Silk Road forums

Discussion => Security => Topic started by: fillout on April 15, 2012, 10:34 am

Title: Buying E-currency like Pecunix, PM, LR etc
Post by: fillout on April 15, 2012, 10:34 am
Hello,

I am thinking of hedging against BTC volatility by buying some E-Currency like Pecunix, Perfect Money or LR but after my research i'm surprised by how expensive it is to buy. My question is if there is any cheap way of converting BTC to other gold backed E-currency?

I checked out aurumxchange and on 5000 dollars they charge 325 dollars just to exchange to Pecunix or PM, LR which is absurd in my eyes.

Or are these prices normal if somebody want to buy some e-currency?

Thanks. gr
Title: Re: Buying E-currency like Pecunix, PM, LR etc
Post by: philter3 on April 15, 2012, 10:46 am
Have you looked at   https://wm-center.com/rates.php?type=exch    ?

Pecunix USD
     LibertyReserve USD    - 6%    5 USD
     LibertyReserve EURO    - 6%    5 USD
     C-gold USD    + 1%    0 USD
     Global Digital Pay USD    + 10%    0 USD
     Global Digital Pay EURO    - 1%    5 USD
     HooPay USD    - 7%    5 USD
     PayPal USD    - 8%    5 USD
     Perfect Money USD    - 10%    5 USD
     Perfect Money EURO    - 10%    5 USD
     PayPal EURO    - 8%    5 USD
     Bitcoin    - 0%    0 USD

Bitcoin
     LibertyReserve USD    - 1%    5 USD
     LibertyReserve EURO    - 1%    5 USD
     Pecunix USD    - 1%    5 USD
     C-gold USD    + 0%    0 USD
     Global Digital Pay USD    + 10%    0 USD
     Global Digital Pay EURO    - 0%    5 USD
     HooPay USD    - 0%    5 USD
     PayPal USD    - 2%    5 USD
     Perfect Money USD    - 5%    5 USD
     Perfect Money EURO    - 5%    5 USD
     PayPal EURO    - 2%    5 USD

Looks like it's 0% if you want Bitcoin and have Pecunix. And it's 1% ($5 min) if you got BTC and want Pecunix.
So $5000 USD worth of BTC would buy you $4950 worth of Pecunix.
Title: Re: Buying E-currency like Pecunix, PM, LR etc
Post by: fillout on April 15, 2012, 10:48 am
Yeah i saw that yesterday and thought i was to good to be true. Turns out it was.

Quoted from site:
We sell Bitcoin - $4.9; We buy Bitcoin - $3.5;

So basically they only give you 3.5$ per BTC.

Still really expensive...
Title: Re: Buying E-currency like Pecunix, PM, LR etc
Post by: philter3 on April 15, 2012, 11:07 am
Um.. I will have to look into it further. My impression was that the $4.90 to buy BTC and $3.5 to sell BTC were BTC to USD exchange rates..   not BTC to Pecunix or Pecunix to BTC.

I can't imagine why they would quote a BTC --> USD --> to Pecunix rate. It's a currency to currency exchange, no need for an intermediary. Perhaps you should investigate further with them directly.

 I will certainly do so once time permits and my BTC balance requires it, since my business plan uses BTC as a unit of account and takes profits as Pecunix or bullion.
Title: Re: Buying E-currency like Pecunix, PM, LR etc
Post by: fillout on April 15, 2012, 11:36 am
No it's really like that. If you fill in sell 100 BTC you get 345 dollars of pecunix back. So it's one big rip off. Why is it so expensive to buy these currencies? And there must be a cheaper way then buying 10% which is a shitload?

gr
Title: Re: Buying E-currency like Pecunix, PM, LR etc
Post by: philter3 on April 15, 2012, 02:42 pm
Hmmm.. time to do some investigating then. Looks like you are right. No way I'm paying that :D I will update you if I find a solid solution.