Silk Road forums

Discussion => Newbie discussion => Topic started by: TheGreenGuy on August 18, 2013, 04:31 am

Title: Bitcoin Price in relation to MtGox
Post by: TheGreenGuy on August 18, 2013, 04:31 am
Correct me if im wrong, but I alway thought Silk Road based its bitcoin price off of MtGox's weighted average price.
Currently MtGox's weighted average is at $112.27 while SR remains at $105.68.
Why such a huge price gap?
Did DPR make Silk Road's bitcoin price based off another website now?
If so, did the forced account verification have anything to do with it?

Insights appreciated.
TGG
Title: Re: Bitcoin Price in relation to MtGox
Post by: Wadozo on August 18, 2013, 04:36 am
Correct me if im wrong, but I alway thought Silk Road based its bitcoin price off of MtGox's weighted average price.
Currently MtGox's weighted average is at $112.27 while SR remains at $105.68.
Why such a huge price gap?
Did DPR make Silk Road's bitcoin price based off another website now?
If so, did the forced account verification have anything to do with it?

Insights appreciated.
TGG

There's a thread about this. From memory, it's now based on the weighted average price from two exchanges instead of just Mt.Gox. Look through DPR's posts and you will find it.
Title: Re: Bitcoin Price in relation to MtGox
Post by: TheGreenGuy on August 18, 2013, 04:40 am
Could that other exchange be btc-e possibly?
Title: Re: Bitcoin Price in relation to MtGox
Post by: Wadozo on August 18, 2013, 04:56 am
Could that other exchange be btc-e possibly?

Here's is DPR's actual post -

Quote
  There have been some issues with the exchanges lately.  Mt Gox's market share has dropped substantially, and its price has diverged from the other exchanges.  Many buyers buy from exchangers who base off of the mtgox rate, while the sellers prefer the other rate.  So, we have to compromise.  Until further notice, we will use the current average of mtgox and bitstamp, the two largest exchanges and update every hour.  I hope this is agreeable to everyone.   
Title: Re: Bitcoin Price in relation to MtGox
Post by: TheGreenGuy on August 18, 2013, 05:54 am
Awesome, thanks for the info man!

I swear the Silk Road community is nicer and more helpful than my actual physical community.
Lol oh the irony of our generations internet culture :)
Title: Re: Bitcoin Price in relation to MtGox
Post by: Wadozo on August 18, 2013, 06:08 am
Awesome, thanks for the info man!

I swear the Silk Road community is nicer and more helpful than my actual physical community.
Lol oh the irony of our generations internet culture :)

No worries at all.  :)