Silk Road forums

Discussion => Newbie discussion => Topic started by: kookoo on April 06, 2013, 03:28 am

Title: BTC exchange rate
Post by: kookoo on April 06, 2013, 03:28 am
mt gox latest price often swing >1% every hour, and different exchanges often simultaneously quote different prices.

How often is BTC prices on SR adjusted, and which exchange rate is used to calculate prices?
Title: Re: BTC exchange rate
Post by: SinningSaint on April 06, 2013, 03:33 am
Make sure your SR settings are to show up in USD not bitcoins. Bitcoin price is automatically adjusted to the USD price listed by the vendor.
Title: Re: BTC exchange rate
Post by: crazylegs122 on April 06, 2013, 03:39 am
I'm guessing mtgox is used as the baseline since it has the highest trade volume.

Now how often they update exchange rate... that's another question. I'd assume that it cant be instant. I'm not finance guru but I assume that it comes down to the same problem that occurs in stock markets- what _is_ the real value of a stock at a given moment? There isn't really one. I'm guessing the take the midpoint between ask/bid of all transactions in the past 24 hours and average them to get the "price". Perhaps someone can chip in that has a modicum of finance training.