Silk Road forums
Discussion => Silk Road discussion => Topic started by: MDUK on March 28, 2013, 10:48 am
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So, try as I might, I struggle to justify the fact that BTC/USD has doubled in 10 days. Given that the currency is produced at a rate of 3600BTC/day, there's an effective net inflow of ~$3.4 million per day implied just to keep the currency flat price-wise.
I can accept that some are shitting bricks over the Cyprus situation, but I still can't fathom how this can be anything other than a bubble. Things are starting to feel very June-2011 ;)
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Its rising really fast at the moment thats for sure, it will hit $100 in 24 hours or probably less. It's risen $10 in the last 24hrs.
Im not really that worried as i dont have much invested in it. It would be hard to ride this out if you thousands of dollars in BTC.
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Its rising really fast at the moment thats for sure, it will hit $100 in 24 hours or probably less. It's risen $10 in the last 24hrs.
Im not really that worried as i dont have much invested in it. It would be hard to ride this out if you thousands of dollars in BTC.
I have a feeling we'll see some shaky hands at $100. I've personally made a shitload off the btc price rise and sold my initial investment already. I'm willing to see where this goes in 5+ yrs.
But one thing is for sure, this shit will crash. When, I don't know. If I had to guess, we'll see it happen within the next week.
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Im speculating that it hits USD$120/BTC within 10 days...
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It is crazy how fast the value is inflating. Sometimes I wish I hung onto the initial coins I bought for €4.50 each when I first heard about Silk Road. Then I kick myself in the arse and remind myself of the epic times I have had on the wonderful drugs I have gotten from SR :)
It is hard to speculate on how the value will fluctuate. I can't see this sharp rise in value continuing for much longer. What I do now, is let the value rise until I have enough dollars on my account to afford something I really want to buy on SR and then buy it.
If a crash does happen any time soon, I will certainly be stocking up on bitcoin and hanging onto some of them for a while. :)
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I hope it does crash personally, have done my orders for a few weeks so when it drops I'm going to buy a bunch of BTC and hold onto them until they recover.
I think mentally $100 is sort of a glass ceiling for a lot of people so we could see a lot of people selling when it gets there.
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I hope it does crash personally, have done my orders for a few weeks so when it drops I'm going to buy a bunch of BTC and hold onto them until they recover.
I think mentally $100 is sort of a glass ceiling for a lot of people so we could see a lot of people selling when it gets there.
I agree with the $100 being a glass ceiling thing. Lets see how it fairs out :)
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Yah for vendors it is hairy right now with K's in escrow. We are riding the dragon of profits to at least 100. It is stupid not to exploit what WILL happen.
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It is crazy how fast the value is inflating. Sometimes I wish I hung onto the initial coins I bought for €4.50 each when I first heard about Silk Road. Then I kick myself in the arse and remind myself of the epic times I have had on the wonderful drugs I have gotten from SR :)
It is hard to speculate on how the value will fluctuate. I can't see this sharp rise in value continuing for much longer. What I do now, is let the value rise until I have enough dollars on my account to afford something I really want to buy on SR and then buy it.
If a crash does happen any time soon, I will certainly be stocking up on bitcoin and hanging onto some of them for a while. :)
I know what you mean. I can't bring myself to calculate what all the coins I've spent would be worth now. It would make me sick. :'(
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I really hope it doesnt(just yet) my yubikey broke last week, my account is frozen for 2 weeks for now because i asked to unlink the key to get back in.....fuck me right
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I calculated over $14,600. in bitcoins that I've spent in the last 3 months on drugs. - In todays coin prices that is. . SAD.
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I hope we just have a stall at $100 with minimal correction. If this hover at $100 happens, I predict more big money to be injected and another run to the moon soon after.
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I really hate to seem liked I'm blinded by $$$'s & BTC's but I don't really think a hard crash is coming. A correction is bound to happen but I don't think we've met that point yet. I know SR accounts for a lion's share of the BTC economy but there has been millions of venture capital pumped into other legit BTC businesses and payment processors in the past few months. Along with increased(positive) media attention and the release of new mining rigs BTC is definitely experiencing a boom. The best part about all this new money being pumped into BTC is that there is a greater general interest in not allowing a collapse.
The crash of 2011 was brought about mostly by flaws in security that were exploited. It's hard to invest money in something that's not secure. Those problems have since been addressed and while there are still weaknesses in the blockchain the network is stronger than ever. Much like any banking or investment system there will always be attacks and scams but the early days of BTC have taught some valuable lessons which were applied and I believe we are seeing the benefits now. Any investor can come to terms with losses incurred by shifts in price but to lose by theft or deception is not a risk any smart investor will take. The volatility of the market is enough of a risk, no need for extra variables.
As BTC exits it's dark age and enters the new era I see no reason why it can't compete with other commodities that investors currently favor. The advantages BTC holds over other fiat currencies and commodities is slowly being revealed to the masses. As long as there are more people willing to invest in and use BTC than there are coins in circulation the value will hold. I think many here had envisioned BTC reaching this price, just not yet. When something incredible comes along you typically only get one shot to play. Don't let this be the reason you are watching from the sidelines. Believe me, I'm all in. If Dwolla wasn't DDoS'd last night I'd be trying to buy more right now ;)
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It is crazy how fast the value is inflating. Sometimes I wish I hung onto the initial coins I bought for €4.50 each when I first heard about Silk Road. Then I kick myself in the arse and remind myself of the epic times I have had on the wonderful drugs I have gotten from SR :)
It is hard to speculate on how the value will fluctuate. I can't see this sharp rise in value continuing for much longer. What I do now, is let the value rise until I have enough dollars on my account to afford something I really want to buy on SR and then buy it.
If a crash does happen any time soon, I will certainly be stocking up on bitcoin and hanging onto some of them for a while. :)
I know what you mean. I can't bring myself to calculate what all the coins I've spent would be worth now. It would make me sick. :'(
Back in 2010, the guy who introduced me to bitcoin formatted a hard drive with a >3200BTC wallet on it.
At the time it wasn't a big deal.
It is now ;D
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Personally I don't hold on to coins but I find it so backwards that Bitcoin was supposed to release the people from the banks and speculators but here we are acting just like those were supposed to destroy. Speculating, accumulating, investing, it's the same shit, different model.
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It is crazy how fast the value is inflating. Sometimes I wish I hung onto the initial coins I bought for €4.50 each when I first heard about Silk Road. Then I kick myself in the arse and remind myself of the epic times I have had on the wonderful drugs I have gotten from SR :)
It is hard to speculate on how the value will fluctuate. I can't see this sharp rise in value continuing for much longer. What I do now, is let the value rise until I have enough dollars on my account to afford something I really want to buy on SR and then buy it.
If a crash does happen any time soon, I will certainly be stocking up on bitcoin and hanging onto some of them for a while. :)
I know what you mean. I can't bring myself to calculate what all the coins I've spent would be worth now. It would make me sick. :'(
Back in 2010, the guy who introduced me to bitcoin formatted a hard drive with a >3200BTC wallet on it.
At the time it wasn't a big deal.
It is now ;D
Things like this and that 10k BTC pizza make me want to shoot myself in the fucking head. Missed opportunities...
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Personally I don't hold on to coins but I find it so backwards that Bitcoin was supposed to release the people from the banks and speculators but here we are acting just like those were supposed to destroy. Speculating, accumulating, investing, it's the same shit, different model.
True but alteast a lot of us aren't "elite" and the rise in our bitcoin means the death and deterioration of all those government currencies which can get me a bit excited lol
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If I had saved every bitcoin since I started here in mid 2012 I think I would be about £150,000 better off. I used to sell a gram of weed for 3BTC! An ounce was like 45BTC lol.
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I think there may be a bubble at $100, but if it doesn't cause an incredibly fast firesale, there will be plenty put back into the market and possibly more longevity-based BTC investments. The price might stay high, but at least it would be more stable.
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I like how the vast majority of times that people predict a crash they give absolutely no economic reason why it would occur. At least make references to basics like supply and demand before you start going Chicken Little on us. Increases in supply are limited while demand seems to be going up exponentially in the long run... you guys can do the math.
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Can' t a group of vendors, for example, who have coins flying in on a daily basis, just keep buying and selling them amongst each other to just rack up the value.. or am I just too stoned?
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Can' t a group of vendors, for example, who have coins flying in on a daily basis, just keep buying and selling them amongst each other to just rake up the value.. or am I just too stoned?
Because the black markets that use bitcoin as currency don't have a very large chuck of the bitcoin market. Also, if vendors were to do that on a exchange we would end up with 0 coins since the exchangers charge a commission.
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Can' t a group of vendors, for example, who have coins flying in on a daily basis, just keep buying and selling them amongst each other to just rake up the value.. or am I just too stoned?
For starters if you're talking about SR vendors I highly doubt they carry enough weight in the BTC market to actually inflate or deflate the exchange rate. From what I've seen the % of users who use BTC to buy or sell drugs is a small minority. Coordinating a large enough collusive act to significantly affect the BTC value would be almost impossible at this point.
Someone can correct me if I'm wrong, but at this point the market capitalization value or BTC is over $500 million, and that value is dispersed among (probably) hundreds of thousands or millions of people. Even if some collusion occurred, it wouldn't take the market more than a couple of hours to correct the price IMO.
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Personally I don't hold on to coins but I find it so backwards that Bitcoin was supposed to release the people from the banks and speculators but here we are acting just like those were supposed to destroy. Speculating, accumulating, investing, it's the same shit, different model.
Bitcoin was not supposed to "release the people from the banks and speculators" - it was created entirely as a proof of concept, nothing more.
Apart from that, the reality is that we currently live within a global Capitalist system, something that creates a desire for more stores of value such as gold and of course fiat currency. As a result, the actions you're seeing here stem, for the most part, from living within a Capitalist system - not simply a result of people being greedy.
[SNIP]
Someone can correct me if I'm wrong, but at this point the market capitalization value or BTC is over $500 million, and that value is dispersed among (probably) hundreds of thousands or millions of people. Even if some collusion occurred, it wouldn't take the market more than a couple of hours to correct the price IMO.
The current BTC Market Cap is actually $1,001,919,945.00, with ฿10,961,925 available. That's just north of one billion USD.
Figures are from BitStamp:
**CLEARNET WARNING**
https://www.bitstamp.net/
**CLEARNET WARNING**
You would have to have a HUGE amount of collusion in order to affect the price in any noticeable manner - even if every Silk Road vendor were to come together in an attempt to do this, they wouldn't move the price by more than $12.00 - $15.00.
- grahamgreene
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It already went back down to 84 just a little bit ago and is sitting at around 87 now (according to Mt.Gox)
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We should have a big virtual party when bitcoin hits $100.
BTW, this is probably not a bubble. The 2011 bubble happened because media reports created a boom of interest that quickly died. It can be quantified by the USD exchange trade volume:
https://blockchain.info/charts/trade-volume?timespan=all
The trade volume is much higher now, and has been for a longer sustained period of time, so you would expect the price to be higher. The important point is whether this interest in bitcoin will disappear, like it did last time (that would cause a crash as people cash out). I don't think it will. This is a different time and environment. A lot more legit businesses are accepting bitcoin and many more people believe in it as a "real" currency.
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God I love being so fucking right about everything. ;D
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Sitting at 83 right now
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Bitcoin May Be the Global Economy's Last Safe Haven
One of the oddest bits of news to emerge from the economic collapse of Cyprus is a corresponding rise in the value of Bitcoin, the Internet’s favorite, media-friendly, anarchist crypto-currency. In Spain, Google (GOOG) searches for “Bitcoin” and downloads of Bitcoin apps soared. The value of a Bitcoin went up to $78. Someone put out a press release promising a Bitcoin ATM in Cyprus. Far away, in Canada, a man said he’d sell his house for BTC5,362.
Bitcoin was created in 2009 by a pseudonymous hacker who calls him or herself Satoshi Nakamoto (and who might be several people). It’s a form of virtual cash used to buy goods and services online. Even by Web standards, it’s a strange and supergeeky phenomenon. This is what happens when software and networks meet the concept of currency, when you take peer-to-peer networks and advanced cryptography and ask, “How can I make a new economy?”
There are 10,952,975 Bitcoins in circulation. (With a digital currency you can be specific.) Bitcoin isn’t about to replace hard currency—with a market cap of $864 million, all of it is worth less than what Facebook (FB) paid for Instagram—but it’s bigger than anyone expected. And many people will tell you that the emergence of a virtual global money supply beyond the reach and control of any government is very real and that it’s time we take it seriously. As long as the Internet remains turned on, Bitcoin will be there—to its adherents, it’s the Platonic currency.
A dollar bill has a serial number and travels from buyer to seller. A Bitcoin’s not so much a thing as an understanding, a balance in a decentralized general ledger, or “account log.” Bitcoins are created as the side effect of a great deal of meaningless computational work. That is, the computer could be working on protein-folding, or processing images, or doing something else with its time, but instead it’s being used to “mine” Bitcoins—searching for mathematical needles in a networked haystack. Once the needle is found, a “block” of Bitcoins is born. Bitcoins live in a bit of software known as your “wallet.”
How did they get there? Perhaps you minted them by mining, or bought them on an exchange, or received them as part of a barter transaction. Now those Bitcoins are burning a bithole in your bitpocket, and you want to buy something. How do you spend them? Clicking around your wallet app, you set up a payment and put in the Bitcoin address of the recipient—something memorable and fun, like 1Ns17iag9jJgTHD1VXjvLCEnZuQ3rJDE9L. A few minutes later, after the peer-to-peer network has authorized the transaction as legitimate, the recipient’s wallet, wherever it is, will show that you’ve paid up.
How is this different from PayPal (EBAY)? In theory anyone could run his own version of PayPal on a server and use that to transfer funds between parties. But he’d also need to handle world currencies, deal with security, and handle regulations. Similarly, physical banks promise protections above and beyond stuffing cash in a mattress or dropping it off in paper bags. Financial institutions commodify trust—it’s not their money, after all. It’s yours. Yet you trust them more than you trust yourself.
Bitcoin shrugs all this off. It’s not pegged to anything, and there are no regulations. It’s a supercomputer-size chore to counterfeit. The key thing to understand is that there’s no bank, no Federal Reserve, in the middle. It’s not unlike an exchange-traded fund (for example, FORX, from Pimco)—a mix of non-U.S. currencies—designed as a hedge against the dollar. Bitcoin is a hedge against the entire global currency system. And no exchange is needed, unless you want to convert your Bitcoin into an actual hard currency.
clearnet link
http://www.businessweek.com/articles/2013-03-28/bitcoin-may-be-the-global-economys-last-safe-haven#r=rss
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yes current market cap of bitcoin economy is 1 billion USD
currently btc is acting as safe haven after Cyprus stopped people from withdrawing from bank ATMs more than 300 euros, sending bigger transfers of WesternUnions out, carrying over 1000$/gold on a flight
digital currencies are the only safer ways to get your hard earned money from screwy governments bent on wasting away taxpayers so the banks stayss afloat...and bitcoin is the biggest and most liquid of all digital currencies
btc right now is acting kind-off inverse bet on stupid governments seizing assets to help their greasy banker friends
credit card and paypal have failed....bitcoins will be a viable alternative to paypal in next few years
markets have spoken...btc and SR system validated...
this current price of bitcoin is here for a reason...it will correct but days of cheap bitcoins are over
Personally I don't hold on to coins but I find it so backwards that Bitcoin was supposed to release the people from the banks and speculators but here we are acting just like those were supposed to destroy. Speculating, accumulating, investing, it's the same shit, different model.
Bitcoin was not supposed to "release the people from the banks and speculators" - it was created entirely as a proof of concept, nothing more.
Apart from that, the reality is that we currently live within a global Capitalist system, something that creates a desire for more stores of value such as gold and of course fiat currency. As a result, the actions you're seeing here stem, for the most part, from living within a Capitalist system - not simply a result of people being greedy.
[SNIP]
Someone can correct me if I'm wrong, but at this point the market capitalization value or BTC is over $500 million, and that value is dispersed among (probably) hundreds of thousands or millions of people. Even if some collusion occurred, it wouldn't take the market more than a couple of hours to correct the price IMO.
The current BTC Market Cap is actually $1,001,919,945.00, with ฿10,961,925 available. That's just north of one billion USD.
Figures are from BitStamp:
**CLEARNET WARNING**
https://www.bitstamp.net/
**CLEARNET WARNING**
You would have to have a HUGE amount of collusion in order to affect the price in any noticeable manner - even if every Silk Road vendor were to come together in an attempt to do this, they wouldn't move the price by more than $12.00 - $15.00.
- grahamgreene
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the crash is happening right now. it was indeed a bubble
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RUH ROH. 77.7
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Only if it stays down. BTW, it dropped from $48 to $33 a few weeks ago and came back up. It would have to drop from $92 to $62 to be as big of a crash percentage wise.
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Mtgox currently struggling under the load of half the community trying to log on and sell :P
Fucking herd animals ;)
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Perfect time to be locked out of my mtgox account ):
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So, try as I might, I struggle to justify the fact that BTC/USD has doubled in 10 days. Given that the currency is produced at a rate of 3600BTC/day, there's an effective net inflow of ~$3.4 million per day implied just to keep the currency flat price-wise.
I can accept that some are shitting bricks over the Cyprus situation, but I still can't fathom how this can be anything other than a bubble. Things are starting to feel very June-2011 ;)
This aint a speculation bubble this time....btc users have risen in spain, greece, cyprus and lots of other places
btc is only way for some people to save their hard earned money when fiats are getting seized at banks
maybe these are small countries to affect much but markets have given judgement in favor of btc
market overreact sometimes in short term but it almost always have sound reasoning
100$ soon
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banks committed suicide in cyprus, BTC got recognized as the better option - can't see a crash unless public confidence is dented by BTC scams. i'm loving the new prices; all of a sudden 3 7970s can support my weed habit ;D
and if i'm wrong, i'll just end up with a hell of a gaming P.C.... or a brute force password cracker 8)
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So, try as I might, I struggle to justify the fact that BTC/USD has doubled in 10 days. Given that the currency is produced at a rate of 3600BTC/day, there's an effective net inflow of ~$3.4 million per day implied just to keep the currency flat price-wise.
I can accept that some are shitting bricks over the Cyprus situation, but I still can't fathom how this can be anything other than a bubble. Things are starting to feel very June-2011 ;)
This aint a speculation bubble this time....btc users have risen in spain, greece, cyprus and lots of other places
btc is only way for some people to save their hard earned money when fiats are getting seized at banks
maybe these are small countries to affect much but markets have given judgement in favor of btc
market overreact sometimes in short term but it almost always have sound reasoning
100$ soon
If the price hadn't dropped 20% in the time since I made this topic your "this isn't a bubble" statement would have more credibility.
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Personally I don't hold on to coins but I find it so backwards that Bitcoin was supposed to release the people from the banks and speculators but here we are acting just like those were supposed to destroy. Speculating, accumulating, investing, it's the same shit, different model.
Bitcoin was not supposed to "release the people from the banks and speculators" - it was created entirely as a proof of concept, nothing more.
Apart from that, the reality is that we currently live within a global Capitalist system, something that creates a desire for more stores of value such as gold and of course fiat currency. As a result, the actions you're seeing here stem, for the most part, from living within a Capitalist system - not simply a result of people being greedy.
Isn't the whole concept to have money you have total control over? Owe your buddy in Singapore some cash? No problem, I'll send it over right now with no fees and no middle man. That's power. If I wanted to do that with my bank it would have fees attached, but with Bitcoin my, buddy will have his cash in half an hour basically free of charge withing an hour. As for the capitalist system part, that would apply to the speculators. Not every speculator will win, some will lose or go broke and they don't have to. Why take some of the worst parts of the banking system and apply it to a currency the people have total control over. It doesn't make sense.
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So, try as I might, I struggle to justify the fact that BTC/USD has doubled in 10 days. Given that the currency is produced at a rate of 3600BTC/day, there's an effective net inflow of ~$3.4 million per day implied just to keep the currency flat price-wise.
I can accept that some are shitting bricks over the Cyprus situation, but I still can't fathom how this can be anything other than a bubble. Things are starting to feel very June-2011 ;)
This aint a speculation bubble this time....btc users have risen in spain, greece, cyprus and lots of other places
btc is only way for some people to save their hard earned money when fiats are getting seized at banks
maybe these are small countries to affect much but markets have given judgement in favor of btc
market overreact sometimes in short term but it almost always have sound reasoning
100$ soon
If the price hadn't dropped 20% in the time since I made this topic your "this isn't a bubble" statement would have more credibility.
you are overplaying this correction...its over...everyone knew it was coming....20% drop is nothing is you see from where btc came from in last 4 months
in long scheme of things this is just a bump
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Not trying to be a dick here but how much of a drop is needed before the people who are so hypnotized by bitcoins acknowledge it as being a big deal? It could fall 50% and people would still shrug it off as a short-term correction or not a big deal.
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Wait until Slovenia's banks become insolvent. With the growing burden on business due to transaction fees, combined with the ECB levies on CD's, I predict Bitcoin to rise in the upcoming years.
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And in the time it took me to get food, we're back at $88.
There will be many more corrections and sell offs, but this is nothing like the 2011 bubble. It went from $31 to $2, a loss of over 90% of its peak value, and stayed below 20% of its peak value for the next year. In order to be a crash of the same magnitude, BTC would have to drop to $6 and stay below $20.
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Wait until Slovenia's banks become insolvent. With the growing burden on business due to transaction fees, combined with the ECB levies on CD's, I predict Bitcoin to rise in the upcoming years.
lax regulations on banks is creating all sorts of financial armagaddon...starting with US, Iceland, Finland, Greece, Spain, Cyprus, Italy... they all screwing up big time
for a more openly accounting society bitcoin is the future
i wish the regulators learn from bitcoin economy
the fundamentals are looking bright for all digital currencies
Down with credit card, paypal....Long live Bitcoin
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It took 3 hours to "crash" and 30 minutes to come back up. Don't call anything a crash unless it stays that way for at least a month.
BTW, your hair will fall out if you try to follow every twist and turn in BTC price like this. :)
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Wait until Slovenia's banks become insolvent. With the growing burden on business due to transaction fees, combined with the ECB levies on CD's, I predict Bitcoin to rise in the upcoming years.
lax regulations on banks is creating all sorts of financial armagaddon...starting with US, Iceland, Finland, Greece, Spain, Cyprus, Italy... they all screwing up big time
for a more openly accounting society bitcoin is the future
i wish the regulators learn from bitcoin economy
the fundamentals are looking bright for all digital currencies
Down with credit card, paypal....Long live Bitcoin
I am completely with you. This currency truly has the potential to empower the underclass. Think of all the red tape one must cut through to open a business;bank accounts, taxes, licenses etc...Bitcoin will revolutionize business interactions. American politicians always talk shit or pontificate about helping entrepreneurs and small business. They never mention the true hindrances decreasing their potential. My only concern is a fear that once the world governments begin to lose their economical power, Bitcoin will be attacked. How will this effect Bitcoin? Will they become outlawed?
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And in the time it took me to get food, we're back at $88.
There will be many more corrections and sell offs, but this is nothing like the 2011 bubble. It went from $31 to $2, a loss of over 90% of its peak value, and stayed below 20% of its peak value for the next year. In order to be a crash of the same magnitude, BTC would have to drop to $6 and stay below $20.
With you 100%. Trying to scoop up as much as I can right now while these suckers are selling cheap :)
Like you said though, looks like prices are back to around $90
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Wait until Slovenia's banks become insolvent. With the growing burden on business due to transaction fees, combined with the ECB levies on CD's, I predict Bitcoin to rise in the upcoming years.
lax regulations on banks is creating all sorts of financial armagaddon...starting with US, Iceland, Finland, Greece, Spain, Cyprus, Italy... they all screwing up big time
for a more openly accounting society bitcoin is the future
i wish the regulators learn from bitcoin economy
the fundamentals are looking bright for all digital currencies
Down with credit card, paypal....Long live Bitcoin
I am completely with you. This currency truly has the potential to empower the underclass. Think of all the red tape one must cut through to open a business;bank accounts, taxes, licenses etc...Bitcoin will revolutionize business interactions. American politicians always talk shit or pontificate about helping entrepreneurs and small business. They never mention the true hindrances decreasing their potential. My only concern is a fear that once the world governments begin to lose their economical power, Bitcoin will be attacked. How will this effect Bitcoin? Will they become outlawed?
politicians work for the banks who in turn commit funds for campaign
hard to outlaw a currency which is accepted in all countries....goveremnets will have to cometogether to outlaw it which is very unlikely
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Wait until Slovenia's banks become insolvent. With the growing burden on business due to transaction fees, combined with the ECB levies on CD's, I predict Bitcoin to rise in the upcoming years.
lax regulations on banks is creating all sorts of financial armagaddon...starting with US, Iceland, Finland, Greece, Spain, Cyprus, Italy... they all screwing up big time
for a more openly accounting society bitcoin is the future
i wish the regulators learn from bitcoin economy
the fundamentals are looking bright for all digital currencies
Down with credit card, paypal....Long live Bitcoin
I am completely with you. This currency truly has the potential to empower the underclass. Think of all the red tape one must cut through to open a business;bank accounts, taxes, licenses etc...Bitcoin will revolutionize business interactions. American politicians always talk shit or pontificate about helping entrepreneurs and small business. They never mention the true hindrances decreasing their potential. My only concern is a fear that once the world governments begin to lose their economical power, Bitcoin will be attacked. How will this effect Bitcoin? Will they become outlawed?
politicians work for the banks who in turn commit funds for campaign
hard to outlaw a currency which is accepted in all countries....goveremnets will have to cometogether to outlaw it which is very unlikely
Playing the Devils advocate,there are many ways to attack the currency. It wouldn't be the first time that the United States suppressed private currencies.
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The End is Extremely Fucking Nigh
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Bought shares in businesses during the dot com boom to see them rise faster than the bitcoin rise within a couple of days only to collapse within a couple of days and leave me with nothing from my investment all of a sudden! Similar to the buying frenzy of bitcoins.
The rise seems to fast for me and I wonder if a few are holding onto a large majority of the bitcoins and once they release them for sale the price will drop at a fast rate.
Just my guess as I ain't really got a clue other than matching my experience with shares in businesses to buying fast rising bitcoins.
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Bought shares in businesses during the dot com boom to see them rise faster than the bitcoin rise within a couple of days only to collapse within a couple of days and leave me with nothing from my investment all of a sudden! Similar to the buying frenzy of bitcoins.
The rise seems to fast for me and I wonder if a few are holding onto a large majority of the bitcoins and once they release them for sale the price will drop at a fast rate.
Just my guess as I ain't really got a clue other than matching my experience with shares in businesses to buying fast rising bitcoins.
i feel the dot com burn, i started a dot com just a year before the burst :/ but, that was doomed to fail because it was a very stupid business model; companies without income.. what a brilliant idea!
however, in this case, it is a brilliant model; no banks or governments to screw with your money while most banks and governments are seriously screwing with it and the stock market is definitely a bubble waiting for some more bad news from europe to burst again, probably worse than last year! people are moving their investments in, and there would be no reason for them to take it back unless someone screws with their BTCs.
so there will be small drops now and then as people who think the BTC will fail sell up. but as they sell, there are more people waiting for those occasional drops to buy in, bringing it flying up again ;)
..... at least i hope so lol
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Is anyone else scared the rush of people selling at $100 will lead to a huge increase in the supply of BTC vs demand which will drop the value of BTC like a sack of bricks?
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I would expect that when it hits $100, a number of programmed sales will occur, and the price will drop to the $70 range.
However, there will also be people like me just waiting to buy some more at that price and the price should creep back up
over the following week.
Bitcoins have more value than basic stocks because you can buy important things with them, and this will get more important in the future as
people start putting part of their savings in Bitcoins. In case of Natural Disaster or Bank problems, Bitcoins could be a lifesaver.
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The rise seems to fast for me and I wonder if a few are holding onto a large majority of the bitcoins and once they release them for sale the price will drop at a fast rate.
You don't have to wonder. Adi Shamir, the S in RSA, analyzed the block chain up to block 181,000 and determined that 78% of the coins are not in circulation. They are either being horded by miners and early adopters, or they are lost. Back in the days when mining coins was easy with desktop CPUs, people would routinely delete wallets with thousands of coins, because they weren't worth anything. Theoretically, 10 million bitcoins exist, because that's how many have been awarded, but realistically, from what I've heard people say about the early days, half of them could be lost until we get the technology to brute force SHA-256.
Among the existing coins, miners are holding onto a large chunk. Will they sell at $100? Probably not. Why should they? They've been mining since bitcoins were 1 cent, so why didn't they sell at $10? That's a 1000 fold pay off. What difference does $100 make? That's just another 10 fold. I think a lot of those people are true believers in bitcoin. They envision a world where bitcoin becomes a standard currency and they can use it without cash out fees and taxes. Oh yeah, taxes and regulations, that's the other thing holding them back. You can't cash out millions of dollars worth of coins without getting noticed, and you stand to lose a big chunk of that in taxes.
So I don't predict a huge sell off by bitcoin horders. Not at $100 or even $1000. The more it's worth, the more incentive they have to hold their coins until they are an established currency, and then they will circulate them within the burgeoning bitcoin economy. As long coins aren't being traded for dollars, they won't lose value.
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If the price hadn't dropped 20% in the time since I made this topic your "this isn't a bubble" statement would have more credibility.
Quoted for hilariousness.
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The rise seems to fast for me and I wonder if a few are holding onto a large majority of the bitcoins and once they release them for sale the price will drop at a fast rate.
You don't have to wonder. Adi Shamir, the S in RSA, analyzed the block chain up to block 181,000 and determined that 78% of the coins are not in circulation. They are either being horded by miners and early adopters, or they are lost. Back in the days when mining coins was easy with desktop CPUs, people would routinely delete wallets with thousands of coins, because they weren't worth anything. Theoretically, 10 million bitcoins exist, because that's how many have been awarded, but realistically, from what I've heard people say about the early days, half of them could be lost until we get the technology to brute force SHA-256.
Among the existing coins, miners are holding onto a large chunk. Will they sell at $100? Probably not. Why should they? They've been mining since bitcoins were 1 cent, so why didn't they sell at $10? That's a 1000 fold pay off. What difference does $100 make? That's just another 10 fold. I think a lot of those people are true believers in bitcoin. They envision a world where bitcoin becomes a standard currency and they can use it without cash out fees and taxes. Oh yeah, taxes and regulations, that's the other thing holding them back. You can't cash out millions of dollars worth of coins without getting noticed, and you stand to lose a big chunk of that in taxes.
So I don't predict a huge sell off by bitcoin horders. Not at $100 or even $1000. The more it's worth, the more incentive they have to hold their coins until they are an established currency, and then they will circulate them within the burgeoning bitcoin economy. As long coins aren't being traded for dollars, they won't lose value.
+1 dude 8)
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i dont put my savings into bitcoin for the exact reason that there is such scepticism surrounding the market. that said they were 3GBP when i joined and look at them now. i think the fact that such crypto currency exists; giving us the freedom to act as private states indulging in whatever personal freedoms that such governments ban us from that we should just be grateful such thing exists.
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i was clueless about fiat money till i came across bitcoin for that i thank you
i have 8 bitcoins in my armory wallet & of course i have lost my password. Can anyone recommend a good password cracker. I'm sure i know 6 character in the password
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Things like this and that 10k BTC pizza make me want to shoot myself in the fucking head. Missed opportunities...
I'm pretty sure the guy who spent 10k BTC on pizza is doing okay for himself nowadays. Spent coins have a value much greater than just what they were trading for at the time. You can't think of it like that completely, but I agree it's very interesting. 8)
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Personally I don't hold on to coins but I find it so backwards that Bitcoin was supposed to release the people from the banks and speculators but here we are acting just like those were supposed to destroy. Speculating, accumulating, investing, it's the same shit, different model.
I completely disagree. Same model, different platform.
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IMO prices will sustain themselves at these levels as btc market is small
and when you take into account wealthy russians cashing out of cyprus plus southern EU woes...the salvage is massive
though not all of it will use bitcoins but as the biggest of all digital currencies btc will benefit
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If you think bitcoins price has gone up a lot take a look at litecoin. 7 cents to $1 in 30 days.
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How do you even buy litecoins?
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I remember 1BTC = £7,5 last June...?
Too bad I'm a coward...
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As long as I can keep buying btc from my friend, and exchange said btc for products sold on Silk Road, I'm happy :)
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Ahhhhh, Greed.
Everyone is greedy. It's human nature to ensure your survival.
I still think bit coin is a modern crypto-ponzi scheme.
You see, every time there is a news article about bit coin or Silk Road, more 'investors' are brought into the scheme and invest. The price goes up, and then the previous ponzi investors are paid forward.
With bit coin rising so fast , it's the number one investment at the moment - AND YET VEY LITTLE NEWS ABOUT THE RECENT RISE IN COINS. This is because others in the news media know how it works too, the more they report on it ,the more money is made.
If you study a bit on ponzi and modern pyramid schemes , you'll see the link. Nowadays, pyramid schemes use a 'product' for new investors to sell and raise money for the scheme and make it look honest and legit. The catch is, each new 'investor' invests more into it than the last. In this case here, price of coins keep rising and drugs are used to legitimize the scheme.
I'm sure many will as I'm wrong, but this is a manipulated market. There are key players who are cashing in/out at select times to profit over and over. It's not all gloom, anyone is welcome to share the wealth until the coins run out literally and figuratively .
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There is already, lit coins, strong coins, crypto coins, etc . . . Every year they will create a new 'currency' or pyramid. It's the only way to start fresh and get a seat on the top.
The government and any banking institutions who show an interest in these things are labeled as high risk and shady by their peers in the industry .
Ask any experienced broker about bit coins . They will tell yu that the only people talking about them in any serious way are crooks with money to put at risk. As for real people with pensions and old age plans, it's not an option and no security whatsoever in coins. It all smells like a scam on paper and you look like a fool talking about coins to high end brokers.
If coins take off in any serious way, (banks start using them) they will create a new coin themselves and lock it down and insure it like money. End of anonymous of coins, but that's just for the non-fringe coins.
There will always be Walt Disney bucks, Starbucks rewards cards, and Someday we will see Sill Road Dollars. A currency made just for the site. That's the future plan of Silk Road if the government locks down coins. SR will just make up Disney Bucks or Silk Road bucks spendable on a few sites.
I'm just fucking glad I'm on the ground floor for once. I can actually fake advantage of this pony that's a sure thing in this fixed race. It's awesome.
Buying coins at $100. Each is a bad investment. Too high risk.
I think a big crash isn't going to happen. It would make the coins look like a scam. Instead , the market manipulators will cash out a little at a time so as to not destabilize the market and create a panic sell off. They got it down to a science and use scripts and software to keep it all hidden and looking like little transactions .
Transactions? Who the fuck is really shopping with coins out there? As if. It's a big loopy loop. With no foundation to keep it up.
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Minutes ago we hit a new high of $99.99. :)
I think today is the day that we break $100. April Fucking Fools day. Is that an omen?
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Yeah dog.. I am about to buy some coins here in a few. I am almost scared to see what I am gonna lose with the bitfloor exchange.
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100!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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And $102. Making it look easy.
I saw a massive wall at $100 earlier. People see those and think, "that many bitcoins have to be purchased to break through", but those walls are dynamic. Sell orders can be withdrawn. When people see the trade price approaching their sell price, they think, "if there's that much buying interest, why sell these for $100 when I can sell them for $105?". Trade walls can melt away very fast, and indeed that one did.
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It just breezed over the $100 mark with barely a sound. I really wonder where it will go from here. All you can do i guess is purchase what you need when you need it. I keep waiting for it to drop to buy some, but i think maybe the opportunity has passed by.
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If you believe that the price will continue to rise, then you should purchase now, not when you need it. :)
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anyone having problems with sening or receiving coins, sent btc 4 hours ago and still as unconfirmed on blockchain
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There's an issue with the amount of activity on the Bitcoin network these days; it needs to be modified slightly to handle the volume it's getting now. If you don't pay a decent transaction fee, it can frequently take awhile. I've had one take 24+ hours to get a single confirmation -- as long as the transaction is listed, even with 0 confirms, it'll happen eventually. Nothing to be done but wait really.
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some experts say the goal is not 1000 or 10000, its 100.000 - 1.000.000$ within the next 10 years! When the bitcoin will cover 10% of payments in the world. i really hope they are right. im waiting way to long to get rich already :D
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so much for crash prediction
i hope you did not short bitcoins...or can they be shorted...lol
let me knwo what your next prediction is....so i can decide for myself and make some money
long btc
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if only i had known when i made my first BC purchase at 2.50$ a coin..........
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Epic crash done, nowhere but up to go.
Chaos
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Nice observation Jakk! how ironic!
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if only i had known when i made my first BC purchase at 2.50$ a coin..........
No shit. I remember when BTC "crashed" from around $4 down to less than $2 right after I first got into it. If only I had hung onto those original coins...
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And start.
168 hours form now, if BTC is less than $90, OP won.
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And start.
168 hours form now, if BTC is less than $90, OP won.
Its going to fall back to levels we saw in January and early February over the next few weeks. It won't just fall straight there but there are still going to be a couple big sell off periods. Right now is just the denial phase. You'll see interest slowly fizzle out and coins will be $30 or less again.
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It's like a 70/30 split from people who lost faith to people who have faith right now.
Chaos
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Its going to fall back to levels we saw in January and early February over the next few weeks. It won't just fall straight there but there are still going to be a couple big sell off periods. Right now is just the denial phase. You'll see interest slowly fizzle out and coins will be $30 or less again.
No, it isn't. That's why I'm putting my money where my mouth is, and making a falsifiable claim, unlike everyone else here.
No? So then where do you see bitcoin heading from here in the short term? I won't argue bitcoin has a future but right now is not the time. Too many people are spooked, the technology is too easily manipulated, and until improvements are made to the basic infrastructure of how bitcoins are exhanged we won't see it rise above $100 for a very, very long time.
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Its going to fall back to levels we saw in January and early February over the next few weeks. It won't just fall straight there but there are still going to be a couple big sell off periods. Right now is just the denial phase. You'll see interest slowly fizzle out and coins will be $30 or less again.
No, it isn't. That's why I'm putting my money where my mouth is, and making a falsifiable claim, unlike everyone else here.
No? So then where do you see bitcoin heading from here in the short term? I won't argue bitcoin has a future but right now is not the time. Too many people are spooked, the technology is too easily manipulated, and until improvements are made to the basic infrastructure of how bitcoins are exhanged we won't see it rise above $100 for a very, very long time.
Bitcoin doesn't have a future. Remember this whole concept is based on a research paper written by a computer scientist
+also agree with your price prediction, here comes $20 BTC :D
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this guy straight called it lol
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+also agree with your price prediction, here comes $20 BTC :D
I really hope so, if bitcoins go back to $20 I'm going to buy me a nice amount and just wait. Hell I've already lost so much that I can't place my desired order and now it's down so much I can't even get the cheaper order I was going to place. Please $20/btc I'm praying for it. The only bad thing will be if the value doesn't rise as high as it did last time lol.
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+also agree with your price prediction, here comes $20 BTC :D
I really hope so, if bitcoins go back to $20 I'm going to buy me a nice amount and just wait. Hell I've already lost so much that I can't place my desired order and now it's down so much I can't even get the cheaper order I was going to place. Please $20/btc I'm praying for it. The only bad thing will be if the value doesn't rise as high as it did last time lol.
The value of bitcoin will probably see another bubble sometime in the future, but it won't be soon. I don't think we'll see $100BTC again for more than a year.
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This is so fucked man, I'm trying to look on the bright side but I just basically paid for coin at a higher price than what it's worth and I'm left with nothing. I'm spending more money than I should be. I guess I'll just wait for another month and see where this goes but I'm honestly not into all this bitcoin business I just want my LSD, I was so close now I have to wait even longer :'( this just has not been my week. I'm too poor for this shit.
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This is so fucked man, I'm trying to look on the bright side but I just basically paid for coin at a higher price than what it's worth and I'm left with nothing. I'm spending more money than I should be. I guess I'll just wait for another month and see where this goes but I'm honestly not into all this bitcoin business I just want my LSD, I was so close now I have to wait even longer :'( this just has not been my week. I'm too poor for this shit.
I feel your pain. I think a lot of us do right now. I can't place my order either because I fell slightly short after bitcoin prices fell. And now its fallen even further.
Its a shitty time to be on SR in general for buyers and sellers.
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Given the fact the OP wrote created this on March 28, 10:48 am, I'd say lol, you were right. I also misread "struggle to justify" for "snuggle to justify". ::)
I never predicted this rate of decline, so it took me by surprise. It will bounce back, but when is the question.
Piece, Love, and Fuck Haters.
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i would love to make a bet with you man on that
$100 a bitcoin in less that 4 months. shake on it over a gram of something
i read enough candlestick charts to confirm tho this is going down and no stabilization will happen in a day with this shit. people need to know that. everyone freaks out hourly. this shit is a weekly weighted avg peeps.
but yes. $100 a bitcoin all in all will be back in under a year from now, that much i would be willing to wager on
:P
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Its gonna fall to 50 i guess, or 60, and get stable for a couple days, then it will skyrocket for sure, im expecting some package to make money and invest, its time imo
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As a vendor with over 450 BTC in unhedged escrow... OUCH.
Lesson learned.
NWD
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if only i had known when i made my first BC purchase at 2.50$ a coin..........
You must be 100 years old!! :o (+K for survival skills) $2.50 a coin? Was this in Zimbabwe? You're kidding right?
+also agree with your price prediction, here comes $20 BTC :D
I really hope so, if bitcoins go back to $20 I'm going to buy me a nice amount and just wait. Hell I've already lost so much that I can't place my desired order and now it's down so much I can't even get the cheaper order I was going to place. Please $20/btc I'm praying for it. The only bad thing will be if the value doesn't rise as high as it did last time lol.
Still steadily falling, by more than £1 per 5 minutes. Yes. Obviously now is the time to buy. Can we find someone on localbitcoins or that is high enough on coke to sell to you is the real question.
Piece, Love, and Fuck Haters.
"Warning - while you were typing 4 new replies have been posted. You may wish to review your post."
Does anyone else get this.... ::)
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a crash was not hard to know...if anyone thought it was going to stay above levels of $200 clearly never has day traded any type of commodities.
this shit has multiple things going against it to create such swings, mostly emotional variables. the arbitrage between the exchanges alone is insane! but one thing remains and is the most important, it is being back by a lot of vendors and more institutions, and i am not talking about SR here.
trading tip: anyone ever enjoy the beauty of trading on an exchange, looking at silkroads massive delayed pegged btc price and flip it over there..and net a profit of 50% - %200 on drug purchase? within minutes?
im sure im not the only one :)
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As a vendor with over 450 BTC in unhedged escrow... OUCH.
Lesson learned.
NWD
If you've typically got about the same amount of BTC in escrow and you've been unhedged for the past few months then you should still be ahead as compared to hedged vendors. Your situation is probably a bit different but I'm just pointing it out that unhedged vendors made a lot of extra coin up until a few days ago (and saved themselves the 4% hedge fee).
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i would love to make a bet with you man on that
$100 a bitcoin in less that 4 months. shake on it over a gram of something
i read enough candlestick charts to confirm tho this is going down and no stabilization will happen in a day with this shit. people need to know that. everyone freaks out hourly. this shit is a weekly weighted avg peeps.
but yes. $100 a bitcoin all in all will be back in under a year from now, that much i would be willing to wager on
:P
People freak out by the damn minute! I checked before my class and it was 98 each. I went to my class and when I got back the average was 84! This is insane. Every time the price goes down people decide "oh shit I should sell and cut my loses" so they sell to minimize loses. They sell at a lower price than everyone else and this drives the price down, then the next person does the same thing. THis is a vicious cycle and it will not stop at 60 dollars, it is going down, way down.
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As a vendor with over 450 BTC in unhedged escrow... OUCH.
Lesson learned.
NWD
If you've typically got about the same amount of BTC in escrow and you've been unhedged for the past few months then you should still be ahead as compared to hedged vendors. Your situation is probably a bit different but I'm just pointing it out that unhedged vendors made a lot of extra coin up until a few days ago (and saved themselves the 4% hedge fee).
Yes bro we have been unhedged for around 3 months and have done very well and it has been FUN AS HELL and exciting
NWD
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If anything this ordeal just goes to show how emotional people are when it comes to $.
For those of you, like me, who are mostly here to just get drugs: just overestimate the cost of your drugs by 10% when you go to buy your BTC and buy your drugs as soon as you have them in your SR account. There typically is very little risk of major fluctuations in that time period. Not to say that it doesn't happen, just that it doesn't happen that often.
As far as I'm concerned the fundamentals of this currency are still fine and it will probably be over $1000 / BTC by the end of the year. I'll be using my profits from selling MDMA to funnel into BTC, especially while it's low right now. If you think the market cap of BTC is never going to get past $3 billion then you are smoking some real good shit. BTC offers a way for people to avoid taxes, and that's an attribute that is rarely ever mentioned.
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For those of you, like me, who are mostly here to just get drugs: just overestimate the cost of your drugs by 10% when you go to buy your BTC and buy your drugs as soon as you have them in your SR account.
For some people, especially some vendors, this is their life. They pay their bills and feed their kids from the money they make through bitcoins.
Bitcoins were over $100 for 10 days, and over $150 for only 4 days, so they shouldn't be getting screwed too hard, but it does hurt.
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As a vendor with over 450 BTC in unhedged escrow... OUCH.
Lesson learned.
NWD
As a vendor with some BTC in hedged escrow, I still got screwed on a couple of orders because the SR price was so massively divergent from the actual trading price ::)
It's like a 70/30 split from people who lost faith to people who have faith right now.
Chaos
If you're buying something on "faith" you're not buying it for the right reasons ;)
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this is the time i am glad i only buy coins right when im about to make a purchase.
dont have to deal with any of this shit.
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This is so fucked man, I'm trying to look on the bright side but I just basically paid for coin at a higher price than what it's worth and I'm left with nothing. I'm spending more money than I should be. I guess I'll just wait for another month and see where this goes but I'm honestly not into all this bitcoin business I just want my LSD, I was so close now I have to wait even longer :'( this just has not been my week. I'm too poor for this shit.
Exactly my situation. Damn. All I want is some god damn acid, but the BTC price keeps going up and up. I've spent $100 for a $50 product, and still don't have enough BTCs to buy it. FML.
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It's already rising so quick.
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Crash?? You mean correction. A crash would go below its average.. This price was the same almost 4 weeks ago. I don't think this is the last time we're going to see this. Bitcoins have a lot of enemies. CIA, all governments, banks, FED, IMF, etc.. They can't hack it, they can't shut it down, but what they can do is, buy a who lot of it and sell it all off at a cheap price to show how unstable it is. This is truly the free market and I welcome them to do what they want. Its up to us to notice it when it happens.
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still think its gonna drop again.
not in a bad way...just not going to buy more until it dips around 70-80 again. which is very likely
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Crash?? You mean correction. A crash would go below its average.. This price was the same almost 4 weeks ago. I don't think this is the last time we're going to see this. Bitcoins have a lot of enemies. CIA, all governments, banks, FED, IMF, etc.. They can't hack it, they can't shut it down, but what they can do is, buy a who lot of it and sell it all off at a cheap price to show how unstable it is. This is truly the free market and I welcome them to do what they want. Its up to us to notice it when it happens.
Bitcoin attracts a certain sort of person who has to blame their own trading mistakes on some conspiracy or other...
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A crash would go below its average.. This price was the same almost 4 weeks ago.
Exactly. BTC is currently trading at $112, about 20% higher than when op said it would undergo an epic crash.
Like I said in another post, the last price instantly recalibrates people to a "new normal", but think about it in the long term. BTC wasn't worth $112 in the whole 4+ years of its history until literally 10 days ago.
Yeah, it sucks for the people who bought in between April 1 and 10, but that's a tiny window, and a tiny fraction of all bitcoin users.
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A crash would go below its average.. This price was the same almost 4 weeks ago.
Exactly. BTC is currently trading at $112, about 20% higher than when op said it would undergo an epic crash.
Like I said in another post, the last price instantly recalibrates people to a "new normal", but think about it in the long term. BTC wasn't worth $112 in the whole 4+ years of its history until literally 10 days ago.
Yeah, it sucks for the people who bought in between April 1 and 10, but that's a tiny window, and a tiny fraction of all bitcoin users.
Trading around $115 right now. I'll be really surprised if this recently growth sustains itself. I'm still expecting below $100 levels again, the latest rise just seems to be the classical bull trap. I'm expecting a lot of this recent attention to fizzle out as April goes on, also fizzling down the price to something more reasonable like $60 even. I remember when $60 was insane and I was calling bubble so the current valuation still seems overpriced.
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As a vendor with some BTC in hedged escrow, I still got screwed on a couple of orders because the SR price was so massively divergent from the actual trading price ::)
That's rough. Some vendors like JOR got burned really hard with that (15k+). Mind if I ask what the "damage" was?
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Crash?? You mean correction. A crash would go below its average.. This price was the same almost 4 weeks ago. I don't think this is the last time we're going to see this. Bitcoins have a lot of enemies. CIA, all governments, banks, FED, IMF, etc.. They can't hack it, they can't shut it down, but what they can do is, buy a who lot of it and sell it all off at a cheap price to show how unstable it is. This is truly the free market and I welcome them to do what they want. Its up to us to notice it when it happens.
This is correct. I am waiting til prices level and will re up then. I got through some transactions by the skin of my teech. Wish I had FEd for my awesome vendors. I hate they took such a hit, they have been kind to me.
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This is correct. I am waiting til prices level and will re up then. I got through some transactions by the skin of my teech. Wish I had FEd for my awesome vendors. I hate they took such a hit, they have been kind to me.
What if I told you... you could tip vendors by sending coin directly to their silkroad name?
That being said, it also goes the other way. You can place an order, it doesn't ship for a few days, and by the time it gets to you your coin is worth twice as much. Would you expect the vendor to refund some coin in that case? There are risks that are implicit to this system that we all, non-verbally, agree to.
8)