Silk Road forums

Discussion => Newbie discussion => Topic started by: XProfessor43 on September 02, 2013, 07:48 pm

Title: Recent Bitcoin Price Inflation
Post by: XProfessor43 on September 02, 2013, 07:48 pm
So although I havent made my first purchase yet on SR, ive been actively watching. Ive been thinking about my first BTC purchase and is seems over the last week they have gone up substanially. Ive been looking on Localbitcoin. Anywhere to get more reasonably priced BTC? Anyone else notice this?
Title: Re: Recent Bitcoin Price Inflation
Post by: Quizitix on September 02, 2013, 07:57 pm
Hey, I made my first purchase around 2 weeks ago and 1 BTC = £72, and since I last checked (around 3hours) they were selling for £92 / BTC.

As I am from the UK, I use bitbargain, very trusted site and sellers.

Glad I had 0.8 BTC leftover from 2 weeks ago now :p
Title: Re: Recent Bitcoin Price Inflation
Post by: Judge Bud on September 02, 2013, 11:45 pm
So although I havent made my first purchase yet on SR, ive been actively watching. Ive been thinking about my first BTC purchase and is seems over the last week they have gone up substanially. Ive been looking on Localbitcoin. Anywhere to get more reasonably priced BTC? Anyone else notice this?

LBC seems to be the method of choice amongst SR'ders. Most are willing to pay for face-to-face transactions for anonymity purposes and the transaction is instantaneous.

-Judge
Title: Re: Recent Bitcoin Price Inflation
Post by: abercrombiekidjf on September 03, 2013, 12:04 am
please use localbitcoins....if you dont want to get scammed or screwed just use them.....they use an escrow system like SR so if a seller doesnt give you the coins but you can prove payment like with a receipt the support team will release them , also you have way more protection that way, alot of the LBC vendors let you do a cash deposit at a bank im telling you its painless and the best way....many times coins are in your possession in less than 5 minutes after your provided proof of payment
Title: Re: Recent Bitcoin Price Inflation
Post by: neplusultra on September 03, 2013, 12:08 am
Damn, Judge. Quite a considerable amount of money you've spent on the SR.
Title: Re: Recent Bitcoin Price Inflation
Post by: technohead25 on September 03, 2013, 12:22 am
They were even higher some months ago, up and down they go
Title: Re: Recent Bitcoin Price Inflation
Post by: raz0r209 on September 03, 2013, 12:26 am
the inflation is a weird point for me. Like if I buy a certain amount of bitcoins worth a number of dollars... send over to SR but they are no longer worth as much... i've lost money before I've had a chance to make a purchase. I wish there was a more stable currency available.
Title: Re: Recent Bitcoin Price Inflation
Post by: abercrombiekidjf on September 03, 2013, 12:48 am
the inflation is a weird point for me. Like if I buy a certain amount of bitcoins worth a number of dollars... send over to SR but they are no longer worth as much... i've lost money before I've had a chance to make a purchase. I wish there was a more stable currency available.


^^^ oh i know exactly what you mean, it sucks but thats the only way it works...i always try to get about 15-20% more coin than i need for an order to be on the safe side and there is nothing wrong with have some extra sit around, but i have dealt with that exact issue alot of times
Title: Re: Recent Bitcoin Price Inflation
Post by: wackmanblu on September 03, 2013, 01:12 am
the inflation is a weird point for me. Like if I buy a certain amount of bitcoins worth a number of dollars... send over to SR but they are no longer worth as much... i've lost money before I've had a chance to make a purchase. I wish there was a more stable currency available.

It sounds like you may be confused between inflation and the service charge of attaining bitcoins. If you have $200 USD it does not mean that you will get $200 worth of bitcoin. Your $200 will pay a transaction fee to the broker and you will get the rest in Bicoins. Check to see your transaction fee isn't excessive (anything above 10% should be criminal).

The best thing you can do is simply buy about $200 worth of coin. Transfer it to your SR account right away and buy $200 worth of product right away (factor in shipping for accuracy). Anything other than this is known as investment speculation. If you hang on to the BtC long enough something in the value relative to the $USD will change and you will either win or lose.
Title: Re: Recent Bitcoin Price Inflation
Post by: technohead25 on September 03, 2013, 01:20 am
Seems to be going up now so waiting a bit after your purchase doesnt have to be bad. A
Although it can drop FAST aswell
Title: Re: Recent Bitcoin Price Inflation
Post by: frigg76 on September 03, 2013, 01:24 am
Get your coins, get in, and get out! If you have some left over and they increase in value count yourself lucky.  I had about $35 left over after my last purchase, and it started going up.  I waited to long to make a purchase on a couple stamps though, and now it's down a dollar or so and I don't have enough.

It's hard to predict this stuff.
Title: Re: Recent Bitcoin Price Inflation
Post by: unions on September 03, 2013, 01:31 am
speaking of winning... *buy 3 btc @ 105usd/btc* noticed btc are now about 145usd... 38% more drugs! hooray!
Title: Re: Recent Bitcoin Price Inflation
Post by: jamietamb on September 03, 2013, 01:35 am
It can be very profitable if you get in and out at the right time. I made thousands off the spike referred to earlier.  Currently there's not quite the hype as there was then though.

I feel comfortable enough with where it's at right now that I'm going to purchase some coins but I know I take a risk. 

Good luck everyone.  It's all part of the game :)