Silk Road forums

Discussion => Security => Topic started by: Boulder on April 22, 2013, 06:36 am

Title: BITCOINS -Please help me out....
Post by: Boulder on April 22, 2013, 06:36 am
So I have a large amount of money I came across.
 Being recently scammed/robbed locally about LITERALLY 3-4 times for the total sum of about $1000, or more I've finally decided I'd rather take my adventures 100% to the glorious Silk-Road for EVERYTHING, and not even bother getting anything locally just because people like to be grimy.

Enough ramble now my question is I know you can get bitcoins through Money-Pak, etc etc, but that is a costly way IMO anyway, and I know a-lot of people like to go with Bit-Instant if I'm not mistaken. Only thing is if I go with a Wal-mart to Bit-Coin address transaction and, as an example say I deposited $200, and it says I get a total of say $185.00, or whatever it is with the fee they charge. How do I know how many BitCoins I will have ? do they charge more fees or what? OR do I get the $185.00 in bitcoins? I'm a little confused.. any help is appreciated and I'll possibly through someone some coins if they help me out when I get them on here :-) Regards.
Title: Re: BITCOINS -Please help me out....
Post by: Hiding on April 22, 2013, 07:19 am
So I have a large amount of money I came across.
 Being recently scammed/robbed locally about LITERALLY 3-4 times for the total sum of about $1000, or more I've finally decided I'd rather take my adventures 100% to the glorious Silk-Road for EVERYTHING, and not even bother getting anything locally just because people like to be grimy.

Enough ramble now my question is I know you can get bitcoins through Money-Pak, etc etc, but that is a costly way IMO anyway, and I know a-lot of people like to go with Bit-Instant if I'm not mistaken. Only thing is if I go with a Wal-mart to Bit-Coin address transaction and, as an example say I deposited $200, and it says I get a total of say $185.00, or whatever it is with the fee they charge. How do I know how many BitCoins I will have ? do they charge more fees or what? OR do I get the $185.00 in bitcoins? I'm a little confused.. any help is appreciated and I'll possibly through someone some coins if they help me out when I get them on here :-) Regards.

That depends on bitInstant's current exchange rate.
If bitcoins are $100/ea, you print an invoice out for $200 (+$4.95 fee), you'll get $200 minus fees, in my experience, it was about an additional %8.

If you assume an additional %8 from $200, that's $184 in bitcoins, and if the exchange rate is 1BTC:$100, then you'd have approximately 1.84 Bitcoins from bitinstant.

However, you'll lose some more when you ship it off to or from your wallet - depending on services used, and you could potentially lose another $5 or so.

In the case you describe, I would expect to end up with approximately $175 spending power on silk road. (Disregard how many bitcoins that is for a minute)

At the current rate, that's about 1.43 bitcoins, which is irrelevant to your spending power if you plan to spend it quickly.

People not accounting for these losses is precisely why the Spare Coins Thread exists.
Title: Re: BITCOINS -Please help me out....
Post by: Boulder on April 22, 2013, 07:32 am
Thanks man I guess it'd help more to just state how many coins my exact order is at this moment with the btc rate etc. and just add more $ if it goes up to cover the costs if needed. The order I plan on placing has a total value right now of 2.62 BTC. how much $ do you think I would need to deposit.? Thanks.
Title: Re: BITCOINS -Please help me out....
Post by: tree on April 22, 2013, 07:31 pm
There are other ways to get bitcoins than with bitinstant. You could use CampBX to buy bitcoins for a $1.5 flat fee (sending money via USPS). Bitinstant is just way too expensive IMO.
Anyways, to get 2.62BTC you should need about $350 or more via bitinstant.
Title: Re: BITCOINS -Please help me out....
Post by: Hiding on April 22, 2013, 07:56 pm
Boulder, his estimation of $350 is pretty fair but instead of matching price to bitcoin, go change your price to display in USD instead of bitcoins. Most items are pegged to the dollar, not to the bitcoin.