Silk Road forums
Discussion => Silk Road discussion => Topic started by: Chaosforpeace on March 29, 2013, 02:53 am
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A person just sent 1950$ in coins so I can make a purchase on SR. The product I'm buying is 1805$. Yet SR says I am 150$ short. What's going on with SR's BTC prices?
Anyone else experiencing similar problems?
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I've noticed a price difference as well. The place I get coins has a slightly higher value per coin than SR. But then again, bitcoin prices vary from place to place, at least that has been my experience. Is there a centralized bitcoin value somewhere?
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In my opinion this is the best number because they average all the major exchanges and give you that price:
https://bitpay.com/bitcoin-exchange-rates
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Thanks! That'll be handy.
Out of curiosity, does anyone know where does SR base their btc price from...?
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The price on my item just changed by enough when I just reloaded the page, so everything's good by me, but yeah where does SR base it's price from?
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From what I can figure SR uses the MTgox 24 hour average price listed on their site or something very close to it. I could be completely wrong, I'm a noob lol!
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It is mt. gox's weighted average with a slight lag. 8)
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SR does indeed use Mt.Gox 24 hour average. You can always put something in your cart, then see the price of btc on SR, then go to MT.Gox and see the up to the minute price it is trading at. There is also a great free app for the Iphone called bitcoin ticker.
So if the current price on SR is $86 per coin....then you see on Mt.Gox it is 92.50 per coin...wait to order. If it is $82 on Mt.Gox ORDER NOW!!
Also to the OP..when the person sent you the $1950 in btc you should have made sure you were online at the time the coins were sent as you would have had time to place the order at the same rate he sent you the coins at. If you missed it by a couple hours then yes you could have lost a couple hundred as 1850 is basically $90 a coin and so you were sent 90.5 coins. So when btc went to $88 you "lost" 180 bucks.
With SR's system it does not go from 90 right to 88. It works its way down over many minutes...like an hour or two.
As I am typing this message coin on SR is $90.08 on SR. On Mt.Gox it is $92.81 so if I was in a position that I needed to place an order... I would wait as i know for sure the price on SR will be going up before it go's down.
Now if I was just transferring in the coin to my sr account...then I would not even be looking...I would just buy the item.. As I know I got my coins at going rate of SR......an example would be in your case...if you were on SR when your coins came in it would be $1950 in your account and you would just use the coins right away so they are worth exactly what you paid for. And that again is the only reason you got the coins in the first place.
So many people in the forums are concerned about the price of the drugs they want with the coin going all over the place. If you happen to use your coins as soon as you get them, that would never affect you. As you should just buy what you intended to buy in the first place.
Hope you understand what I was saying and you get your product for the price you paid for your coins. I know it is frustrating to a lot of people with the btc all over the place. But truth is. that if you put in some time to understand how it works and you take your time in doing things correctly you should NEVER have a problem. It just takes timing and understanding the Mt.Gox price vs the 24 hr average SR uses. In fact you will see that how SR does it is a great way for all of us as we don't see the dramatic changes the btc takes in short time. You actually have a few minutes to place an order and never get burned. And if you are lucky..you could even "make" a few bucks too!
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+karma for you RXKing well spoken. I will be using some of your recommendations :p , anway I recently lost $15 dollars due to prob what you spoken on and bitfloors percentage increase. It was only 15 bucks on $252 put down but still I couldn't order when I originally got home. I have yet to have any problems till recently so its time to become more informed instead of stoned retarded. Very informative RX
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I don't set SR to display in $ anyway (it isnt my currency) and so I tend to "think" in bit coin on the site, and like the poster above says: once I've acquired coins at current rate my aim is usually to get them transferred to SR and spent before the BTC drops. Especially the way its been rising recently, I feel it might take a sudden fall
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it will be good idea for SR to mention the current btc price on front page
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it will be good idea for SR to mention the current btc price on front page
Like in the top corner next to where it says, "a few words from the Dread Pirate Roberts." It should be right next to that. The current bitcoin price in whatever currency you set it to be in for your account.
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It is mtgox's 24h weighted average with a slight lag in favor of the sellers.
Plain and simple.
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It is mtgox's 24h weighted average with a slight lag in favor of the sellers.
Plain and simple.
Why so you say in favorite of the sellers? It is in favor of silkroad users and if anything it helps the buyer not the vendor! As the buyer knows exactly what they are paying for the item when they buy it and as a vendor if you do not hedge we have no clue what we are getting until the buyer finalizes. And buyers do that at all different time. This is a new system that SR uses. By new I mean a little over a year old. And it is the best thing for SR to use. But it doe snot favor the seller or the buyer. It helps SR as all of us have to use something to convert it. When a vendor buys it they have to go off of Mt Gox and when we sell it we have to go off MtGox.
I would love to hear your version of how it benefits the seller(vendor) more as you said?
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It's really only in favor of the sellers if the bitcoin is on an upward trajectory, because the 24 hour average will lag behind what its actual worth is once the deal is finalized. Anytime there is a downward trajectory like the other day, it's actually in a buyers favor because your coins will be worth more than the actual price when it's headed south!
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Charts and how to use the last price–weighted average spread to your advantage
http://dkn255hz262ypmii.onion/index.php?topic=138695.msg939652#msg939652
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