Silk Road forums

Discussion => Silk Road discussion => Topic started by: indianpilldaddy on February 21, 2013, 06:36 pm

Title: Rising bitcoin price affecting purchase....??!!
Post by: indianpilldaddy on February 21, 2013, 06:36 pm
So how many of you think that we should wait for bitcoin price to go down, to buy a listing???

Friends just wanted to enlighten you that even if the price of bitcoin rises, you can still purchase your stuff, if the listings are made in Dollar.

Lets me illustrate this with an example:
If 1Bitcoin rate is 10$
And the stuff you want to purchase is for 10$, therefore you need to pay 1BTC

But If the Bitcoin rate rises to 11$
then still the stuff you want is for 10$, therefore the listing drops to 0.9 something BTC to adjust for the variation.

You should ask your vendor to price their listings in Dollars rather than bitcoins.

It is unfair for the buyer to pay differently, when the price fluctuates.
Title: Re: Rising bitcoin price affecting purchase....??!!
Post by: Oberon on February 21, 2013, 07:10 pm
Godamit, none of the sellers I know list by posting USD. They all list by stating price in BTC and their listings reflect when the USD to BTC rate was like 1 to 17. the rate has jumped to about 1 BTC to 29 USD...godamit, why havent they changed their prices yet? I never log on and Im sure they log on way more than I do...
Title: Re: Rising bitcoin price affecting purchase....??!!
Post by: MagicMan on February 21, 2013, 07:50 pm
While what you say is true, OP, why pay 20btc at $30/btc when you can pay 15btc at $40/btc tomorrow (or the day after that, or whenever in the very near future)? The best course of action, in my speculative opinion, at the moment is to buy and hold; I'm a strong believer that we are in launchpad formation and are just putting on the final touches before we blast off!

EDIT: for grammar
Title: Re: Rising bitcoin price affecting purchase....??!!
Post by: NW Nugz on February 21, 2013, 07:54 pm
NW Nugz prices are set to a dollar amount.  :) There is a box you can click in your SR settings page which will cause your pages you look at to display prices in USDollar amounts I believe. It does not make all amounts show up in dollars, but most I think. i think a lot of vendors have their prices set to dollars and it just appears they are in btc if you don't change the setting. We are all trading in btc though, no matter what is seems like.  NWN
Title: Re: Rising bitcoin price affecting purchase....??!!
Post by: indianpilldaddy on February 21, 2013, 08:10 pm
I am glad that my post is helping in making a change. Go spread the word guys. Every vendor should put up their prices in Dollars, making it a standard price for everyone!! I am a vendor here and I put up my listings in USD. Post this other threads too.
Title: Re: Rising bitcoin price affecting purchase....??!!
Post by: NW Nugz on February 21, 2013, 08:22 pm
NW Nugz Prices have been in dollars since our first day. If the btc prices you see are in decimals in odd denominations, then the price may be set to USD and just seem like they are set to btc due to the default SR settings. If you change the setting and the dollar amounts are in odd decimal amounts, then the price is likely set to a number of btc.
Title: Re: Rising bitcoin price affecting purchase....??!!
Post by: camomug on February 21, 2013, 08:24 pm
I thought vendor prices were pegged at USD and just adjust as BTC rise up.

Also in your account settings, you can change whether to view prices in USD or BTC
Title: Re: Rising bitcoin price affecting purchase....??!!
Post by: chil on February 21, 2013, 08:31 pm
I thought vendor prices were pegged at USD and just adjust as BTC rise up.

Also in your account settings, you can change whether to view prices in USD or BTC

This.
Title: Re: Rising bitcoin price affecting purchase....??!!
Post by: ilovebeees on February 21, 2013, 09:15 pm
Godamit, none of the sellers I know list by posting USD. They all list by stating price in BTC and their listings reflect when the USD to BTC rate was like 1 to 17. the rate has jumped to about 1 BTC to 29 USD...godamit, why havent they changed their prices yet? I never log on and Im sure they log on way more than I do...

I don't want to be rude, but you are just flat out wrong. Almost every single vendor has their prices pegged to the dollar, not pegged to the value of BTC. I see people complaining about this every single time the price of BTC goes up, dozens of times over the last year or so. Go to your account settings, and select display prices in dollars. Once you do that, monitor the prices of those vendors. I guarantee you that 99% or more of the prices will not fluctuate with price. I've been buying from SR for over a year, purchased from dozens of vendors, and check out hundreds. I have seen exactly zero that tie their prices to the BTC. I'm sure there are some vendors that do peg their prices to the BTC, but they are a tiny minority.

People are always bitching about the "problem" of vendors not adjusting their prices as the value of BTC fluctuates, but every single time they are just wrong. Almost every single vendor fixes their prices in dollars, and the system automatically adjusts how many BTC is costs. Its a non-issue for the vast majority of purchases. The value of any BTC you are holding will fluctuate, but the price in dollars will not.

I thought vendor prices were pegged at USD and just adjust as BTC rise up.

Also in your account settings, you can change whether to view prices in USD or BTC

That's the default option, and very very few vendors do it the other way around. It doesn't really make sense for most vendors to have their items cost a fixed amount of BTC, because most would have to constantly adjust their prices.
Title: Re: Rising bitcoin price affecting purchase....??!!
Post by: robotrippin on February 21, 2013, 09:57 pm
While what you say is true, OP, why pay 20btc at $30/btc when you can pay 15btc at $40/btc tomorrow (or the day after that, or whenever in the very near future)? The best course of action, in my speculative opinion, at the moment is to buy and hold; I'm a strong believer that we are in launchpad formation and are just putting on the final touches before we blast off!

EDIT: for grammar

You and me both brother. I also feel it's about to take off. So much so that in the last few weeks I've invested quite a bit in BTC and other related ventures. It took me a long time to come to terms with it but I'm certainly glad that I did and was able to get a bunch of those coins around the $22 price point.  By coming to terms I mean accepting that I might lose my money but at this point I'm all in and hoping to enjoy the ride. I do still have some concerns, but no risk = no reward.
Title: Re: Rising bitcoin price affecting purchase....??!!
Post by: jnemonic on February 21, 2013, 10:06 pm
Anyone noticed when every time you log onto SR, the value of your coins keep slowly rising?

I put some coins in the other day for a small purchase, and started to take note of the rise in value in dollars.

When i started i had $136.59 in my SR account. This is how they rose, over $7 increase in around 3 days.
$137.97
$140.12                                 
$140.29
$140.37
$140.45
$140.55
$140.69
$141.22 :P
Title: Re: Rising bitcoin price affecting purchase....??!!
Post by: ukshroomsmail on February 21, 2013, 10:34 pm
as above, most (if not all) vendors prices are pegged to the USD as mine are. vendors can choose. all prices are displayed in BTC as standard because that is the actual currency you are holding. if you have 10BTC, that will always be 10BTC, but the USD value of YOUR coins will fluctuate with the exchange rate. go into your settings and change display to USD and you will see your balance and all the prices in USD.

if my listing price is 50USD, it will always be 50USD, but the BTC price will fluctuate with the exchange rate.

as a buyer the BTC price is almost irrelevant, unless you're holding coins in stock. if you transfer coins into SR and spend them straight away it should make almost no difference to you what the BTC cost. unless there is a catastrophic crash or something of course.