Silk Road forums
Discussion => Silk Road discussion => Topic started by: tocadisco on January 24, 2013, 08:43 am
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i see the bitcoins went up 1.5 since yesterday..
is there a certain time in the week when one should exchange bitcoins?
certain day?
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Price volatility makes me nervous - a 15% rise could easily be followed by a 15% drop. With the price as high as it is now, I personally would only buy coins in order to spend them as quickly as possible. I would want the least amount of time between converting dollars to BTC and BTC to merchandise, so buying BTC right before the weekend would be too risky for me.
Fluctuations usually happen over the weekend and gets amplified on Monday when everyone starts trading. I would do this: buy BTC on a Tuesday morning, get them into my SR account then immediately buy goods. I wouldn't want to hold them overnight if I could avoid it (yes, the price could keep going up - or it could drop). The last thing I'd want to happen is to buy BTC when the price is high, then have the price fall before I could spend them.
It'd be a different story if they were still $14 - $15 per coin, but the quick jump to nearly $18 in just a couple of days makes me too nervous to hold them. If I had a lot of BTC now would definitely be the time to cash out (assuming I knew of a safe, secure, and preferably anonymous way to do that) I certainly don't claim to have any skill at speculating - I just want to avoid risk.
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The rise in the value of bitcoin is nothing new and it will eventually settle down again. Fluctuations in currency values are nothing new. This is some information from the buyer's guide about how the rise and fall of the Bitcoin price may affect you as a buyer.
Unfortunately, the Bitcoin exchange rate isn't as stable as we would all like it to be, and can fluctuate wildly in a matter of hours, let alone the days or weeks it takes for a package to arrive. Because of this, there is a real danger that the Bitcoins being held in your escrow account will lose value by the time your vendor gets paid or you are refunded. So, we've given the option to vendors to hedge the future payments they are expecting from escrow such that the dollar value of the payment doesn't change as the Bitcoin exchange rate changes.
For example, a vendor is hedging the escrow for a 10 btc order you place with them, and the dollar value of your order when you purchase it is $100. Now, let's say your order never arrives and your vendor agrees to a full refund, but those 10 btc are no longer worth $100, they're worth $50! Because your vendor hedged the escrow, you won't get a refund of 10 btc, you'll get 20 btc equaling the original value of $100. Of course, the opposite is also true. If Bitcoins appreciate in value while your order is in escrow, your refund will be fewer Bitcoins, but still equaling the original dollar value.
When checking out, you will see which orders will be hedged and which won't. After the order is placed, your escrow balance will reflect the dollar value of your hedged orders and the Bitcoin value of your unhedged orders. All hedged orders are hedged as soon as the order is placed. So when getting a refund for hedged items, don't be surprised if the number of Bitcoins you get back is not the same as the amount you paid.
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Best time to buy is around 1-4pm if you buy in the morning prices are going up and down to much of a risk and at night they are fixed but through the day they stabilize at an even rate.
I bought a few on friday at 9.40 GBP and now there at around 12.00 GBPs
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Do people think it will keep on rising past $19? Or drop back down in the next few weeks?
I'm wondering whether to jump in now before it potentially goes up, or to wait for it to drop a little and then jump in. Considering hoarding a load of them as they'll surely rise in the medium-long term?
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Price volatility makes me nervous - a 15% rise could easily be followed by a 15% drop. With the price as high as it is now, I personally would only buy coins in order to spend them as quickly as possible. I would want the least amount of time between converting dollars to BTC and BTC to merchandise, so buying BTC right before the weekend would be too risky for me.
Fluctuations usually happen over the weekend and gets amplified on Monday when everyone starts trading. I would do this: buy BTC on a Tuesday morning, get them into my SR account then immediately buy goods. I wouldn't want to hold them overnight if I could avoid it (yes, the price could keep going up - or it could drop). The last thing I'd want to happen is to buy BTC when the price is high, then have the price fall before I could spend them.
It'd be a different story if they were still $14 - $15 per coin, but the quick jump to nearly $18 in just a couple of days makes me too nervous to hold them. If I had a lot of BTC now would definitely be the time to cash out (assuming I knew of a safe, secure, and preferably anonymous way to do that) I certainly don't claim to have any skill at speculating - I just want to avoid risk.
Wow. It makes me wonder if the government agencies mess with the value of the bitcoin this much.
I mean .5 rise in bitcoins since i last posted. Makes me extremely nervous, and anxious to deposit more bitcoins.
Have you guys ever seen a rise, then a plummet in the bitcoins?
I am saddened, as i do not know if it wil decline again?
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There was one point in 2010 or 2011 where they were worth over a hundred and there was a point where they crashed to under $10. You never really know. I'm considering buying more and then just waiting around for a bit.