Silk Road forums
Discussion => Newbie discussion => Topic started by: HRleyquinn on March 06, 2013, 05:29 am
-
I'm holding back on several purchases here because the BTC price is clearly headed for a crash. I'm actually afraid that in the time it takes for me to deposit money, transfer to BTC, send to a wallet, then send to SilkRoad, I could lose half the value of my BTC. Today alone, the price went up USD $5. At one time -- not so long ago -- that was the price of one BitCoin. Now it's 1/7 a BitCoin.
I'm not buying anything until there's a quick and safe way to buy BitCoins, or there is some relative stability in the price. It's too much money to play with.
-
Find someone near you on localbitcoins.com and just tell them you want to meet and do the transaction out of the site. I met a dude and gave him cash. he transfered the coins straight to my sr address in front of me from his phone. the coins showed up after a few hours. two and a half weeks ago I could have gotten the coins for $18 a coin, but waited and had to pay $35 a coin. I didnt want to wait for them to go up any higher which they have.
-
I would not bet on that crash. Sure, there will be corrections along the way, but last time it was $30+ and then crashed to $2 or something there was no infrastructure to support the price. Very few people were using coins back then. Now we have online gambling, a vibrant and growing Silk Road community with all of the transactions that entails, and we also have investment banks and venture capitalists all throwing their money into the bitcoin ring. We have a real economy and bitcoin can be used to purchase almost anything these days. If you are betting on a big crash again, I have to bet against you.
-
>clearly headed for a crash
Yeah, well, that's just, like, your opinion, man.
I've personally been trying to study what's causing this sudden increase in BTC prices. Yeah, BTC has gradually become more accepted over the past several weeks -- key word "gradually". The likelihood of a crash similar to the Summer 2011 crash is probably low, because there haven't been any Gawker articles about a certain onion site so as to cause many people to suddenly dickride BTC. I do think the price increases seem a little higher than expected, but, I dunno lol.
In the long term, however? A definite considerable increase in value.
-
I'm just wondering about something. How soon do vendors adjust their prices to match?
for example, let's say a certain product cost $180, which amounts to about BTC4.5
And then the next day, bitcoins rise to $50/BTC1
I basically want to know how much should I wait until I place my order?
-
A crash seems doubtful. It might drop a little and then go back to rising, but a crash like the last one most likely wont happen again.
-
I'm just wondering about something. How soon do vendors adjust their prices to match?
for example, let's say a certain product cost $180, which amounts to about BTC4.5
And then the next day, bitcoins rise to $50/BTC1
I basically want to know how much should I wait until I place my order?
I hear SR gives vendors the option to peg their sale price to USD so that its BTC price will adjust accordingly.
-
I'm just wondering about something. How soon do vendors adjust their prices to match?
for example, let's say a certain product cost $180, which amounts to about BTC4.5
And then the next day, bitcoins rise to $50/BTC1
I basically want to know how much should I wait until I place my order?
All of my prices are set in dollars. Silk Road automatically adjusts the prices in bitcoin for me. As a result, let's say it takes 4 bitcoins to buy something when bitcoin is at $20. When it skyrockets to $40, it now takes 2 bitcoins to buy it. Silk Road constantly adjusts the price.
-
thank you for the quick replies.
I figured it would be something like that. Do all vendors have the same option?
I always set my SR page to show prices in USD, but I'm afraid I'll be short when I actually charge my account, forgive my ignorance, but am I 'safe' if I just put the prices to show in USD and recharge my account accordingly?
thanks!
-
I studied bitcoin for the first time not longer then a week ago. I decided to invest everything i got to it, since then im 10% up on my investment not complaining, but its kinda same though you end up paying a little bit more for the producst because the currency rises while your ordered items are on transit and btc sitting on escrow.
-
damn so sitting in escrow kinda screws you cus then u end up paying more once u finalize... ;-(
-
Okay, so if your money loses/gains value (potentially) in Escrow. Then let's say I bought products worth BTC5, then as I received my product, I went to finalize only to find that they now cost BTC6.
Let's say I don't have that kind of money in my account, and I have no way to get it, what happens then?
Just trying to understand this whole thing, loopholes and what not.
-
It does not matter how high the price or bitcoins gains because the value of the products bought with bitcoins will just go lower and be cheaper being purchase with Bitcoins and higher and more expensive with paper dollars. So stock up and invest in Bitcoins.... Bitcoins could be worth a $100 dollars a bitcoin by next year....
-
I just want to buy my acid, not looking for investments... Good luck to you who are though!
-
Bitcoins are now valued at $46.20 and rising in value... http://preev.com/
-
I love Bitcoins! Stock up on Bitcoins and you favorite drugs....
-
I hear that LITECOIN will be accepted on SR soon, anybody knows if that is true?
Could it be that Litecoin is more safe and underground? because for example the populair website www.Blockchain.info removed their anonymous BITCOIN methods!! Who knows what will follow.... in bitcoin land...
-
How many more hours before the value of one Bitcoin is valued at $50 worthless paper Federal reserve note? Hahaha.....
-
To stop using Bicoins on SR would be a big mistake....and a shame too....
-
they said alternative, so bitcoin won't go away... on SR 8)
bit this could all be a stupid fake story I have no idea, just heard it from a trusted customer of me who read it on some bitcoin mining platform.
-
How many articles will be written about Bitcoins tomorrow bringing even more attention to the genius Bitcoin monetary system creating more demand for the digital currency?
-
@Opioid
Luckily the system is a little bit tricky, so lots of newbs will get demotivated by it. Although I do agree that SR has become widely known, but not many people will use it, for whatever reasons.
Not to mention the amount of people who will get scammed as newbs, and never return thinking SR is a big scam.
-
No Taxes on Bitcoinns! hahahaha....
-
Bitcoin Revolution....
-
I just love watching my account go up 50 cents every 10min haha! I just paid for a 5$ sample from interest. I can only imagine how much the big dawgs are racking up! Is it possible they could get to 100$ with weeks to come? So the more money in BTC you have the more interest so to speak you draw when the price raises, correct?
-
One Bitcoin will most likely rise to $100 dollars by the end of March. Bitcoins are on the move, especially when the big players enter into the Bitcoin digital currency market...
-
I just wish I had more coins sitting in my wallet at the beginning of the week =/
-
It is really quite remarkable how fast the price has risen. I wish I had some extra $$$ to to invest.
-
here's another example. I have my mushrooms pegged at the US dollar(not here, see sig) so the price doesn't go through the roof. I can't be here cause i can't afford the 25BTC to become a seller here. But if I keep the price low pegged at the dollar and it stays the same BTC to become a seller here, I may never make it at this rate. since the BTC price of my shrooms keeps going down. This of course also means the price to become a vendor here is now higher than the 500 bucks last week
I think if SR keeps the entry fee pegged at BTC more people might use alternatives, at least at first like I am. I don't have much of a choice until I can make the 25BTC
it works both ways...I know some sellers have their shrooms pegged at BTC and now it's pretty expensive compared to a month ago. Not me tho. I want to actually sell them..LOL
-
BTC isn't a hidden currency anymore, many many people know about it. I've seen it on the UK news a couple of times as well, meaning it's getting media attention.
More and more people see it as a solid investment now, and it's going to keep rising for a while longer I think. As for the price thing you talk about, why does that matter, $60 woth of BTC is $60 no matter if it's 100 coins, or .5 of a coin.
Most vendors will peg their listings to $$$, so it usually wont make a difference to the cost in price. The only way a crash would be bad is for all the people who have a large amount of coins. (Investors, vendors, DPR and so on)
-
""Most vendors will peg their listings to $$$, so it usually wont make a difference to the cost in price. The only way a crash would be bad is for all the people who have a large amount of coins. (Investors, vendors, DPR and so on)""
In regards to your last statement--how would that be bad for a Vendor, if he has a lot of coin if he has the prices adjusted, marketed, whatever, ==equal to the USD---if he got the right amount of USD for his product to begin with: product sells for 10 USD he gets 10 USD in btc right? isn't that what the whole hedge thing is about? Wouldn't it just be bad if the bitcoin dropped below the USD? Forgive me, if that is stupid question, just trying to understand.....I would think it would be bad for who ever has them as investments maybe--getting less than they paid--Not sure if I have the right understanding of it all......thx
-
If you place a 100BTC order for gear, they send it to you and you release the funds. Now the vendor has 100btc, but they have to convert that to cash for it to be of any real use to them (unless they are using it to buy other gear). So if the price of 1btc drops from $50 to $20 before they cash out, they went from having $5,000 to $2,000.
-
finally ! i am in SR, & able to post. thanks for all the good advice in the forums & 'homertortoise' who clued me in that i can't do the 'intro' until i do the 'newbie'. jeez - this has been hard. i only wish that i had bought some BC back in january, but i wasn't yet all set up. meanwhile, i too have been watching & thinking about what appears to be an 'inflationary valuation.' analysts say 78% of BC is not in circulation, so much of this increase is a diversion to 'stash & hold accounts' that don't contribute to market participation & competition. it reminds me of the poker strategy of 'buying the pot'. 'deep pocket manipulators' set the cost to participate so high, that average people are effectively prevented from participation in this, or other, so-called 'free markets'. well - i guess you can see i've got all this pent up energy. i hope BC value soon reaches a point of stability, & i get to buy a little attitude adjustment.
-
Stability makes no difference if you buy coins and then use them to buy gear the same day.
-
No, it is not. Most prices are listed USD.
-
If you make your purchase quickly enough after purchasing your bitcoins, it won't matter... most SR vendors (like myself) post the price in dollars rather than bitcoins, so no matter what the product will be a stable dollar amount.
http://silkroadvb5piz3r.onion/silkroad/user/016570232c
-
what are bitcoins? ???
-
I remember having the same exact concerns before. But basically, it doesn't matter what BitCoin costs really. As long as you are using a vendor who pegs his price to the USD instead of BitCoin, something that costs $100 will remain at $100 constantly, even though it may cost more or less actual coins. I don't totally understand, but there are a few safeguards built-in to the SR to protect against the volatility of the BitCoin market and ensure that nobody, either the seller or vendors, gets burned.
I do remember somebody saying that unless you plan to "invest" and hold your coins, which I don't plan to do at this point, then you'd be best off buying your coins and spending them right away. So only get enough USD's worth of coins to buy whatever you intend to buy, then spend them right away.
I don't know the more I think about it the more worried I get because I have been trying to get some coins for a while now.
-
I'm all for the rise in bitcoins!! I put some money in as an investment and it's great watching it rapidly increase every day. I think I definitely going to do the research in to an offline wallet though. It does make me nervous that the site could vanish along with my coin.
-
lol...there's always one in the crowd
what are bitcoins? ???
-
Erroneus!
-
I'm having a hard time understanding the surge in value. One thing I have noticed, is that this value surge is on very little volume which may indicate a bubble. Does anyone know the breakdown of where the supposed 22% of active bitcoins are spent? If a large number is spent on SR, which seems likely, and the prices are pegged to the USD, then it seems even harder to explain the surge. For the average SR user and seller BTC value means little because the prices are linked to the USD. It makes the increased value seem almost imaginary...
Anybody seen a good explanation? I understand that there are a limited quantity of Bitcoins unlike USD so it is deflationary of time by design. However, this doesn't explain the huge surge. Anyone have a good explanation that isn't simply a prototypical Libertarian argument that it's because of free market and no regulation. That wouldn't explain what the market forces actually are...
Thanks
-
I'm all for the rise in bitcoins!! I put some money in as an investment and it's great watching it rapidly increase every day. I think I definitely going to do the research in to an offline wallet though. It does make me nervous that the site could vanish along with my coin.
Keep in mind that if somebody ever access your wallet.dat file, he will get all your coins instantly (unless *.dat was encrypted).
So the question is :
Who's got the best level of security ? My personnal computer and it's offline wallet or that online wallet probably secured by professionals ? Sometime, online doesn't mean less safe.
-
Why don't you just wait for the price to fluctuate back to where you want it?
-
as a new user trying to understand BTC, its like THE safest investment, as the demand for it in market rises so does its exchange value. The most important is that over time its ONLY RISING! so this is good for us, if we buy today we will pay less tomorrow, or even in a week that the order will have arrived. Well if theres going to be a crash i really doubt about it. i can bet (to myself) that in the summer it will be 80-100 usd, this because SR is becoming so popular. (as newbs we all tell our trusted friends about it, dont we?) And will be goin for a long time, wish i had money to invest....
In other words, for us the buyers, its wise to wait for the BTC to rise so that u have more dollars to spend than you had at start. The same goes for vendors, they get eg 5 BTC and they convert it after a month with higher value per BTC comparing to the time he got them.
Its an invenstmvent, for everyone, from any point of view, unless all the BITCOIN system crashes, but really how possible is that? How safe am i using the bticoin-qt wallet?? how people make fortunes with BTC mining...? its all so complicated, yet working...
-
what are bitcoins? ???
Arcade tokens.
-
I love bitcoins for raising when I paid for them & wait to get them to my account :D
This way I always have some left & can buy less next time.. Hopefully there'll be no crash..
-
I'm all for the rise in bitcoins!! I put some money in as an investment and it's great watching it rapidly increase every day. I think I definitely going to do the research in to an offline wallet though. It does make me nervous that the site could vanish along with my coin.
Offline wallets are really simple to manage, just don't delete dat .dat.
-
so can anyone confirm what is happening when you wait to FE / receive the order? if you have paid 2 BTC for a standar priced product at 50usd , and due to rise of the rate, now the day to Finalize (after 2 weeks lets say) the BTC is 1.8 BTC=50usd. What happens? does the vendor get paid at the price of the day making the order? or the escrow release the 0.2 back to my account???
Someone who knows please answer this for me
-
I'm looking forwards to when I can buy one gram of pure coke for one bitcoin. Hopefully soon :)
-
so can anyone confirm what is happening when you wait to FE / receive the order? if you have paid 2 BTC for a standar priced product at 50usd , and due to rise of the rate, now the day to Finalize (after 2 weeks lets say) the BTC is 1.8 BTC=50usd. What happens? does the vendor get paid at the price of the day making the order? or the escrow release the 0.2 back to my account???
Someone who knows please answer this for me
There is something called "hedging" applied to bitcoins in escrow. Hedging will make the bitcoins indexed on the USD market value of BTC. Only if the vendor choosed this option while making it's listing.
And what do you mean by "Wait to FE" ? FE = finalize early. The point is to finalize just after ordering. So you can't wait to FE.
You should really take a look at the wiki. Everything is very well explained and much more accurate than the above.
-
here's another example. I have my mushrooms pegged at the US dollar(not here, see sig) so the price doesn't go through the roof. I can't be here cause i can't afford the 25BTC to become a seller here. But if I keep the price low pegged at the dollar and it stays the same BTC to become a seller here, I may never make it at this rate. since the BTC price of my shrooms keeps going down. This of course also means the price to become a vendor here is now higher than the 500 bucks last week
I think if SR keeps the entry fee pegged at BTC more people might use alternatives, at least at first like I am. I don't have much of a choice until I can make the 25BTC
it works both ways...I know some sellers have their shrooms pegged at BTC and now it's pretty expensive compared to a month ago. Not me tho. I want to actually sell them..LOL
I am fairly certain the price to become a vendor is pegged to $500, I may be wrong though ???
-
""Most vendors will peg their listings to $$$, so it usually wont make a difference to the cost in price. The only way a crash would be bad is for all the people who have a large amount of coins. (Investors, vendors, DPR and so on)""
In regards to your last statement--how would that be bad for a Vendor, if he has a lot of coin if he has the prices adjusted, marketed, whatever, ==equal to the USD---if he got the right amount of USD for his product to begin with: product sells for 10 USD he gets 10 USD in btc right? isn't that what the whole hedge thing is about? Wouldn't it just be bad if the bitcoin dropped below the USD? Forgive me, if that is stupid question, just trying to understand.....I would think it would be bad for who ever has them as investments maybe--getting less than they paid--Not sure if I have the right understanding of it all......thx
If they kept their coins in their SilkRoad account then yeah, you'd be right. But, most vendors move them to a different wallet, and you can't hedge other wallets :)
-
lol...there's always one in the crowd
what are bitcoins? ???
@cyanspore 8)
;)
-
so can anyone confirm what is happening when you wait to FE / receive the order? if you have paid 2 BTC for a standar priced product at 50usd , and due to rise of the rate, now the day to Finalize (after 2 weeks lets say) the BTC is 1.8 BTC=50usd. What happens? does the vendor get paid at the price of the day making the order? or the escrow release the 0.2 back to my account???
Someone who knows please answer this for me
There is something called "hedging" applied to bitcoins in escrow. Hedging will make the bitcoins indexed on the USD market value of BTC. Only if the vendor choosed this option while making it's listing.
And what do you mean by "Wait to FE" ? FE = finalize early. The point is to finalize just after ordering. So you can't wait to FE.
You should really take a look at the wiki. Everything is very well explained and much more accurate than the above.
yes, i was meaning to finalize when you get the package. on wiki "escrow hedge" is something about refund issues.
All i try to ask, you pay in BTC for stadar 50$ item, and the BTC value of 50 dollars the moment you receive and finalize - release funds, is less. what happens? you get the "remaining" of 50 dollars back to your account?
-
I think the payment value is freezed at the moment your order.
Meaning if you pay 2.5 BTC when ordering that's what the seller will receive at the end of escrow (and maybe a commission from SR ?).
After all the only purpose of escrow is to temporarily put aside the payment until package delivery is confirmed. That wouldn't be fair to leave the payment freely fluctuating to market value for weeks.
On the other hand, if the customer recovers its payment from escrow (refund) , then it wouldn't be fair either to just give back the exact same BTC value initially given to escrow.
-
i mean, because most sellers have a standar price in USD, that means the actual BTC you need for the item changes frequently. If i pay 2.5 and the seller gets 2.5 while in between shipping and reciving/finalizing , the bitcoin value has risen and now the 2.5 BTC are more USD than the sellers listing, what happens, you get the rest BTC back??? the initial payment to BTC is locked on the value on the day of order, or not?
-
I'm thinking that the rise is all to do with the ASIC mining speculation.
considering ASIC mining still has not really hit the market when it does the price of coins will go through the roof. It will basically mean no one can mine with normal gear anymore, putting mining in the hands of those with huge ASIC farms...
It will not surprise me if that BTC hits over $100+ over the next few months.
-
What happens is vendors get free money and you don't get anything back.
The ones who move a lot of product will have made a killing off BTC rates alone these past few months. Especially the ones who hoard and don't cash out.
-
What happens is vendors get free money and you don't get anything back.
well that helped, exactly what i was askin about.
out of point but why is wiki help page http://dkn255hz262ypmii.onion/wiki/index.php?title=Help:Contents shows this: http://ianxz6zefk72ulzz.onion/index.php as URL for the Silk Road market.. WTF? isnt it the one we all browse that ends in "...z3r.onion"? phishin hack?
-
went down a couple $ since the start of this thread
-
What happens is vendors get free money and you don't get anything back.
well that helped, exactly what i was askin about.
out of point but why is wiki help page http://dkn255hz262ypmii.onion/wiki/index.php?title=Help:Contents shows this: http://ianxz6zefk72ulzz.onion/index.php as URL for the Silk Road market.. WTF? isnt it the one we all browse that ends in "...z3r.onion"? phishin hack?
Wouldn't think it's an hack. But it's clearly not the right URL.
If you read the full content of the wiki page, it says you shouldn't ever trust an URL you found outside of SR. You just learn once and for all the URL and stick to it. Careful with the bookmarks though !
-------------
I'm thinking that the rise is all to do with the ASIC mining speculation.
considering ASIC mining still has not really hit the market when it does the price of coins will go through the roof. It will basically mean no one can mine with normal gear anymore, putting mining in the hands of those with huge ASIC farms...
It will not surprise me if that BTC hits over $100+ over the next few months.
You should take a look at butterfly labs stuff. First price is at 150$ which is about the price of a good CG to mine on.
ASIC is just a leap in term of performance but it's still open to anyone willing to invest in ASIC from small to large scale.
-
Why don't you just wait for the price to fluctuate back to where you want it?
Because, like, I want drugs *now*, man.
-
IT is!!! And to think...last year $150 got you a little over 5 Bitcoins
-
:) @ Butterflylabs
Peace,
ChemCat
8)