started by: automattik on July 04, 2013, 02:21 am
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So today the btc was up and down and is low now. Does anyone know what causes these spikes? And should you buy the btc when it is low or does it matter. If your not looking to make a profit just use it on the road.
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Supply and demand causes the prices to rise and fall.
Generally, prices on Silk Road are hedged to the dollar. Therefore it does not matter too much how much the BTC fluctuates when purchasing a particular item. It does matter however if you have bought 20 BTC when they were $150 each and they are now worth $100 each. Because you have moved your currency over to BTC, your BTC's are now not worth as much.
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I'm experiencing the shit end of this stick right now. I have some money tied up in escrow because I ordered from a scammer and waiting on an admin to decide on the resolution. The order was unhedged so my amount in escrow has depreciated over $150 already. Praying that they come back up before admins get to me, or at least don't go down any more D:
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Same boat here. I'm following the news on bitcoin and most of the things I read seem to point to bitcion becoming easier and more mainstream which I would imagine that would make prices go up. Hope it happens despit the GD government's efforts to squelch it out. Damn the man! Ha!
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Buy low if you can.
Usually makes sense to get a bit extra to allow for exchange rate changes.
Although the falls lately have been rather extreme.
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One thing I am excited about and think will help the value increase is btc atms. There is such a lag in getting bitcoins into your wallet from cash and visa versa. I want a BTC ATM at every cornerstore!
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I still believe in the concept behind bitcoin and think it will succeed on a huge scale, so to me the short term is not so important.
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Infowars! WTF! You need to get that shit deleted ASAP. Can anyone let an administrator know?
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does he do that alot?
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INFOWARS FUCK OFF.
MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS MODS BAN THAT MOTHERFUCKER.
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There was an 18k BTC dump in the past few days.
MTGox is fucking around again and aren't dispersing cash.
Dwolla is getting jerked around by the FEDS.
BitInstant has gone to shit.
First part of the month seems to always have a huge dump of coinage (market manipulating).
Add all that shit together and people start freaking out because price drops a few bucks in a day, and all of a sudden it's all fuckery and value drops. Mainly fucks you if you are converting FIAT to BTC and then letting it "sit there" until you are ready to place your order days/weeks/months later.
If you can purchase BTC within a day or two of when you're planning on using it to buy something, then no worries at all. But if you're letting it sit as an "investment" while you're waiting to make another order, then have fun because it's a constant roller-coaster.
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If you are investing into bitcoin you must know why.
=> For long term purposes, you don't have to worry about short term.
If you are speculating, it means either you bet the drop is finished and you expect a bump. Or you just get totally wrong in your prediction and you suck, so stop it.
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It's definitely a roller coaster ride. Same as the stock market. You are correct, simple supply and demand dictate the Btc prices. I have traded stocks for years. If you want coins, sign up in an exchange. Man up, use your real info, start an account and buy when price dips, like now $70-$80 range good.Always scale in to your trades. Don't just buy $100-$10000 at once. Buy and sell in increments. So you don't get hit too hard by price swings. I now trade on Mt. Gox and Camp BX. I prefer BX . Now is a good time to buy. Watch price and volume. If price keeps going up, but volume does not follow,WATCH for a reverse in price.This is same as falling prices. This shows market sentiment. Here you can find good buying and selling opportunities. Hope this helps some of you.
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Yeah I figured as much thanks
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Roller coasters are fun. I sit at my computer and raise my arms straight up at the sky right as the value of bitcoins starts to drop! Whoooooo!!! Then I watch the value climb back up and I get ready to do it all over again. ;D
Exciting! :D
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Roller coasters are fun. I sit at my computer and raise my arms straight up at the sky right as the value of bitcoins starts to drop! Whoooooo!!! Then I watch the value climb back up and I get ready to do it all over again. ;D
Exciting! :D
Thanks Jack that was the best comment to wake up to! Made my day funny already ;D
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"So today the btc was up and down and is low now. Does anyone know what causes these spikes? "
Hahaha if anyone could answer this with any precision, they'd be a millionaire. Billionaire. Own the world or something. And they certainly wouldn't be sharing their secret(s) here.
"And should you buy the btc when it is low or does it matter. "
Um duh. Buy when it's low. Of course, knowing when it's low is the trick. See my first answer.
Having watched the BTC exchange rate for the last couple of months, it does seem as though it's on a steady decline. After the wild fluctuations we saw a few months ago, things seemed to stabilise around the $150-120 mark. For the last couple of weeks, it's been around $100. Over the past week or so it's gradually fallen to under $80. Standing at about $75 now.
Something's up, so it would seem. LE involvement? The SR people seem pretty damn crafty (viva DPR and co!!) and it seems unlikely they'll be busted the conventional way. Perhaps LE have decided to try and starve them if they can't lock them up?
/tinfoil hat
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BTC fluctuations are killing both vendors and buyers.
I am hoping prices will get steady in a while.
Thank you
YCTT
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Ha. 90 mins ago something I was eyeing off was listed at B5.1 and now it's B6.4 - slight adjustment there. Poor vendor probly lost a packet in the meantime.
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Does it matter much when you buy the product whether bitcoins are high or low in value? I mean the product's value goes up and down with it too.
I noticed my bitcoins became worth less but the price of the product also lowered a lot (in euro's). Does it kind of even out? If not, when is the best time to buy the product?
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Does it matter much when you buy the product whether bitcoins are high or low in value? I mean the product's value goes up and down with it too.
I noticed my bitcoins became worth less but the price of the product also lowered a lot (in euro's). Does it kind of even out? If not, when is the best time to buy the product?
It could even out for you or you could get fucked everytime. its random... unpredictable
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This is why I stopped stock trading...
Atm the BTC roller coaster is more exciting than the drugs I buy for them :(
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What is this Infowars bullshit? Publishing addresses of buyers?
Mods? I reported the post to the moderator.
Isn't Infowars that bullshit website from that crazy Jones assholes?
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There is a ton load of new coin being mined at the moment because of the new mining chips. There is simply less demand than supply at the moment. Also the PR is kinda bad at the moment for bitcoin. Feds busting exchanges etc.
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There is a ton load of new coin being mined at the moment because of the new mining chips. There is simply less demand than supply at the moment. Also the PR is kinda bad at the moment for bitcoin. Feds busting exchanges etc.
The American government is busting bitcoin exchanges? I'm not from the USA and new to BTC, so excuse if I'm ignorant.
How are they able to do this? If I want to value something, say paperclips, at $100/paperclip and exchange them with others who value them the same way, how is that illegal?
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There is a ton load of new coin being mined at the moment because of the new mining chips. There is simply less demand than supply at the moment. Also the PR is kinda bad at the moment for bitcoin. Feds busting exchanges etc.
The American government is busting bitcoin exchanges? I'm not from the USA and new to BTC, so excuse if I'm ignorant.
How are they able to do this? If I want to value something, say paperclips, at $100/paperclip and exchange them with others who value them the same way, how is that illegal?
The biggest exchange Mtgox had almost all of their partners leave them after a Fed scandal few weeks back. Just google mtgox and FBI.
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Mt. Gox were having issues with people getting their withdrawals (lost their account or something). Every gov't is trying to regulate BTC or stop it altogether. I think it'll be up and down for a while yet.
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USA will regulate BTC really soon.
Of course, there will be a solution to this.
Buying from people located outside of the US, for example Canada.
Thank you
YCTT
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The price has been stable for the last day or so, but if you look at the 30 day chart, it has been dropping in a series of steps. We'll see what happens tomorrow.
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After crazy speculation over the last few months, it seems that bitcoin is tentatively caressing :-* some kind of long run mean. Hopefully this means some kind of stability for bitcoin for the people using it as an exchange medium and not an investment opportunity.
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The biggest exchange Mtgox had almost all of their partners leave them after a Fed scandal few weeks back. Just google mtgox and FBI.
Recently they submitted the paperwork to be a registered money transmitter with FinCEN, but it may be too little, too late. There's a good chance Mark Karpeles will be indicted on various financial fraud charges.
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"Hopefully this means some kind of stability for bitcoin for the people using it as an exchange medium"
Trouble is that if I go with the dealer who's currently and consistently offering the best exchange rate on the board I use - I haven't done business with this dealer before - my stupid bank won't allow the funds transfer to go through for at least 24 hours. And it can take up to 2 business days for some unknown reason. Even though the seller has an account with the same bank I do. After the first transfer, subsequent transfers are instantaneous, but the first buy takes days and is thus is a bit nervy while I order my BTC, send the money through, then avidly watch the BTC rate fluctuate over the time it takes for my bank to transfer my money into the seller's account...and when he finally receives payment and releases the BTC to my account, what the hell will I be able to buy with them?