Silk Road forums

Discussion => Silk Road discussion => Topic started by: chil on August 09, 2011, 03:53 pm

Title: Prices on Silk Road and Current BTC Inflation - How does it work ?
Post by: chil on August 09, 2011, 03:53 pm

Sorry if this topic has been covered already....

BTC rate went 30% up or so in a few days but I havent seen any prices adjustments. As a result, everything is overpriced now (1btc = 10+ bucks).

Do the sellers have to keep correcting the BTC prices everyday (if they feel like selling) ? Or does the system do it once every now and then ? 

Title: Re: Prices on Silk Road and Current BTC Inflation - How does it work ?
Post by: Coherence on August 09, 2011, 04:42 pm

Either you enter your ask price in USD, then the prices expressed in BTC will adjust (down if the BTC goes up, up if the BTC goes down) automatically as the exchange rate changes, or you enter your prices in BTC, then you have to update your prices almost daily.

I prefer to do it the second way, but hey, to each its own ;)

Title: Re: Prices on Silk Road and Current BTC Inflation - How does it work ?
Post by: chil on August 09, 2011, 04:59 pm

Quote from: Coherence on August 09, 2011, 04:42 pm

I prefer to do it the second way, but hey, to each its own ;)

Any particular reason for that ?

 I was asking because it seemed that one shall wait a few hours before buying, to see how the price fluctuates. Everyone should put their ask price in dollars, it would be fairer. For instance, one can buy an overpriced item (even for the seller) not knowing the price will significantly drop perhaps 30 minutes later.

Title: Re: Prices on Silk Road and Current BTC Inflation - How does it work ?
Post by: DigitalAlch on August 09, 2011, 05:36 pm

http://www.economist.com/blogs/babbage/2011/06/virtual-currency
Go to that link in your Main Browser - not from TOR.
It will explain things pretty damn well.

Peace,
DigitalAlch

Title: Re: Prices on Silk Road and Current BTC Inflation - How does it work ?
Post by: chil on August 09, 2011, 06:24 pm

Thanks for the link, I read the article and I couldn't find the answer on how the adjustment system works on Silk Road, nor the answer on its fairness.

Coherence gave me the explanation though.

So yeah, the point I want to raise is that letting only the sellers adjust the prices themselves produces unfairness for all the buyers:
In other words, the system should regulate automatically all prices, those in $ and those in BTC, and if the seller is not happy with the price, he can change it. This would prevent people buying overpriced stuff that the seller, as soon as he gets back home, would downprice anyway, perhaps in a matter of minutes. See, people can't be 24/7 on silk road to watch the prices, and if a buyer wants to have the right price, he has to wait for hours in front of his computer for the right price to come up, otherwise, he runs the risk of missing a product (in some cases).

Title: Re: Prices on Silk Road and Current BTC Inflation - How does it work ?
Post by: DigitalAlch on August 09, 2011, 07:52 pm

Woops read your post fast and thought you were asking how increases in BTC works. My bad.

~DigitalAlch