Silk Road forums
Discussion => Security => Topic started by: mazzarmazzar on July 24, 2012, 11:39 am
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I havent bought bitcoins for a month and last time was £4 per coin but checked mt gox today and rate is 5.7 per btc this is crazy and very off putting as im reluctant and hoping the price to drop before I purchase any.
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its only going to go up :)
invest now
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Hope away, last year it would drop overnight %40.
The only way to slightly protect yourself is too buy BTC just before you pay for the product.
While it's going up, it's ok, it's large drops that hurt.
If you hear about somebody stealing large amounts of BTC, a crash will come a week or two later as they cash out.
Also there are bots running on the exchanges as well.
You can test them by running a few bids ;)
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Looking at the past Bitcoin history I think we're in for a relatively large value drop sometime soon, probably around 30% then rising a bit.
Overall however Bitcoins are a fairly safe investment bet, as there is a limited finite amount and so the value can only increase as long as they stay in use, that is of course until they are all mined and the use increases to the point where their value becomes unworkable and the bubble will spectacularly explode, probably around 2017.
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btc also rose above $38 last year, so if history is anything to go on..
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I havent bought bitcoins for a month and last time was £4 per coin but checked mt gox today and rate is 5.7 per btc this is crazy and very off putting as im reluctant and hoping the price to drop before I purchase any.
It was around GBP 3 when I first started trading on here - but why should it matter?
Since Vendors peg their prices to the USD/BTC spot rate if the Bitcoin goes up in value, the price in BTC will go down ; £100 worth of Bitcoins will still be £100 worth of Bitcoins no matter the exchange rate - do you follow?
The only time you will lose money in this way is if you purchase Bitcoins at one price and then they fall in value before you use them. The answer is only to order as many Bitcoins as you need and place your order as soon as you have them.
Hope this helps,
V.
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when gawker posted another story about Silk road