Silk Road forums

Discussion => Silk Road discussion => Topic started by: f10wthru on February 12, 2012, 06:00 pm

Title: BitCoin price mgmt?
Post by: f10wthru on February 12, 2012, 06:00 pm
Hi,

  Long story short, item in cart at $12.81 BTC, which I xferred into my account.  Due to PIN confusion, couldn't place order.  Today, price in cart is $13.25 BTC, and I don't have enough BTC to cover.  I can xfer $ to a market, convert to BTC, xfer back in, but what if price goes up again?  Or down, negating my efforts?

  How do you all manage this?  How often does SR update BTC conversion rates?  And what source do they use as authoritative, since the one I'm checking shows no noticeable appreciation of BTC within the last 12-16 hours...

  Any help/info would be great.  Thx!

  ~~F10wThru~~
Title: Re: BitCoin price mgmt?
Post by: perky on February 12, 2012, 06:03 pm
Well if this wasn't your first post Id cover you, but ya the market fluctuates like the stock market on wall street.

They update ever 12 hours and it cost more through escrow, and they get their price from the daily weighted average from mt. gox...Correct me if I am wrong, but believe thats accurate.
Title: Re: BitCoin price mgmt?
Post by: Damod78 on February 12, 2012, 06:09 pm
I just put 1 bitcoin more than I need into my account to counteract any price fluctuations.
Title: Re: BitCoin price mgmt?
Post by: f10wthru on February 12, 2012, 06:11 pm
Thanks Perky.  12 hours vs the 5 biz days to xfer more = moral of the story is don't forget your PIN!

And yes, I'm pretty new here, this is only my 3rd transaction.  First time, account was hacked, all extra BTC stolen, but luckily the vendor had already shipped, so my loss was minimal.  Still learning the ropes and welcome all tips/suggestions.

I'm encouraged that SR provides the additional granular security layers, now if only I can master the financial side of things...

Also, a bit OT, but if anyone knows a good BTC-mining-as-pool guide for noobz, plz post a link.  THX!
Title: Re: BitCoin price mgmt?
Post by: Klondike99 on February 12, 2012, 06:15 pm
Yeah, I do the same as Damod as well. I always put around ~$10 more in my account than what I am planning on spending. This will account for pretty drastic price drops/jumps, and you always have a few dollars left in your account for the next purchase :)
Title: Re: BitCoin price mgmt?
Post by: f10wthru on February 12, 2012, 06:22 pm
I just put 1 bitcoin more than I need into my account to counteract any price fluctuations.

Good idea.  You and Klondike99 have probably encountered this before, eh?

I was trying to keep extra cash/BTC lying around to a minimum, but my priority is the transaction, so I'll be heeding this advice.  Thanks to all for the suggestions.
Title: Re: BitCoin price mgmt?
Post by: f10wthru on February 14, 2012, 11:50 pm
WTF...Now, 2 days later, same item in cart is 17.44 BTC?  I've been watching Mt. Gox and the conversion rate is falling fast...how come SR is going the other direction?
Title: Re: BitCoin price mgmt?
Post by: orbitalics on February 15, 2012, 12:57 am
Do you know how currency markets work?
I mean, just buying the damned bitcoins should've taught you a macroeconomics lesson.
Title: Re: BitCoin price mgmt?
Post by: Nero on February 15, 2012, 01:36 am
Buy BTC now, sell later. Make money.
Title: Re: BitCoin price mgmt?
Post by: rbd on February 15, 2012, 03:46 am
id wait a week until money goes back into market.  work it out with the vendor to defer a week to finalize, or buy more bitcoins.  contact the vendor, im sure theyll work it out with you