Silk Road forums
Market => Product offers => Topic started by: igotyou on November 16, 2011, 04:10 am
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Hello everyone.
I have been considering vending on SR, but have concerns over how the payment is taken. I really do not trust the stability of bitcoin, and the way it fluctuates... I am not here to lose money by having each payment involuntarily put in to such a volatile ecurrency. Does anyone have with experience have any suggestions on how to limit risk of these fluctuations?
Is it customary for vendors to accept/request other forms of payment at their discretion?
Thank you,
IGotYou (coming soon)
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Bitcoin fluctuations are an issue but it seems to work for everyone else. I think the best thing to do would just be to cash out your bitcoins daily but I have no experience vending. Since the daily fluctuation is generally not too significant (the recent .6 drop in a day was fairly unusual) by converting your funds as soon as possible you would minimize the risk. Also Im pretty sure you already know, but during escrow you have the option to hedge, which will fix the amount of bitcoins you receive by the actual value of the sale, so you dont lose any money while the funds are in escrow.
There is a very limited number of vendors that accept other forms of payment. Bitcoins fluctuations are tolerated due to the security of receiving payment through them. Other forms of payment are easier to track, so many vendors refuse to accept them. If you want more info, check out: http://g7pz322wcy6jnn4r.onion/opensource/II/Payment.html
Good luck, welcome to SR!
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We've been too ripped off to go any other way. Bitcoins allow us--buyers--to use escrow, so we quit feeding the constant ripoffs who plague this place. And it protects *you* from LE, who probably also keep an eye out. Any other payment method, can be traced to easily. This site is based on bitcoins and escrow...not using either one endangers us. Having said that, yeah, they're a pain, but you get used to it, and find a way around the fluctuations. Open an account where you can transfer them quickly, on a daily basis.
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Any other payment method, can be traced to easily.
Well..that's not exactly true..
But, I do appreciate your help and advice; I guess I will just have to put up with escrow.
Thanks
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the best thing to do is get your BTC converted to USD as soon as humanly possible. people seem to think that the declining bitcoin value will eventually stabilize, making it easier on us vendors, and it did last week when it was around $3 but you can see that "stability" didn't last long. if you were holding a good amount of bitcoins a week ago, you would have about %30 less profit today. I'm not sure if stability is something bitcoin will ever see. Even if it declines to 50 cents per coin, all it would take is a small 25 cent drop to lose half of your savings.