Silk Road forums

Discussion => Security => Topic started by: eJ3k1 on August 13, 2012, 01:05 pm

Title: High price of BitCoins, a good thing?
Post by: eJ3k1 on August 13, 2012, 01:05 pm
BitCoin Blues. I bought some BTC a while back, when they were still 5 dollars each. When they were 7 dollars, I quickly sold them all, thinking they would drop back to $5 soon. Instead, they went up to $11. :-( I missed out on some money there. Now I can't buy them again, because that means I accept my loss.

Also, it's no fun if you want to buy a bag of weed, but sellers are slow in updating their prices. Or if you buy expensive BTC now, and go on vacation. It's possible that you come back and see they've dropped again. Not cool. They should be called BitchCoins.

But now I'm thinking about it, is it really such a bad thing? The amount of BTC in circulation is more or less fixed. So if the price stays really high, it means that bigger amounts of money are circulating. That will make it easier to launder greater amounts of money, or sell greater amounts of contraband. That might bring bigger players to the deep web black market. That would be interesting.

What do you guys think?
Title: Re: High price of BitCoins, a good thing?
Post by: PsilocybinTendencies on August 13, 2012, 01:23 pm
I think of it as a learning experience.

Next time I see BTC at 3 bucks, I'm going to stock up and buy as few drugs as possible.
Title: Re: High price of BitCoins, a good thing?
Post by: eJ3k1 on August 13, 2012, 02:25 pm
Definitely. I never expected that BTC would fluctuate like that. Maybe it's just a summer holiday kinda thing. I think many people are buying drugs right now. If prices drop in the fall, I'll buy some btc too.
Title: Re: High price of BitCoins, a good thing?
Post by: Delta11 on August 13, 2012, 02:31 pm
I remember when they were 1.9 each, that's when I bought my vendors account and a good amount of drugs :D
Title: Re: High price of BitCoins, a good thing?
Post by: jude30 on August 13, 2012, 02:43 pm
I'm just curious cause I've chosen for SR to display listed items in dollars, and despite seeing the prices of bitcoins fluctuating so much, the dollar prices remained the same. Does this mean that prices of the items listed are pegged to the dollar?
Title: Re: High price of BitCoins, a good thing?
Post by: UKMJ on August 13, 2012, 03:05 pm
Yes most products are pegged to the dollar so the price renains the same regardless of BTC fluctuations.

Most of the people complaining about BTC flyctuations are idiots that dont pay attention. It doesnt matter if BTC are worth $1 or $15, if you buy $100 worth of BTC you can buy $100 worth of drugs. The only time this will cary is if you wait too long to spend your BTC. Of late they have increased in value however so waiting a few days means they may be worth $110. Of course it works both ways so if you cant take the risk spend BTC as soon as you get them.
Title: Re: High price of BitCoins, a good thing?
Post by: AfternoonDelight on August 13, 2012, 04:14 pm
That makes sense, except when a vendor has chosen NOT to use dollar amounts and instead pegged their prices to bitcoins.  Then the price of their item just goes up and down based on market value.

Who wants to pay more for something that cost less five minutes ago?

Some vendors are lazy and haven't updated their prices, leading to a huge markup.

Generally, if you're going to buy, convert your coins and spend them as quickly as possible.  I remember when coins were worth over $30... so they can drop at any time!
Title: Re: High price of BitCoins, a good thing?
Post by: dolphinspeak on August 13, 2012, 04:26 pm
Bitcoins have fluctuated in value for as long as they've existed. This isn't news. It's a bummer when they lose value and it's great when they go up, same as any other investment.

I made about 4BTC on Coinworker a while ago (with an AutoHotKey script and minimal effort) when they were cheap. Put them on SR and forgot about them for a few months. When I returned a few days ago, I found I had enough to buy some mdma. Happy days.