Silk Road forums

Discussion => Newbie discussion => Topic started by: super-silk-woman on April 15, 2013, 10:24 pm

Title: BTC going down in price...AGAIN!
Post by: super-silk-woman on April 15, 2013, 10:24 pm
So the price of BTC is plummeting AGAIN. Its so frustrating to get your BTC in your account only to find you lost money. Cant we come up with a SR coin? Something better? This up and down that BTC is doing is costing vendors and buyers alike. It has lead to many problems im sure between them. Its like leaving the house to go to your dealers with the right amount of money and when you get there you have less. How do you keep up? Buy BTC and spend it as fast as possible to avoid losing anything? OK. What if it takes the vendor a few minutes or more to get back to a question or maybe to accept the order and BTC drops. Now you need more money. Its like we are just burning it up. Its no small change either.
Title: Re: BTC going down in price...AGAIN!
Post by: curtnz on April 15, 2013, 10:51 pm
the CURRENCY is a GAMBLE this HAPPENS with ALL things that SUPPLY N DEMAND affect

ideont think there will be a way to fix this mess
Title: Re: BTC going down in price...AGAIN!
Post by: Papydoll on April 15, 2013, 11:37 pm
Quote
Cant we come up with a SR coin?

the bitcoin system protect anonymity here on SR, If I got it right. I can't figure how to do without it.
Title: Re: BTC going down in price...AGAIN!
Post by: Jack N Hoff on April 16, 2013, 12:13 am
Cant we come up with a SR coin?
Right.  So law enforcement could track everyone who uses the drugbuyingcoins.  Seems like a pretty fucking good idea.
Title: Re: BTC going down in price...AGAIN!
Post by: ShroomsUSA on April 16, 2013, 12:17 am
I am just baffled as to why the sellers on SR and other sites don't update the prices weekly at least. I also need to find a better a better way to obtain bitcoins, If anyone could reply to me, or message me on here to places they go that would be great. As long as it isn't over priced I would love to check it out!
Title: Re: BTC going down in price...AGAIN!
Post by: chainz on April 16, 2013, 12:22 am
It's damn frustrating because i come on here to buy drugs not to invest in BTC. I dont care for all that..i just want to buy drugs and it seems impossible atm. I hate the fact that i need to add an extra 10-20 bucks on top of my amount when buying BTC just in case.

Its now got to the stage where buying drugs on the street or away from SR is now cheaper. I think i will stay away until there is constant stability and until all these millionare arseholes go away and stop manipulating the BTC market for their fucken gain.

Title: Re: BTC going down in price...AGAIN!
Post by: Cautious1 on April 16, 2013, 02:03 am
My advice is buy as soon as you get the bitcoins. I did that for my recent order and hardly got overcharged.
Title: Re: BTC going down in price...AGAIN!
Post by: Razorspyne on April 16, 2013, 02:22 am
So the price of BTC is plummeting AGAIN.

What do you mean by plummeting. It's dropping in AUD, stable or rising slightly in GBP, not sure about USD. It was much more marked last week.

Piece, Love, and Fuck Haters.
Title: Re: BTC going down in price...AGAIN!
Post by: galadhrim on April 16, 2013, 02:29 am
My advice is buy as soon as you get the bitcoins. I did that for my recent order and hardly got overcharged.
This is exactly what I do. Get bitcoins and purchase same day. This way you avoid price fluctuations and always pay the intended price.
Title: Re: BTC going down in price...AGAIN!
Post by: Hippy Tribe Chief on April 16, 2013, 02:57 am
OMG...  I lost well over 100 dollars, and it's dropping fast.  funded my account this morning for a purchase tomorrow morning.  Fucking stupid.  This was my 420 order :(
Title: Re: BTC going down in price...AGAIN!
Post by: Somepup on April 16, 2013, 03:04 am
Always add more funds than you need for your purchase and use them them ASAP.
Title: Re: BTC going down in price...AGAIN!
Post by: dissolvedgirl on April 16, 2013, 03:32 am
as others have said: spend your coins as soon as you get them in your account.  buying in bulk is sometimes cheaper & then you can hide some for later :)
if you cant do that at least try to hold off on buying until the value is at least close to when you converted.

and buying on the street is ALWAYS cheaper for certain things on here...so if you are cool with that & have access to good stuff you are for sure better off
Title: Re: BTC going down in price...AGAIN!
Post by: KarmaKoolAid on April 16, 2013, 03:42 am
Bitcoin is the double edged sword of Silk Road. Without it the site wouldn't be possible, but the market for it is obviously unstable. My worry isn't about the recent crash, but something that would end Bitcoin indefinitely. There are lots of people that do not believe Bitcoin will last forever and even though I don't personally use this site, I would hate to see it become a thing of the past.

I don't want to see an alternative to bitcoin, I just want the market to remain stable and it would also be a help if it were easier to get bitcoins anonymously.
Title: Re: BTC going down in price...AGAIN!
Post by: GetYourFix on April 16, 2013, 03:43 am


(Newser) – The Winklevoss twins of Facebook fame/infamy are leading the charge on another digital frontier: the digital currency known as bitcoin. Their holdings translated to some $11 million in actual money, they say; that is, before values dropped drastically yesterday. But Tyler and Cameron are confident in their investment. "People say it’s a Ponzi scheme, it’s a bubble," says Cameron."At some point that narrative will shift to 'virtual currencies are here to stay.'"

Tyler puts it this way: "We have elected to put our money and faith in a mathematical framework that is free of politics and human error." The Winklevosses' bitcoin portfolio seems to be among the largest out there, the New York Times reports, and they're being very careful with it. They've put the coding behind their holdings on flash drives, which they placed in safe deposit boxes in three cities. But others aren't so sure the currency will hold up. "To say (the investment is) highly speculative would be the understatement of the century," says an expert.
Title: Re: BTC going down in price...AGAIN!
Post by: Ninja92 on April 16, 2013, 03:52 am
Does this not excite you? buy buy buy. prices will shoot up and you'll get free drugs essentially. It is a gamble but hell, if there isn't any risk, it wouldn't be fun. I agree they should be easier to buy anonymously, but how anonymous can something really be.
Title: Re: BTC going down in price...AGAIN!
Post by: KarmaKoolAid on April 16, 2013, 03:53 am
Thanks for the info, care to post a link to the whole article?

I'd also like to hear how YOU feel about bitcoin, since you are a vendor and have more experience on the road and with bitcoin than most people here.
Title: Re: BTC going down in price...AGAIN!
Post by: KarmaKoolAid on April 16, 2013, 03:57 am
I am sad there is no edit button, I'll be sure to edit before I post in the future

My last post was in response to this:



(Newser) – The Winklevoss twins of Facebook fame/infamy are leading the charge on another digital frontier: the digital currency known as bitcoin. Their holdings translated to some $11 million in actual money, they say; that is, before values dropped drastically yesterday. But Tyler and Cameron are confident in their investment. "People say it’s a Ponzi scheme, it’s a bubble," says Cameron."At some point that narrative will shift to 'virtual currencies are here to stay.'"

Tyler puts it this way: "We have elected to put our money and faith in a mathematical framework that is free of politics and human error." The Winklevosses' bitcoin portfolio seems to be among the largest out there, the New York Times reports, and they're being very careful with it. They've put the coding behind their holdings on flash drives, which they placed in safe deposit boxes in three cities. But others aren't so sure the currency will hold up. "To say (the investment is) highly speculative would be the understatement of the century," says an expert.

As far as anonymity goes, I used LocalBitCoins.com to acquire my first batch of bitcoins and I was happy with the results. But I don't plan on dealing with the same person over and over again to quire drug money, so I need to find a new source. I've been looking at vendors here on the road but I haven't decided if that is a good idea or not yet.
Title: Re: BTC going down in price...AGAIN!
Post by: GetYourFix on April 16, 2013, 04:02 am
I'd have to say that even though I don't care much for the arrogant bastards, they make some valid points. The article is *clearnet* http://www.newser.com/story/166110/winklevoss-twins-behind-one-of-biggest-bitcoin-hauls.html
Title: Re: BTC going down in price...AGAIN!
Post by: KarmaKoolAid on April 16, 2013, 04:12 am
I'd have to say that even though I don't care much for the arrogant bastards, they make some valid points. The article is *clearnet* http://www.newser.com/story/166110/winklevoss-twins-behind-one-of-biggest-bitcoin-hauls.html

Thanks for the link. I have to agree I was hoping to never hear those names again after watching that damn movie, but I'm guessing in the end they are probably helping bitcoin and by association the road so they are doing better than most millionaires in my book.
Title: Re: BTC going down in price...AGAIN!
Post by: Ninja92 on April 16, 2013, 04:19 am
Have you guys heard of Ripple?
Title: Re: BTC going down in price...AGAIN!
Post by: KarmaKoolAid on April 16, 2013, 04:22 am
No, but if it's a way of acquiring bitcoins anonymously then I would be interested in hearing more.
Title: Re: BTC going down in price...AGAIN!
Post by: Ninja92 on April 16, 2013, 04:28 am
Basically the dude who came up with Mt.Gox has a new currency in the make. It will essentially be like BitCoin, you can even purchase BTC with (ripples) only thing is they are worth so little now because obviously they have to grow in popularity. the transaction times though are what made me interested. google them for yourself. type in[ ripple xrp ] i believe. Also i believe that it witll eliminate exchanges such as mt. gox and bitinstant but don't quote me on that, im pretty stoned
Title: Re: BTC going down in price...AGAIN!
Post by: styossarian on April 16, 2013, 04:33 am
i for one am happy that the price is dropping. i made my first (and so far only) coin purchase when they were trading for $11 a pop (i'm still mad at myself for not buying more than a handful), and then a few weeks ago I decided to check out SR for the first time in months and boy was I shocked to see how "low" the prices were. I happened to make my orders that weekend when it peaked over $200. I wasn't planning on buying more coins since they were so expensive, but now that it's going down again I might set some cash aside.

my plan (and this isn't necessarily advice since i don't feel qualified to give any, just something to consider) is to have a wallet for general use (i've actually been supporting the *legal* bitcoin economy before i started using SR) that i restock from time to time when the prices are low, and then if the price starts to shoot up i can transfer them to SR and make some big purchases. as great as some of the vendors are with prices (USD), i don't have enough money to justify spending a lot of it on drugs unless i can get a *really* good deal (i doubt i'll be able to buy $300 worth of products for coins that i spent $15 on, but i can probably double my money if i'm patient and keep an eye on the exchange rate)

tl;dr - this is what a *truly* "free" market does! use it to your advantage!
Title: Re: BTC going down in price...AGAIN!
Post by: KarmaKoolAid on April 16, 2013, 04:41 am
Basically the dude who came up with Mt.Gox has a new currency in the make. It will essentially be like BitCoin, you can even purchase BTC with (ripples) only thing is they are worth so little now because obviously they have to grow in popularity. the transaction times though are what made me interested. google them for yourself. type in[ ripple xrp ] i believe. Also i believe that it witll eliminate exchanges such as mt. gox and bitinstant but don't quote me on that, im pretty stoned

This sounds interesting, but I'm not sure if I even buy into the bitcoin hype much less something even more unstable. Not to mention I think bitcoin will be the only option on the road for a while. But if it helps me purchase bitcoins initially it might be worth checking out. I really don't like bitinstant and I don't want to use their website.

I also don't like that some people get upset at vendors that adjust their prices to match bitcoins. It is only fair. Just look at the new MDMA vendor page on this forum to see why. Silk Road would not exist without vendors and I don't feel like cheating them out of their profit for personal gain. These people are supporting a movement at a great personal risk and I'm gonna stand by them, not exploit the system at their expense.
Title: Re: BTC going down in price...AGAIN!
Post by: super-silk-woman on April 16, 2013, 06:36 am
I lost alot with this up and down price. Today was really bad. Depositing more than enough BTC in my account this morning and then in between messaging a vendor today the price drops so that I cant even afford to make the purchase we are discussing. Then when I ask if he will make me a custom ad being as I wasnt that much off at first-pennies actually. The vendor must have seen it was plummeting and didnt respond. I had to give up and race to find a vendor to get something before the price dropped anymore. I also felt like what does this do to the vendors? When people like me are trying to get something before our BTC isnt worth anything. I also was only able to order 1/2 of what I originally intended to get. Another of my orders was returned to me and I was told to make the order on a different ad. I figure that the dropping price is the real reason. Yes BTC bounced back up a little. After I made my purchases. To those that love the BTC market I panic sold. There are times when BTCs value is moving so fast it doesnt matter how fast you try to spend it. As fast as I could hit refresh and retype the info in when I hit enter I dint have enough. I do not care at all about picking it up low and making money and all that jazz. I just want to be able to have $5 bucks leave my wallet and still be worth $5 by the time I hit buy. As far as what I said with an SR coin. It was not meant to be a literal crypto coin. I didnt mean something you buy in 7-11. In fact I just meant a WAY to turn cash into credit here. I was using it as a reference. I apologize to those that thought this was ignorant to say.
Title: Re: BTC going down in price...AGAIN!
Post by: super-silk-woman on April 16, 2013, 07:01 am
So in response to the postings I didnt see before my last post: there are other crypto currencies available including Ripple which is coming out soon. I use BTC-e.com myself and you are able to buy and trade different cryptos with BTC which I really like. LTC or litecoins are looking promising but this is just from what I hear and read.
As far as purchasing BTC anonymously I have a few methods 1 is http://webchat.freenode.net/?channels=#bitcoin-otc where there are a lot of people with ratings you can check. I have gone through a few if you want the names PM me. You can use Paypal or Paypal cards Money Paks bank deposits and more.
Then over at BMR I use ENKI who does have a account here but I dont what name they use here. This vendor uses escrow and is always reliable.
As far as timing your BTC purchases so you dont lose money that is usually a good plan. Its just been these past few weeks with the BTC shooting up so high and if you really need to get something (like I did) and if its a bad time for BTC you could get caught in the crossfire. Picking BTC up cheap and making something on it is great and I love that too. I would prefer though if it stayed stable enough to work with and didnt jump so drastically so fast. Im hoping things will calm down from here but with the new asic mining machines and the increased attention to BTC and mining in general I think it could be a while before its stable.
Title: Re: BTC going down in price...AGAIN!
Post by: bob bitchin on April 16, 2013, 07:34 am
24 hrs ago 100 usd now 50,mt.gox
they can go up,just as fast.
wee
Title: Re: BTC going down in price...AGAIN!
Post by: Razorspyne on April 16, 2013, 07:50 am
Actually you are right, it has just started to drop again. Weighted avg is currently £48.97, and last price is £35.86. Just went down in last several hours. But you're in the US I presume?

Piece, Love, and Fuck Haters.
Title: Re: BTC going down in price...AGAIN!
Post by: super-silk-woman on April 16, 2013, 08:20 am
Im in the US of A and I was in it at the wrong time but I know a lot of vendors got hit then too. Loss comes with the game I just havent had it happen like this before. Its like getting ripped off by someone that doesnt exist so you cant be mad at anyone. Cant blame anything but timing.
Title: Re: BTC going down in price...AGAIN!
Post by: hanjis on April 16, 2013, 09:02 am
LITECOIN IS BETTER.
Title: Re: BTC going down in price...AGAIN!
Post by: bobbysnewshoes on April 16, 2013, 09:15 am
why is litecoin better? where can you spend litecoin?

IMO all of the other coins are ok places to hold your money when BTC fluctuates heavily but I haven't come across any websites to use litecoin etc on...
Title: Re: BTC going down in price...AGAIN!
Post by: hanjis on April 16, 2013, 10:06 am
why is litecoin better? where can you spend litecoin?

IMO all of the other coins are ok places to hold your money when BTC fluctuates heavily but I haven't come across any websites to use litecoin etc on...

Well, If SR allowed LITECOIN, which would you use?
Title: Re: BTC going down in price...AGAIN!
Post by: crossreference on April 16, 2013, 10:22 am
This has been a real eye-opener, and huge loss of money.

I purchased $1500 worth of bitcoin when they were at approximately $110. With the intent to spend them all on purchases being negotiated on the Road. Within 48 hours, before I had the chance to place even one order, the coin crashed. What I was going to buy was $1500 worth of product, what I will get now is less than $700 worth. That's a HUGE loss, and it puts me in a vulnerable financial position for at least a week or two to make it up as my purchases are all of personal use. So what was expected to be purchases providing one month of personal use, will now not even last me two weeks.

SR has the minds and means to effect a more reliable, less volatile, and more consistent currency to mitigate such severe losses.

Also, consider this. And this comes with the knowledge of a former offline dealer where the margins are sometimes no where near as good as vendors have here online, and the risks are much greater offline too.

This 50% refund when packages are seized/misplaced/whatever COMPLETELY covers the vendors COST price, i.e. the vendor will not lose any out of pocket expense, just obviously won't make any profit (majority of the time - sometimes margins/markups are high enough they may still make a small profit). The buyer however will LOSE half of their purchase price, plus have no product. This system is flawed and completely favours the vendor.

As an example. Vendor's cost price for product A is $1/unit. Buyer places order for 1000 units and a price of $2.50/unit is negotiated equaling a total of $2500. Order never arrives. Vendor refunds 50% of purchase price which equates to $1250. The vendors cost price for the units was $1000. The vendor walks away from a deal gone bad still making $250 profit. The seller loses $1250 and has no product. At worse, the vendor WILL ALWAYS have their COST PRICE recovered.

I think this buyer/seller protection system needs reviewing too. You must remember also that the risk of transactions online also greatly shifts from the seller to the buyer, which is great. But as you can see the trend across many variables favours the vendor.

Buyer purchases bitcoin to make purchase and btc value drops by half. The vendor will still get his DOLLAR value for his product - no loss. The buyer will get half the product for the same cost. This is in a situation where btc value drops before order is placed, and where vendor hedges.

Buyers need more consideration and price protection.

I know SR has the minds and means to facilitate better protection for the most valuable SR commodity: the consumers.
Title: Re: BTC going down in price...AGAIN!
Post by: hanjis on April 16, 2013, 10:32 am
 :D
Title: Re: BTC going down in price...AGAIN!
Post by: Kadishtu on April 16, 2013, 10:43 am
This has been a real eye-opener, and huge loss of money.

I purchased $1500 worth of bitcoin when they were at approximately $110. With the intent to spend them all on purchases being negotiated on the Road. Within 48 hours, before I had the chance to place even one order, the coin crashed. What I was going to buy was $1500 worth of product, what I will get now is less than $700 worth. That's a HUGE loss, and it puts me in a vulnerable financial position for at least a week or two to make it up as my purchases are all of personal use. So what was expected to be purchases providing one month of personal use, will now not even last me two weeks.
Wait until it the price will go up and then spend your btc. Simple as that. More patience man and you`ll rewarded. :D
Title: Re: BTC going down in price...AGAIN!
Post by: hanjis on April 16, 2013, 10:47 am
This has been a real eye-opener, and huge loss of money.

I purchased $1500 worth of bitcoin when they were at approximately $110. With the intent to spend them all on purchases being negotiated on the Road. Within 48 hours, before I had the chance to place even one order, the coin crashed. What I was going to buy was $1500 worth of product, what I will get now is less than $700 worth. That's a HUGE loss, and it puts me in a vulnerable financial position for at least a week or two to make it up as my purchases are all of personal use. So what was expected to be purchases providing one month of personal use, will now not even last me two weeks.
Wait until it the price will go up and then spend your btc. Simple as that. More patience man and you`ll rewarded. :D

Can't wait if he need Heroin, now can he?
Title: Re: BTC going down in price...AGAIN!
Post by: Razorspyne on April 16, 2013, 11:43 am
Actually you are right, it has just started to drop again. Weighted avg is currently £48.97, and last price is £35.86. Just went down in last several hours. But you're in the US I presume?

Piece, Love, and Fuck Haters.

Update. Weighted avg is now £43.52, and the last price is £42.48. Lol, what is going on here. ???

Im in the US of A and I was in it at the wrong time but I know a lot of vendors got hit then too. Loss comes with the game I just havent had it happen like this before. Its like getting ripped off by someone that doesnt exist so you cant be mad at anyone. Cant blame anything but timing.

It was about $8US when I joined late last year. I know all about bad timing lol. :-\

Piece, Love, and Hate Fuckers.
Title: Re: BTC going down in price...AGAIN!
Post by: dimethyltrypamine on April 16, 2013, 11:52 am
Yea the dropping in BTC prices is turning me away from SR temporarily until it stabilizes.
Now what I may do is buy some BTC, and wait for the prices to go back up and than resume buying off SR.
But if I really do want to make a purchase, I'll just make sure to place the order as soon the coins are in my account.
Title: Re: BTC going down in price...AGAIN!
Post by: Razorspyne on April 16, 2013, 12:05 pm
Yep. Buy bitcoins even if you are choosy about when you actually spend them on SR. They can't sink too much lower from this point, surely.

Piece, Love, and Fuck Haters.
Title: Re: BTC going down in price...AGAIN!
Post by: super-silk-woman on April 16, 2013, 05:05 pm
Atlantis takes LTC.
Also LTC might be stable for the minute but it is closely connected to the changing price of the BTC. It has only of recently become a bit higher (due to BTC) and stabilized out but when BTC went down yesterday LTC dropped too. There is no sure fire way to protect your money. Moving it to other crypto currencies can create a pump n dump and you can lose money that way.
The other cryptos go up and down just as fast and your not the only one trying to protect the value of their BTC so a lot of users are doing the same thing.
Its hard when the products can cost 2-3 times as much as you are used to paying in the first place and when The BTC drops like that its like paying $100 for 1 BTC then wanting to buy something that is on the streets for $100 for 1 unit but on SR its $250-300 for that same unit. Price drops and your 1 BTC is now worth $50 and you cant afford 1 unit so you order 1/2. You just paid the equivalent of double the price that SR is asking. That like saying the same unit sells on SR for $500-600 bucks for what you pay $100 normally-street price.
I agree with EVERYTHING crossreference has said-its disgusting how 1/2 the money can be given back. If the SR mediators cant make a clear decision as to what the truth is in a claim then more rules and regulations need to be put in place so they can make a clear decision. Its just like Ebay where one side is supported and the other is not. in the case of Ebay its the sellers they protect and its the buyers that get screwed around and lose money. This is because Ebay knows that without the CUSTOMERS you wouldnt have any purchases which is where they make their money. Here its the opposite but things are changing in ONIONland. Other sites are popping up (that take LTC even!) and if customers slow down or stop coming here what then? If you think it cant happen look at the MYSpace/Facebook scenario. Vendors are given enough room that they could just rob folks for 1/2 their money and make a killing.
Vendors love to bully customers about this subject when they ask. Giving them reasons why it is "fair" to charge that much: "im not a cop, you get it to your door, look at my feedback, you dont have access to what I have anywhere else, etc".
I have heard them all but let me propose a situation: in "town" there is a dealer who charges 3 times the amount for a product everyone else has for cheaper. No one will buy from them at first but this dealer knows that when everything runs out in town and people are sick they will pay what the dealer is asking. What do you think people think about that dealer? Now imagine he charges 3-6 times as much and you are sick and have to buy. Maybe you arent sick but you really want what they have-whatever- Is the dealer a good person or someone who capitalizes on others misfortunes in bad times?
What if prices were only say 10% over street value? What would SR be like then? It would blow up wouldnt it? Vendors would have far more sales and make far more money in the long run.
I think this is what causes a lot of new vendors to go out of business. They start up a new account and want to charge the same price everyone else is but who wants to take a chance with someone new who charges 2-3 times as much as the street but that has no history? So they go with who they know.
I think this even leads to people being angry and turning into scammers.
What about those that just start off as a vendor and when the BTC dropped they lost so much money-how many of them just said hell with it and quit and refunded peoples money or just took it? How many vendors refund peoples purchases when BTC drops and then by the time the customer gets the BTC its worth nothing?
As a way to generate business/customers and introduce themselves new vendors offer discounts and samples for cheap and what happens? They get a LOT of business but as soon as they go up in price and quit giving out samples they fall back and arent as busy as they thought they would be.
Do you see? Lower prices and people will take a chance but 2-3 times as much? The new vendors product had better be really good to keep these customers coming back.
The top sellers? They are that way because people go with something they can see is working for other people. Nothing else. No one vendor has a monopoly on 1 product-you can find the same thing somewhere else. So this gives them the authority to keep raising the price and other vendors not wanting to leave any money on the table raise their prices. Do you think ANY of these vendors charge the same price in their towns that they charge on SR? I dont think so. Is SR their sole dealings? I dont think so but if you can throw a few ads up for 2-3 times as much as you are getting from the locals why not? I wouldnt charge my friends nor anyone else what people ask on here. In fact its a contributing factor as to why I dont tell others about SR they would be disgusted at the prices-like I was after the initial excitement of discovering SR.
I like to try different things not local to me so I use SR when I can justify it. Using SR as your sole connection-that would be a mistake-an expensive one! Dont get me wrong I LOVE SR or the idea of SR but if things dont change to become fair for both vendors and customers alike I can see it being an alternative to other sites in the end instead of the first place customers go.
BTC has and will lead to problems just as these super high prices will. Greed kills everything that is good and pure.
Title: Re: BTC going down in price...AGAIN!
Post by: TechKnow on April 16, 2013, 05:15 pm
asdfa
Title: Re: BTC going down in price...AGAIN!
Post by: TechKnow on April 16, 2013, 05:21 pm
asdfasd
Title: Re: BTC going down in price...AGAIN!
Post by: Hi, My name is.. on April 16, 2013, 05:26 pm
Even the gold price which was considered stable has dropped last week, also the usd is dropping so btc. are still the best bet imo.

Everybody go and buy them now, they will rise again and even surpass the latest spike. I AM SURE OF IT!
Title: Re: BTC going down in price...AGAIN!
Post by: manik on April 16, 2013, 05:29 pm
i have to agree buy now whilst their cheap innit

they'll rise again !!!
Title: Re: BTC going down in price...AGAIN!
Post by: TechKnow on April 16, 2013, 05:35 pm
asdf asdf
Title: Re: BTC going down in price...AGAIN!
Post by: Ninja92 on April 16, 2013, 05:57 pm
Some guy in Utah is also making physical BTC. pretty neat idea, bet he's banking on them. i believe in a handful of years ripple will take over, only because the time to process payments seems to be more precise and business friendly. plus, look whos behind the idea, the guy who came up with mt.gox. you know if hes behind it, so many other digital currency enthusiest are sure to follow
Title: Re: BTC going down in price...AGAIN!
Post by: manik on April 16, 2013, 06:14 pm
to me it doesn't make a huge amount of difference, by the time i get any btc they are invested straight into gear pegged to dollars  ;D
Title: Re: BTC going down in price...AGAIN!
Post by: prophetjack on April 16, 2013, 06:18 pm
As far as I can tell, its how easily and quickly you can exchange cash for btc into your SR account. Ive been trying many different methods, mt.gox, bitinstant, dwolla, etc and all are kind of slow or need your full validation. Anyone have a best practice for this?
Title: Re: BTC going down in price...AGAIN!
Post by: Dreamwolf on April 16, 2013, 07:17 pm
Lower price is good, yes?
Title: Re: BTC going down in price...AGAIN!
Post by: crossreference on April 16, 2013, 07:30 pm
Wait until it the price will go up and then spend your btc. Simple as that. More patience man and you`ll rewarded. :D

I buy for personal use and had negotiated deals that would have provided my personal supply for one month. Before I could transfer the coin to my SR wallet, and the multiple vendors could create the custom listings, the value had dropped by well over half. Therefore, I could no longer place my orders as I had insufficient funds, and was left in a very unfortunate position.

I always buy my coin with the intent to use immediately (<24 hours). I have no desire to purchase coin with the intent to make money, just to obtain a useable currency accepted on SR. This crash was that acute there was no time to coordinate all purchases before the sharp devalue of the coin.

I cannot wait for the coin to return to the price I purchased them. In fact, it appears they will not reach that value at all. I think realization of their volatility (due to deliberate manipulation) has finally resulted in the transient nature of their true value, which might (hopefully) stabilize somewhere between $90-100, where they should remain and only increase in value due to the inherent nature of their production. Such crashes can only be caused by intentional manipulation in some way. Their demand as a currency will never suddenly drop, mass production will never suddenly occur, so how else can such a cause be effected without corruption?

It's a shame because unlike every other currency, bitcoin had the potential to stabilize at a constant, but gradual increasing value due to the inability to mass produce and the unlikelihood of its favourable use as currency abating, all while absent inflationary pressures due to oligopoly control.

Even the gold price which was considered stable has dropped last week, also the usd is dropping so btc. are still the best bet imo.

Everybody go and buy them now, they will rise again and even surpass the latest spike. I AM SURE OF IT!

Even gold has no true value. What 1 ounce of gold could obtain you 100 years ago is 100 times more value than 1 ounce of gold would obtain you today. The US currency has destroyed value. Sure, gold is now ~$1,400/ounce today, but that does not equate to that same ounce of gold being more valuable than it was 100 years ago, as $1,400 today won't buy you the equivalence of what the cost of 1 ounce of gold would have bought you 100 years ago. And this is a finite resource that the US Reserve has managed to devalue. Now it is somehow happening to our bitcoin.

I would not be so sure. Long-term, you might advise purchasing coin now with intent to profit in many months at least. However, I would expect further volatility reducing value of the bitcoin in the short to mid-term, and quite dramatically too.

Purchase silver if you really want a safe, long-term investment.

Can't wait if he need Heroin, now can he?

Glad somebody understands. Only it wasn't heroin.

Yep. Buy bitcoins even if you are choosy about when you actually spend them on SR. They can't sink too much lower from this point, surely.

I would advise against this. I believe they're currently $66.xx AUD and I believe it will be a considerable amount of time before they ever reach near $100 again. I believe they will drop toward $40 before they climb back up to $100 again.

So only buy if you will immediately spend them.


With all this said, the most pressing issue is that of better buyer protection.

Prices are greatly exaggerated on SR.
Quality is inconsistent.
Comprehensive insurance is non-existent for the buyer, yet the vendor is fully covered.
Increased legal risks for buyers.
Prices not even comparable to high-end, top-grade street product.
Insurance not even remotely comparable to street purchases.
No incentivization for vendors to establish rapport with client base and sustain market satisfaction.

Without the consumer DPR, SR, and all the vendors would not be here. The incentive is profit, not providing a means to obtain illicit products which can be provided by any city in the world at more competitive prices, with more variety, higher quality and insurance against cost losses and/or fraudulent/cheap product, i.e. shit gear. Not to mention reduced risk of LE cognizance of us buyers.

Why are there not better control measures to ensure complete buyer protection whereby monetary loss will never result? Why is there no course of action to remedy wrongs when quality of product is clearly not as advertised? Why are there not reasonable, competitive prices more reflective of the real world? Where is the regulation to stop collusion of vendors to effect false market values?

This medium makes it easier and safer for the vendor to conduct their business. Their margins and markups are more than enough to label what many vendors do as theft, especially when deliveries are seized or misplaced and only 50% of the price paid is refunded, The vendor walks away more often than not still with a small profit, at the very least their cost price is covered. The seller simply loses.

These injustices make it more feasible to return to street trade where a genuine rapport can be developed with your dealer. When/if product is underweight, correction is immediately effected. If quality is unacceptable return for cost less product used can be an option, or extra gear to compensate. Usually once rapport is established the dealer will notify you upon new batch, change of source, or whatever reason that has resulted in reduced quality before making purchase. Consistent competition forces suppliers to effect measures to maintain customer satisfaction; two for 1 days, bonus weight, free samples, but most importantly they make every effort to ensure YOU GET WHAT YOU PAY FOR! None of this, oh, no bueno, but I'll refund you 50% and you must accept this robbery without complaint.

SR, remember what/who your number one commodity is: Us. The customers.
Vendors, remember the street was here long before you were selling on here, and it will always be there with more competition resulting in better value, better quality and less risk for the buyer.

There's complacency from everyone. And I believe it's only due to the complacency and laziness of the majority of the consumers that result in more than 50% of your sales. See how much you enjoy conducting your business as a dealer on SR when the majority wake up and take their business back to the street. Maybe then you'll realize just what a good thing you have here.

I'm surprised DPR and SR staff haven't addressed this potentially SR-finishing dilemma already, but it doesn't take much and it happens quick. I know you're all smart enough, and beyond capable of at the very least providing full buyer protection as a start. Then we can address eliminating collusion and oligopoly control to provide a more competitive market with better, more consistent quality, and more reasonable prices for everyone.

-CR
For the People.
Title: Re: BTC going down in price...AGAIN!
Post by: DoggyEggs on April 16, 2013, 08:15 pm
Well I'm brand new to this game and it's been a learning experience. I bought at what must have been a near record high and my BTC is now worth barely a third. I didn't buy a huge amount so it's no biggie but also I didn't get my order in straight away.  I have a couple of questions:

1) Does anyone have a link to a good source of historic data for the value of BTC? I'd like to look at some graphs see what the peaks and troughs are like.

2) Anyone want to hazard a guess on whether it'll continue to drop, bottom out or start to rise?

I'm trying to decide whether to cut my losses and use BTC up on some of the more unusual stuff I can't get normally.  That way I kinda don't mind paying over the odds so much. I'm also wondering if I shouldn't buy a load more BTC. In for a penny in for a pound as they say!
Title: Re: BTC going down in price...AGAIN!
Post by: super-silk-woman on April 17, 2013, 03:25 am
As far as I can tell, its how easily and quickly you can exchange cash for btc into your SR account. Ive been trying many different methods, mt.gox, bitinstant, dwolla, etc and all are kind of slow or need your full validation. Anyone have a best practice for this?

You dont deposit straight into your wallet on SR from those places do you? You do know about tumbling your coins before depositing them?
Title: Re: BTC going down in price...AGAIN!
Post by: ectasynow on April 17, 2013, 03:48 am
I believe that this is the only way to make SR happen. I'm new to this site, but not to the game itself. I feel for the author of this post. I guess we need to be "JR investors" and learn how to buy low in BTC's, and try to triple our order for a smaller amount of dollars than we initially paid! And hopefully some sort of stability will occur soon.
Title: Re: BTC going down in price...AGAIN!
Post by: crossreference on April 17, 2013, 09:02 am
Well I'm brand new to this game...I have a couple of questions:

1) Does anyone have a link to a good source of historic data for the value of BTC? I'd like to look at some graphs see what the peaks and troughs are like.

I think mtgox dot com has the data you might be after.

Quote
2) Anyone want to hazard a guess on whether it'll continue to drop, bottom out or start to rise?

I'd suggest holding on to them for about another week when I believe they will be closer to $100.

Quote
I'm trying to decide whether to cut my losses and use BTC up on some of the more unusual stuff I can't get normally.  That way I kinda don't mind paying over the odds so much. I'm also wondering if I shouldn't buy a load more BTC. In for a penny in for a pound as they say!

Don't buy anymore, they're way too volatile. I do believe they will stabilize around $100 within a week or two. But purchasing bitcoin for investment reasons is pure folly. Their only use to us is that they're our only option as currency on SR.

You dont deposit straight into your wallet on SR from those places do you? You do know about tumbling your coins before depositing them?

I am of the opinion that bitcoin supplier to wallet (e.g. BlockChain) to SR wallet undergoes sufficient tumbling to secure anonymity.

I guess we need to be "JR investors" and learn how to buy low in BTC's, and try to triple our order for a smaller amount of dollars than we initially paid! And hopefully some sort of stability will occur soon.

I would advise against ever purchasing bitcoin "low" to sell "high" in attempting to make a profit. Purchase your bitcoin as you need them to spend as currency immediately, i.e. only buy when you will be spending them in <12 (even less time if possible - like immediately) hours on SR.

There are far more intelligent, experienced, and resourceful players who manipulate the bitcoin market/value to their profit that the odds of you prospering are worse than any game at the casino. ONLY purchase bitcoin to use as immediate currency on SR.

-CR
For the People.
Title: Re: BTC going down in price...AGAIN!
Post by: Razorspyne on April 17, 2013, 02:30 pm
Well I'm brand new to this game...I have a couple of questions:

1) Does anyone have a link to a good source of historic data for the value of BTC? I'd like to look at some graphs see what the peaks and troughs are like.

I think mtgox dot com has the data you might be after.

Quote
2) Anyone want to hazard a guess on whether it'll continue to drop, bottom out or start to rise?

I'd suggest holding on to them for about another week when I believe they will be closer to $100.

Quote
I'm trying to decide whether to cut my losses and use BTC up on some of the more unusual stuff I can't get normally.  That way I kinda don't mind paying over the odds so much. I'm also wondering if I shouldn't buy a load more BTC. In for a penny in for a pound as they say!

Don't buy anymore, they're way too volatile. I do believe they will stabilize around $100 within a week or two. But purchasing bitcoin for investment reasons is pure folly. Their only use to us is that they're our only option as currency on SR.

You dont deposit straight into your wallet on SR from those places do you? You do know about tumbling your coins before depositing them?

I am of the opinion that bitcoin supplier to wallet (e.g. BlockChain) to SR wallet undergoes sufficient tumbling to secure anonymity.

I guess we need to be "JR investors" and learn how to buy low in BTC's, and try to triple our order for a smaller amount of dollars than we initially paid! And hopefully some sort of stability will occur soon.

I would advise against ever purchasing bitcoin "low" to sell "high" in attempting to make a profit. Purchase your bitcoin as you need them to spend as currency immediately, i.e. only buy when you will be spending them in <12 (even less time if possible - like immediately) hours on SR.

There are far more intelligent, experienced, and resourceful players who manipulate the bitcoin market/value to their profit that the odds of you prospering are worse than any game at the casino. ONLY purchase bitcoin to use as immediate currency on SR.

-CR
For the People.

Lol, your posts look like mine. I invented that btw. ::) (Now all the kids do it lol)

Piece, Love, and Fuck Haters.

Title: Re: BTC going down in price...AGAIN!
Post by: super-silk-woman on April 17, 2013, 04:14 pm
I guess we need to be "JR investors" and learn how to buy low in BTC's, and try to triple our order for a smaller amount of dollars than we initially paid! And hopefully some sort of stability will occur soon.

I would advise against ever purchasing bitcoin "low" to sell "high" in attempting to make a profit. Purchase your bitcoin as you need them to spend as currency immediately, i.e. only buy when you will be spending them in <12 (even less time if possible - like immediately) hours on SR.

There are far more intelligent, experienced, and resourceful players who manipulate the bitcoin market/value to their profit that the odds of you prospering are worse than any game at the casino. ONLY purchase bitcoin to use as immediate currency on SR.

-CR
For the People.

I have been thinking alot about this subject. Im sure vendors dont want customers using the value of the BTC to time their purchases. Waiting for the value to go up. If you make your order on a high value and then it drops the vendors have to wonder if the customers are waiting like that dont they? Thats going to lead to more vendors canceling orders which then gets the customer their BTC back at the lower rate. Although some of the orders will be like my own where the customer buys it high and it drops after he orders. Then the customer who wasnt playing with the price loses money. What can be done? Is there something that they are doing already to prevent this that im not aware of?
I have been on BTC-e and seen where they pump n dump the crypto currencies including BTC. So if they are monitoring it someone could take advantage of the highs and make orders on SR at that time. Thats one way to hold the value of your BTC when it gets high right? They ARE BTC traders/investors after all.
I think this is bad for everyone at SR if I am right. The sad thing is I know what its like to buy your BTC high and have it go down so fast you are racing to try to preserve some of the value. What to do?
Title: Re: BTC going down in price...AGAIN!
Post by: prophetjack on April 17, 2013, 05:19 pm
I change my sr address.. is that not enough security? Whats the diff between following any number of acct transactions through the blockchain? bitcoins are complicated  :o
Title: Re: BTC going down in price...AGAIN!
Post by: prophetjack on April 17, 2013, 05:26 pm
Its going back up now  ::)
Title: Re: BTC going down in price...AGAIN!
Post by: curtnz on April 17, 2013, 08:02 pm
So in response to the postings I didnt see before my last post: there are other crypto currencies available including Ripple which is coming out soon. I use BTC-e.com myself and you are able to buy and trade different cryptos with BTC which I really like. LTC or litecoins are looking promising but this is just from what I hear and read.
As far as purchasing BTC anonymously I have a few methods 1 is http://webchat.freenode.net/?channels=#bitcoin-otc where there are a lot of people with ratings you can check. I have gone through a few if you want the names PM me. You can use Paypal or Paypal cards Money Paks bank deposits and more.
Then over at BMR I use ENKI who does have a account here but I dont what name they use here. This vendor uses escrow and is always reliable.
As far as timing your BTC purchases so you dont lose money that is usually a good plan. Its just been these past few weeks with the BTC shooting up so high and if you really need to get something (like I did) and if its a bad time for BTC you could get caught in the crossfire. Picking BTC up cheap and making something on it is great and I love that too. I would prefer though if it stayed stable enough to work with and didnt jump so drastically so fast. Im hoping things will calm down from here but with the new asic mining machines and the increased attention to BTC and mining in general I think it could be a while before its stable.
so some of the vendors there will sell bitcoins for paypal money?
Title: Re: BTC going down in price...AGAIN!
Post by: prophetjack on April 18, 2013, 05:58 pm
if gold goes down... btc for gold stays the same...btc... gold...
Title: Re: BTC going down in price...AGAIN!
Post by: HyphenatedAndSedated on April 18, 2013, 06:39 pm
As far as I can tell, its how easily and quickly you can exchange cash for btc into your SR account. Ive been trying many different methods, mt.gox, bitinstant, dwolla, etc and all are kind of slow or need your full validation. Anyone have a best practice for this?

You dont deposit straight into your wallet on SR from those places do you? You do know about tumbling your coins before depositing them?

The coins are tumbled when they are sent to your SR address.  Using a wallet provides extra protection, but it is a step that can be skipped.
Title: Re: BTC going down in price...AGAIN!
Post by: jamseyboy1 on April 21, 2013, 01:48 am
it has gone up and down so fast in the past week or so its crazy