Silk Road forums
Discussion => Off topic => Topic started by: racidacid on January 03, 2012, 08:23 pm
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A bit new at this and just went to see how many bitcoins I could buy with mtgox and about a week or so ago I was able to buy 9.72 BTC for £27. Right now it is the same amount (£27) to buy 5 BTC! when does it go back down again :O or am I missing something here haha!
anyway big love to SR!
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Is this a joke?
You are missing a LOT, if you don't understand at least the BASICS of money.
Let's say you have $1usd. Sure, at the store, it's worth $1usd, but on the stock market, it FLUCTUATES. Hence, why USD is now worthless, basically.
So, to SIMPLIFY BTC (Bitcoin), if it's in demand, as it is with the rise in knowledge of SR, the price is going to jump. Before I got involved, I see BTC was at a stagerring $24usd, then dropped to $14, then just before I began learning, it was down to $2.02usd
It's an investment strategy of sorts, depending on what you plan to do with them.
I bought a bunch @ $3.5usd, and now they are worth $5.26usd, so basically, I made money....IF I sell them. But, it also means I got my items at a discount to USD.
Since I have began, it has fluctuated CONSTANTLY, hovering mostly between 4.5-5.5usd.
In my personal opinion, and mind you, I am also new. I see the rate going up exponentially, until another genius busts into Mtgox, or some other warehouse of BTC, which, as I take it, is what happend in September of 2011, when BTC rate went from $14usd, all the way down to $2usd in a day. A LOT of people lost money, and scamming became more prevalent, to make up their losses.
So, as you can see, BTC is a gamble, and SR is a gamble. Are you willing to take it(?), is the question.
I hope I got the point across in simple layman's terms.
It is not going to hold at one set price. It's going to fluctuate constantly.
My advice, BUY now. Get your friends involved, too!
I'm learning about BTC mining right now, but with the low rate, it doesn't seem economically prudent for me.
Also, BTC will tap out @ 21 million total bitcoins, at which point the market will go ballistic. Unknowable, really ,if demand will stay.
That's why I say play now!
(modify) Also, it doesn't really matter ifyou are only using them to purchase, and not as a stock option. If you pay $5 for 1btc, or $10 for 1btc, the point is that is what it is currently worth. You can change SR pricing to $ from B,if that's easier for you. Also, the price for your items holds, so it's not like that is fluctuating, too :D
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Nah I dident really know the basics of BTC money.. thanks for clearing it up though! so you reckon it will keep rising rather than falling again a bit next week or so..? surely it will drop again lower than it is right now in a short amount of time?
and yeah i am very new to this.. just trying to learn what I can :)
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It's really unforseen. You would have to know how many people have them, and how many they have. With the newfound popularity of the deep web, I would imagine they are not going to drop under $4usd for a long time. But again, that is just a guess.
But like I said, if you are just using them to purchase goods online, the idea is just to use them as fast as possible. Sure, if you wait, you could possibly buy more for your original buck.....BUT....you could also lose if it drops below what you originally paid. If it did that, it would have to happen FAST (I spend them quickly), and I would just wait til they raised again. If they didn't, I'd take the dump.
It's a sketchy market for sure, any black market is, but it seems to be gaining popularity at the moment. You can google or bing 'bitcoin market' and see it's fluctuations by day or week, or year. A real nice person would get the link for you, but I am only partly nice ;)
Again, I want to point out, I am also new to the btc world and deep web. I have been spending about 6 hours a day, 7 days a week, for 3 weeks reading these forums, reading up on btc, and anything else I can find to help me on my journey.
These forums have been GREAT. There are some decent people with great knowledge that they like to share, much like sages. So, don't be afraid to ask those questions!!
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It's really unforseen. You would have to know how many people have them, and how many they have. With the newfound popularity of the deep web, I would imagine they are not going to drop under $4usd for a long time. But again, that is just a guess.
But like I said, if you are just using them to purchase goods online, the idea is just to use them as fast as possible. Sure, if you wait, you could possibly buy more for your original buck.....BUT....you could also lose if it drops below what you originally paid. If it did that, it would have to happen FAST (I spend them quickly), and I would just wait til they raised again. If they didn't, I'd take the dump.
It's a sketchy market for sure, any black market is, but it seems to be gaining popularity at the moment. You can google or bing 'bitcoin market' and see it's fluctuations by day or week, or year. A real nice person would get the link for you, but I am only partly nice ;)
Again, I want to point out, I am also new to the btc world and deep web. I have been spending about 6 hours a day, 7 days a week, for 3 weeks reading these forums, reading up on btc, and anything else I can find to help me on my journey.
These forums have been GREAT. There are some decent people with great knowledge that they like to share, much like sages. So, don't be afraid to ask those questions!!
Ok thanks for the advice! very much appreciated. I also agree these forums are great! and I will also be on the reading up mission for a good amount of time heh :) thanks again!
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Basically, if your just trying to buy drugs, make quick transactions. Don't hold on to your BTC or the price WILL fluctuate. Maybe up, maybe down. It's up to you if you want to take that risk or not.
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If anything I would expect the prices of BitCoins to go down because of MTGOX since they suck and its way to complex to purchase coin using them.
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If anything I would expect the prices of BitCoins to go down because of MTGOX since they suck and its way to complex to purchase coin using them.
I have to disagree as I found it simple and easy to do with them.
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Bitcoin prices should be going up substantially in the days/weeks to come. :)
now is a good time to buy and hold.
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Well I dont know what to do!
yesterday they were about £1 more than they are today?? but you dont reckon they will go down again for a bit?