Silk Road forums

Discussion => Newbie discussion => Topic started by: thejgte on January 29, 2013, 10:36 am

Title: Price variance on the road
Post by: thejgte on January 29, 2013, 10:36 am
Due to the apparent volatility of BTC, I've been wondering how much prices fluctuate on the road. I've set my profile to show prices in $ rather than BTC, took note of a few prices a couple of days ago and haven't noticed them change yet.

Are vendors on-the-ball about changing prices to reflect "real" currency i.e. $/£/€ rather than BTC? Perhaps there's a system in place which enables vendors to set prices in $ (in a similar way that buyers can view them) instead of BTC and the BTC price is adjusted automatically? Perhaps this varies from vendor to vendor, with some taking advantage of the BTC volatility to charge more and catch out ignorant customers?

There may be an easy answer to these questions somewhere but I've read quite a lot and not come across it so if someone could explain/direct me somewhere that will I'd appreciate it.
Title: Re: Price variance on the road
Post by: kesser on January 29, 2013, 11:01 am
Yes most venders who are on the ball and up to speed will generally change their BTC rates in accordance to the amount BTC fluctuates against GDP EUR or USD and so on. If they don't its generally a good idea to wait a little bit or find a different vendor who has changed their prices. No point paying more for you BTC and hence more for your drugs.
Title: Re: Price variance on the road
Post by: Generation Y on January 29, 2013, 11:05 am
Prices are set in USD by the vendors, and SR automatically calculates how many BTC that is by linking to MTGOX. As I understand it it is possible to set prices in BTC instead of USD, but I haven't yet seen any vendors who do that.
Title: Re: Price variance on the road
Post by: android465764E on January 29, 2013, 11:06 am
I think it's down to the buyer to make sure they get best value for money. In the short time I've been here, I've seen ฿itcoins go from £9 each up to £15 each. A huge difference.
Just keep your eye on the rates. If you're in a rush, it'll cost you more.
Title: Re: Price variance on the road
Post by: PartTimeFiend on January 29, 2013, 11:16 am
I'm smiling after I bought £500 of BTC when they were £8.50 a pop back in November.  My drugs have been getting cheaper, especially today when price hit £12.40 !!

Obviously, this is a risky game as it could well go the other way...   The best practice is to buy the coins you need, when you need them, and spend straight away.
Title: Re: Price variance on the road
Post by: android465764E on January 29, 2013, 11:33 am
I have an app on my phone called "Bitcoin paranoia". Title says it all. lol
Title: Re: Price variance on the road
Post by: PartTimeFiend on January 29, 2013, 11:42 am
I have an app on my phone called "Bitcoin paranoia". Title says it all. lol

Sounds good!   might look that one up
Title: Re: Price variance on the road
Post by: thejgte on January 29, 2013, 04:15 pm
Prices are set in USD by the vendors, and SR automatically calculates how many BTC that is by linking to MTGOX. As I understand it it is possible to set prices in BTC instead of USD, but I haven't yet seen any vendors who do that.

That's interesting. I was hoping such a system would be in place. Still, I think I'll start keeping a record of prices.
Title: Re: Price variance on the road
Post by: trotsky on January 29, 2013, 04:20 pm
Prices are set in USD by the vendors, and SR automatically calculates how many BTC that is by linking to MTGOX. As I understand it it is possible to set prices in BTC instead of USD, but I haven't yet seen any vendors who do that.

That's interesting. I was hoping such a system would be in place. Still, I think I'll start keeping a record of prices.

Not a bad idea. Not all vendors peg their prices to the USD, just most.