Silk Road forums

Discussion => Security => Topic started by: thefringe on June 08, 2012, 03:27 am

Title: 20% rise in Bitcoin exchange rates?
Post by: thefringe on June 08, 2012, 03:27 am
Whats going on with the BTC market... anyone BTC traders as well here? Large rises in the last week or two...

Vendors might have to start cutting their price, or those who are dealing with bitcoins now just made a 15-20% premium from sales a few weeks ago.
Title: Re: 20% rise in Bitcoin exchange rates?
Post by: trollsquad on June 08, 2012, 04:06 am
Price's  are usually set to usa dollars bitcoins are hedge as well
Title: Re: 20% rise in Bitcoin exchange rates?- another 10%
Post by: thefringe on June 09, 2012, 05:09 am
And another 10% over night.. 13% if you are dealing with GBP to bitcoin..

low volume..

hmmm somethings is going on.. there seems to be a liquidity squeeze on bitcoins. I guess someone is holding on to alot of them..

vendors need to take note...
Title: Re: 20% rise in Bitcoin exchange rates?
Post by: CT on June 11, 2012, 06:34 am
Don't buy them,if you cant afford them..
Title: Re: 20% rise in Bitcoin exchange rates?- another 10%
Post by: TreyWingo104 on June 11, 2012, 08:13 am
And another 10% over night.. 13% if you are dealing with GBP to bitcoin..

low volume..

hmmm somethings is going on.. there seems to be a liquidity squeeze on bitcoins. I guess someone is holding on to alot of them..

vendors need to take note...

Can you elaborate please?  As in should I be worried haha
Title: Re: 20% rise in Bitcoin exchange rates?
Post by: soyyo1114873 on June 11, 2012, 10:40 am
It's just the market talking.
Title: Re: 20% rise in Bitcoin exchange rates?
Post by: Purplesky on June 11, 2012, 10:57 am
Just speculating from the season at the moment but since the festival season has been approaching it seems to have shot up probably due to so many people buying like crazy to resell at festivals and its reached its pick during the middle of the season, seems to have dropped a little bit but who knows if it will go back up but this is the first time ive seen it go this high since using SR in the last 7 months,
Title: Re: 20% rise in Bitcoin exchange rates?
Post by: soyyo1114873 on June 12, 2012, 04:19 pm
But it's going up AND down like a yoyo, isn't it?
Title: Re: 20% rise in Bitcoin exchange rates?- another 10%
Post by: Limetless on June 12, 2012, 04:21 pm
And another 10% over night.. 13% if you are dealing with GBP to bitcoin..

low volume..

hmmm somethings is going on.. there seems to be a liquidity squeeze on bitcoins. I guess someone is holding on to alot of them..

vendors need to take note...

It would be interesting to see if someone did a run on the exchanges one day with a big fund. Always wanted to do that shit lol
Title: Re: 20% rise in Bitcoin exchange rates?
Post by: wcdb0 on June 13, 2012, 12:57 am
Doesn't this just mean more people are buying bitcoins? supply vs demand... if the demand is greater then the supply the overall price of bitcoins increases.. and inverse the other way.. so it looks like people are just buying a shit ton of bitcoins faster than people are cashing out. How often do people cash out their bitcoins? In large amounts?
Title: Re: 20% rise in Bitcoin exchange rates?- another 10%
Post by: Crooked on June 13, 2012, 02:36 am
And another 10% over night.. 13% if you are dealing with GBP to bitcoin..

low volume..

hmmm somethings is going on.. there seems to be a liquidity squeeze on bitcoins. I guess someone is holding on to alot of them..

vendors need to take note...

Lol I've been playing the lotto with this exact idea in mind for weeks now.
It would be interesting to see if someone did a run on the exchanges one day with a big fund. Always wanted to do that shit lol
Title: Re: 20% rise in Bitcoin exchange rates?
Post by: tonedef on June 13, 2012, 12:01 pm
well.......

when i bought bitcoins 2 months ago it was 3.8 euro for 1 bitcoin
now it's close to 4.8 for 1 bitcoin!!!

of course the euro sucks but man this is a steap rise........
Title: Re: 20% rise in Bitcoin exchange rates?
Post by: thefringe on June 13, 2012, 03:34 pm
So.. I have been doing some investigation into this. It seems that there is some abnormal vdemand by some euro based bitcoin traders. Still I am not convinced entirely thats all it is due to, this article seems to think that people are treating bitcoins like gold to protect against debasement of the fiat currencies (everyone is expecting the worlds central banks to print money).. still my mind is thinking someone is holding back supply...for one reason or another.

Its gone up another 10% in the last day. GBP BTC is up around 3.9!

Now here's the rub. I have been looking at purchasing from AfterHours. 2gs of coke for 34.52 BTC aday or two ago now its 33.22BTC... but the USD bitcoin rate has gone up 10% since 4pm yesterday...and there has been no drop in the price for a non US vendor...strange?

The question is when do the vendor's price update? We should be seeing 2gs from AfterHours at 30 BTC soon.. if not then some vendors are not pegging their goods to the USD
Title: Re: 20% rise in Bitcoin exchange rates?
Post by: Limetless on June 13, 2012, 03:36 pm
Cashin out is gunna be GOOOOOOOOOOD next time I do it.
Title: Re: 20% rise in Bitcoin exchange rates?
Post by: thefringe on June 13, 2012, 03:48 pm
yep the vendors should be turning some good coin at the moment of they are cashing out now trades done awhile ago.

Move the BTCs fast though.. these types of climbs are also at the risk of having 15-20% drops overnight.

If this article is correct

http://business.financialpost.com/2012/06/08/euro-fears-boost-virtual-currency-bitcoin

and the greeks vote to stay in the EU then there could be some BTC traders cashing their chips in fairly quickly. this could also affect vendors negatively who trade now and hug and hold their bitcoins for the next few weeks watching it drop.

Question as a vendor when do your prices get updated?
Title: Re: 20% rise in Bitcoin exchange rates?
Post by: deadfuture on June 13, 2012, 05:01 pm
Well this type of fluctuation is fairly common in BTC.  I remember when it went from 15 USD to 5.  That killed a lot of vendors back when that happened.
Title: Re: 20% rise in Bitcoin exchange rates?
Post by: tonedef on June 13, 2012, 05:05 pm
at the moment it's not so attractive to exchange for buyers I GUESS so will that mean less business on bitcoin markets like SR? (i don't know any others :D)

luckily for me i stacked up on my poison a while ago  8)