Silk Road forums
Discussion => Newbie discussion => Topic started by: dzlatev on April 12, 2013, 04:04 pm
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Today I bought and I shouldn't . Got 0,59BTC for 50 Euros at noon . Anyways , thoughts on what to do next ?
I guess the only clever thing is to wait for the price go up and then make my order?
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Good Luck.
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If you are a buyer of BTC for use on SR, then there are two smart things you can be doing (outside of issues of anonymity).
1. Let's say you are buying with 100 USD, then you should buy in 10 dollar increments over 10 days (probably exchange software could allow this to be done automatically, but haven't seen it before). This way you spread your risk of buying at a time when the price was high and then dropped. You'll receive the average price this way, which makes it much less likely you'll lose out.
2. Place Limit Orders instead of Market Orders. Search the forums for information on this. It's the same concept as Limit orders in any other market.
Using both of these techniques will reduce your exposure to extreme bitcoin fluctuation.
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Thanks for the info .
I am still waiting to be verified in mtgox (I am unsure about my anonymity using them) . So part 2 I cannot do right now. I bought the coins from person in my country . I know it is hard to predict , but , could someone point out when should we stop waiting and just buy on okaay-ish price , because I have no clue about what period of time I have to wait until I just buy something that I really registered here for. I mean days,weeks,months - how long it could take for the price to be reasonable so I can jump straight to the cashout button?
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lol
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lmfao
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Are these lolz about asking newbish questions in newbies forum or being kinda inpatient to get my first deal here? I mean seriously, Im ok with waiting for prices to adjust but never faced bitcoins before and dunno how it works and how to pay for shitz without spending too much on them . Anyways the quality here is awsome Im sure , but still need some education I guess.
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Just spend my coin quickly after purchasing them. I just bought BTC at $230 the other day and didn't lose anything. I saw them get up to $260 and then once I saw the last sale on MtGox below $200, I made my purchase immediately. If it had continued to go up, I would have waited a few days to order. Once BTC is in your possession, watch the market carefully. Like somebody said in another thread, it didn't exactly drop quickly. People had hours if not a full day of seeing it drop slowly to make their decisions.
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jsut do it man
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Just spend my coin quickly after purchasing them. I just bought BTC at $230 the other day and didn't lose anything. I saw them get up to $260 and then once I saw the last sale on MtGox below $200, I made my purchase immediately. If it had continued to go up, I would have waited a few days to order. Once BTC is in your possession, watch the market carefully. Like somebody said in another thread, it didn't exactly drop quickly. People had hours if not a full day of seeing it drop slowly to make their decisions.
Advice appreciated! Thanks!
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Cash out, now.
It'll be back to $30 by tomorrow.
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I feel bad for people that just jumped in as btc crashed, guess that is part of the game.
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Silk Road holds onto the average coin price for quite a while. Like an hour or more. Lots of time for you to get home and spend the coins before they change value.
That's plenty of time. And plan your purchases and leave the items in your cart .
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It's when you hold on to Coins for too long , that you end up in trouble.
Think. H O T P O T A T O
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just keep throwin money at it like i do and rub ur ass afterwards
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I feel bad for people that just jumped in as btc crashed, guess that is part of the game.
You shouldn't feel that way. My case is different - its own my fault. Not seeing the obvious . I doesn't have to be some specialist to notice that charts are going down , so my bad ... :) . I guess will pay more attention next time
P.S. Decided to order even knowing its more expensive , but hell ... I don't froze money here , waiting who .. knows .. So , hopefully my first order will go smooth unlike my BTC deal.
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Bad timing mate, buy now, A LOT