Silk Road forums
Discussion => Newbie discussion => Topic started by: Orion M42 on July 03, 2013, 08:43 pm
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Since my deposit yesterday, my account balance has consistently dropped. It has dropped almost $10 since this morning. I dont understand why my $ amount would decrease like this since it is the bitcoin amount that should change. The money I put into the account shouldnt keep decreasing! Any help? Thanks
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No, you have it backwards I am afraid.
If you have 1BTC in your account today, and 1BTC is worth $100 today, then you have 100 dollars worth of BTC.
Tomorrow, if 1BTC is worth $95, you still have 1BTC in your account, but you only have 95 dollars worth of BTC.
Don't feel bad, everyone else who has BTC is seeing the same thing happening. Next week you might have 110 dollars worth. Or you might have 80.
To spend now or not to spend now, that is the question! Welcome to the wacky rollercoaster that is the Silk Road!
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No, you have it backwards I am afraid.
If you have 1BTC in your account today, and 1BTC is worth $100 today, then you have 100 dollars worth of BTC.
Tomorrow, if 1BTC is worth $95, you still have 1BTC in your account, but you only have 95 dollars worth of BTC.
Don't feel bad, everyone else who has BTC is seeing the same thing happening. Next week you might have 110 dollars worth. Or you might have 80.
To spend now or not to spend now, that is the question! Welcome to the wacky rollercoaster that is the Silk Road!
^^This.
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Ah I see... Thanks for the feedback
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Sort of freaked me out too, I thought everyone was raising their prices there for a second. >:( Haha.
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i guess these peeps werent around when it went up to 200 plus and back down -- ouch n scary for sum
others made a mint !!!!!!!!!!!!!! why did i sell all those coins --
i could have retired !!!!!!!!! :-[
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But the BTC amount on your SR wallet stays the same though,right?
And then vendors adjust the price according to the market changes.. Is this how it works?
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If you are looking at prices in Dollars, then you will see your dollar amount fluctuate while the vendor's prices stay steady.
If you are looking at prices in BitCoins, then you will see the vendor's prices fluctuate while your BitCoin amount stays steady.
I prefer the latter.
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Ok gotcha. The second one is that I have. I think it is the default, I didn't realize you could change it.
It makes sense that it updates automatically like that. No way for the vendors to keep track of all their listings 24/7 with the changes in rate
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Yeah the fluctuation in the $ amount had me a bit worried, but I better understand the process now after a lil research lol... A good strategy when depositing coins: deposit a good amount extra, so the fluctuation doesn't lead to an insufficient funds message when placing an order ;) That's what happened to me relative to the OP. I made sure to have approx $10 extra in account, but the variation in the exchange rate still fucked my order plan by ~$3-- which lead to postponement in order, etc.
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I also now prefer to look at prices in Coins rather than $ amounts... Just takes a bit to get in the swing of the SR world 8)
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I bought 1 BC two hours ago, it's decreased by £10 haha.
try not to worry, it'll go back up again.
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Yes, I'm sure it will work in our favor at times lol
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I remember when the BTC was 4 dollars. Damn, I wish I had invested. Oh wait, I did invest, in a shit ton of drugs! 8)