Silk Road forums
Discussion => Newbie discussion => Topic started by: GratefulDead on January 24, 2013, 01:32 am
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WHAT is up with this!! i was buying them for $13 each and was fine with it, but this is crazy, i don't want to buy them at this price, i want them to go back down but does anyone see that happening? do the prices fluctuate frequently? i use bit instant and mt gox!
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If you just spend them right after you buy them it won't be much of an issue. Most of the prices on SR are pegged to the US Dollar, not the Bitcoin.
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from what ive read most people seem to think they are only going up.
im going to keep my eye on the prices for a while before i buy any more.
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its a bummer i know
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If you just spend them right after you buy them it won't be much of an issue. Most of the prices on SR are pegged to the US Dollar, not the Bitcoin.
So you're saying that vendors have to manually and take the initiative to look up btc prices and manually fix their prices to match it, or is there an option that automatically fits the btc price with the amount of usd they desire?
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Buy low, sell high.
Don't you wish you had a stack of BC you bought at $5 each?
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Buy low, sell high.
Don't you wish you had a stack of BC you bought at $5 each?
Totally! I started when they were at 10, so I've already profited in my investment.
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Then it crashes and the poor bastard that has a bunch of BTC loses hard. :(
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i believe there is an option vendors have when they list a product that allows the price to change with the current btc price
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The system automatically updates the price and rate average every hour.
X)
nomad
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Crazy rise in prices, not liking it much since i did not invest lol
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I got a bunch back in the days of the crash. great times. I forgot about them, and looked again recently. made lots of money!
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this is probably not the end of it...i was just reading up on this on another thread out of newbie and people were saying that they got up to 32$ before the crash before..
im relatively new and I was not here for the last bitcoin crash...but you better believe Ill be here for this one...
IMO based on a short study of economics, we've got more time before this pops, so buy and sell as normal
youll know when to really act
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Yeah, the crash was really funny, people lost a lot of money in that. I was also mining back then, and getting decent bitcoin #s. Now it's a bit more ridiculous to mine
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heading to 20$ soon
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I think it may also be heading towards another crash, nothing major and it will recover but if it gets really low one day due to people cashing out buy lots of them and wait.
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I've gained $4 since this morning! Crazy volatile currency.
Just be ready with the cash when the next crash happens ;)
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I would be if this vendor wasn't holding my coins hostage and not replying to my messages lol... Hoping they're still sending it out n not just fucking around.. got a few more hours til it can be cancelled.. at least it isn't hedged so i've been gaining money since it's been there lol
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seeing it rise as fast as it is makes me weary to buy more and knowing my luck as soon as I invest another thousand it will bottom out right when it hits my account so I lose it in a time where money is getting harder to come by. oh well guess thats just another hazard of the games we play...bring on the btc!!
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I only heard of the crash since I've started using bitcoins I've just seen then move up in value
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Last crash was at around $35.
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what are they at right now?
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Holy shit!
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go bitcoins hurray!!!
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pretty awesome!!
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I noticed this price change the other day.
I had 4 BTC purchased at $13, so they were no worth $17 which made me slightly happy. I also kept in mind that most SR vendors pricing automatically gets adjusted. It's pretty crazy, however, it makes one think that perhaps you should always be turning fiat in to BTC? I suppose you can get screwed, but why not?
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how long do you think this will last?
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Do you think they will continue to rise? I guess it's like any market - peaks and troughs.
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I bought 30 BTC at 13.8 right before this meteoric rise! i'm pretty pleased to say the least.
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I'm thinking about hedging some of the value soon by selling on mtgox actually.
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Reminds me of the crash of 2011.. I was one of the ppl who bought at 30$/BTC :D
Let's hope the market stabilizes at a reasonable price, so miners can make a reasonable profit and the ppl with lots of money in BTCs can sleep at night.
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try $20.00. I don't think I'm grasping why this is bad. The value of currency should go up. Plus, correct me if I'm wrong- aren't BTC purposefully delineated into have many dec. points? This would suggest that as we move towards 120,000,000 BTC in circulation, that the currency will continue to gain value, and footing.
My personal concern (and, admittedly a moment of panic) was if SR vendors didn't adjust their pricing accordingly to the BTC rate. I see that they do. Go SR. 8)
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I bought mine @ $19 :( was not happy but just look at it as the cost of doing business.
Maybe there's some way I can come out ahead in this...guys? :'(
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there over 20 bucks now you can come out ahead if you buy something and sell it or if you just sell the coin someone would buy it i would
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Got mine for a couple of cents upwards of $20 today. Brutal.
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i dont see the big deal about btc....if you buyem at 5 or 35 as long as the prices on SR are adjusted its irrelevant.
if you buy them for other purposes , maybe
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i dont see the big deal about btc....if you buyem at 5 or 35 as long as the prices on SR are adjusted its irrelevant.
if you buy them for other purposes , maybe
Totally agree, I guess the only complaint would be if you don't use them right away and get caught if they go down in value. I'm just going to buy what I need and use them same day.
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FWIW , My theory on why bitcoin has been rising is that its due to a few recent articles on websites like arstechnica about bitcoin gambling. I think one article claimed that satoshidice was making nearly a million dollars a year. With the US govt thugs cracking down on online gambling sites that do business with Americans (even in other countries) , bitcoin has a huge potential to become the currency of internet gambling. If that happens the shits really going to hit the fan and they are going to try very hard to make bitcoin trading illegal.
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Prices seem to have been stabilizing (maybe) over the past few hours. I've been on edge the past few days. I keep wanting to throw tons of my money into bitcoins and get rich quick, but I keep thinking it'll crash soon. 6_9
FWIW , My theory on why bitcoin has been rising is that its due to a few recent articles on websites like arstechnica about bitcoin gambling. I think one article claimed that satoshidice was making nearly a million dollars a year. With the US govt thugs cracking down on online gambling sites that do business with Americans (even in other countries) , bitcoin has a huge potential to become the currency of internet gambling. If that happens the shits really going to hit the fan and they are going to try very hard to make bitcoin trading illegal.
I've seen some articles about how BitPay has garnered so many new businesses that accept bitcoin recently, and how they got however much they did in angel funding earlier this month. Not sure if I can pin the recent price rise on that, though.
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i dont see the big deal about btc....if you buyem at 5 or 35 as long as the prices on SR are adjusted its irrelevant.
if you buy them for other purposes , maybe
Totally agree, I guess the only complaint would be if you don't use them right away and get caught if they go down in value. I'm just going to buy what I need and use them same day.
This seems about right. This morning I woke up to items I had bookmarked be adjusted to costing less in BTC so price of buying BTC seems largely irrelevant, on SR at least.
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Last price:$20.79000 - this morning 2/1/2013
It is true it doesn't matter what they cost unless as nkcell and dantana posted. So just purchase what you are going to spend right then - I don't move the coins till I know what I want and then I send ONLY that amount to SR.
If you purchased them for $20 and they dropped an hour later to $5, yeh - you'd be fucked, but that just helps me be super careful and keep up on wtf is goin on with the damn things.
Last; if the vendor chooses NOT to peg prices to dollars but bitcoins then their price doesn't change. Not too many of them do that so they can stay in business. Remember buyers - we control the marked IRL and in here by our spending practices! Don't be a junkie! If some vendor wants too much for something - no matter what the bitcoin is doing - just go surfing instead! Shrug?
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Actually right now 1 BTC = 20.80 USD :-\ Ridiculous...
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Remember buyers - we control the marked IRL and in here by our spending practices! Don't be a junkie!
This.
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I made about $160 in bitcoin in less than a week because of the price rising after I bought a small bulk of coins. I want to invest a little but I'm worried it will drop again. I guess there's not a ton of risk in investing though since the prices are pinned to btc and not usd?
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I too would like too invest, but I'm actually fearing the crash.
Think I will wait :)
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Is there really any risk of investing if the pricing is pinned to the value of the btc? If btc tanks and the values of listings are relevant to the cost of btc, it shouldn't matter right? I guess there's always a chance that vendors could raise their prices.
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Yeah, as long as you spend them pretty quickly after you buy them it won't affect you if they are 10$ or 30$. Most items are pegged to a currency (such as USD) and will automatically go up or down with the BTC value.
-AA
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I've read some of the people who invest huge in this currency and personally I can't do it. Maybe some short sales to make a buck or two but long term it's risky as hell. Brass balls, blind faith, and luck might prove me wrong but it's too scary of a ride for me.
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As long as you had a way to offload them in a hurry, it doesn't seem TOO risky. But you would have to be able to sell them the second you see it dropping fast.
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Looks like there was a big sell off this morning. mtgoxUSD Prices went from an overnight high of $21 to hit as low as $18.25 before recovering a bit to $19.5. I'd be wary of holding any BTC today...
http://bitcoincharts.com/charts/mtgoxUSD#rg1ztgSzm1g10zm2g25zv
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Bringing this post back from the dead, as I posted in it back in Jan... I bet everyone feels devastated they didn't invest. Hindsight is a bitch. haha.
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hahaha, reading the start of this when they were still around 10GBP... went all the way to 100GBP
we've Wordpress and Reddit amongst others to thank for the spike!
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lol @ 17 dollars 'expensive'
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Well as I'm buying some atm a crash back to 20$ would be really REALLY bad...
I beleive it will keep going up though
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Haha oh God this thread makes me wish I had bought 100BTC when I had the chance.
Invested $350 when the BTC was at 110. Hopefully it will continue to rise. I don't expect much return but I would like to make a little profit, even just to spend on drugs.