Silk Road forums
Discussion => Silk Road discussion => Topic started by: jailbirdslanger on March 05, 2013, 02:59 pm
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I have noticed over the last few days that my acct with a small amount in it as usual, has gone up a 30 cents or more a day over the last 72 hours. I got a few bills on me and was thinking maybe I should put this on the SR books. Does this kinda steady up lift in the BTC value normally happen like this (steady rise no revert)? I was talking to someone who put me on to SR and he was so shocked that BTC is up to 31 where it was at like 13 or something early 2K12.
Let me know whats up
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I'm staring at it right now and it's at $41.75. As long as vendors are keeping the items they sell attached to USD, or keeping them manually updated, I'm 110% fine with it. But yeah, this BTC thing is insane. Just in September it was hovering around $10-$13/btc.
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Yeah, bitcoin value is definitely going up, but "slowly" couldn't be a worse descriptor. The price is skyrocketing! Compared to normal currencies and stocks this is crazy growth. I don't know much about the technical aspect of bitcoins, but I'm pretty sure their rate of generation was severely slowed down at the start of the year (maybe halved if I'm not mistaken). Obviously that cuts down on the supply, so if that's the case I'm sure it's a big factor in the price rise.
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It jumped to $45.50 today from like $35. A day ago.
Like holy fuck! What an investment. I'm too scared to buy a lot now at this price, but the ones I got have doubled in a few months. Tax free and nobody is none the wiser.
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If another BTC scam occurs, or somebody big cashes out, it can drop half in a day.
Right now, this is pretty cool, but makes it harder to spend.
It should level out, but thats not happening. BTC acceptance must be growing.
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Slow as a cheetah : http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25zv
when will the correction come? tomorrow? next week? when the price hits 100? 200?
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It jumped to $45.50 today from like $35. A day ago.
Like holy fuck! What an investment. I'm too scared to buy a lot now at this price, but the ones I got have doubled in a few months. Tax free and nobody is none the wiser.
Classic bubble correction in 3...2...1...
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If another BTC scam occurs, or somebody big cashes out, it can drop half in a day.
Right now, this is pretty cool, but makes it harder to spend.
It should level out, but thats not happening. BTC acceptance must be growing.
I cant imagine the chaos if mtgox gets hacked
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If another BTC scam occurs, or somebody big cashes out, it can drop half in a day.
Right now, this is pretty cool, but makes it harder to spend.
It should level out, but thats not happening. BTC acceptance must be growing.
1-Price goes up.
2-"Huh, the price is going up, guess I should buy whilst it's cheap"
3-Price goes up more as people rush in.
4-"Huh, the price has really gone up, but this isn't like all those other times, this asset is really valuable and it's still going up!"
This sort of thinking has never got anyone into financial difficulties before eh? ;)
Just ask anyone who was investing in property back in 2006 :P
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BTC will rise relative to the major currencies as it's a tax free place to park money.
I am very happy about the rising btc cost, I have some "savings" in BTC holdings.
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Market at $44, SR just broke $40, holy shit, Batman. What on earth is going on?
At this rate it will be $100 by end of the month :-X
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this has been a wild ride.
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I don't know about that, but definitely $100 by the end of the year.
I just did a calculation that if 2 years ago you decided to invest $1000 once every 3 months, you would have invested $8,000 and your Coins would be worth @$44 a total of $93,000.
Not a bad investment in anyone's books
Flux Invest every 3 M
Mar 11 $1,000 $44,000
950% Jun 11 $1,000 $4,400
-16% Sep 11 $1,000 $5,436
-63% Dec 11 $1,000 $14,496
166% Mar 12 $1,000 $8,732
110% Jun 12 $1,000 $7,939
181% Sep 12 $1,000 $4,386
125% Dec 12 $1,000 $3,509
Today @$44 $8,000 $92,898
I just wish the banks would accept BitCoins as capital like Shares or Commodity trading
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Resisting the urge to spend all my coins on some tasty SR products... willpower... :-X
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Damn I love watching my account go up by the minute! 8)
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There's new ASIC mining hardware that is becoming mainstream now, so even though the payouts were halved in November, the rate of generation will still increase, and GPU mining will be totally worthless.
That being said, there is a TON of speculation over at bitcointalk.org about if/when this bubble will burst. The general consensus seems to be that the price will drop eventually, but given the current rate of adoption, the drop will most likely steady out, rather than tank like it did in 2011. The question of *when* this will happen, or *what* the price will steady out to is anybody's guess though.
I bought in @ $22 per coin about a month ago, and again last week, but I've just been watching the dollar value of my coins skyrocket and resisting the urge to make any SR purchases. Can't say I'm disappointed--my holdings went up $1000 in the last 24 hours!
Vendors must also be loving this upswing. The guys who were spending 4BTC for an eighth of bud 2 weeks ago effectively paid their vendor close to $200 each @ today's price! Who knows how far this will go?
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There's new ASIC mining hardware that is becoming mainstream now, so even though the payouts were halved in November, the rate of generation will still increase, and GPU mining will be totally worthless.
The rate of generation will be rather close to half what it was before. The difficulty is adjusted so that regardless of the global hashrate, 6 blocks are found per hour, just now they are half as bountiful. The extra effort required to mine bitcoins would suggest that they are more valuable.
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What exchange rate does SR use USD/BTC or EUR/BTC and is it exposed anywhere?
Such as can we goto silk.....onion/rate/ticker or something and see current rate they use?
thanks.
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the question is...
is it a balloon, getting bigger, but eventually will it go bang and then it will be worth nothing
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There's new ASIC mining hardware that is becoming mainstream now, so even though the payouts were halved in November, the rate of generation will still increase, and GPU mining will be totally worthless.
The rate of generation will be rather close to half what it was before. The difficulty is adjusted so that regardless of the global hashrate, 6 blocks are found per hour, just now they are half as bountiful. The extra effort required to mine bitcoins would suggest that they are more valuable.
You're correct. That point slipped my mind when I was typing the post. The rate of generation is designed to stay constant. Payouts are worth half as much, so the rate of coins entering the market will be effectively halved.
The main reason why they are becoming more valuable is not so much to do with generating new coins, as it is to do with supply and demand. Fewer people are willing to sell their coins as the price keeps rising, and at the same time, more people are interested in buying coins as the rate of adoption grows (in addition to more people wanting to buy coins, there is extra allure due to the investment potential we've seen in the past few months). The question is, when will this rapid growth stop, and when it does, what will the price steady out at? $25? $55? $0.5? No one has an answer, because there is no historical model for this type of market.
the question is...
is it a balloon, getting bigger, but eventually will it go bang and then it will be worth nothing
Very doubtful that they will ever be worth nothing at this point. The only thing that would destroy the value of the BTC is if a major bug or loophole is found in the design. Since we've gotten this far, that scenario is highly unlikely. The only other concern is when a newer better technology comes along to replace Bitcoin, but even then, the new currency would most likely need to be sourced from the value of the Bitcoin, so the value wouldn't even go to nothing in that case.
The real outstanding question is--what will the value steady out at once this balloon "deflates," and when?
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Rise of The Coin. Nice suspenseful article title for the crazy joy which is the ever so rising btc. :)
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the question is...
is it a balloon, getting bigger, but eventually will it go bang and then it will be worth nothing
lord lets hope not.
And i must say Wazup7 you must have alot invested to be gaining 1000 profit margin in a day !!!
I really think I should go put a lil dough on even though I don't need to yet, it'll prob do more there then it will in my pocket