Silk Road forums

Discussion => Newbie discussion => Topic started by: EarlyCuylerTOR on February 17, 2013, 11:04 pm

Title: How to accurately transfer an amount of $ to another SR user?
Post by: EarlyCuylerTOR on February 17, 2013, 11:04 pm
Quick question, if I want to transfer, say $5, to someone how do you accurately calculate that?  In the transfer screen the only way to transfer is in BTC.  So what reference or rate is SR using to determine the $ amount of the BTC in your account?  Did I even state the question in a way that can be understood?   :o
Title: Re: How to accurately transfer an amount of $ to another SR user?
Post by: 35mg on February 17, 2013, 11:13 pm
look up BTC price at any major BTC market, and use calculator bro
Title: Re: How to accurately transfer an amount of $ to another SR user?
Post by: EarlyCuylerTOR on February 17, 2013, 11:14 pm
look up BTC price at any major BTC market, and use calculator bro

Doesn't that vary from site to site?
Title: Re: How to accurately transfer an amount of $ to another SR user?
Post by: 35mg on February 17, 2013, 11:19 pm
Not too much because if it would be really cheaper at one site and more expensive on another, then everyone would use it to get profit. So the course is almost the same everywhere.

Good markets from my experience are Bitcurex and Intersango. MtGox sucks cocks - remember this.
Title: Re: How to accurately transfer an amount of $ to another SR user?
Post by: EarlyCuylerTOR on February 17, 2013, 11:21 pm
Not too much because if it would be really cheaper at one site and more expensive on another, then everyone would use it to get profit. So the course is almost the same everywhere.

Good markets from my experience are Bitcurex and Intersango. MtGox sucks cocks - remember this.
 

Thanks, that makes sense.  I guess if it's off by a few pennies or whatever it's no big deal.  Maybe that's something the site should consider adding, an option to transfer funds in $ as well as BTC between users.
Title: Re: How to accurately transfer an amount of $ to another SR user?
Post by: jaftfqs on February 17, 2013, 11:25 pm
It would be kind of hard because $5 in bitcoin will most likely be worth something different when the user gets it.
Title: Re: How to accurately transfer an amount of $ to another SR user?
Post by: EarlyCuylerTOR on February 17, 2013, 11:35 pm
It would be kind of hard because $5 in bitcoin will most likely be worth something different when the user gets it.
 

Well I'm thinking there would be something to convert it on the fly, so the value would stay the same.  As in, when you tell the webpage "send $5 to DreadPirateRoberts," it then checks whatever reference and calculates how much BTC it needs to send for you.  Then again, I'm no expert on the feasibility of that, so who knows?
Title: Re: How to accurately transfer an amount of $ to another SR user?
Post by: 35mg on February 17, 2013, 11:51 pm
I'm pretty sure that payments inside SR goes rather fast, its all automatic and in one systemso why should it be slow then?
You can also send 5,10$ so you'd be ultra sure that that user will have these 5$ for sure and market price don't change that dramatically over hours.
Title: Re: How to accurately transfer an amount of $ to another SR user?
Post by: royalblue on February 18, 2013, 12:26 am
1. Add an item to your cart, browse to cart ,observe BTC USD value. (currently $26.3959 per Bitcoin)

2. Divide 1 by the BTC value.
1 / 26.3959 = 0.03788467148307123454778961884232

3. Now multiply that times the dollar amount you wish to send
5 x 0.03788467148307123454778961884232 = 0.18942335741535617273894809421

4. Round to 0.189423

So
1 / (BTC Value) * (Desired Dollar Amount) = BTC to send

Title: Re: How to accurately transfer an amount of $ to another SR user?
Post by: EarlyCuylerTOR on February 18, 2013, 12:32 am
1. Add an item to your cart, browse to cart ,observe BTC USD value. (currently $26.3959 per Bitcoin)
 

This is the step I was looking for, thank you.  Also, you can skip the step where you divide 1 by the value.  You can just divide 5/BTC Value to figure out what $5 is in BTC.  Your way works too though.