Silk Road forums

Discussion => Newbie discussion => Topic started by: Luvs2Trip on April 17, 2013, 08:44 am

Title: Bitcoin decline
Post by: Luvs2Trip on April 17, 2013, 08:44 am
At the moment the value of the bitcoin is decreasing rapidly! How will the sellers with pending transactions deal with this? Surely sellers are going to lose a lot of money! Other than lose money the only other thing they can do is hold on to the bitcoins in a hope that it starts to go back the other way, but that is a gamble.
Title: Re: Bitcoin decline
Post by: joolz on April 17, 2013, 08:53 am
guess so
Title: Re: Bitcoin decline
Post by: Jack N Hoff on April 17, 2013, 08:58 am
It went from $53.61 to $82.45 in 24 hours.  And it's hitting 24 hour highs right now.  It's climbing at this moment.
Title: Re: Bitcoin decline
Post by: Luvs2Trip on April 17, 2013, 09:03 am
It went from $53.61 to $82.45 in 24 hours.  And it's hitting 24 hour highs right now.  It's climbing at this moment.

Still down quite a bit from what it was on Monday! I suppose when you look at it though, its been working in the vendors favor for quite a while considering the bitcoin could be bought for $8 some months ago so the vendors that held onto bitcoins from back in them days will be laughing even at the value it is now.
Title: Re: Bitcoin decline
Post by: Eternal Sunshine on April 17, 2013, 09:06 am
I bought a product 18 days ago when 1 bitcoin was about 70 USD. In the days after it, the BC price raise to over 200 USD. (I Finalized Early because I had business with the guy before and it was pretty obvious the market was too unstable). IF HE DID WHAT HE WAS SUPPOSE TO. He sold my BC as quick as he could and made a 200% profit. IF HE FUCKED UP, he kept the bitcoin and lost alot of money on the crash. We don't give vendors our money to speculate with it, we give them our money so they can convert it into real money asap and get us our product. You don't think they buy their product from their big time supplier in bitcoin huh?

Some vendors make a huge profit out of the situations, some fuck ups lost. It's not a BITCOIN problem, it's a problem of ANY market; regulated or not.
Title: Re: Bitcoin decline
Post by: crossreference on April 17, 2013, 09:09 am
1. Vendors can hedge.
2. The trend has favoured vendors for many many months now.
3. The margins and markups vendors have cover even the most severe bitcoin devaluing, especially considering they can hold on to the coin till prices re-stabilize.

The same cannot be said for buyers. Vendors have all the protection. Buyers bear all the risk.

-CR
For the People.
Title: Re: Bitcoin decline
Post by: Luvs2Trip on April 17, 2013, 09:11 am
I bought a product 18 days ago when 1 bitcoin was about 70 USD. In the days after it, the BC price raise to over 200 USD. (I Finalized Early because I had business with the guy before and it was pretty obvious the market was too unstable). IF HE DID WHAT HE WAS SUPPOSE TO. He sold my BC as quick as he could and made a 200% profit. IF HE FUCKED UP, he kept the bitcoin and lost alot of money on the crash. We don't give vendors our money to speculate with it, we give them our money so they can convert it into real money asap and get us our product. You don't think they buy their product from their big time supplier in bitcoin huh?

Some vendors make a huge profit out of the situations, some fuck ups lost. It's not a BITCOIN problem, it's a problem of ANY market; regulated or not.

I agree that the best thing to do with the bitcoin is to either spend or convert to real money ASAP. But surely there will be some people that kept hold of some bitcoins from the cheap days! It is a problem with any market but most markets aint as unstable as the bitcoin market!
Title: Re: Bitcoin decline
Post by: Eternal Sunshine on April 17, 2013, 09:25 am
Offcourse, bitcoin is one of the most unstable markets, but it's also a new and very small market. Vendors must me aware of this. So if they don't unload there bitcoin asap, they should know they can get burned.  One of the reasons bitcoin was created was so that digital transactions could take place anonymously.

If people are gonna start using the bitcoin currency for "investment" or start "speculating" with it, things are gonna go bad very very fast. Bitcoin is suppose to be the answer to the CRAZY stuff the regulated monetary system or banks in general are doing resulting in an worldwide economic crisis.  At the moment, clearly some people have been buying high amounts of bitcoin to artificially create a bubble, and no, it weren't the people in Cyprus (Doesn't make any sense). At the time the bubble was created, the people in Cyprus their bank accounts was locked and could only withdraw very small amounts on money daily (I think 100USD). There are some big players involved doing this; seems obvious.
Title: Re: Bitcoin decline
Post by: Jack N Hoff on April 17, 2013, 09:31 am
It went from $53.61 to $82.45 in 24 hours.  And it's hitting 24 hour highs right now.  It's climbing at this moment.

Still down quite a bit from what it was on Monday!
Still double what it was 30 days ago ;)
Title: Re: Bitcoin decline
Post by: Jack N Hoff on April 17, 2013, 09:39 am
It went from $53.61 to $82.45 in 24 hours.  And it's hitting 24 hour highs right now.  It's climbing at this moment.

Still down quite a bit from what it was on Monday!
Still double what it was 30 days ago ;)
$86.80 :D
Title: Re: Bitcoin decline
Post by: Luvs2Trip on April 17, 2013, 10:34 am
It went from $53.61 to $82.45 in 24 hours.  And it's hitting 24 hour highs right now.  It's climbing at this moment.

Still down quite a bit from what it was on Monday!
Still double what it was 30 days ago ;)
$86.80 :D

it does seem to be climbing a bit again but i paid 2.50 bitcoins for something on monday and that same product is now priced at 4.34 bitcoins! obviously i didn't benefit at all as i paid for my bitcoins and used them straight away. I'm just glad i didn't hold of a day as i would of lost half my money