Silk Road forums
Discussion => Silk Road discussion => Topic started by: dipset on July 05, 2013, 09:44 am
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You used to be able to see what SR considers the value of a coin, as it usually is a bit different (lower) than the Mt. Gox weighted average. Why can't we see that anymore. Anyone know?
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more importantly the rate has been broken for the last 12 hours, why hasn't DPR logged on to fix this?
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Where is/was this feature located?
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THIS IS SOME BS! As a vendor, I just got paid out at $83.72 - when the mtgox average is $77 and cambx is less then that. So I'm taking a 10% loss. On top of the 10% fees I pay. How can we afford to stay in business with stuff like this happening?
DPR?
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Before the recent currencies changes, you used to be able to see what SR values a coin at when checking out. On that screen it would say the dollar amount total of your purchase(s) at xx.xxxx a BTC. So with that you could see the difference between the SR interpretation of BTC value, and the generally accepted as gospel, Mt. Gox weighted average which is how most are buying their coins. This difference lead to less funds in your SR
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accidently hit enter... The difference often lead to less funds in your SR account then what was showing/sent on the blockchain. I always suspected SR and DPR of somehow siphoning off minute amounts of BTC during deposits and transactions with tricky/clever methods that I will probaly never understand.
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In case you folks have forgotten or didn't read it last time it was posted, the BTC value is being averaged between multiple exchanges now since MtGox is now unreliable for tracking the currency's real value (due to their recent 2 week shutdown, legal issues, etc.). This is of course not an explanation or excuse for not showing what SR's current BTC:fiat rate is, but could offer insight as to why it is behaving the way it is right now. The code could be set to update every 24 hours and then didn't actually update, or is drawing from exchanges still reading higher numbers than what MtGox is reporting.
Just a few theories.
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In case you folks have forgotten or didn't read it last time it was posted, the BTC value is being averaged between multiple exchanges now since MtGox is now unreliable for tracking the currency's real value (due to their recent 2 week shutdown, legal issues, etc.). This is of course not an explanation or excuse for not showing what SR's current BTC:fiat rate is, but could offer insight as to why it is behaving the way it is right now. The code could be set to update every 24 hours and then didn't actually update, or is drawing from exchanges still reading higher numbers than what MtGox is reporting.
Just a few theories.
Even if its valued at multiple exchanges - as vendors, we can't be paid out at yesterday's rate. It needs to be up to the minute or hour. As I stated I was paid out at $83 and IMMEDIATELY checked all exchanges 24-hr average which was at $77. Thats almost an 8% loss. Should we vendors raise our prices 10% to compensate??
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In case you folks have forgotten or didn't read it last time it was posted, the BTC value is being averaged between multiple exchanges now since MtGox is now unreliable for tracking the currency's real value
Where was this posted and who posted it? DPR? Can you provide a link?
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The rate is displayed at the bottom left of the SR pages now :)
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The rate is displayed at the bottom left of the SR pages now :)
Yes!
Fuuuuck $70 BTC?
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In case you folks have forgotten or didn't read it last time it was posted, the BTC value is being averaged between multiple exchanges now since MtGox is now unreliable for tracking the currency's real value
Where was this posted and who posted it? DPR? Can you provide a link?
Right from DPR him/her/them self. From thread "New currencies" http://dkn255hz262ypmii.onion/index.php?topic=178647.0
UPDATE (07/02/2013 1700 UTC): Forgot to mention another change that's coming with this update. Now that MtGox is losing market share, we'll be pulling from multiple markets to get the "official" exchange rate for pricing and hedging. It will also be more closely weighted to the preset instead of equally weighting all prices over the past 24-hours. This part is a bit of an experiment and we may revert back if there are any problems with it.
I'd like to know which exchanges are being used, as there are many to choose from when looking at the value of a Bitcoin.
And to fivestargirl, I understand the dilemma and understand the idea of working the exchange rate volatility into your business expenses. I, from a buyer's perspective, can only see that as a logical business move, and my post earlier was only to provide a possible reason for the exchange rate update delay. Yesterday's figures are definitely too far gone to conduct business effectively in Bitcoin while the price keeps falling.