Silk Road forums
Discussion => Security => Topic started by: aviator on July 13, 2012, 12:01 am
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The prices have went up a lot in the past 24 hours! I want to go get some but I'm scared that the price will drop and I will lose money.
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B⃦ has actually been trending up for the last few days. The other night I caught it @ $7.25
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I just saw it jump from $7.10 to $7.90 on MtGox but then back down a bit... Does anyone know if prices are updated automatically on SR? Things are looking a bit more expensive and I think some sellers aren't updating to match the price of bitcoins, but I don't know if its automatic or not
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the B⃦ value on SR is updated daily. As far as I understand.
As a vendor, we can pick if we want our listings to be "fluid" or "pegged"
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I just saw it jump from $7.10 to $7.90 on MtGox but then back down a bit... Does anyone know if prices are updated automatically on SR? Things are looking a bit more expensive and I think some sellers aren't updating to match the price of bitcoins, but I don't know if its automatic or not
Im pretty sure that SR updates their prices to the current bitcoin rate every 24 hours. I'm not 100% sure though.
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Im pretty sure that SR uses the weighted Avg bitcoin price and keeps it up dated pretty often
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It definitely updates pretty often. When I have my wallet displayed in USD I'll hit refresh and see the total change slightly every 15 min or so it seems like.
As far as vendors, we have the option to peg the listing on the dollar. I think most vendors do this. If I set my listing to $35 it automatically adjust how many bitcoins you need to pay so it always equals $35.
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I think that the bitcoin is a good investment.. its just going to get more difficult for the miners (heard its supposed to be really difficult starting this fall for some reason)...
This is just my guess. Ive seen it stable for the past few months and it keeps going up.. My guess is that it will continue to keep going up (lets hope) Ive heard that a lot of new tech. etc. will help the bitcoin grow.. its still very very volitile, but we shall see...
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I think that the bitcoin is a good investment.. its just going to get more difficult for the miners (heard its supposed to be really difficult starting this fall for some reason)...
This is just my guess. Ive seen it stable for the past few months and it keeps going up.. My guess is that it will continue to keep going up (lets hope) Ive heard that a lot of new tech. etc. will help the bitcoin grow.. its still very very volitile, but we shall see...
What does that mining involve? I've heard about it but never actually looked into it.
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I may be wrong but I believe mining works like this:
Transfers are encrypted and require a great amount of emmm let's say "computer work" to verify them
So the bitcoin system "pays" people for doing this work
If you want to learn more there is plenty of info on the net
Keep in mind it's not profitable if you don't have cheap electricity (under 10cent per kwh) and tons of hashes per second.
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The prices have went up a lot in the past 24 hours! I want to go get some but I'm scared that the price will drop and I will lose money.
You can easily alleviate this fear by not purchasing any bitcoins. I know it can be difficult to understand currencies and how currency markets operate but try to simplify the situation. For instance, you fear a drop in coin prices after you make a purchase of coin will result in a loss of money on your end. This can be completely prevented if you dont purchase any coins until you are ready to spend them. Additionally, I suggest you ask yourself if your fears of a drop in bitcoin prices are even warranted. Consider the fact that even a drop larger than 3 standard deviations will not result in a significant loss for most people due to the fact that they arnt purchasing many coins to begin with. For the most part even a large loss will only result in a few dollars either way. I have an economics major and I have found that my major helps me understand currency markets. It is my firm belief that 95% of people that purchase bitcoins are not effected significantly regardless of the movement of the market. The only people that are significantly effected are bitcoin investors with significant bitcoins and of course vendors that accept bitcoins. But both of these kinds of people should be better equipped to detect large fluctuation and then act to minimize their own losses. For instance a successful bitcoin investor will have intimate knowledge of the market and will be prepared to quickly swap coins for other currencies in the even of a drop in value. Silk Road vendors with large amounts of bitcoins probably wont be able to sense a drop in bitcoin value like an investor would. But Silk Road vendors with large amounts of coins are selling some of the most profitable products in the world so they can easily weather even extreme price fluctuations.