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 damnnation
Monsieur Rêve
Registered: 09/20/04
Posts: 1,063
Loc: 
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 Bitcoin rates going way up 
#16643905 - 08/04/12 11:16 AM (9 months, 13 days ago) |
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The last time I checked my ewallet I had 90$ and now it's up to 149$! I'm waiting for it to hopefully go up a little bit until I get 153$ to get some lucy and molly 
Anyone else had some bitcoins saved? I wish I had saved/bought more when there were around 3/4$ instead of almost 11$ now...
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 Soulidarity
All Good Things Come To An End
Registered: 07/15/12
Posts: 4,809
Loc: with the fallen angels
Last seen: 30 minutes, 16 seconds
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Re: Bitcoin rates going way up [Re: damnnation]
#16643913 - 08/04/12 11:18 AM (9 months, 13 days ago) |
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you know alot of vendor sites moderate their pricing in BTC to reflect the real currency value they are asking for right?
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damnnation
Monsieur Rêve
Registered: 09/20/04
Posts: 1,063
Loc:
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Re: Bitcoin rates going way up [Re: Soulidarity]
#16644209 - 08/04/12 12:38 PM (9 months, 13 days ago) |
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Sure the number of bitcoins asked is different but the price in USD is the same.
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Soulidarity
All Good Things Come To An End
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Posts: 4,809
Loc: with the fallen angels
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Re: Bitcoin rates going way up [Re: damnnation]
#16644221 - 08/04/12 12:40 PM (9 months, 13 days ago) |
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thats what i'm saying, so it means in real terms, your bitcoins haven't gained any value at all, if they are being used to purchase from vendors. maybe if you use them to purchase other internet goods, or convert them back into cash, then you can make a gain on that.
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Shroomopotamus
Forever Higher
Registered: 09/27/09
Posts: 5,908
Loc: Midway up the staircase
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Re: Bitcoin rates going way up [Re: Soulidarity]
#16644245 - 08/04/12 12:47 PM (9 months, 13 days ago) |
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+1 HP
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damnnation
Monsieur Rêve
Registered: 09/20/04
Posts: 1,063
Loc:
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Re: Bitcoin rates going way up [Re: Soulidarity]
#16644252 - 08/04/12 12:48 PM (9 months, 13 days ago) |
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Well sure if you don't use them for buying things or selling them then what's the point of getting bitcoins at all? Since I get bitcoins to buy illegal drugs I definitely gained 60 USD.
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Shroomopotamus
Forever Higher
Registered: 09/27/09
Posts: 5,908
Loc: Midway up the staircase
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Re: Bitcoin rates going way up [Re: damnnation]
#16644264 - 08/04/12 12:52 PM (9 months, 13 days ago) |
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i can offer space cash for your bitcoinz
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PeterPanda209
Who has BitCoins?
Registered: 06/29/11
Posts: 6,006
Loc: •FrEsH CoAsT 
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Re: Bitcoin rates going way up [Re: damnnation]
#16644268 - 08/04/12 12:53 PM (9 months, 13 days ago) |
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Yea I believe the OP is right.
His money is in bitcoins, if it was in the road or something and his wallet was fixed to match the current price then the price of shit in the market would reflect that too. But h is talking about his ewallet which the way I look at it is like
Buying an item... say a gold coin. Then the value of gold goes up. Its not like everything around him goes up too and he can't profit. He simply doubled hid money buy investing in what was low before
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damnnation
Monsieur Rêve
Registered: 09/20/04
Posts: 1,063
Loc:
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thanks but I'll stay with the LSD and MDMA 
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Soulidarity
All Good Things Come To An End
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Last seen: 30 minutes, 16 seconds
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what i'm saying is vendors edit their asking price in BTC to reflect the same ammount of money in currency terms, so theres no gains to be made from purchasing drugs.
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damnnation
Monsieur Rêve
Registered: 09/20/04
Posts: 1,063
Loc:
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Re: Bitcoin rates going way up [Re: Soulidarity]
#16644302 - 08/04/12 01:00 PM (9 months, 13 days ago) |
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a gram of MDMA two months ago was a bit less than 50 USD and it's still the same price now from the same vendor 
Edited by damnnation (08/04/12 01:01 PM)
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tymoteusz3
Registered: 09/08/10
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Re: Bitcoin rates going way up [Re: Soulidarity]
#16644344 - 08/04/12 01:12 PM (9 months, 13 days ago) |
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Quote:
Soulidarity said:
thats what i'm saying, so it means in real terms, your bitcoins haven't gained any value at all, if they are being used to purchase from vendors. maybe if you use them to purchase other internet goods, or convert them back into cash, then you can make a gain on that.
 Quote:
Soulidarity said:
what i'm saying is vendors edit their asking price in BTC to reflect the same ammount of money in currency terms, so theres no gains to be made from purchasing drugs.
This is true. Any smart buyer or vendor uses hedging so that the value does not fluctuate constantly.
If you are buying unhedged items, sure I can see that making you money, but no vendor in his right mind would make something non hedged, they would lose out hugely.
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damnnation
Monsieur Rêve
Registered: 09/20/04
Posts: 1,063
Loc:
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Re: Bitcoin rates going way up [Re: tymoteusz3]
#16644375 - 08/04/12 01:21 PM (9 months, 13 days ago) |
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of course they do, but the price in USD stay the same. If something is selling for 50 USD and a bitcoin is worth 50 USD than it'll cost 1 bitcoin, if a bitcoin is worth 1 dollar than it'll cost 50 bitcoins.
Am I mistaken? Either way I can buy things now which I couldn't afford with the amount I had two months ago...
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psi
Registered: 09/06/99
Posts: 4,623
Loc: 905 
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Re: Bitcoin rates going way up [Re: tymoteusz3]
#16644378 - 08/04/12 01:22 PM (9 months, 13 days ago) |
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I think Soulidarity is the one who has it mixed up. OP was holding Bitcoins, which now can be cashed in by the vendor for more USD than before. Since the prices quoted by the vendor are tied to a static USD value, OP can now get the same amount of goods for less bitcoins. If the OP was holding USD and buying bitcoins right when he wanted to buy something then the price change would make no difference to him.
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DieCommie
El Guapo
Registered: 12/11/03
Posts: 25,374
Loc: Street of Dreams
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Re: Bitcoin rates going way up [Re: damnnation]
#16644384 - 08/04/12 01:25 PM (9 months, 13 days ago) |
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I have 200 bitcoins I'm sitting on. 
Quote:
psi said:
I think Soulidarity is the one who has it mixed up. OP was holding Bitcoins, which now can be cashed in by the vendor for more USD than before. Since the prices quoted by the vendor are tied to a static USD value, OP can now get the same amount of goods for less bitcoins. If the OP was holding USD and buying bitcoins right when he wanted to buy something then the price change would make no difference to him.
Yea, this is right. Vendors peg their bitcoin costs to US dollars. If they didnt then a small fluctuation would either cause them a loss or make their goods to expensive to buy.
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SurReality
Slut
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Re: Bitcoin rates going way up [Re: tymoteusz3]
#16644385 - 08/04/12 01:25 PM (9 months, 13 days ago) |
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Quote:
tymoteusz3 said:
Quote:
Soulidarity said:
thats what i'm saying, so it means in real terms, your bitcoins haven't gained any value at all, if they are being used to purchase from vendors. maybe if you use them to purchase other internet goods, or convert them back into cash, then you can make a gain on that.
Quote:
Soulidarity said:
what i'm saying is vendors edit their asking price in BTC to reflect the same ammount of money in currency terms, so theres no gains to be made from purchasing drugs.
This is true. Any smart buyer or vendor uses hedging so that the value does not fluctuate constantly.
If you are buying unhedged items, sure I can see that making you money, but no vendor in his right mind would make something non hedged, they would lose out hugely.
no you are both wrong, when currency fluctuates prices automatically fluctuate with it....
if you are holding onto 1 BC from last month and it was worth 5 bucks USD when you bought it, and at the time someone was selling acid for 2 BC per hit ($10) you wouldn't be able to buy it then. but if 1 BC is worth 10 USD now the vendor would now be selling one hit of acid for 1 BC NOT 2 BC. and you still have the same BC you bought for 5 bucks you would now be able to buy it...
BECAUSE the way selling works (or can work if you select the correct setting, which most do) is when the BC changes the price automatically changes to reflect the USD value (or otherwise real currency in what ever country the seller is in)
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I love every bump and every dip I stumble on while exploring the path of life less traveled.
Mushrooms like fresh air.
RR
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DieCommie
El Guapo
Registered: 12/11/03
Posts: 25,374
Loc: Street of Dreams
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Re: Bitcoin rates going way up [Re: tymoteusz3]
#16644408 - 08/04/12 01:31 PM (9 months, 13 days ago) |
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Quote:
tymoteusz3 said:
This is true. Any smart buyer or vendor uses hedging so that the value does not fluctuate constantly.
If you are buying unhedged items, sure I can see that making you money, but no vendor in his right mind would make something non hedged, they would lose out hugely.
Buyers dont use hedging. If they did that would be equivalent to just selling your bitcoins. Sellers use hedging while the bitcoins are in escrow. This does not effect the buyer since the coins are already in escrow. Using hedging in escrow is effectively selling the bitcoins off before they are released and keeping a dollar equivalent in escrow.
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SurReality
Slut
Registered: 12/21/06
Posts: 7,861
Last seen: 29 minutes, 29 seconds
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Re: Bitcoin rates going way up [Re: DieCommie]
#16644425 - 08/04/12 01:36 PM (9 months, 13 days ago) |
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it doesn't matter if you are buying or selling, the longer you hold on to bitcoins it will always be different value the next day or sooner. so the whole idea is to get rid of them as soon as you have them whether you are buying or selling, by holding on to them you are gambling losing or making money when it fluctuates.
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I love every bump and every dip I stumble on while exploring the path of life less traveled.
Mushrooms like fresh air.
RR
Free Reagent Testing Contest--10mL give away!
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Soulidarity
All Good Things Come To An End
Registered: 07/15/12
Posts: 4,809
Loc: with the fallen angels
Last seen: 30 minutes, 16 seconds
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Re: Bitcoin rates going way up [Re: DieCommie]
#16644447 - 08/04/12 01:40 PM (9 months, 13 days ago) |
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we're all getting confused here. the vendors marked BTC and USD value are always equal, regardless of any fluctuations in either, the price is still the same. thus why i'm saying, he wont make any real gains unless he cashes his money out of the BTC system, for more USD then that which he purchased initially.
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damnnation
Monsieur Rêve
Registered: 09/20/04
Posts: 1,063
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Re: Bitcoin rates going way up [Re: SurReality]
#16644451 - 08/04/12 01:41 PM (9 months, 13 days ago) |
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It's a gamble indeed. Especially if it crash (again?) you're stuck with 'virtual' money which is worthless... I just need a few more dollars so I hope it'll keep on rising for a few days but yeah normally I never wait to buy something in fear of losing money.
DieCommie, do you have any idea/prediction of the rates of bitcoins in the coming weeks?
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