Silk Road forums
Discussion => Newbie discussion => Topic started by: PBateman on March 21, 2013, 03:26 am
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Does anyone know how SR places a dollar value on it's bitcoins? It definitely isn't linked to Mt. Gox in real time. There is definitely a delay but does anyone know the true methodology?
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I heard the delay is about 24 hours on the MTGOX but i could be wrong ether way if the coin market crashes im losing a lotta money lol
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I wouldn't leave too much of my coin in SR, they seem to be down a lot.
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With the way Bitcoins have been going up I would wait before buying more. It was less than a month ago where one Bitcoin equaled $30 and as of yesterday one Bitcoin equaled $80. It is such a new thing that kinks will have to be worked out I'm sure.
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I hate to say it but the bitcoins are currently at 65.7 not 80 but still that is very high and agreed with the other guy silk road can be down or hard to access at times
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Bitcoin demand is increasing due to the EU instability in Cyprus. Many Russians have their money stashed in banks in Cyprus, with the talk of taxing deposits to support the insolvent banks people are pulling their liquid assets and buying bitcoins.
Several other countries with sketchy monetary situations are making decentralized currency look very appealing. I don't see the value dropping until European instability resolves. Most likely to go to $75 by the end of the week and stabilize there for a few weeks. Then when the next crisis comes along it will spike to $100. No telling where it will end.
I am just happy that SR has some mechanism for trying to follow the dollar. With rapid changes in price it may spook vendors even with hedging.