Silk Road forums

Discussion => Newbie discussion => Topic started by: fonskizzle on January 17, 2013, 08:48 pm

Title: Bitcoin market today, wtf
Post by: fonskizzle on January 17, 2013, 08:48 pm
Has anyone seen the insane fluctuation today?

I sent $227.33 to my SR address because I'm purchasing $225 worth of stuff. I checked, and now 14.4576 (prob 14.46) BTC are being delivered to my SR address. That was $227 worth at 1pm today. Now, prices are so fucked up and my item is 14.99 BTC. WTF. So i deposited $227, and it devalued so by the time it'll hit my account it'll be like $220. I'll be 0.53 BTC short. :( :(

Seriously BTC started at like 14.60 this morning and has gone as high as like 15.68. This is crazy.

mtgoxlive.com has been non stop moving and I have never seen so many people selling BTC in comparison to buying. The ratio was all out of whack today.

Can BTC really fuck up transactions like this? Just to be safe, I had deposited 240.95 but after fees it came down to $227.33, which was still $2.33 over. I thought I was golden, now I'm not even close. What the fuck. How does one stop this from happening and ensure that your $227 (or any amount of $$$$) will come all in one piece?
Title: Re: Bitcoin market today, wtf
Post by: FramedAgain2222 on January 17, 2013, 08:54 pm
I always add an extra $20 to my bitcoin purchase just in case of something like that and usually end up with lose change I can't do anything with but buy ebooks.  Today seems awfully fluctuating though.
Title: Re: Bitcoin market today, wtf
Post by: miker914 on January 17, 2013, 08:56 pm
Are you saying that since the value of BTC went up...you can't buy what you want any more? Since what you have is now worth more..? I don't get it. The value SR uses for BTC has been steadily rising..
Title: Re: Bitcoin market today, wtf
Post by: johngalt23 on January 17, 2013, 08:58 pm
Bitcoins are hella expensive right now, what gives?
Title: Re: Bitcoin market today, wtf
Post by: mustangcobra on January 17, 2013, 09:02 pm
 ;D
Title: Re: Bitcoin market today, wtf
Post by: bobbyschmobby on January 17, 2013, 09:06 pm
Maybe people are getting their incometax refunds and buying a shitload of goodies?
Title: Re: Bitcoin market today, wtf
Post by: FramedAgain2222 on January 17, 2013, 09:07 pm
If I had a bunch of free money I'd be tempted to invest in some coins just for ROI. 
Title: Re: Bitcoin market today, wtf
Post by: mustangcobra on January 17, 2013, 09:10 pm
bitcoins are unstable  :'(
Title: Re: Bitcoin market today, wtf
Post by: emptystomach on January 17, 2013, 09:12 pm
Bitcoins are hella expensive right now, what gives?


I'm actually pretty fluent in the stock market and the way it works.  Not at all with the currency market though.  I really someone who is well versed in the currency, and more specifically BTC market, will chime in with some insight.  Cuz 'dis shit is whack!!
Title: Re: Bitcoin market today, wtf
Post by: miker914 on January 17, 2013, 09:17 pm
What's so bad about the rate going up...?
You either pay more per BTC and it costs less BTC on SR or you are making money if you have the BTC already.
most vendors peg to $ not BTC so who cares?
Title: Re: Bitcoin market today, wtf
Post by: fonskizzle on January 17, 2013, 09:22 pm
What's so bad about the rate going up...?
You either pay more per BTC and it costs less BTC on SR or you are making money if you have the BTC already.
most vendors peg to $ not BTC so who cares?

Umm, because when I deposit $2.33 over what I need, and end up $8 under, thats kind of an issue to me.
Title: Re: Bitcoin market today, wtf
Post by: FramedAgain2222 on January 17, 2013, 09:23 pm
IIRC, money market works very similar as stock in that it's all dependent on what people perceive the value as.  All supply and demand.
Title: Re: Bitcoin market today, wtf
Post by: mustangcobra on January 17, 2013, 09:24 pm
 8)
Title: Re: Bitcoin market today, wtf
Post by: fonskizzle on January 17, 2013, 09:27 pm
I know its a lot to ask, but can somebody loan me 0.6BTC? It's totally cool if not lol I understand, thats like $10 currently. Or should I just wait for the the BTC amount to drop again and sell? or will my BTC in my account drop with the fluctuations to?
Title: Re: Bitcoin market today, wtf
Post by: happy_kitten on January 17, 2013, 09:30 pm
Let's hope it's not a new bubble coming up!
Title: Re: Bitcoin market today, wtf
Post by: TinyDot on January 17, 2013, 09:34 pm
I would wait, but in the future always make sure you pad your transaction to avoid stuff like this.  If I am ordering something that is say 110 bucks I would make sure I put in 140 to take care of any transaction fee's and shipping and handling.  Always pay close attention to those % fees the exchange your using tacks on as that is usually 4%(more or less depending on the exchange) taken off the top before your money ever even hits the market.  Also, what ever is left over you can just apply to future transactions, and its bitcoin avail immediately so yay!  :D
TinyDot
Title: Re: Bitcoin market today, wtf
Post by: fonskizzle on January 17, 2013, 09:36 pm
okay i guess as the price of BTC rises, the BTC on SR drops (price wise). So I hope for my sake it goes up to like $16. then i can purchase. lol
Title: Re: Bitcoin market today, wtf
Post by: FramedAgain2222 on January 17, 2013, 09:38 pm
I can bump you some but not enough.  PM me.
Title: Re: Bitcoin market today, wtf
Post by: CocaineFlakes on January 17, 2013, 09:39 pm
Very unstable :(
Title: Re: Bitcoin market today, wtf
Post by: fonskizzle on January 17, 2013, 09:41 pm
I would wait, but in the future always make sure you pad your transaction to avoid stuff like this.  If I am ordering something that is say 110 bucks I would make sure I put in 140 to take care of any transaction fee's and shipping and handling.  Always pay close attention to those % fees the exchange your using tacks on as that is usually 4%(more or less depending on the exchange) taken off the top before your money ever even hits the market.  Also, what ever is left over you can just apply to future transactions, and its bitcoin avail immediately so yay!  :D
TinyDot

Thats what I did. I submitted $240.95, and ended up with $227.33, which is still $2.33 over. Now I'm short which is why I'm ticked. I basically payed $240 for a $225 item that I'm short for now besides the fact that I was decently over to be safe.
Title: Re: Bitcoin market today, wtf
Post by: fonskizzle on January 17, 2013, 09:57 pm
OKAY IM FREAKING OUT/

i sent my BTC (14.45) to my instawallet, but blockchain says nothing yet and its been 10 minutes for that address. I'm fucking scared what if i fucked up.

could SR be tumbling it or some shit and thats why? IM SO AFRAID
Title: Re: Bitcoin market today, wtf
Post by: FramedAgain2222 on January 17, 2013, 10:04 pm
I've never had an issue with instawallet; they say they can take up to 30 min to update.  Lost some coins to a different place because I didn't do my research but not related to any of the places you mentioned.
Title: Re: Bitcoin market today, wtf
Post by: Snotsnot on January 17, 2013, 10:05 pm
;P
Title: Re: Bitcoin market today, wtf
Post by: CocaineFlakes on January 17, 2013, 10:06 pm
never ended
Title: Re: Bitcoin market today, wtf
Post by: fonskizzle on January 17, 2013, 10:08 pm
im so scared. Its not instawaller, its the blockchain. says nothing!!!
Title: Re: Bitcoin market today, wtf
Post by: FramedAgain2222 on January 17, 2013, 10:15 pm
Can't say I'm familiar with blockchain.  I typically use Bitinstant then through several other places.
Title: Re: Bitcoin market today, wtf
Post by: weirdal on January 17, 2013, 10:19 pm
give it a good hour before starting to get excited, then message SR Support.

Honestly, in regards to your issue, I've always waited till the last minute to purchase btc so they wouldn't devalue.  Also, I always make sure to put enough btc in so that I'll end up with ~ 10% extra in my account for that very reason.  A couple times It's been pretty close, but I've NEVER been short. 

On a brighter note, my btc have increased by nearly 10% in the last 48-72 hours so there's a good chance if you chill and let it sit for a minute, you'll have enough for your purchase again. 

I'm still confused as to what your problem is.  BTC value has been rising, which means your 14.45 btc should be worth MORE now then they were in the last day or two, not LESS. 
Title: Re: Bitcoin market today, wtf
Post by: FramedAgain2222 on January 17, 2013, 10:23 pm
Taking a stab here... the problem is that the transaction was started at a lower rate but worried that it will convert now at a higher rate, causing fewer bitcoins?
Title: Re: Bitcoin market today, wtf
Post by: farmer1 on January 17, 2013, 10:31 pm
I don't understand the complaints. BTC has gone up dramatically in the last 48 hours. You really can't go wrong in this situation if your vendor has his prices locked to the USD (which almost all of us do).

If you are buying coins as we speak then you may need to be careful. The climb hasn't peaked yet though...
Title: Re: Bitcoin market today, wtf
Post by: fonskizzle on January 17, 2013, 10:37 pm
give it a good hour before starting to get excited, then message SR Support.

Honestly, in regards to your issue, I've always waited till the last minute to purchase btc so they wouldn't devalue.  Also, I always make sure to put enough btc in so that I'll end up with ~ 10% extra in my account for that very reason.  A couple times It's been pretty close, but I've NEVER been short. 

On a brighter note, my btc have increased by nearly 10% in the last 48-72 hours so there's a good chance if you chill and let it sit for a minute, you'll have enough for your purchase again. 

I'm still confused as to what your problem is.  BTC value has been rising, which means your 14.45 btc should be worth MORE now then they were in the last day or two, not LESS.

I bought at around 3pm today. By 4pm they were in my SR account.

EDIT: it went through, it just took 67 minutes. I'm a faggot and freaked out. Sorry guys. I apologize sincerely. Thanks farm, for keeping me in check.
Title: Re: Bitcoin market today, wtf
Post by: weirdal on January 17, 2013, 10:51 pm
sure thing, if you go to the bottom of the page on the SR market you'll see a link that says 'contact us'.

Click that link and you're taken to a message to SR Support. :)

POLITELY explain the situation to them.  Ask them if the funds have indeed been sent or if they got hung up.

Also, I'd check blockchain again before messaging them just because.  Best of luck man! :)
Title: Re: Bitcoin market today, wtf
Post by: weirdal on January 17, 2013, 10:57 pm
NOT AT ALL! It's understandable to get a little excited when YOUR money gets held up and you can't see it.  Often times other's don't care or are heartless because it's not their money.

SUPER glad you got your btc!  Just be careful to give it a reasonable amount of time before posting something like that in the general forums. ;) people will probably give you negative karma for it.
Title: Re: Bitcoin market today, wtf
Post by: fonskizzle on January 17, 2013, 11:02 pm
NOT AT ALL! It's understandable to get a little excited when YOUR money gets held up and you can't see it.  Often times other's don't care or are heartless because it's not their money.

SUPER glad you got your btc!  Just be careful to give it a reasonable amount of time before posting something like that in the general forums. ;) people will probably give you negative karma for it.


Ah thanks for being so cool and supportive man. Haha. I'm all good now and super relieved. If I could give you karma I would! Thanks a ton. I was polite but then sent them another saying to disregard and everything is fine. I hope all goes smoothly. I now just need prices to hit $15.60/coin and I should be able to make my purchase with excess.

:)

thanks everyone.

Still though, is BTC about to hit a bubble and go up like 0.60cents a day again like it did in august?
Title: Re: Bitcoin market today, wtf
Post by: weirdal on January 17, 2013, 11:12 pm
Well with the way it's going, i wouldn't be surprised if it hit $15.60 in a couple hours.  It's currently at 15.12. It ALREADY has been ballooning like crazy for the past couple days.  I wouldn't be surprised if it peaked and then dropped pretty quickly again though so be vigilant in checking your value. :)

Also if you're gonna be making a purchase as soon as it hits a certain value, I'd probably have it in the SR system rather than instawallet so when it hits that amount you don't have to transfer it back.  Doing so might give it enough time to plummet. :/

Best of luck!
Title: Re: Bitcoin market today, wtf
Post by: fonskizzle on January 17, 2013, 11:16 pm
Well with the way it's going, i wouldn't be surprised if it hit $15.60 in a couple hours.  It's currently at 15.12. It ALREADY has been ballooning like crazy for the past couple days.  I wouldn't be surprised if it peaked and then dropped pretty quickly again though so be vigilant in checking your value. :)

Also if you're gonna be making a purchase as soon as it hits a certain value, I'd probably have it in the SR system rather than instawallet so when it hits that amount you don't have to transfer it back.  Doing so might give it enough time to plummet. :/

Best of luck!

is it safe to keep them in my SR wallet for like 8 hours?
Title: Re: Bitcoin market today, wtf
Post by: weirdal on January 17, 2013, 11:19 pm
Oh definitely!  It won't protect them from dropping in value if the market suddenly declines, but they wouldn't be safe from that anywhere.

However, I've had coins in the road for 5 days currently(though I generally try to spend them quickly to insulate against the possibility of deflation) I've been on the road and forums for longer than most hero members and I haven't seen a SINGLE scenario where a person lost btc because they were on the road.  The staff won't take them and they won't just disappear. :)
Title: Re: Bitcoin market today, wtf
Post by: fonskizzle on January 17, 2013, 11:24 pm
alright then. I shall deposit them back to my SR address when they've been confirmed from the previous transaction. woo. Right now it is indeed $15.1209 per BTC. which means I'm only 0.33BTC short. SO CLOSE. CMON MARKET.
Title: Re: Bitcoin market today, wtf
Post by: parcificseeds on January 17, 2013, 11:25 pm
holy shit bitcoins are fucking high today!!!!
Title: Re: Bitcoin market today, wtf
Post by: veiover on January 17, 2013, 11:41 pm
I witnessed a 50k BTC transaction a few days ago at ~13.2... some BIG players are coming in and turning this into a profit war. BTC will rise and rise and then drop imho, hold your horses on the purchasing if you want to make an investment as it'll get to ~16 and then drop to 13-14 again.
Title: Re: Bitcoin market today, wtf
Post by: fonskizzle on January 17, 2013, 11:44 pm
holy shit, if they bought at 13.2 that would've been $660,000

If they sold today at 15.6 they would've made a $120K profit.
Title: Re: Bitcoin market today, wtf
Post by: weirdal on January 18, 2013, 04:25 am
Yep, that's how the dynamic of btc works.  Super interesting.  A person could get a bachelors degree studying only btc and still not know everything there is to know about them.

not really, but just about.
Title: Re: Bitcoin market today, wtf
Post by: koanresponse on January 18, 2013, 05:02 am
yea saw BC's go from 13.8 to 15+ in less than a few days... crazy
Title: Re: Bitcoin market today, wtf
Post by: spacyschiz on January 18, 2013, 05:04 am
Anyone want to beat the previous 30-something dollar record?  8)
Title: Re: Bitcoin market today, wtf
Post by: summer on January 31, 2013, 01:48 pm
amazinganazing
Title: Re: Bitcoin market today, wtf
Post by: summer on January 31, 2013, 01:51 pm
a spammer can access the forum more easily than me :-\
Title: Re: Bitcoin market today, wtf
Post by: exis on February 01, 2013, 12:16 am
BTC Finally broke USD$20!

Crazy ride.
I wonder when profit takers will tank the value... This could be a bubble...

Title: Re: Bitcoin market today, wtf
Post by: SamGiancana on February 01, 2013, 12:28 am
lovin it
Title: Re: Bitcoin market today, wtf
Post by: griffin420 on February 01, 2013, 12:38 am
Its hard to believe the price of btc is so high again
Title: Re: Bitcoin market today, wtf
Post by: BenjaminFranklin on February 01, 2013, 01:08 am
Bitcoins are hella expensive right now, what gives?


I'm actually pretty fluent in the stock market and the way it works.  Not at all with the currency market though.  I really someone who is well versed in the currency, and more specifically BTC market, will chime in with some insight.  Cuz 'dis shit is whack!!


The FX(currency) markets and BTC/emoney markets have almost nothing in common. There are two main factors that influence exchange rates in the real world. The first is interest rates. If interest rates move up 1 percent in UK then it is reasonable to assume that the USD/GPB rate will move up 1%, likely more but for this discussion we'll leave it at that. The reason being an increased return. If you can move your $100mil out of your US treasuries and into UK treasuries that are now yielding 1% more than you were getting in the states you will make the move. The second is future expectations or what traders believe governments and economies will do over the net 3, 6, 12, 24 months.

So in effect there is zero reason to believe that there is a connect between the internet market and FX market. The only slight influences will be exchanges that offer USD/GBP, USD/EUR, EUR/GBP as well as currency to BTC. In my opinion as a trained economist and trader, this is a market that can be cornered. With lack of supply for inflating demand anyone with enough money in their pocket can essentially drive the BTC price through the roof by only purchasing. Their only risk would be a relaxation of mining rules and therefore an influx of new currency. In my mind it really wouldn't be worth the time as the transaction costs for BTC are exorbitant. But then again in the long run if the currency mint isn't ramped up you would be sitting on a pile of money. Unlikely though, fiat currency can be created by anyone and the BTC network is a brilliantly simple yet effective one that can be recreated.