Silk Road forums
Discussion => Silk Road discussion => Topic started by: cowpie34 on March 04, 2013, 06:27 pm
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The bitcoin keeps raising so fast the a listing that is supposed to be say $1500 with be $1575 or something at the moment when I want to buy it. What are the tricks for getting the intended price? Does it update every hour or what's the deal? I know it's supposed to do it automatically but it's not as fast as the fluctuations.
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The bitcoin keeps raising so fast the a listing that is supposed to be say $1500 with be $1575 or something at the moment when I want to buy it. What are the tricks for getting the intended price? Does it update every hour or what's the deal? I know it's supposed to do it automatically but it's not as fast as the fluctuations.
if the vendor has tagged it to a USD then you'll still only pay $1500 no matter what the coins are at. Coin fluctuation does not affect USD price.
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SR has been seriously lagging behind on BTC value.
Even between markets there is a lag, but SR doesn't keep up.
The question is why? When the market levels off SR should catch up. This isn't happening as of late.
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I've seen the SR rate as much as several dollars lower than the mtgox rate. That makes the merch much more expensive.
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My understanding is that they take several snapshots during the day of the mtgox's 'Weighted avg', and that is what is used to determine the current sr exchange rate. The trick is finding someone that advertises their product value in USD. I just checked on one vendor and the pricing was pretty close to the current mtgox 'Weighted avg'. This could be a good thing as that value is not nearly as volatile as the 'Last price'. Pretty good strategy on SR's part (IMO) to insulate us somewhat from the wild fluctuations in valuation that occur sometimes.
We need some of our meth friends to find a vendor that tells us what the USD value is and check out the pricing on an hourly basis to find out approximately when these values change (find the timing of the 'snapshot') ;D ;D
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SR bases their BTC price off of a composite of the 24 hour average of several exchanges. It is almost always very close to the Mt Gox weighted average price. It updates continually as this composite price changes. However, it will typically change more slowly than the current prices on any of the exchanges. I can't recall the site where they pull the price from, but I'm sure someone has it.
This helps stabilize the price somewhat. If the price was tied to the Mt Gox current sell price or something like that it would be far too volatile and be a huge headache for everyone. The system on SR is a pretty damn good one, and usually works well for everyone. I frequently see complaints, but I have yet to see anyone propose a better solution than what is in place now. SR hasn't changed the way they price their BTC in the 14 or so months since I've been here, and I think the only reason people are complaining about the system recently is the constant increase in the BTC price.
I would recommend always depositing a little bit extra to make sure you have enough coins. If you can't afford to buy 5% extra worth of BTC for whatever you are going to purchase, you probably shouldn't be buying it in the first place. Yes, it does suck when something costs a bit more than expected, but its really not much, so just plan ahead and don't stress out about the small stuff. You are still getting drugs shipped to you directly via the internet, and that is fucking awesome. I've been buying stuff from here for over a year and it still blows my mind every single time I order something.
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The best thing which staff could do would be to force vendors to set prices in USD only (or EUR). The prices should not depend on bitcoin rates which are ridiculous.
I don't know anyone who sets their prices in BTC, given its volatility...