Silk Road forums
Discussion => Security => Topic started by: Gridlokk on September 11, 2013, 02:11 pm
-
I've noticed that the last price for BTC at the moment i am typing this is $137.79004 and the weighted average is $134.89337 on MTGox, however on SR it states that the BTC value is $128.84. That's almost an $8 difference between SR and the MTGox average! This can greatly affect how much actual money gets transferred into our accounts. Especially when dealing with thousands of dollars. Can someone please fix this?
-
This has been addressed MANY MANY MANY times. MtGox sucks. No one should use it. It doesn't hold the market share anymore. No one can withdraw funds from MtGox so the MtGox BTC value is artificially inflated because people with funds stuck on MtGox must buy bitcoins to get their funds off of the website. Please look at the value on campbx.com btc-e.com and bitstamp.net for an honest BTC value. Bitcoins are still worth more on Silk Road than they are actually worth on a decent exchange.
-
Current BTC value on Silk Road - $128.84 USD
Current BTC value on btc-e.com - $122.40 USD
Current BTC value on bitstamp.net - $124.14 USD
Current BTC value on campbx.com - $123.45 USD
Vendors have already had to raise their prices to make up for this because they cannot cash out at Silk Road's BTC value.
-
It's good that a dying market is being phased out, definitely sucks on us who have to go by Mt.Gox prices still though. I have to add $12.25 per coin, not a lot but it makes it harder to estimate exactly how much I need to deposit. Last time I ended up just short, even though I'd deposited extra in case of fluctuations.
-
How can SR justify such a discrepancy ? $6 that's a lot if you're buying in bulk like OP.
-
You guys are missing the point.
Listen to Jack.
Do not use MTGox, at all.
Get an account with those other exchanges and use them, or localbitcoins for that matter, to get coins.
ONLY use MTGOX if you already have coin/money stashed there and need to move it out, as coins (which is the only way you can withdraw funds from MT).
The price on MT is NOT indicitave of the market price at all.
-
I think JTB is referring to the difference between the cheapest place for BTC btc-e.com and here. how come SR doesn't go of btc-e.com???
-
I'm seeing what Jack sees, sorry OP. I'm getting a discount on SR that more than covers the fees to send Western Union to the guy I get coins from. For example, if I want $750 worth of coins, it costs me 785ish to send WU. By the time the coins get to SR, I'll usually have 825ish to spend. Not sure how anyone is managing to buy coins more expensively, instead of cheaper than the SR rate.
-
Not sure if OP used search function but DPR already personally addressed this with his own thread. The SR bitcoin price is an average of bitstamp and mt. gox, the two highest volume exchanges out there. Because of the difference in price meeting half way in the middle seemed to make the most sense.
-
You guys are missing the point.
Listen to Jack.
Do not use MTGox, at all.
Get an account with those other exchanges and use them, or localbitcoins for that matter, to get coins.
ONLY use MTGOX if you already have coin/money stashed there and need to move it out, as coins (which is the only way you can withdraw funds from MT).
The price on MT is NOT indicitave of the market price at all.
I would if I could, but sadly I only have one reliable way to get BTC and that source uses Mt.Gox so I have to go by their prices which are based on Mt.Gox.
-
so find other ways to get coins obv
-
I think the problem arises with localbitcoins. Most sellers on there peg their prices to gox or above.I took a big hit last week buying at 140 then by the time my coins made it to the Road, they were worth 127.
-
Someone correct me if I'm wrong but the bitcoin value is no longer half way between bitstamp and mt. gox. Looks like it dropped.
-
Someone correct me if I'm wrong but the bitcoin value is no longer half way between bitstamp and mt. gox. Looks like it dropped.
Those are not the only two exchanges that SR uses to come up with the value. BTC is currently $122 USD per coin on btc-e.com and campbx.com
-
Someone correct me if I'm wrong but the bitcoin value is no longer half way between bitstamp and mt. gox. Looks like it dropped.
Those are not the only two exchanges that SR uses to come up with the value. BTC is currently $122 USD per coin on btc-e.com and campbx.com
Ah that makes sense. Thanks, Jack. I was looking on the wiki on how it was calculated but couldn't find it.
-
I am shocked that so many people still do not get how SR does btc pricing.
DPR is constantly tweaking this for the best possible pricing for ALL OF US.
What he is doing now...is taking the best major exchange for vendors, that is Bitstamp, and then taking the best price for buyers, Mt.Gox, and splitting the difference.
So Mt Gox is $143 and Bitstamp is $133 so the price is $138.
Why the Op made this post is beyond me. What is pretty weird is the OP believes he is pointing out something that somehow DPR and Libby do not know about. And then saying that someone needs to "fix" this is even crazier.
What SR has been doing is the BEST thing for the community as a whole. And actually..as a buyer...it is very sweet for you!!! I understand that BTC can be hard to grasp(as it is for the OP)...but it is very simple once you "get it" and you can rest assure that SR is continuing to monitor and improve the pricing of the btc on SR.
The big problem is that the exchanges suck...and there is not a single exchange that is the "nuts". One day there will be...and then it will be a lot easier to understand the btc pricing.
-
Someone correct me if I'm wrong but the bitcoin value is no longer half way between bitstamp and mt. gox. Looks like it dropped.
Those are not the only two exchanges that SR uses to come up with the value. BTC is currently $122 USD per coin on btc-e.com and campbx.com
Those are in fact the only 2 exchanges that SR uses currently. But as seen on www.bitcoincharts.com their bitcoin rate for bitstamp has been frozen for a bit now since bitstamp changed their site and if you average the mtgox and bitstamp price on there you do infact get the SR price. Check it and tell me if I am wrong, Im sure I am not.
-
Someone correct me if I'm wrong but the bitcoin value is no longer half way between bitstamp and mt. gox. Looks like it dropped.
Those are not the only two exchanges that SR uses to come up with the value. BTC is currently $122 USD per coin on btc-e.com and campbx.com
Those are in fact the only 2 exchanges that SR uses currently. But as seen on www.bitcoincharts.com their bitcoin rate for bitstamp has been frozen for a bit now since bitstamp changed their site and if you average the mtgox and bitstamp price on there you do infact get the SR price. Check it and tell me if I am wrong, Im sure I am not.
Are you sure? DPR said he is pulling it from "multiple exchanges" now. He also told me in PM that he would not reveal which ones exactly. Surely he must be using more than just bistamp and MtGox. :o
-
fucksake lol just made a thread asking why and theres one made lol daaam should of searched this shit first :L
-
Mt. Gox has been fucked ever since the 2nd major BTC drop. I wouldn't put it past them if they were manipulating the prices all along, rising and dropping 100%+ in one day, I call bullshit.