Silk Road forums
Discussion => Silk Road discussion => Topic started by: deep987 on August 12, 2013, 06:36 pm
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Why is it saying ฿1 =~~ $100.50? BTC hasn't been that low in 2 weeks.
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Yeah noticed this last night, hasn't been up to 103 in a bit now, even though Gox is 104-105 currently.
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Its due to vendors being screwed 10%, we cant cashout anon via mtgox, its too hard to buy/sell btc via mtgox so it seems its at a weighted market level. Thats it in a nutshell
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Oh good, I didn't know they finally addressed that to some degree. I think that's great.
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It was fully addressed. Value pulled in from 5 markets and weighed based on the exchanges volume
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฿1 is at $103.69 as of Monday, 12 August 10:39:00 p.m. (GMT + 0:00) according to Silk Road exchange rate (lower left corner of the screen)
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I actively trade bitcoins. SR right now says 102.82 but mtgox says 106.80. That's almost a 4% difference. So if I use the SR price, my sellers get angry. But if I use the mtgox price, which I have always done, then my buyers get angry. And if I use an average of the two, no one is happy. What price do you guys think I should use?
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Just curious, where are you seeing the price of BTC on SR?
Thanks!!
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Just curious, where are you seeing the price of BTC on SR?
Thanks!!
On every page on SR the BTC price is in the bottom left corner of the page.
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Dr. RA you must see something we don't because I have no price listings any place on my screen while on SR.
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I have my settings set to display in US currency. Maybe that's why? At the bottom of each page I see the value of 1 BTC in USD.
If you go to Account -> Settings you can choose which currency to display prices in. Try setting it to your currency of choice and see if the BTC price pops up on the bottom left of the normal SR site.
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I'm definitely coming out ahead when I transfer coins to the site. Paying less for the coins than they are worth on SR is a nice bonus lately. On my last BTC purchase, $300 worth of coins became almost $350 worth once transferred to SR. You won't read me complaining!
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Then we vendors try and sell $350 coins become $200.
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Then we vendors try and sell $350 coins become $200.
Hear hear!
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on main site at bottom left of page . if you list to the dollar it will tell you how much bitcoin is worth to that dollar,but if you list to bitcoins it will say 1 bitcoin =1 bitcoin .
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I'm definitely coming out ahead when I transfer coins to the site. Paying less for the coins than they are worth on SR is a nice bonus lately. On my last BTC purchase, $300 worth of coins became almost $350 worth once transferred to SR. You won't read me complaining!
Good for buyers, bad for sellers. You'll hear me complain! I hate complaining but this has been going on for a couple of months now.
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Ideally the value would be weighted most by how much the btc are actually bought for by the buyers themselves, though that is impossible to know. It is certainly higher than the exchange listed values as exchanges charge fees on top of those prices.
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Ok, I have been wondering this as well.
What are the urls for the different exchanges that we are using?
I would like to look at each of them.
Thank you!
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I'm definitely coming out ahead when I transfer coins to the site. Paying less for the coins than they are worth on SR is a nice bonus lately. On my last BTC purchase, $300 worth of coins became almost $350 worth once transferred to SR. You won't read me complaining!
Good for buyers, bad for sellers. You'll hear me complain! I hate complaining but this has been going on for a couple of months now.
You are full of shit. This just started. They just changed it. You buyers have been getting coins at 8% to 10% less than SR price for awhile now. Us vendors have been losing 20% cashing out. I don't care what they do with value. I will shift my prices accordingly. 8)
I'm sorry you think I'm full of shit however if you look at my statement and posting history. I agree with with everything you say. I have been irritated with this for the past 2 months and have been losing up to 20% on my cash out as well forcing me to raise prices on some items although the modest price raise still doesn't make up for the loss.
Please read carefully before you use words like that.
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I'm definitely coming out ahead when I transfer coins to the site. Paying less for the coins than they are worth on SR is a nice bonus lately. On my last BTC purchase, $300 worth of coins became almost $350 worth once transferred to SR. You won't read me complaining!
Good for buyers, bad for sellers. You'll hear me complain! I hate complaining but this has been going on for a couple of months now.
You are full of shit. This just started. They just changed it. You buyers have been getting coins at 8% to 10% less than SR price for awhile now. Us vendors have been losing 20% cashing out. I don't care what they do with value. I will shift my prices accordingly. 8)
I'm sorry you think I'm full of shit however if you look at my statement and posting history. I agree with with everything you say. I have been irritated with this for the past 2 months and have been losing up to 20% on my cash out as well forcing me to raise prices on some items although the modest price raise still doesn't make up for the loss.
Please read carefully before you use words like that.
My apologies. I thought you were a buyer claiming that you are paying more for your coins than they are worth on Silk Road. Sorry about that.
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It doesn't matter that much what the SR BTC value is. You can adjust for it in your pricing (as a vendor) or in your choice of vendor (as a buyer).
As a vendor:
If the SR rate is overvalued then raise your prices by whatever percentage you feel appropriate to make up for the loss.
If the SR rate is undervalued then lower your prices to increase demand.
As a buyer:
Simply decide if whatever listing you are considering is worth it to you for the price you are going to pay.
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It doesn't matter that much what the SR BTC value is. You can adjust for it in your pricing (as a vendor) or in your choice of vendor (as a buyer).
As a vendor:
If the SR rate is overvalued then raise your prices by whatever percentage you feel appropriate to make up for the loss.
If the SR rate is undervalued then lower your prices to increase demand.
As a buyer:
Simply decide if whatever listing you are considering is worth it to you for the price you are going to pay.
You are right. I suppose I just miss the days of being able to cash out coins for the SR rate. There was a time when that existed and it was nice to not have to think about it or factor it into your business plan.
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So, as a new vendor, I was a bit surprised the first time I went to cash out.
I recently saw a post from DPR where he explained that the BTC value was no longer tied to MtGox and is now calculated with a formula weighted to the different markets. Can't seem to find where that was. Maybe the seller's guide? Does anyone remember where that link is?
Here's the problem. MtGox is under new regulations that do not allow the free market to determine BTC value at MtGox. The effect is that the MtGox price will only become more elevated compared to unrestricted exchanges. Considering that virtually zero silk road buyers or sellers are likely to be still using MtGox, I think MtGox should be removed from the formula.
The effect is one of putting everything on sale (without vendor consent) which drives revenue and would be good for buyers and DPR, but generally bad for vendors. Vendors (almost none of whom would use MtGox) should not need to continually raise prices to compensate for this issue.
DPR, you recognized the problem and I appreciate the step in the right direction, but it's time to solve the problem by removing MtGox from this equation. This issue will only get worse until a permanent solution is found.
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Well it looks like they changed something, because the SR rate just went down 10 dollars at once, and now I can't afford the order I was about to place >:o
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Oh my god hell yes!!!
Thank you for finally listening DPR
I hope this isn't a glitch.
I am so happy right now!!!
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yea, we took out mtgox entirely until they sort out their issues causing the discrepancy. sorry for all of the trouble this has caused.
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Well I am not happy seeing my total coin value drop 13% at the click of a button right b4 a major purchase.
Fuck.
Also, I thought I posted in here earlier but seems deleted now. :( I don't understand why.
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Fuck i just lost 500 in a second
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yea, we took out mtgox entirely until they sort out their issues causing the discrepancy. sorry for all of the trouble this has caused.
Thank you so much for doing this DPR
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This is a huge problem for the many of us who use Localbitcoins, as the majority of bitcoin sellers base their rates off Mt. Gox prices, and rightly so as Mt. Gox controls more volume than most other markets combined. It is no longer economically feasible for me to use Silk Road.
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yea, we took out mtgox entirely until they sort out their issues causing the discrepancy. sorry for all of the trouble this has caused.
un-fucking-believeable
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This is a huge problem for the many of us who use Localbitcoins, as the majority of bitcoin sellers base their rates off Mt. Gox prices, and rightly so as Mt. Gox controls more volume than most other markets combined. It is no longer economically feasible for me to use Silk Road.
ok, didn't realize this, back to the drawing board. I think what we'll do is average the top two exchanges, which right now is mtgox and bitstamp. That puts us at about $105.50 as of this moment.
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Thanks DPR. I hope you find a solution that makes EVERYONE happy!
<3
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i am sooo glad i got my order in before that happened. sucks for the buyers that didnt. what are the exchanges used for the SR price? i know there are multiple ones used , does anyone have a list of them or a link to that info? ok the post above answers that question thanks you read my mind
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Even though the average is supposed to be mtgox and bit stamp that is still incorrect. It is at 99$ on the page which is the price at bitstamp if you average it with mtgox it should be 107ish. I also just lost 200$ in a few hours :( now I'm stuck and can't make the orders I needed to.
If I don't get this product I'm seriously going to lose out
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This is a huge problem for the many of us who use Localbitcoins, as the majority of bitcoin sellers base their rates off Mt. Gox prices, and rightly so as Mt. Gox controls more volume than most other markets combined. It is no longer economically feasible for me to use Silk Road.
ok, didn't realize this, back to the drawing board. I think what we'll do is average the top two exchanges, which right now is mtgox and bitstamp. That puts us at about $105.50 as of this moment.
Thank you very much DPR for reconsidering the matter!
People selling on Localbitcoins have been capitalizing on the MtGox rate, but I'm starting to see listings on Craigslist like "1% below MtGox" for instance. I don't think we should base prices on localbitcoins unless you base them 50% between the bid/ask. You can't reasonably base it on the average ask. I admit that the average ask is a bit on the high side at localbitcoins. But that is temporary due to sellers capitalizing on new bitcoin buyer's ignorance and the delay for people to understand that the MtGox prices is no longer reflective of the true market.
Lots of buyers are using coinbase then doing a shared receive or shared send from blockchain.info which only costs .5%.
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This is a huge problem for the many of us who use Localbitcoins, as the majority of bitcoin sellers base their rates off Mt. Gox prices, and rightly so as Mt. Gox controls more volume than most other markets combined. It is no longer economically feasible for me to use Silk Road.
ok, didn't realize this, back to the drawing board. I think what we'll do is average the top two exchanges, which right now is mtgox and bitstamp. That puts us at about $105.50 as of this moment.
You CANNOT WITHDRAW on gox right now. If they must be included please consider that their influence should only be half as you can buy but you can't sell.
Well.... you can sell, you just can't withdraw. Same thing in my eyes.
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This is a huge problem for the many of us who use Localbitcoins, as the majority of bitcoin sellers base their rates off Mt. Gox prices, and rightly so as Mt. Gox controls more volume than most other markets combined. It is no longer economically feasible for me to use Silk Road.
ok, didn't realize this, back to the drawing board. I think what we'll do is average the top two exchanges, which right now is mtgox and bitstamp. That puts us at about $105.50 as of this moment.
You CANNOT WITHDRAW on gox right now. If they must be included please consider that their influence should only be half as you can buy but you can't sell.
Well.... you can sell, you just can't withdraw. Same thing in my eyes.
That is why their price is so much higher. Anyone with funds on MtGox has to buy bitcoins there to get their funds out off of that shithole. ;D