Silk Road forums

Discussion => Newbie discussion => Topic started by: AbraxasRiseth on March 25, 2013, 06:50 am

Title: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: AbraxasRiseth on March 25, 2013, 06:50 am
I've known about the Road for about a year now but I just "found it" and set up an account last month and 1BTC was freaking $28 when I signed up! They're going for $70 right now. It's so expensive. I don't have a lot of money right now and the increase price of Bitcoins is making it hard to obtain them in the first place to make any orders. I have a finance degree with a specialty in currency exchange and my honest theory is that the sudden rise in prices is coming mainly from speculation. People trying to make an investment on them. The sudden in rise in price makes me think that it's going to turn into a fast and hard bubble. Lets just face it, why do people want Bitcoins anyway? If not to buy drugs and other illegal things. I don't see much demand for them outside the black market. These people buying them in hordes and driving the price up will soon realize that they're making them to expensive to sell and thus cash out. They're going to drop in price once people start trying to profit off their investments. I just don't know if that's going to be sooner or later. I'd say sooner, like in another month or two.

Hopefully. I need to find a job quickly so I can start getting them before they raise even more. I'm just going to call it and say if they reach $100=1BTC that the bubble will burst then.
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: kokomjolk on March 25, 2013, 07:33 am
There is huge demand for bitcoins outside the blackmarket.
The reason for current spike is because of finincal crisis in spain. A lot of people are investing in bitcoins because they don't trust the banks for their savings.
http://www.wired.co.uk/news/archive/2013-03/20/bitcoin-spain-currency-run
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: AbraxasRiseth on March 25, 2013, 07:49 am
There is huge demand for bitcoins outside the blackmarket.
The reason for current spike is because of finincal crisis in spain. A lot of people are investing in bitcoins because they don't trust the banks for their savings.
http://www.wired.co.uk/news/archive/2013-03/20/bitcoin-spain-currency-run


Ahhh, I didn't know that!
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: l33tn355 on March 25, 2013, 08:05 am
The value of bitcoins has no relation to what you're actually paying on SR.

For instance, if product A is 1btc on Monday, while the exchange rate for USD ==> BTC is $50 per 1btc, and say the exchange rate inflates to USD ==> BTC $100 per 1btc by Friday, you won't be paying 1btc for the product. It will adjust with the inflation, so what was 1btc on Monday will be .5 btc on Friday after the inflation. The prices on SR automatically adjust to the bitcoin market, everything is a set prices in USD, but you're just paying the equal value in btc.

The only way to can be screwed is if you buy bitcoin at $70 per btc and leave it in your wallet and the market crashes to a lower exchange rate. In vice versa you can also make money if you buy low and sell high. For instance, I had about $40 in my wallet a few weeks ago, well that $40 worth of btc is now worth $85. It's basically a stock market, but the actual value of the btc is irrelevant to what you're paying for product on SR.
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: jackofspades on March 26, 2013, 07:27 am
in like a year, most things on SR wont even sots close to a while BTC

i just hope someone invents a better way to deal with it so prices arent like .00000000001243 BTC

cause that will look stupid

BTC is gonna be huge

and if it crashes or the bubble burts im just buying more while theyre cheap
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: RS7FI8ZRkm on March 26, 2013, 07:33 am
$75 actually an yeah I wish i dropped some cash few weeks back when they were around $40
Quote
I'm just going to call it and say if they reach $100=1BTC
highly doubting they'll reach >$100
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: p4cknload on March 26, 2013, 07:40 am
I think it can be a decent investment. I know someone that mines them that has just been sitting on them and he has over 900 which at todays price would be like $67,500 not bad for 9 months of minng but he is hardcore into it not like your average person that mines them.
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: RS7FI8ZRkm on March 26, 2013, 07:57 am
I think it can be a decent investment. I know someone that mines them that has just been sitting on them and he has over 900 which at todays price would be like $67,500 not bad for 9 months of minng but he is hardcore into it not like your average person that mines them.
::) that would be nice..
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: playerbythesea on March 26, 2013, 08:27 am
hhhmmm technical analysis would show that all financial markets move in waves plus lets not forget basic laws of physics "what goes up MUST come down"  ;) ;)
As of writing this post bitcoins are at $75,  we're definately going to see $80 then $90 and then $100, the beauty about bitcoins is that its so young so buying now in my opinion is still cheap because at the rate of the current uptrend prices might hit $150 or $200 before serious market movers decide to consolidate their positions. AND I'LL BUY ON THE DIP ONCE AGAIN  ;D
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: jeanmoulin on March 26, 2013, 09:11 am
tell me bout it, had I invested 10 times more when the btc was 8euros... I'd be woooooooohoooooooooooo on vacation baby
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: newbottles on March 26, 2013, 07:02 pm
BTC price increase doesn't change the dollar price of items on SR.  The only effect is if you are holding BTC, they could increase or decrease in value while you hold them.  But the prices on the road are tied to the exchange rate so don't sweat that.

Personally I change the settings to display prices in USD rather than BTC.
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: PillPirate on March 26, 2013, 07:05 pm
in like a year, most things on SR wont even sots close to a while BTC

i just hope someone invents a better way to deal with it so prices arent like .00000000001243 BTC

cause that will look stupid

BTC is gonna be huge

and if it crashes or the bubble burts im just buying more while theyre cheap

You can change the prices to show up in USD on SR if you'd like.
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: mat82 on March 26, 2013, 08:12 pm
The BTC price might fluctuate but the price of the drugs doesn't
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: AbraxasRiseth on March 27, 2013, 03:22 am
BTC price increase doesn't change the dollar price of items on SR.  The only effect is if you are holding BTC, they could increase or decrease in value while you hold them.  But the prices on the road are tied to the exchange rate so don't sweat that.

Personally I change the settings to display prices in USD rather than BTC.


Yeah, guys I know the prices are fixed to USD. That's not what I'm worried about, it's just that higher the price for bitcoins the more I'm going to have to save up to get them, which means budget tighter, go outside less, eat less, etc. Do you see what I mean? If it was like $25=1BTC and I have only $60 this month I could get two bitcoins easily and make a purchase, but with the price going to $80 it means I have to sit around and try my best not to spend that $60 and hopefully get $20 more. Even though at $80 I have the money for what I want to buy, enough to get what I want, it's not enough to "jump over the hurdle" so speak. 

I just need to get a job soon, but it's been really frustrating.  :'( Also I didn't know you could show USD prices on here. How do you do that?
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: PrincessHIGH on March 27, 2013, 03:27 am
Also I didn't know you could show USD prices on here. How do you do that?
account ฿-.-- (your Bitcoin balance) > Settings > display prices in Dollars > Update profile
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: kleenbill47 on March 27, 2013, 03:30 am
14
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: kleenbill47 on March 27, 2013, 03:31 am
16
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: inthefade on March 27, 2013, 03:37 am
But if things are less in BTC you'll spend less, so you'll have to buy BTC less often than before. Also you can buy fractions of BTC, too.
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: QuiteArbitrary on March 27, 2013, 04:34 am
People are buying bitcoins now because they think the technology will be used to transform the way that money transfers (especially remittances) operate currently. BTC is the cheapest way to get money from A to B with costs that are priced in cents. Western union fees and wire transfer fees are huge by comparison. In addition to money transfer, people think that BTC is going to be used to buy products online instead of USD. It is to a seller's advantage to take money in BTC because credit card fees eat into their profits. There are a few other applications that BTC could be used in, and if it gets any real measure of mainstream adoption its going to rise exponentially in value even from its present location. The issue at hand is that BTC is not being used for these applications. People are betting that it will be used for these applications. If it doesn't get used for the applications, its value plummets fast and hard.
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: AbraxasRiseth on March 27, 2013, 04:39 am
But if things are less in BTC you'll spend less, so you'll have to buy BTC less often than before. Also you can buy fractions of BTC, too.


Yeah I was just thinking that after I posted. I need to find a site or vendor on here that will do fractions.
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: example616 on March 27, 2013, 05:45 am
But if things are less in BTC you'll spend less, so you'll have to buy BTC less often than before. Also you can buy fractions of BTC, too.


Yeah I was just thinking that after I posted. I need to find a site or vendor on here that will do fractions.

I used bitinstant the other week. Beats the hell out of VirWox and their 200% fees... and, more importantly, it lets you purchase coin in fractions.
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: AbraxasRiseth on March 27, 2013, 05:52 am
But if things are less in BTC you'll spend less, so you'll have to buy BTC less often than before. Also you can buy fractions of BTC, too.


Yeah I was just thinking that after I posted. I need to find a site or vendor on here that will do fractions.

I used bitinstant the other week. Beats the hell out of VirWox and their 200% fees... and, more importantly, it lets you purchase coin in fractions.


Yeah a friend of mine just recommended bitinstant too. I need to check it out.
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: TungstenTip on March 27, 2013, 11:41 pm
BTC price increase doesn't change the dollar price of items on SR.  The only effect is if you are holding BTC, they could increase or decrease in value while you hold them.  But the prices on the road are tied to the exchange rate so don't sweat that.

Personally I change the settings to display prices in USD rather than BTC.


Yeah, guys I know the prices are fixed to USD. That's not what I'm worried about, it's just that higher the price for bitcoins the more I'm going to have to save up to get them, which means budget tighter, go outside less, eat less, etc. Do you see what I mean? If it was like $25=1BTC and I have only $60 this month I could get two bitcoins easily and make a purchase, but with the price going to $80 it means I have to sit around and try my best not to spend that $60 and hopefully get $20 more. Even though at $80 I have the money for what I want to buy, enough to get what I want, it's not enough to "jump over the hurdle" so speak. 

I just need to get a job soon, but it's been really frustrating.  :'( Also I didn't know you could show USD prices on here. How do you do that?

You don't have to buy one whole bitcoin. Did you get that degree out of a cornflake box?
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: holdenoversoul on March 27, 2013, 11:48 pm
thank god that SR sells based on a commonly exchanged currency...

kind of on the same subject i was listing to an interview a while back and could of sworn that i heard that there was a set number of bitcoins that would be exchanged. once that number is reached then of course you would see the price of bitcoin rise. i will go back and find what i heard and share
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: holdenoversoul on March 27, 2013, 11:51 pm
here is a link talking on the subject

https://bitcointalk.org/index.php?topic=6353.0
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: AbraxasRiseth on April 09, 2013, 08:53 am
BTC price increase doesn't change the dollar price of items on SR.  The only effect is if you are holding BTC, they could increase or decrease in value while you hold them.  But the prices on the road are tied to the exchange rate so don't sweat that.

Personally I change the settings to display prices in USD rather than BTC.


Yeah, guys I know the prices are fixed to USD. That's not what I'm worried about, it's just that higher the price for bitcoins the more I'm going to have to save up to get them, which means budget tighter, go outside less, eat less, etc. Do you see what I mean? If it was like $25=1BTC and I have only $60 this month I could get two bitcoins easily and make a purchase, but with the price going to $80 it means I have to sit around and try my best not to spend that $60 and hopefully get $20 more. Even though at $80 I have the money for what I want to buy, enough to get what I want, it's not enough to "jump over the hurdle" so speak. 

I just need to get a job soon, but it's been really frustrating.  :'( Also I didn't know you could show USD prices on here. How do you do that?

You don't have to buy one whole bitcoin. Did you get that degree out of a cornflake box?


Before coming here someone told me I had to buy them in whole coins. I stand corrected, no need to be a dick.
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: ThaMunster on April 09, 2013, 09:11 am
I have a quick question from a newbie now that the soaring prices of BTC have exceeded 190 per coin.
Will the Vendors be changing there BTC prices to ammend the bitcoin rises?
Or will we have to pay extra as the BTC rate rises?
i didnt think this was worth a new thread so any replies would be appreciated
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: nndt on April 10, 2013, 02:09 am
Lets just face it, why do people want Bitcoins anyway?

because it's the money of the future.
Title: Re: Bitcoin at $70=1BTC? I'm never going to get my drugs now.
Post by: nndt on April 10, 2013, 02:17 am
I have a quick question from a newbie now that the soaring prices of BTC have exceeded 190 per coin.
Will the Vendors be changing there BTC prices to ammend the bitcoin rises?
Or will we have to pay extra as the BTC rate rises?
i didnt think this was worth a new thread so any replies would be appreciated

your question was answered in this thread.

the price of the drugs are the same

so if it's $95, that would be .5 btc.


if it's $200 a btc, then you would pay less btc for the equivalent amount of drugs because the coins are now worth more USD than they were.