Silk Road forums
Discussion => Security => Topic started by: nice1 on August 20, 2012, 10:53 pm
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Does it matter what the rate is?
My friend said it doesn't matter because the prices on SR auto adjustt so its the same either way :-\
I'm not so sure though. I first got my bit coins at £9 per coin but 2 days later they were £5 per coin. Does it pay to wait until u get a better deal on the coin or does it make no difference?
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no it doesnt matter. but there is a problem. the prices of bitcoins are decreasing right now. so 60 dollars worth of bitcoişns could be 55 dollars tommorow. so after purchasing bitcoins do your transaction immeaditly. so you wont lose any money.
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It does matter, wait for the price to drop and then buy so you get more coins, then wait for the price to go up and then buy stuff off SR
Let's say you purchase 50BTC at $7 each, that's $350 worth in BTC and then let's say the price goes up to $10 each BTC, that's $500 worth in BTC. You just got an extra $150 to spend on drugs! It normally wouldn't be this way but the Bitcoin isn't stable right now so it's jumping up and down.
Buy low, sell high.
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Most prices on SR adjust to bitcoin prices. Just leave the money in cash form on Mtgox until right before you are ready to buy. Make sure you have everything you want in your SR cart then buy as many bitcoins as you need and spend them right away. If not then you risk having the bitcoins depreciate in value and losing money (or they could go up and you could gain money).
Personally I hate holding bitcoins for a long period of time because the prices fluctuate so much.