Silk Road forums

Discussion => Security => Topic started by: jesusjoints on September 01, 2011, 04:43 am

Title: bitcoins value decreasing?
Post by: jesusjoints on September 01, 2011, 04:43 am
it seems like bitcoins value is continuing to decrease..
I have 1000 dollars invested in bitcoins and i'm considering pulling it out..
came to the forums to seek advice.
Title: Re: bitcoins value decreasing?
Post by: MagicKillerMan on September 07, 2011, 07:27 pm
I would say buy something or pull it out, I hate having bitcoins just sit there.
Title: Re: bitcoins value decreasing?
Post by: myolddutch on September 07, 2011, 08:39 pm
Can you afford to lose a grand? If yes, then gamble on my friend - they may go back up and you'll make money. If no, buy something which will hold its value or pull them out.

Holding BTC is a gamble, unless you're one of the early users who got theirs cheap at the beginning. Screw those guys (jealous!).
Title: Re: bitcoins value decreasing?
Post by: johnwholesome on September 08, 2011, 09:56 am
inorite?

The way it's going these days you're better off gambling at Wall St. kid u not...  >:(
Title: Re: bitcoins value decreasing?
Post by: Willy Wonka on September 08, 2011, 08:53 pm
what's your average price? one way to deal with it is to buy more to decrease your average price so you can close out for even or make a profit. look up the martingale strategy. your not using margin so you can hold as long as you need to. good luck
Title: Re: bitcoins value decreasing?
Post by: watmm on September 09, 2011, 12:03 am
My head's not very clear right now, so just to double check...

If you buy say 1 bitcoin at $10, 3 at $7.50, and say 7 at €5, is the bitcoin price below which you start to lose money 10+7.50+5 / 3 ? i.e. $7.50 ? Or does the amount you bought of each also matter?
Title: Re: bitcoins value decreasing?
Post by: 46&2 on September 09, 2011, 01:31 am
the hedge feature was a good idea for the escrow. the volatility of btc might drive away some vendors with all the losses they might have with so many ups and downs that are happening daily.
after looking at btc charts covering the past year, the most spikes occurred the weeks after the media attention.
Title: Re: bitcoins value decreasing?
Post by: Colonel Sanders on September 09, 2011, 08:38 am
I'm actually excited about the Bitcoin going back down because I believe Bitcoin value is going to keep going up over the long-term and I'm planning on hoarding until that time.  So, by my way of thinking, right now is a great time get Bitcoins (either through buying them or selling product here) because you can get more of them.

I think we'll see Bitcoin values stable in the fifty dollar range someday soon, maybe higher.  I only wish I'd had the goddamn sense to buy hundreds of them back when they were around a quarter a piece.  Talk about missed opportunities.
Title: Re: bitcoins value decreasing?
Post by: Willy Wonka on September 09, 2011, 01:19 pm

i would like to bring to your attention a little thing called supply and demand.


50 Bitcoins are "printed" every 10 minutes.
There are 4320 blocks per month
This is a total of 216,000 new bitcoins printed per month
The total value of new bitcoins added to the economy are the total number of bitcoins created times their spot price per BTC.

We need USD $ 1188000 per month to enter to the bitcoin economy to keep the current value of $ 5.5 per BTC otherwise the value will fall due to the current creation rate of 50 every 10 minutes by mining. The solution to increase price per BTC would be to have more than $ 1188000 added to the bitcoin community over the course of every 30 days
Granted not all these coins go to market but obviously the bitcoin going up is based more on hope than anything else.


as far as averaging down the goal would be to get your total average price closer to the trading range so you can get out.



 
Title: Re: bitcoins value decreasing?
Post by: EnterTheMatrix on September 09, 2011, 02:01 pm
It really is a great environment to trade bitcoins for profit. I'm not worried about mine in the bank. Trade and make a profit or just hold and ride out the rollercoaster.
Title: Re: bitcoins value decreasing?
Post by: happytree on September 09, 2011, 02:08 pm
I would hold on to them. What was it, a month ago, they dropped from $13 to $6 in a few days, and went back up in the same? Wall street just had the biggest drop in 6 months, undoubtedly that's going to affect BTC value.

Hang tight, they'll go back up in a few days.

Buyers, don't ass-fuck your sellers and release coins early because they're "trusted", unless they have their escrow's  hedged. Ask them when they want their coins released - don't assume releasing early is the cool thing to do.
Title: Re: bitcoins value decreasing?
Post by: 72289 on September 09, 2011, 02:26 pm
Bitcoins can be a bitch if you're going to worry about the day-to-day fluctuation. For instance when I woke up this morning it was at $4.64 per and the I literally refreshed the screen and it had jumped nearly a dollar to $5.54. It's just an unstable currency and this is why I always tell people who are going to use them simply for things like SR or one-time payments to just buy only as many as you need, get what you want, and then readdress the bitcoin value the next time you need to use them.
Title: Re: bitcoins value decreasing?
Post by: Calistoner on September 09, 2011, 03:53 pm
i dont care how unstable it is it doesnt take a genius to see this shit is not good.

for those who dont have this bookmarked.

http://bitcoincharts.com/charts/

4.5????

i went to sleep last night with it teetering around 7$.... i was ok when it went down from 13 to 10. and then, when it went down from 10 to 7, i was a little upset but it was ok. now that its 4.5, all within a 2 week time frame, i am not a happy camper. the only thing we can hope for is that this damned currency stabilizes or shoots way up after all of us have stockpiled our coins. i do not want to spend any of them right now, since they have more then halved in the last week. i feel like i just got robbed.

but it is ok in the end, just keep your spirits up fellas,
it will rebound, and we will all be partying when it does :D
Title: Re: bitcoins value decreasing?
Post by: MagicKillerMan on September 09, 2011, 05:46 pm
:)
Title: Re: bitcoins value decreasing?
Post by: Willy Wonka on September 09, 2011, 05:47 pm
with the big supply and limited demand you have to assume they can fall to a few pennies almost instantly. the only reason it hasn't is it's in not in the communities best interests, if holders get scared watch out.

don't hold money in bitcoins you aren't prepared to lose.

just my 2 cents
Title: Re: bitcoins value decreasing?
Post by: MrDdroMcGillacutty on September 09, 2011, 06:47 pm
I would hold on to them. What was it, a month ago, they dropped from $13 to $6 in a few days, and went back up in the same? Wall street just had the biggest drop in 6 months, undoubtedly that's going to affect BTC value.

Hang tight, they'll go back up in a few days.

Buyers, don't ass-fuck your sellers and release coins early because they're "trusted", unless they have their escrow's  hedged. Ask them when they want their coins released - don't assume releasing early is the cool thing to do.

+1!  BUYERS, DON'T ASS-FUCK YOUR SELLERS!!! I am a big fan of NOT getting ass-fucked. By anyone! But every time someones heart beats or they hiccup the BTC fluctuates WILDLY! Don't JUST release escrow unless prior arrangements have been made. I lose soooo much. OUCH!! What caused this mess this time?

Title: Re: bitcoins value decreasing?
Post by: johnwholesome on September 09, 2011, 09:11 pm
Holy crap 4.74 now....
Title: Re: bitcoins value decreasing?
Post by: MrShiva on September 09, 2011, 09:21 pm
it seems like bitcoins value is continuing to decrease..
I have 1000 dollars invested in bitcoins and i'm considering pulling it out..
came to the forums to seek advice.

DON'T PANIC
Title: Re: bitcoins value decreasing?
Post by: aksez on September 09, 2011, 09:36 pm

i would like to bring to your attention a little thing called supply and demand.


50 Bitcoins are "printed" every 10 minutes.
There are 4320 blocks per month
This is a total of 216,000 new bitcoins printed per month
The total value of new bitcoins added to the economy are the total number of bitcoins created times their spot price per BTC.

We need USD $ 1188000 per month to enter to the bitcoin economy to keep the current value of $ 5.5 per BTC otherwise the value will fall due to the current creation rate of 50 every 10 minutes by mining. The solution to increase price per BTC would be to have more than $ 1188000 added to the bitcoin community over the course of every 30 days
Granted not all these coins go to market but obviously the bitcoin going up is based more on hope than anything else.


as far as averaging down the goal would be to get your total average price closer to the trading range so you can get out.

 

Thanks for the break down.
I want to raise the idea of starting a new crypto currency for use on the SRM. Has this already happened? This could be tied to the USD to keep BTC fluctuation from affecting the buyers willingness to spend.  MultiCoin has the ability to start a new block chain: https://github.com/sacarlson/MultiCoin
Title: Re: bitcoins value decreasing?
Post by: jesusjoints on September 09, 2011, 11:12 pm
By the way i pulled my money out once it got to 8.1..
now i looked at it today and it was 4.18!
wow lol. ( i could of lost like 500 dollars )
Title: Re: bitcoins value decreasing?
Post by: infamousryan on September 09, 2011, 11:22 pm
I think it is due to the euro dropping dramatically that people wanted t oget rid of their coins in a hurry.
Title: Re: bitcoins value decreasing?
Post by: MrDdroMcGillacutty on September 09, 2011, 11:23 pm
If you have BTC keep them. Be patient. Like $14 patient. I am waiting until the BTC reaches $12.5. So just wait until I get out, thanks.  ;D

I have already LOST $900 USD and NOT made my projected profits. Just ever so close to breaking even. I am fractions ahead. Fractions. Ya, it's tight. I will probably end up losing more before the price goes up and "stabilizes" for a heartbeat AGAIN. I was completely caught off guard by the recent plummet. Fucking miners! Just kidding. It's not just them.

G.D. bills coming up as usual. AND of course the BTC is taking a huge red-headed step child beating. Figures. Shit keeps up we all will be back on the street. Either homeless or looking for our favorite high. OR both!
Title: Re: bitcoins value decreasing?
Post by: GreenGiant on September 11, 2011, 11:34 am
ok so after getting paid for like 5 orders i got what was meant to be $230 worth of BTC, when i go to exchange them, the value has dropped at least $2 per coin, now when i go and try and sell i only get $180!!!!!!!!!!!!!!!!!! that means i do all this work for jack shit, I will not be working on SR for much longer it is to unpredictable and seems impossible to get the money that is needed for the products.
Title: Re: bitcoins value decreasing?
Post by: DwightEAnderson on September 11, 2011, 12:26 pm

Thanks for the break down.
I want to raise the idea of starting a new crypto currency for use on the SRM. Has this already happened? This could be tied to the USD to keep BTC fluctuation from affecting the buyers willingness to spend.  MultiCoin has the ability to start a new block chain: https://github.com/sacarlson/MultiCoin

I was thinking the same thing.  As fu*ked up as the USD is, the stability is still there.  Hell, I would even peg BTC to the Euro as a preference.  OK, maybe not.  lol
Title: Re: bitcoins value decreasing?
Post by: GreenGiant on September 11, 2011, 12:55 pm
it would be good if SR could actually give you the $$$$ amount  instead of BTC amount. BTC is cool, but not stable enough for big sales yet
Title: Re: bitcoins value decreasing?
Post by: Modoki on September 11, 2011, 01:17 pm
Everything is alright with BTC. No need to create a new Cryptocurrency (just for SR, wtf).
Just use the hedge function and you'll be fine. Basically it's a gamble if you don't and I adore the people that know to stay calm.
Much love
M
Title: Re: bitcoins value decreasing?
Post by: GreenGiant on September 11, 2011, 01:34 pm
I do have hedging on, which obviously only protects the funds from fluctuation while held in escrow, this still does stop BTC decreasing in value from the point SR release escrow funds to my account and the point i manage to sell them on an exchange site.
This mainly happened because i couldn't access the site for like 24hrs, i just kept getting errors, even after restarting Tor, my internet connection & computer, was most annoying.
Then when i came on, BTC had dropped $2 pretty much & i had 38BTC in my SR account, which resulted in a loss of like $60-$70 from what profit i should have made.
Title: Re: bitcoins value decreasing?
Post by: Colonel Sanders on September 11, 2011, 01:52 pm
We need USD $ 1188000 per month to enter to the bitcoin economy to keep the current value of $ 5.5 per BTC otherwise the value will fall due to the current creation rate of 50 every 10 minutes by mining.

I'm sure it's going to swing up and down for now.  But not necessarily over the long-term.  That 50 BTC per block is set to decrease over time as the total Bitcoin amount nears the limit of 21 million.  I think (I could be wrong) the estimate I heard was that at the current rate, we'll be near the 21 million mark in 5 years.

Add to that, that although Bitcoins are finite like gold or jewels, they're not the same.  Bitcoins are easily lost forever.  Lose your wallet and don't have a backup?  Poof, gone.  In fact, I bet if we knew the amount of Bitcoins that have already been lost to the ether that we'd all shit ourselves.  And that problem is only going to compound as the Bitcoin mining dries up.

But, hell, even if every single Bitcoin stayed in circulation, all 21 million...  If other sites like Silk Road continue to spring up and utilize them and if legitimate marketplaces ever start to use them where we get ANY kind of sizable Bitcoin economy going over the next few years, then 21 million is NOTHING.

Call me a sunny optimist.  I think the Bitcoin's going to be stable at way higher than this in a few year's time.
Title: Re: bitcoins value decreasing?
Post by: jackstraw on September 11, 2011, 04:32 pm
todays Mtgoxlive chart looks like a fuckin earthquake hit!!!  WTF??  It shot up to 12.5....for how long.   Is somebody unloading a bunch of coins today again or what?
Title: Re: bitcoins value decreasing?
Post by: EnterTheMatrix on September 12, 2011, 07:29 am
Wow! It hit $12 and then shot down to $6.... that's crazy.
Title: Re: bitcoins value decreasing?
Post by: DwightEAnderson on September 14, 2011, 02:33 pm
It is obvious most here are not traders.  I fully expected this and you should too.  BTC is a very LONG way from stabilization.