Silk Road forums
Discussion => Newbie discussion => Topic started by: devinwzrd on August 15, 2013, 05:50 pm
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ok i have 2.0733 btc on my account. according to preev (mt.gox) it says my coins are worth 230 USD, whereas SR says they're only 216 USD, which is keeping me from ordering what i planned on ordering. what causes this and how can it be fixed?
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This has to do with the fact that MT Gox has always had an inflated rate, & SR finally adjusted it's rate based on several other exchanges so the vendors weren't consistently getting hosed when they tried to cash out at 10% below MG since most cannot use MG to cash out from.
So all along most buyers have had a up to 10% advantage over the vendors, so some adjustments have been made. Figure out a way to get coin from other exchanges that has lower cost btc rates like right now, MG's rates are $111.00 & BTCE is $96.00 & SR is $104.66 so buy from BTCE & you are money ahead!
NCK
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This has to do with the fact that MT Gox has always had an inflated rate, & SR finally adjusted it's rate based on several other exchanges so the vendors weren't consistently getting hosed when they tried to cash out at 10% below MG since most cannot use MG to cash out from.
So all along most buyers have had a up to 10% advantage over the vendors, so some adjustments have been made. Figure out a way to get coin from other exchanges that has lower cost btc rates like right now, MG's rates are $111.00 & BTCE is $96.00 & SR is $104.66 so buy from BTCE & you are money ahead!
NCK
I don't get your answer. Isn't the bitcoin the currency your using? Not the money that you paid for the bitcoin. Like if I pay $90 to bitinstant for 1 bitcoin and I put it in my SR wallet, SR will adjust my bitcoin to .9 BTC because it knows I payed $90 and SR thinks BTC costs $100? That doesn't seem to add up, how does SR even know how much I paid for the BTC, who I bought it from, and when I bought it?
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I had 0.018 bitcoins and sent 3 bitcoins and then had 3.017 bitcoins so just thought it was a teeny bit of tax.
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This has to do with the fact that MT Gox has always had an inflated rate, & SR finally adjusted it's rate based on several other exchanges so the vendors weren't consistently getting hosed when they tried to cash out at 10% below MG since most cannot use MG to cash out from.
So all along most buyers have had a up to 10% advantage over the vendors, so some adjustments have been made. Figure out a way to get coin from other exchanges that has lower cost btc rates like right now, MG's rates are $111.00 & BTCE is $96.00 & SR is $104.66 so buy from BTCE & you are money ahead!
NCK
I don't get your answer. Isn't the bitcoin the currency your using? Not the money that you paid for the bitcoin. Like if I pay $90 to bitinstant for 1 bitcoin and I put it in my SR wallet, SR will adjust my bitcoin to .9 BTC because it knows I payed $90 and SR thinks BTC costs $100? That doesn't seem to add up, how does SR even know how much I paid for the BTC, who I bought it from, and when I bought it?
If you read his quote;
'' i have 2.0733 btc on my account. according to preev (mt.gox) it says my coins are worth 230 USD"
so he is using MT GOX's inflated perception of what btc is worth, but when it gets put into his SR account, & they use a lesser btc rate, it would appear he has less money & btc since he was using a inflated rate to begin with.
So if he had purchased at BTCE's rate he would have received more btc for the same amount of money & it would be worth even more when it was put in SR since SR says that they believe btc is worth more than what BTCE is currently trading it for.
NCK
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6 coins for sale