Silk Road forums

Discussion => Newbie discussion => Topic started by: lstermadden on May 07, 2013, 02:01 pm

Title: Slowly watching my money vanish :(
Post by: lstermadden on May 07, 2013, 02:01 pm
So When I deposited BTC 24 hours ago, 1 BTC was equal to $115 USD. Currently it is at $104 and still dropping... that's 11 dollars lost per bitcoin.. If you bought 5 BTC you are losing $55! And now by the time I get my coins, they probably will lose the value I needed to place my order.. Which means I have to deposit more into my account.. Which means I gotta go through this again? :( HELP

PS: I would be posting in the discussion board but I don't have my 50 posts yet. I am close though!
Title: Re: Slowly watching my money vanish :(
Post by: meadowslotus on May 07, 2013, 02:05 pm
It's a problem for everyone at the moment.

The once flawless SR system is looking ever so flawed.
Title: Re: Slowly watching my money vanish :(
Post by: lstermadden on May 07, 2013, 02:08 pm
maybe DPR can make a site wide sale like he did after the attacks... or allow vendors to sell commission free so that the money we lose will be made up with the lowered prices, and he won't have to take money out of his pocket..
Title: Re: Slowly watching my money vanish :(
Post by: D3xalias on May 07, 2013, 02:10 pm
I thought silkroad used weighted average from mtgox so you didn't lose 11$ but lost only 4$
Title: Re: Slowly watching my money vanish :(
Post by: FlyingFuck on May 07, 2013, 02:11 pm
I can't afford to get the medical mj that I put my bitcoins it for and I left a buffer just incase the price dropped.  If it goes down much more then I won't even be able to get the lower grade stuff.
Title: Re: Slowly watching my money vanish :(
Post by: 19467382 on May 07, 2013, 02:14 pm
I know it sucks, but everyone is going through the same thing. It's always a good idea to deposit more than what you think you'll need, especially with the fluctuations recently. I usually end up putting in 25% more than what I think is needed just to be safe. By the way, if you haven't seen yet, deposits have been pretty heavily delayed today: http://dkn255hz262ypmii.onion/index.php?topic=156494.0
Title: Re: Slowly watching my money vanish :(
Post by: lstermadden on May 07, 2013, 02:15 pm
I always deposit like a $20 buffer as well... maybe I should start putting more.. but im not made of money!
Title: Re: Slowly watching my money vanish :(
Post by: titan on May 07, 2013, 02:16 pm
Same problem here. From what i've been reading there seems to be lots of delays in coin tumbling.
Waiting 26+ hours here for deposit to show.
Title: Re: Slowly watching my money vanish :(
Post by: lstermadden on May 07, 2013, 02:21 pm
1 BTC = $102.00 USD on MTGOX...
Sigh..
Title: Re: Slowly watching my money vanish :(
Post by: FlyingFuck on May 07, 2013, 02:25 pm
Officially can't afford the low grade shit anymore :(

I put in a 10$ buffer but I guess that wasn't enough it's down by 14 now :(
Title: Re: Slowly watching my money vanish :(
Post by: larrydavid84 on May 07, 2013, 02:26 pm
Sucks for you guys.  Hope it all goes through soon.
Title: Re: Slowly watching my money vanish :(
Post by: lstermadden on May 07, 2013, 02:28 pm
100 USD...
Title: Re: Slowly watching my money vanish :(
Post by: catstalker on May 07, 2013, 02:30 pm
The Bitcoin market is still pretty small. Allow me to explain: I'm in it since 2010 and I already made some deals that greatly influenced the market value, you could say I had the opportunity for some inside trading (next time I certainly will be prepared to abuse this  ;D)

So the market is probably going downhill because the whole deposit problem. Maybe not exclusively because of this, but I noticed a correlation between SR and the BTC market value in the past. Keep in mind that correlation does not imply causation though.
Title: Re: Slowly watching my money vanish :(
Post by: mary666 on May 07, 2013, 02:34 pm
I know its not the best soloution but if people can sit on their coins when they come through the value will surely go back up again as it has done in the past few weeks but i do realise its money just sitting there and not everyone can afford to do this  :)
Title: Re: Slowly watching my money vanish :(
Post by: FlyingFuck on May 07, 2013, 02:34 pm
The Bitcoin market is still pretty small. Allow me to explain: I'm in it since 2010 and I already made some deals that greatly influenced the market value, you could say I had the opportunity for some inside trading (next time I certainly will be prepared to abuse this  ;D)

So the market is probably going downhill because the whole deposit problem. Maybe not exclusively because of this, but I noticed a correlation between SR and the BTC market value in the past. Keep in mind that correlation does not imply causation though.

I hope it goes back up in price once the deposits are back again.
Title: Re: Slowly watching my money vanish :(
Post by: flakesmith on May 07, 2013, 02:37 pm
The Bitcoin market is still pretty small. Allow me to explain: I'm in it since 2010 and I already made some deals that greatly influenced the market value, you could say I had the opportunity for some inside trading (next time I certainly will be prepared to abuse this  ;D)

So the market is probably going downhill because the whole deposit problem. Maybe not exclusively because of this, but I noticed a correlation between SR and the BTC market value in the past. Keep in mind that correlation does not imply causation though.

The only way any of your buys/sells would drastically influence the market would be if you were one of the big guys with millions at their disposal.

While the bitcoin market is small, it's still barely influenced by SR. It's the people manipulating the price for profit who have the power.
Title: Re: Slowly watching my money vanish :(
Post by: lstermadden on May 07, 2013, 02:40 pm
I see your point mary.. but some, like me, are really counting on the money to purchase our D.o.C which we very well might be physically depending on to survive.. and in that case.. I think the second they go through, they will be gone :(
Title: Re: Slowly watching my money vanish :(
Post by: 19467382 on May 07, 2013, 02:41 pm
So the market is probably going downhill because the whole deposit problem. Maybe not exclusively because of this, but I noticed a correlation between SR and the BTC market value in the past. Keep in mind that correlation does not imply causation though.

SR has an impact on BTC price, but I don't think it's big enough to cause the current drop. Right now Mtgox trading lag is around ~50s, which is pretty significant, and almost always corresponds to a big sell off. Also, a lot of the trade volume is performed by bots, which don't really have this sort of context for their decisions.

Also, looks like the $100 floor just got broken.
Title: Re: Slowly watching my money vanish :(
Post by: slirp on May 07, 2013, 02:46 pm
At least you didn't buy coin at $250 like some people.

bitcoin seems to drop faster than it goes up but very possible we'll see it at $125+ again soon.
Title: Re: Slowly watching my money vanish :(
Post by: lstermadden on May 07, 2013, 02:47 pm
$98.50 ... Fukk me,.. -_-
Title: Re: Slowly watching my money vanish :(
Post by: uklad76 on May 07, 2013, 02:49 pm
Waiting on 3.5BTC. Nearly over 9 hours how.  >:(
Title: Re: Slowly watching my money vanish :(
Post by: lstermadden on May 07, 2013, 02:57 pm
still nothing..
Title: Re: Slowly watching my money vanish :(
Post by: uklad76 on May 07, 2013, 02:59 pm
Still waiting but coin to looks to be back over $100
Title: Re: Slowly watching my money vanish :(
Post by: uklad76 on May 07, 2013, 03:02 pm
How long will we have to wait. Patiently.
Title: Re: Slowly watching my money vanish :(
Post by: lstermadden on May 07, 2013, 03:07 pm
looks like its starting to bounce back.. 104.
Title: Re: Slowly watching my money vanish :(
Post by: horse7171 on May 07, 2013, 03:08 pm
wait since 30 hours...!!
Title: Re: Slowly watching my money vanish :(
Post by: meadowslotus on May 07, 2013, 03:09 pm
It would be nice (common courtesy) to at least add a notification to the main SR page about this major incident.

Sigh.
Title: Re: Slowly watching my money vanish :(
Post by: catstalker on May 07, 2013, 03:11 pm

The only way any of your buys/sells would drastically influence the market would be if you were one of the big guys with millions at their disposal.

While the bitcoin market is small, it's still barely influenced by SR. It's the people manipulating the price for profit who have the power.

I definitely agree on the market manipulation done by a few. Although I wouldn't say that they are seasoned investors with real world market experience per se, more like early adopters on a power trip.
Combine this with a lot of people who actually can't afford to speculate and start to panic sell should the slightest drop in price show itself and we have a pretty wonky market. This is just unfortunate timing probably, but I am pretty sure given enough time it will rise again. So if you use BTC to buy goods it is advisable to keep the time passed from acquiring BTC to spending them as low as possible. Unfortunately this is currently not possible and there really should be a warning on the main site by now before more people are going to lose money. I personally don't care I already made enough profit to sit back and watch the whole BTC market go up and down without worries. But i know there are people who simply want to buy stuff without having to worry about market values.

So if you have the time I recommend just to wait - it may take some time but I am sure the course will go back up.
Title: Re: Slowly watching my money vanish :(
Post by: lstermadden on May 07, 2013, 03:12 pm
so when do you guys and gals think this will all be figured out.. I was lucky to have an order I needed to cancel so i managed to get one order out yesterday, but im still waiting to make my others.. The one i bought I hope will last me until the others arrive..
Title: Re: Slowly watching my money vanish :(
Post by: BobbyBuche18 on May 07, 2013, 03:25 pm
It would be nice if DPR, or at the very least one of the Moderators would post a sticky warning us not to deposit bitcoins into SR because apparently they can't handle it right now...  This is unacceptable behavior for an organization of this size.
Title: Re: Slowly watching my money vanish :(
Post by: Toska on May 07, 2013, 03:31 pm
Unfortunately no one can help, just gotta wait for them to rebound. Hopefully by the time your coins arrive the rate will be back up again.
Title: Re: Slowly watching my money vanish :(
Post by: BobbyBuche18 on May 07, 2013, 04:22 pm
24 Hours... I'd like my money back now please.
Title: Re: Slowly watching my money vanish :(
Post by: SadSwede on May 07, 2013, 04:26 pm
$200+ :(
Title: Re: Slowly watching my money vanish :(
Post by: Toska on May 07, 2013, 04:32 pm
People have just started getting their coins so everyone can relax now
Title: Re: Slowly watching my money vanish :(
Post by: pakchoi23 on May 07, 2013, 04:54 pm
It would be nice if DPR, or at the very least one of the Moderators would post a sticky warning us not to deposit bitcoins into SR because apparently they can't handle it right now...  This is unacceptable behavior for an organization of this size.

If you want the latest from the Top then just go to DPR's profile and look at his last few posts. He always posts updates if things are going a bit squiff.

DPR - Today at 04:41 pm
-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

In order to fight off the recent DoS attack we had to do substantial reconfiguration to the entire Silk Road system.  We are still working out the kinks, and there are a couple of isses that have to be addressed.  One is deposits and withdrawals not showing up in a timely manner.  We found one problem the new config was causing to this system and fixed it today, so deposits/withdrawals should be flowing now.  If you still don't have yours, please message support on the main site.

The other issue is being logged out seemingly at random.  We are still looking for the cause of this problem, but I assure you it is a top priority and we will get it fixed soon.

Thank you for your patience as we recover from the recent attack.

- -DPR

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You can check it is a genuine DPR message by checking the PGP sig in your PGP software. You will need DPR's latest PGP key for this which is here:

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I understand it is shit waiting for BTC, it does work both ways though. My first time buying BTC I bought at $60 and when I came to buy drugs it had risen to $140... Nice

It's the risk you take for being able to buy primo drugs from your laptop  8)
Title: Re: Slowly watching my money vanish :(
Post by: piecinitup on May 07, 2013, 05:02 pm
Got my deposit, going to make another today.  Looks like DPR comes through again. 
Title: Re: Slowly watching my money vanish :(
Post by: Darktime on May 07, 2013, 08:56 pm
Buy btc-deposit btc-make a purchase totaling the amount of btc deposited....I dont see the problem?If your order is hedged you will get the dollar total not the btc total.
unless your well off enough to buy some btc low and sit on them until they are high,just get what you need,when you need it and spend it straight away.
sorry,am I missing something?
Title: Re: Slowly watching my money vanish :(
Post by: pakchoi23 on May 07, 2013, 09:12 pm
Buy btc-deposit btc-make a purchase totaling the amount of btc deposited....I dont see the problem?If your order is hedged you will get the dollar total not the btc total.
unless your well off enough to buy some btc low and sit on them until they are high,just get what you need,when you need it and spend it straight away.
sorry,am I missing something?

Yeah you're missing this:

Buy Btc @ $100
Deposit into SR wallet ** this is taking too long over 24 hours! ***
Meanwhile Btc value drops to $50
Btc finally reach SR wallet, are now worth 1/2 what you paid for them.
Result - you can't buy as many drugs/can't afford the drugs.


Like I said before it works both ways