Silk Road forums

Discussion => Silk Road discussion => Topic started by: JezuzWazaMushroom on April 12, 2013, 01:39 pm

Title: Should Silk Road cease trading until the market stables?
Post by: JezuzWazaMushroom on April 12, 2013, 01:39 pm
The general consensus on BTC-E is DPR should cease trading SR until this disaster is stable that's fucking buyers and sellers alike, what do you guys think?
Title: Re: Should Silk Road cease trading until the market stables?
Post by: donatto on April 12, 2013, 01:57 pm
I guess he dont give a fuck what they think, and the fluctuations of btc, no need for that, lol.
Title: Re: Should Silk Road cease trading until the market stables?
Post by: JezuzWazaMushroom on April 12, 2013, 02:01 pm
I guess he dont give a fuck what they think, and the fluctuations of btc, no need for that, lol.

I don't think you would be feeling that way if you were in other peoples shoes my friend. You sound like someone who has no vested interest in keeping peoples assets secure etc, you just sound like someone who wants to get high and therefore your only vested interest is keeping SR open. The rest of us who have lost many 10's of 1000's on the other hand aren't as keen to throw BTC's at someone who will just be stuck with a huge loss just because we can!
Title: Re: Should Silk Road cease trading until the market stables?
Post by: TheSauceIsHot on April 12, 2013, 02:10 pm
Wouldn't that lead to less btc trading?  How would that help?  It seems to be SR taking the hits with hedging.
Title: Re: Should Silk Road cease trading until the market stables?
Post by: JezuzWazaMushroom on April 12, 2013, 02:14 pm
Wouldn't that lead to less btc trading?  How would that help?  It seems to be SR taking the hits with hedging.

Because it's going to kill off vendors who will lose 1000's buy panic buying from greedy customers who will exploit the weighted average if and when the major sell off starts. If you believe it's not going down to under $30 you have never traded commodities. The sell off is just getting started!
Title: Re: Should Silk Road cease trading until the market stables?
Post by: TheSauceIsHot on April 12, 2013, 02:25 pm
Wouldn't that lead to less btc trading?  How would that help?  It seems to be SR taking the hits with hedging.

Because it's going to kill off vendors who will lose 1000's buy panic buying from greedy customers who will exploit the weighted average if and when the major sell off starts. If you believe it's not going down to under $30 you have never traded commodities. The sell off is just getting started!

BTC being a decentralized currency, there sure is an attempt here to centralize it for a moment.  Vendors can cash in daily, weekly, or whatever.  That's their responsibility.  A month ago vendors were accepting $40 a coin.  We are still well above that.  I'm sure many of them have walked with double the profits that their products were sold for.  The whole thing about trading is it's a gamble.  Should it always be on the up and up then shut down with it starts to go down?

The one thing that interests me is how MtGox froze their weighted average while all the other sites averages were half of MtGox.  SR prices are according to MtGox.  If I were a vendor, I'd be more upset about the manipulation MtGox seems to be attempting.
Title: Re: Should Silk Road cease trading until the market stables?
Post by: tango on April 12, 2013, 02:37 pm
As long as SR is still trading, even if its only a little.
DPR is making money, at the end of the day its not really his problem, hes just provided the infrastructure etc to make trading happen.
Whether people want to cease buying or trading, its up to them.
Title: Re: Should Silk Road cease trading until the market stables?
Post by: grahamgreene on April 12, 2013, 02:51 pm
The general consensus on BTC-E is DPR should cease trading SR until this disaster is stable that's fucking buyers and sellers alike, what do you guys think?

Absolutely not! What many people here seem to forget is that Silk Road is a free market built on Agorist principles. It reacts to the demands of the market, not to the demands of the currency used within it.

People are free to make sales / make purchases as they see fit; who is anybody else to tell them that they do not have the freedom to do so?! Who is anybody else to put restrictions on their freedom?!
The majority of the traders at BTC-E are only concerned about limiting losses. That is their issue; we cannot allow the freedom of others to be sacrificed in the pursuit of profit.

- grahamgreene

EDIT:

In response to this:

Because it's going to kill off vendors who will lose 1000's buy panic buying from greedy customers who will exploit the weighted average if and when the major sell off starts. If you believe it's not going down to under $30 you have never traded commodities. The sell off is just getting started!

The problem with that logic is that Bitcoin is not a commodity, it is a proof-of-concept currency which is traded by some AS a commodity. It has inherent value as a currency in its use of exchange by many for goods and services. This was not a 'commodity crash', it was a price drop caused by commodity traders attempting to cut their losses and maximise their profit by selling off the assets that they held - in this case Bitcoin - to the detriment of the market.

Bitcoin's value was hugely inflated by these speculators, and it is now experiencing a correction in its value. Prices will not return to the levels they were at in a short period of time, but it is not unfeasible that they will return to those levels in time.
Title: Re: Should Silk Road cease trading until the market stables?
Post by: Wadozo on April 12, 2013, 03:10 pm
Tango and  grahamgreene are spot on with their assesment of the situation. +1 for you both. :)  If anyone lost money it's through personal greed. There was plenty of time to cash out and still make a huge profit but if you chose not to, you have no one to blame but yourself. Bitcoin had risen 700% in one month. Pulling out your coins and making anything from 100% profit upwards would have been a great result. There is absolutely no reason to close SR because of a bad decision made by some people!! Where's your personal responsibility for your loss?? SR is merely a facilitator as such, offering a platform to conduct mostly illegal business transactions anonymously. People should only bet/invest what they can afford to lose.
Title: Re: Should Silk Road cease trading until the market stables?
Post by: cantharidin on April 12, 2013, 03:20 pm
Good idea - let's have SR function as a big centralized government and contol the market for "the good of all". Oh wait, we already have those...

There was a discussion in another thread about whether it's good or bad for vendors to pull listings when things go crazy like this. I say that's the solution - each vendor can make their own decision about whether they want to, or can, do business in such an environment. If a particular vendor is on the edge and can't take whatever risks are involved in accepting bitcoin as payment, then they should pull their listings until things get a little more predictable. No one on SR has a right to force someone to do business that doesn't make sense.

SR is pegged to BTC, and that has been generally an excellent thing (for both). At the moment, we are experiencing a big disruption that is caused by the fact that BTC is brand new to the world and the world is still figuring out how to relate to this new thing. We all need to have patience with this process and trust that BTC will be better for having gone through it. I think this is a golden opportunity for everyone to see what the weak points of the BTC concept are and work to shore those up.

The points made in the replies above - that vendors have been making out like crazy in the run up this month - are exactly correct.
Title: Re: Should Silk Road cease trading until the market stables?
Post by: Jediknight on April 12, 2013, 03:55 pm
So true . Some of you are geniuses.


Everyone had plenty of time to cash out at the high number.  In fact , it dropped quit slowly really.  We all saw it happening and only a few took the chance and left their money depreciate due to greed.

Wipe your years and move on.   Accept this As a lesson about not using a currency as an investment.
It's like people saving their cheques and not cashing them at the bank like they are suppose to.

Fuck, cashing out should be done daily for vendors.  Leave it I there for longer and you pay the price for it.
This is nothing new at all.

I'm sure DPR is chuckling at all this and thinking to himself, "why the hell didn't they just cash out when they saw it starting to drop and drop, and drop some more and more, and again ."  Jeese how much time and warning do people need to cash out.  ?   They have brokers, accountants, bookkeepers, consultants for these things.  Vendors can choose to hire people who know what they are doing and do it right.   

Don't pretend to be an investor.   Empty your cash register/till at the end of the day like every business in the world does.   
Title: Re: Should Silk Road cease trading until the market stables?
Post by: Razorspyne on April 12, 2013, 04:24 pm
No.

Piece, Love, and Fuck Haters.
Title: Re: Should Silk Road cease trading until the market stables?
Post by: thegrinder on April 12, 2013, 04:40 pm
people forget that silk road is and illegal privilege we all share risk in.  it's going to operate how it does, and shouldn't change for reasons not related to safety of members. 
anyone that is trying to make profit off SR and doesn't IMMEDIATELY remove their money from the site is asking for trouble in the long run. 
Title: Re: Should Silk Road cease trading until the market stables?
Post by: donatto on April 12, 2013, 06:56 pm
I guess he dont give a fuck what they think, and the fluctuations of btc, no need for that, lol.

I don't think you would be feeling that way if you were in other peoples shoes my friend. You sound like someone who has no vested interest in keeping peoples assets secure etc, you just sound like someone who wants to get high and therefore your only vested interest is keeping SR open. The rest of us who have lost many 10's of 1000's on the other hand aren't as keen to throw BTC's at someone who will just be stuck with a huge loss just because we can!

wtf? Are you high while writing this or what?

1 - why the fuck would i want to keep peoples assets secure etc?
2 - I dont want to get high on anythin, i cant anyways, im with health issues, im just doing some business, buy-sell, thats it, so wtf man.
3 - And maybe i didnt lost 10's of 1000's, but, ive been fuckd with the hedge thing, and i dont complain of anything. Instead, im thankful the Road is still up and going as always.

And to finalize, if u are in the business, why the fuck would u care of "people assets" or some other random bullshit, just do your business, dont complain, and thats it.
 NOBODY IS DOING CHARITY HERE, NOBODY IS DOING SOMETHING LEGAL HERE, NOBODY CARES FOR NOONE, period.

ps: forgive me if i misunderstood your point anyways mate, but i dont think that SR have to stop the market just for the currency randomness, no sense at all, that is even more random and unstable for ALL OF US, vendors/buyers/stoners/fuckers/haters/lovers/cryptog33ks
Title: Re: Should Silk Road cease trading until the market stables?
Post by: resalesam on April 12, 2013, 07:49 pm
lol a vendor can pull his listings anytime he wants to. hell a vacation might be good for some of those crabby fkrs
buyers can cease purchasing anytime they want

i don't understand the op
Title: Re: Should Silk Road cease trading until the market stables?
Post by: SolidRain on April 12, 2013, 08:19 pm
Here's where I'm confused, of my current orders that our out, and I am hedged to the $$, now that SR should have the right Gox rate, I will receive the amount of BTC to equal the USD when my customers finalize correct? I included an example below.

shipping: Shipping
postage: $6.87
total price: $355.53
ordered: April 8, 2013, 5:52 am UTC
shipped: April 8, 2013, 8:46 pm UTC

So when they finalize assuming that  a BTC is worth $90 will SR be depositing the 3.94 BTC (less commission) to my account?
 OR
the amount of BTC that was used to originally purchase the product, lets say 1.93 BTC?

Should be the 3.94 BTC right? That's why we hedge?
Title: Re: Should Silk Road cease trading until the market stables?
Post by: Wadozo on April 12, 2013, 09:57 pm
Here's where I'm confused, of my current orders that our out, and I am hedged to the $$, now that SR should have the right Gox rate, I will receive the amount of BTC to equal the USD when my customers finalize correct? I included an example below.

shipping: Shipping
postage: $6.87
total price: $355.53
ordered: April 8, 2013, 5:52 am UTC
shipped: April 8, 2013, 8:46 pm UTC

So when they finalize assuming that  a BTC is worth $90 will SR be depositing the 3.94 BTC (less commission) to my account?
 OR
the amount of BTC that was used to originally purchase the product, lets say 1.93 BTC?

Should be the 3.94 BTC right? That's why we hedge?

Yes mate, you are correct.  :)
Title: Re: Should Silk Road cease trading until the market stables?
Post by: SolidRain on April 13, 2013, 02:21 am
Here's where I'm confused, of my current orders that our out, and I am hedged to the $$, now that SR should have the right Gox rate, I will receive the amount of BTC to equal the USD when my customers finalize correct? I included an example below.

shipping: Shipping
postage: $6.87
total price: $355.53
ordered: April 8, 2013, 5:52 am UTC
shipped: April 8, 2013, 8:46 pm UTC

So when they finalize assuming that  a BTC is worth $90 will SR be depositing the 3.94 BTC (less commission) to my account?
 OR
the amount of BTC that was used to originally purchase the product, lets say 1.93 BTC?

Should be the 3.94 BTC right? That's why we hedge?

Yes mate, you are correct.  :)

Thanx for the reply. I was always under that impression just never had such a need for it to be so correct before.
Title: Re: Should Silk Road cease trading until the market stables?
Post by: kingghb on April 13, 2013, 02:37 am
I doubt it will be stable any time soon