Silk Road forums

Discussion => Off topic => Topic started by: buzzerbee on September 06, 2011, 12:34 pm

Title: Current bitcoin value.
Post by: buzzerbee on September 06, 2011, 12:34 pm
So what's up with the low bitcoin value lately?  Have people lost interest, has some big exchanger been hacked, It dropped over a week ago which typically means something out of the ordinary occurred.
Title: Re: Current bitcoin value.
Post by: MagicKillerMan on September 07, 2011, 07:18 pm
http://dkn255hz262ypmii.onion/index.php?topic=2889.msg23678#msg23678

I'm really starting to worry about the fate of the bitcoin. The link above shows you an article that predicts that the value will continue to drop. I think it is because their are not enough people actively using bitcoins along with the fact that the market seems to be flooded with way too many bitcoins. I don't know about you guys but I'm starting to think there are not enough "criminals" using this currency to make it stable enough to be implemented as an effective way to anonymously move money around. I know as a buyer I am comfortable using western union. But what will the vendors do if bit coins flat out fail. I'm ready to move to a private form if necessary to keep LE out. I Have enough customers I trust to use western union with. I know lacking the complete anonymous aspect of silkroad may scare you guys off. And for good reason. Any of us could be LE, but there are other measures we can take like using identity theft or gaining accesses to others bank accounts with out their knowledge to safely receive money from our clients. I think It might be important for trusted vendors to start discussing how to take things forward in the safest way possible if silkroad meets its end.

Pardon me if I miss spelled anything or if there are any errors. I typed this one fast.

-Magic
Title: Re: Current bitcoin value.
Post by: zerostate976 on September 08, 2011, 12:32 am
im pretty new to the bitcoin but i figure as long as it is about 1$=1Bitcoin then things should run smooth.  Maybe im wrong and dont know economics but its around 7$=1$ right now which is good.  It seems to hover between 7-12.  i think a private forum is good but not because of bitcoin but because of scammers and LE. some vendors will give u an email address in case SR goes away and they probably each have their own preferred way of payment
Title: Re: Current bitcoin value.
Post by: ruddyRudeman on September 08, 2011, 01:21 pm
im pretty new to the bitcoin but i figure as long as it is about 1$=1Bitcoin then things should run smooth.  Maybe im wrong and dont know economics but its around 7$=1$ right now which is good.  It seems to hover between 7-12.
No, things will run smooth as long as bitcoin stop falling down and stay on any current level. If it was 0.1$ worth but solidly stable, then things would be great. We need moar geeks to boost btc back up.
Title: Re: Current bitcoin value.
Post by: anton on September 08, 2011, 01:52 pm
i was under the impression the guys that got into mining early are cashing out?
Title: Re: Current bitcoin value.
Post by: MagicKillerMan on September 09, 2011, 04:39 pm
May be so, well if any one Knows about a good drug forum PM me. O and here is a good site. It's an Open Vendor Database.

http://g7pz322wcy6jnn4r.onion/opensource/ovdb/ac/index.php
Title: Re: Current bitcoin value.
Post by: eroller on September 09, 2011, 05:12 pm
so what happens to the money in escrow when it losses all its value. dose the seller just have to take the loss?
Title: Re: Current bitcoin value.
Post by: MagicKillerMan on September 09, 2011, 05:26 pm
The .onion I just gave out might not be a good one anymore. It looks like LE could have fucked them over. The admin will not sign his messages anymore or something.
Title: Re: Current bitcoin value.
Post by: profspudhed on September 09, 2011, 07:05 pm
its you lot, youre not buying enough drugs! :P
Title: Re: Current bitcoin value.
Post by: BockZu on September 09, 2011, 07:25 pm
its you lot, youre not buying enough drugs! :P



...admin singed his messages some days before..... 8)
Title: Re: Current bitcoin value.
Post by: BockZu on September 09, 2011, 07:39 pm
The .onion I just gave out might not be a good one anymore. It looks like LE could have fucked them over. The admin will not sign his messages anymore or something.



.......THIS IS WHAT I TRIED TO QUOTE IN MY LAST POST   :-\
Title: Re: Current bitcoin value.
Post by: j1782g on September 09, 2011, 09:22 pm
Bit of a noob question, sorry. Say i was to buy something on SR for 1btc which is at the moment £3.30. if the price were to go up before the transaction was finalized (for example 1btc=£10) do i lose the difference (in this case £6.70)  or when the exchange rate on the site is altered are transactions altered too?
Title: Re: Current bitcoin value.
Post by: profspudhed on September 10, 2011, 10:45 am
yes you do just like sellers who do not opt for hedging lose money if it goes down, there isnt hedging for buyers so you just have to hope you bought at the right time really, if youre buying your coins as you need them it isnt much of a problem as the value wont change that much in the time it takes to buy and transfer the coins.

that said im not sure what the hell is going on, value has dropped yet the network power has jumped from around 11.5TH/s to near 15TH/s normally value drops, especially of that level will cause people to turn their miners off due to it getting pretty damn close to being unprofitable (cost more in electric than it makes in BTC) something strange is going on here i think. call me paranoid but i have often thought of the possibility of one of the old miners who is holding a lot of coins artificially crashing the market, he starts selling at whatever people are offering to buy at causing bid rates to fall, others see this panic and start to sell too, the guy who started it technically got half decent prices for most of his coins, he now sits back and waits for the panic selling to drop the price as low as possible and buys even more coins with his earlier cashed out profits when it hits the low point and then waits for it to climb again, which he also starts by buying quite a large volume, but like i said maybe i just overthink things or for some reason it wouldnt actually work
Title: Re: Current bitcoin value.
Post by: beergut100 on September 11, 2011, 07:11 pm
I bought 24 bitcoins when they were worth about 3 times as much as they are now. I was waiting for a particular vendor to have a particular product. I now don't know whether to cash them in for a big loss, or continue waiting for the market to recover. I just keep thinking that bitcoin value could just keep dropping and I will stand to lose about £200.

But then stock exchanges operate on confidence and I think people are beginning to panic, which has a snowball effect causing the prices to drop lower and lower. Fuck it! I'm going to wait it out and the worst that can happen is I lose my cash.
Title: Re: Current bitcoin value.
Post by: chronicpain on September 11, 2011, 10:05 pm
the key is to keep buying as the price gets lower, that way you bring your average purchase lower and lower.. So if you but a lot at 10 per then buy some at 7 per, then buy some at 4 per your average would be around the 6 range. Depending on how much you purchased and that will negate most of the losses when it rebounds..

Again, I purchased as much as i could when it hit almost 4 bucks per and now its above 6...I just wish I would have had more to invest.. but at least i made out ok. When it get that low,(In fact, I had never seen it that low before) you just know it will rebound, it has too, lol...

I think that it will still yo yo around but It will still slowly go upwards in the long run...
Title: Re: Current bitcoin value.
Post by: j789745 on September 11, 2011, 11:08 pm
I bought 24 bitcoins when they were worth about 3 times as much as they are now. I was waiting for a particular vendor to have a particular product. I now don't know whether to cash them in for a big loss, or continue waiting for the market to recover. I just keep thinking that bitcoin value could just keep dropping and I will stand to lose about £200.

But then stock exchanges operate on confidence and I think people are beginning to panic, which has a snowball effect causing the prices to drop lower and lower. Fuck it! I'm going to wait it out and the worst that can happen is I lose my cash.

Like 19/20USD? I don't think they're going to be back in that range for a long, long time, if ever. The value of BTC was artificially inflated after the initial gawker article and then the subsequent non-SR bitcoin articles. A combination of the two probably lead to a lot of interest that is now dying down. We just need to wait for the bottom.

I leave USD$ in various bitcoin exchanger wallets, then buy the BTC when I'm ready to buy something on SR, that way the price can't vary too much since the whole thing won't take more than the few hours needed for confirmations.