Silk Road forums
Discussion => Silk Road discussion => Topic started by: bbjjppbb on July 05, 2011, 06:01 pm
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I see that bitcoin value is down about 30% in the last week.
Is this likely to affect purchases that are in escrow?
Is it always so unstable or is this related to the MT Gox snafu?
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Last 2 month bitcoin was unstable because various reasons. Before that period btc was stable 10$-12$. It will return to that rate soon and be stable again.
Its good to know how news have impact to market so we can speculate and even maybe have some profit from it.
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On average, I have lost 25 percent and counting. Thats huge to me. I just want it to be stable. My wife is already bitchin saying "I told you so"... She wouldn't be bitchin if it gone up 25 percent. I held off selling because I didn't think that the btc was stable enough. so, when it hovered around 16 for a few days, I thought I was ok.... Guess It wasn't. I know some sellers will cancel the orders but I think that is bad business. Take the bad with the good. I just hope that the sliding stops. This is getting rediculous.
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The problem is the massive fluxuations in betwen product shipping and the receiver confirming shipment has arrived. In 3-5 days times btc value can fluxuate so wildly.
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The other problem is we are still at the front-end of BTC. There is a very small concentration of people who were mining in the old days who have huge loads of BTC and are trying to move them off to USD's or EUR. That's why there has been a decent cap on price jumps and once the price dives start they seems to roll pretty hard. If you check the market depth there are some very huge orders (multiple x 10k USD) waiting out there.
Once more of these coins are sold out to smaller buyers, I think the major price jumps will drop. More media attention, though, will swing the price up. I'm not sure about BTC long-term as one or two of the glaring requirements for true market money can only be met by making a huge leap. But I'm holding a portion of mine in case there is some serious appreciation and cashing out the rest and washing it as it comes in. We will see how it all plays out.
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Or, as has been suggested often, post prices in dollars, and then should have a way to click, and get the latest tradehill (or MtGox) value in btc. shouldn't be that hard to automate, and this would save sellers and buyers both, having to be enslaved to a new currency.
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Enslaved is a bit strong.... we are talking about a site that functions entirely on voluntary exchange, right?
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Enslaved is a bit strong.... we are talking about a site that functions entirely on voluntary exchange, right?
Ah, you're right, 'enslaved' was overdoing it, and I'm all for free markets...does seem a little bit harsh due to the slowness of transactions, and the escrow and all...somebody explained to me once why the don't put the price in dollars, and I can't remember what it was...most of us aren't speculators, and just want the btc to stabilize *somewhere* so we don't feel like we're in some country with runaway inflation....real price probably would be around 10 btc to a dollar, but after the newsbreak and all the followup, and people were buying btc on ebay like crazy, at 25-30 bucks a btc, just to get rolling...calm is what we need...
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To anyone that sells here: You get the privilege of being a pioneer. We are using a new crypto-currency, on a website operating through multiple technology that give us the ability to spread our product far and wide, and make some cash here and there doing it. Think there isn't going to be ups and downs? Remember shit makes bliss..
~DigitalAlch
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To counter the uncertainty we have from btc we ask for a premium price on SR. Im making about 30% more then I would on the streets, so the btc going down hurts me ofcourse but not so much.
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I agree being on the front end and getting a good customer base is a great opportunity. There will be highs and lows, but even then.... BTC have already appreciated by $3.00 since yesterday.
Hell, I am able to sell international for the first time in my entire history of this business! It's pretty cool.
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To anyone that sells here: You get the privilege of being a pioneer. We are using a new crypto-currency, on a website operating through multiple technology that give us the ability to spread our product far and wide, and make some cash here and there doing it. Think there isn't going to be ups and downs? Remember shit makes bliss..
~DigitalAlch
Well said, DA.
We have this fairly new currency. The markets for moving this currency to and from something with which we are more familiar are all new.
Currency fluctuation is something we'll just have to deal with until more of the world decides to transact business with Bitcoin.
Bits go up and bits go down, and sometimes bits are lying motherfuckers.
- Bit