Silk Road forums
Discussion => Silk Road discussion => Topic started by: weed4fun on October 30, 2011, 09:53 am
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hello,
here's the problem.
I bought something yesterday at 12pm (UTC) when ฿1 was $3.69 and the price of what I bought was ฿154.90.
If I check my transaction I can see the USD price is $520.51... but 154.90*3.69 = 571.58100! I paid $51 more?
I also noticed that since yesterday prices are like falling down, even if the ฿-$ exchange is not changing much (between 3.50 and 3.70) and the price of same product that I bought yesterday is now ฿147.71 with a ฿1 = $3.58 exchange rate!!
what's going on??
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exchange rate is now $3.59 and the price is ฿148.20... this doesn't make sense to me. ???
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As far as I know while SR displays the current going price of BTC it actually works with a 24 hour average, I think this was stated in a past thread about this. As it was around 3.71 earlier today this is likely why it's costing you more.
I can see why this is done to prevent price spikes and market manipulating (hey if I buy 1 BTC for 300USD then I can use the BTC I had before to buy items cheap).
However I do feel SR should be more free with their practices, not because they're doing stuff wrong but a lot of questions that pop up could be easily explained by small changes to the site. For example, does this variation in the current price and 24 hour average go to the seller or to SR?
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thanks for your reply, the 24h average seem to make more sense now. next time I'll wait more!
I also agree that a little bit more of transparency with things like this would be nice from Silk Road.
I hope he'll notice this thread.
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As far as I know while SR displays the current going price of BTC it actually works with a 24 hour average, I think this was stated in a past thread about this. As it was around 3.71 earlier today this is likely why it's costing you more.
I can see why this is done to prevent price spikes and market manipulating (hey if I buy 1 BTC for 300USD then I can use the BTC I had before to buy items cheap).
However I do feel SR should be more free with their practices, not because they're doing stuff wrong but a lot of questions that pop up could be easily explained by small changes to the site. For example, does this variation in the current price and 24 hour average go to the seller or to SR?
I've also heard it is a 24 hour moving average; are you sure the displayed price isn't that 24 hour moving average not the current price?
As far as whether the variation goes to the seller or SR, the answer is neither. SR isn't an exchange, you have bitcoins and you are buying things in bitcoins. The only thing the SR rate does is: a) Allows you too see prices in dollars so you don't have a mind-explosion. Your available dollars and the current price will go up and down together. b) Allows sellers to set their price in dollars rather than bitcoins. In this case it will use the exchange rate to change the sellers actual in bitcoins so they always get the same amount of dollar equivalent at the time of the sale. However, you still exchange bitcoins for bitcoins so no one is taking anything on the exchange rate. If the rate goes up the seller will make more bitcoins, if it goes down you'll pay fewer.
Or if you're into the whole brevity thing: You always exchange bitcoins for bitcoins, the rate is just to help sellers auto-change their prices over time.