Silk Road forums

Discussion => Newbie discussion => Topic started by: commentditon on April 10, 2013, 12:47 pm

Title: Why does the SR BTC rate take so long to update?
Post by: commentditon on April 10, 2013, 12:47 pm
Do they use the exchange rate of another market besides Mt.Gox or something? Right now my account is being shorted $40, driving the price on the item I want to purchase up to something completely unreasonable. How long will I have to wait before it catches up? Will it ever? I'm already hesitant to spend my coins with the way BTC has been shooting up, and this is further dissuading me. 
Title: Re: Why does the SR BTC rate take so long to update?
Post by: HelloMolly on April 10, 2013, 12:57 pm
I believe they use the 24 hour average of mt.gox. don't quote me on that though :)
Title: Re: Why does the SR BTC rate take so long to update?
Post by: burgarsenator on April 10, 2013, 12:58 pm
Do they use the exchange rate of another market besides Mt.Gox or something? Right now my account is being shorted $40, driving the price on the item I want to purchase up to something completely unreasonable. How long will I have to wait before it catches up? Will it ever? I'm already hesitant to spend my coins with the way BTC has been shooting up, and this is further dissuading me.

I think they have a lot to do aside bitcoin updating.  So let be patience with them pls
Title: Re: Why does the SR BTC rate take so long to update?
Post by: DayDreamer on April 10, 2013, 01:25 pm
Do they use the exchange rate of another market besides Mt.Gox or something? Right now my account is being shorted $40, driving the price on the item I want to purchase up to something completely unreasonable. How long will I have to wait before it catches up? Will it ever? I'm already hesitant to spend my coins with the way BTC has been shooting up, and this is further dissuading me.

I think they have a lot to do aside bitcoin updating.  So let be patience with them pls

The updates happen automatically.

The rate that SR uses is very close to that of mtgox weighted avg. Over a period of abt 1 week of tracking it, it has never moved more than a few cents here n there from the 24hr avg. this was before the wild upswing.

Even now, i believe the same to be true.

you can check this by adding a few items to your shopping cart, after setting your account to show prices in USD.
then, while on the shopping cart page, you will see the exchange rate. Compare it to mtgox wt avg.
Its pretty much there...

If current price >> weighted avg ( like over 5 - 10 % difference ), then it will take more time to catch up.
One good thing that comes out of this:

If the bitcoin price starts falling, SR rate also lags, so at times, it is possible to buy BELOW wt avg, and if you spend it immediately, then the spent value is greater than what you paid.






Title: Re: Why does the SR BTC rate take so long to update?
Post by: burgarsenator on April 10, 2013, 01:37 pm
Do they use the exchange rate of another market besides Mt.Gox or something? Right now my account is being shorted $40, driving the price on the item I want to purchase up to something completely unreasonable. How long will I have to wait before it catches up? Will it ever? I'm already hesitant to spend my coins with the way BTC has been shooting up, and this is further dissuading me.

Soo good. Nice answer
I think they have a lot to do aside bitcoin updating.  So let be patience with them pls

The updates happen automatically.

The rate that SR uses is very close to that of mtgox weighted avg. Over a period of abt 1 week of tracking it, it has never moved more than a few cents here n there from the 24hr avg. this was before the wild upswing.

Even now, i believe the same to be true.

you can check this by adding a few items to your shopping cart, after setting your account to show prices in USD.
then, while on the shopping cart page, you will see the exchange rate. Compare it to mtgox wt avg.
Its pretty much there...

If current price >> weighted avg ( like over 5 - 10 % difference ), then it will take more time to catch up.
One good thing that comes out of this:

If the bitcoin price starts falling, SR rate also lags, so at times, it is possible to buy BELOW wt avg, and if you spend it immediately, then the spent value is greater than what you paid.
Title: Re: Why does the SR BTC rate take so long to update?
Post by: drgreentrees on April 10, 2013, 02:50 pm
Thats good to know. I was wondrin how they stay legit on time considering the massive upswing we are seeing.