Silk Road forums
Discussion => Newbie discussion => Topic started by: beebles on May 03, 2013, 03:01 pm
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Hey all,
I have considered a purchase now for sometime and today I thought yeah why not, only to find that the cheapest I can buy bitcoin is at £70 per coin, I then checked SR to see what price the items I wanted (LSD) were at currently and found that it was approximately 2Bitcoins which is £140
Have I miscalculated?
Any replies would be most welcome
beebles
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You would get a decent amount of LSD for 2BTC. I'm sure you can find a few tabs for far cheaper.
By the way, the price of a bitcoin does not affect the price of items on SR. SR prices rise and drop to make the price exactly what the vendor specified. For example:
Let's say 1g of MDMA costs $200 and 1BTC is worth $100, which would make the MDMA worth 2BTC. Then tomorrow the price of a bitcoin rises to $200 per BTC. The MDMA would automatically recalculate it's price and would now be worth 1BTC.
The SR wiki is a good place for information like this. Give it a read before making any purchases :)
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Hey all,
I have considered a purchase now for sometime and today I thought yeah why not, only to find that the cheapest I can buy bitcoin is at £70 per coin, I then checked SR to see what price the items I wanted (LSD) were at currently and found that it was approximately 2Bitcoins which is £140
Have I miscalculated?
Any replies would be most welcome
beebles
When you transfer cash to BitCoins you don't need the BitCoin amount to be a whole number.
If you want $100 in BitCoins and 1BTC = $200 then you would end up with 0.5BTC.
If you need more clarification just ask.
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Change your SR settings to show in USD or whatever your currency is, not in BTC. Also, you can buy BTC in fragments so if the price of BTC is $120 and something is $60, you can just but 0.5BTC. BTC price on SR is based off MT. Gox trading average, much easier to see prices in USD than BTC.
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You would get a decent amount of LSD for 2BTC. I'm sure you can find a few tabs for far cheaper.
By the way, the price of a bitcoin does not affect the price of items on SR. SR prices rise and drop to make the price exactly what the vendor specified. For example:
Let's say 1g of MDMA costs $200 and 1BTC is worth $100, which would make the MDMA worth 2BTC. Then tomorrow the price of a bitcoin rises to $200 per BTC. The MDMA would automatically recalculate it's price and would now be worth 1BTC.
The SR wiki is a good place for information like this. Give it a read before making any purchases :)
Very good post. I've been on the road for a while and had these same questions. I had to figure it out myself but I wish I had seen posts like this.
+1 for you even though I can't give you Karma
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1BTC was £92 three days ago! but like they say,it doesn't matter on SR because the quantity you get will be the same dollar value.It would only matter if you were buying BTC to sell.So like any other currency-buy low,sell high.