Silk Road forums
Discussion => Newbie discussion => Topic started by: sunnybeach1911 on March 21, 2013, 11:15 am
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As above why is bitcoin riseing all the time and when will it likely stop
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No one knows for sure, but there sure are many people who think they do. There are LOADS of thread about this, just have a look around and read up.
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Because people are losing faith in 'regular' money and resort to real money (uninfluenced by a middle man) instead.
When will it stop? No one knows for sure.. it might rise to $10.000 for 1Btc, or higher.
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Too many speculators joining the virtual currency market
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Is it at all because more and more people are buying BTC's at a higher rate than they are traded in?
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I'd love to know too, I'm curious. I understand it's quite a complex situation/market though.
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I have been really concerned about this exact problem, I sent a message to support, and the response was that Most Vendors Peg there prices. Does anyone know what this means?
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I have been really concerned about this exact problem, I sent a message to support, and the response was that Most Vendors Peg there prices. Does anyone know what this means?
Sounds to me he meant if they charge $50.00 for their product, they don't charge using bitcoins. So even if the bitcion prices go up or down the prices for the products listed will stay the same. Hopefully this is what you were wanting to know?
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^^^^I believe this guy is right. the vendor picks a dollar amount and that stays constant. My question is ok I am a vendor and my product is 60$. The bitcoin goes up and down through out the day, so how often does the SR refresh the bitcoin rate and where do they get that rate from.
As far as why it keeps going up so fats we money always attracts money and the more the coin becomes worth the more attention it will bring (for better or worse).
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it goes up becoz mo n mo peeps r xceptin on da nett + theirs limmitd surply ofit
All sew it gits bort 2 get spent (useuly on SR). THa drugz git hogged down n tha knew junki needza git mo drugz so thers all wayz a dmand 4 mo and mo whyl da surply remaynz all mos tha saim synce neu btc haz gotta b mined an tha mining iz onlee just keapinup wiv or fallz bhined that surply.
i ad a dreem the uvvr nite it wentup 2 161 USD per BTC!!
I betya wivvin 6 to 12 munths ittll b thair too!!!
NO 1 holdz on2 it uvver den vendars an their prolly spendin itt on uvver drugz from uvva vendas sew theirz mo dmand all tyme....+ ne 1 smartt enuff 2 invest inn itt an holed on 2 itt iz all sew gonna maik it rise... it wont pop... not whyle ur poppin pillz ne wayz!
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because is a real new solid coin
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The currency ($, Lb, Euro, whatever) to Bitcoin is almost completely irrelevant here. Most of the vendors set their prices in $US and then SR converts it to bitcoin. You can see everything in SR in $US if you click account (top of the page) and then settings (right side)
So you take $100 cash and get $100 worth of bitcoins, you then use those bitcoins to buy $100 worth of weed. The $/bitcoin exchange rate didn't matter. The only time it will affect you is if you HOLD bitcoins for an extended time.
Capiche?
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The currency ($, Lb, Euro, whatever) to Bitcoin is almost completely irrelevant here. Most of the vendors set their prices in $US and then SR converts it to bitcoin. You can see everything in SR in $US if you click account (top of the page) and then settings (right side)
So you take $100 cash and get $100 worth of bitcoins, you then use those bitcoins to buy $100 worth of weed. The $/bitcoin exchange rate didn't matter. The only time it will affect you is if you HOLD bitcoins for an extended time.
Capiche?
This. The best thing to do is go buy a couple of bitcoins to hold for an extended time and use all the extra money from bitcoins rising to buy on SR. It's like getting free drugs.
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I have been really concerned about this exact problem, I sent a message to support, and the response was that Most Vendors Peg there prices. Does anyone know what this means?
Sounds to me he meant if they charge $50.00 for their product, they don't charge using bitcoins. So even if the bitcion prices go up or down the prices for the products listed will stay the same. Hopefully this is what you were wanting to know?
Just look at products in USD prices. It's less confusing
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My stuff is pegged which means as btc rises then you will see what im asking for my stuff in BTC falls. so dont worrie just because btc is going up most vendors stuff is not. it still costs the same.
My page http://silkroadvb5piz3r.onion/silkroad/user/0319a1315a
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Have you seen Atlantis already? ""The silkroad with litecoins"" Cheaper than silkroad and works a lot faster also. not sure if it is allowed, but here link
[CENSORED: scam link]rky4es5q.onion/about
you can easily switch your bitcoins to litecoins here: www.btc-e.com they have a nice chat box also! (called the Trol box)
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The currency ($, Lb, Euro, whatever) to Bitcoin is almost completely irrelevant here. Most of the vendors set their prices in $US and then SR converts it to bitcoin. You can see everything in SR in $US if you click account (top of the page) and then settings (right side)
So you take $100 cash and get $100 worth of bitcoins, you then use those bitcoins to buy $100 worth of weed. The $/bitcoin exchange rate didn't matter. The only time it will affect you is if you HOLD bitcoins for an extended time.
Capiche?
I want to know how often SR updates the $ to bitcoin.In just fifteen mins I have seen the BC go up and down by dollars. I also want to know what exchange the are pegging there price to. Does anyone have any idea?
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If I'm not mistaken it updates hourly to the MtGox weighted average.
Hope that helps
Jah Bless
The Doctor
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yes it does help thank you, I would send you virtual karma but being that I am a noob you will just have to settle for the old fashioned karma :)
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yes it does help thank you, I would send you virtual karma but being that I am a noob you will just have to settle for the old fashioned karma :)
Thats okay, I prefer that kind anyway
Jah Bless
The Doctor
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as far as i know it gets updated every 5 mins like on bmr but i could be wrong tho.
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The most probable reason for bitcoin skyrocketing during the past two months is Cyprus. Russians stand to lose money there, so they are in a hurry to find another laundering place for their less-than-legal funds. On a short term, it may be very difficult, hence even Bitcoin will do. Bitcoin's liquidity is poor, so just a 100 000 EUR may push the price up by 1-2%. And since deposits are not safe in Cyprus, they aren't safe in Spain etc. I read somewhere that bitcoin software downloads have skyrocketed in Spain during recent days.
IMO people are jumping from the frying pan into the fire.
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The most probable reason for bitcoin skyrocketing during the past two months is Cyprus. Russians stand to lose money there, so they are in a hurry to find another laundering place for their less-than-legal funds. On a short term, it may be very difficult, hence even Bitcoin will do. Bitcoin's liquidity is poor, so just a 100 000 EUR may push the price up by 1-2%. And since deposits are not safe in Cyprus, they aren't safe in Spain etc. I read somewhere that bitcoin software downloads have skyrocketed in Spain during recent days.
IMO people are jumping from the frying pan into the fire.
I totally agree about this...
a few hours after the "Cyprus-chit" exploded, you could see the BTC-value (that had stabilised a bit over the previous week) skyrockettin again... since then it's just climbing to new record values every hour or so...
I hope that,
if the BTC value goes up more than 140$ or so, Silk Road will offer alternative crypto-currencies, such as litecoin.
Maybe we could suggest this to DPR?
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Well I do not know what the cause is but I have definitely enjoyed it! I jumped in on the 19th with most all I have in liquid cash around 3 grand and am up 25% , almost 800 dollars right now. keeping 400 in to play with and cashing out the rest. Free shit is the best shit! I have done this in the stock market before but the first time with coin. Still hard to know when to cut and run, hate to leave money on the table.
As far as SR update I see it change every 5 min or less but I cant tell where they get their info cause its always off compared to all major exchanges a whole percent or two low right now. I would love to know how they calculate this. probably just need to ask properly. I would also like to know what happens to all the residual coin that seems to vanish like the .00739 of a bitcoin I added to my account but cant see and then when I pay I see the charge goes to the 4th decimal but again my off SR wallet shows this before deposit but then not on SR till I pay someone. This would add up to tons of coin if it was siphoned as they say. Bitcoin will have to go to like a metric system if it goes much higher like millacoin, centacoin, ect. I think this would work with the current system. Anyway so there is that.
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A lot of people are moving there savings out of euros into bitcoin because of whats happening with cyprus. Now is a good time to buy and watch them raise in value. Will (IMO) the $ will probably break the 3 figure mark within a few weeks.
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ever sinse websites have started to offer payment via btc it has started to grow. And it will keep doing soo
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I hope that,
if the BTC value goes up more than 140$ or so, Silk Road will offer alternative crypto-currencies, such as litecoin.
Maybe we could suggest this to DPR?
That wouldnt be a smart thing to do for dpr. seeing as the bitcon keeps rising very hard. its the most profitable and safe currency actually. accepting other not-so-strong-investment-based currencies would definitely lower the profit.
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A lot of people claim that silver is due to rise too. A couple of years ago it was up to $44/oz. Now I've heard it's $28. They say it usually stabilizes at a fixed percentage compared to gold, like 16 to 1 (don't remember the real figure) and it's therefore too low.
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It seems like a bubble to me
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I hope that,
if the BTC value goes up more than 140$ or so, Silk Road will offer alternative crypto-currencies, such as litecoin.
Maybe we could suggest this to DPR?
That wouldnt be a smart thing to do for dpr. seeing as the bitcon keeps rising very hard. its the most profitable and safe currency actually. accepting other not-so-strong-investment-based currencies would definitely lower the profit.
This wouldn't make much sense at this time. Bitcoins are divisible into .00000001 chunks if not smaller. Bitcoins would have to be worth millions or more for the decimal places to not be granular enough.
blahblah1234
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I hope that, if the BTC value goes up more than 140$ or so, Silk Road will offer alternative crypto-currencies, such as litecoin.
I agree. It is important for traders that the currency is stable. As the past months have shown, Bitcoin is very volatile. For the time being, many vendors make more money from holding Bitcoin than selling stuff. But how about when they have sold something, mailed the stuff and wait for the escrow to be released? If Bitcoin crashes meanwhile, they could selling at a loss. If I want to gamble, I go to a Casino. If I want to trade, I don't want Bitcoin.
Hopefully someone invents a stable cryptocoin. It would be OK if it was pegged to the USD or EUR.
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Well I think it's obvious the tax returns in the US have a big part to do with it... If you look at a lot of the charts BTC only really shot up in price within the last 30days...
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or its people in Europe taking and investing in bitcoins because of the bail out and also everything in Cyprus with the whole money thing going o their right now
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I always get nervous when it's fluctuates so much like it's done over the past 1-2 weeks.
If you've got a lot of BTC, I personally think it's always best to cash out early to play it safe and not push the friend ship hoping for a bigger increase.
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http://www.businessweek.com/articles/2013-03-20/jittery-spaniards-seek-safe-haven-in-bitcoins
I think it is pretty much settled, that the recent days' mindless activity came from Europe. Downloads of Bitcoin client software has increased wildly in Spain. What is happening in Cyprus has proved that bank accounts in euroland are not safe. If it can happen in Cyprus, it can happen in Spain, Portugal, Ireland... I doubt many of those first-time Bitcoin users who bough this week, know what they're doing. What goes up, must come down (sometime): http://www.zerohedge.com/news/2013-03-21/us-begins-regulating-bitcoin-will-consider-virtual-transactions-money-laundering
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Because people keep on paying high fees
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The main exchange moved operations over to the US via coinbase, so its seen as being more secure now. And alot of mainstream businesses are adopting it.
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Is it safe to buy bitcoins via paypal or bank transfer?
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or its people in Europe taking and investing in bitcoins because of the bail out and also everything in Cyprus with the whole money thing going o their right now
That could be a big possibility... I wasn't aware of the bail out. I didn't think Bitcoins were known enough for people to use them for investment purposes.... I always think of BTC as some form of "low key" currency a lot of people aren't aware of.
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im not sure weather or not to suspend my listings as if this BTC rise pops i could end up selling at a huge loss or if it keeps rising i will make s killing
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yeah, if you can sit on your bitcoins for even just a week or so the payoff is huge! it's the only upside to having a vendor jerk your farcking leash and tie up your bitcoin in escrow
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I can't say why it rises so much, and then falls. But I can tell you that, to just a buyer on SR, it shouldn't make a difference. The prices for products change as the BC prices change, so we pay the same amount. unless of course you already have the BT in your wallet, but I try to avoid that as much as possible!