Silk Road forums

Discussion => Silk Road discussion => Topic started by: tommygun on March 13, 2013, 01:44 am

Title: BTC exhange rate updating on SR?
Post by: tommygun on March 13, 2013, 01:44 am
Is it like a daily or hourly thing?  Anyone happen to know?  Where does the exchange info come from MtGox?
Title: Re: BTC exhange rate updating on SR?
Post by: SteelMerc on March 13, 2013, 06:12 am
I'm honestly not sure when SR values get updated, but the worth of my BTC was gradually going down on SR so I decided to pull my money out and send it to my Mt Gox account.
Now I'm just waiting for the transfer to complete...  :-\
Title: Re: BTC exhange rate updating on SR?
Post by: JackBlue on March 13, 2013, 09:29 am
I'm pretty sure that the SR rate is the 24 hour weighted average Mt. Gox rate.  That makes it less volatile than the spot rate (most recent transaction) on Mt. Gox.  Unless you're trading in and out of bitcoins frequently, it shouldn't make any material difference whether you're coins are in Mt. Gox or SR.  Having them in SR wallet means they are available when you want to buy something.  Isn't that the reason why most people on SR own bitcoins?  It can take a couple of hours to do a transfer from Mt. Gox to Silk Road at times, which can be a serious pain in the ass when you want to make a purchase and you end up waiting around for the BTC to arrive from Mt. Gox.
Title: Re: BTC exhange rate updating on SR?
Post by: tommygun on March 13, 2013, 09:32 pm
Hey Jack, but do you think the weighted average is only updating once a day?  It seems less frequent than hourly..
Title: Re: BTC exhange rate updating on SR?
Post by: tommygun on March 14, 2013, 12:01 am
Well it definitely updated since I last posted, I was looking at a listing for 3.25 BTC and now its 3.23.
Title: Re: BTC exhange rate updating on SR?
Post by: Crazy Eights on March 14, 2013, 12:19 am
no, SR has it's own formula - ping a mod to confirm
Title: Re: BTC exhange rate updating on SR?
Post by: tommygun on March 14, 2013, 01:30 am
Ok well it updated again, now that listing is 3.22, so I guess its pretty regular updates afterall. 
Title: Re: BTC exhange rate updating on SR?
Post by: uniwiz on March 14, 2013, 03:00 am
It's been consistently lower then the actual rates for weeks, about .50 or so, sometimes a $1.00

The only time it's above rate is when the market is falling.
The rate is a weight average, but lately it's been below the daily rate.
I see updates almost hourly.
Title: Re: BTC exhange rate updating on SR?
Post by: k5053 on March 14, 2013, 01:34 pm
it would be really useful if somebody clarify the issue!  i've always wondered too!
thanks