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Anonymous #1
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silk road 2.0
#19157861 - 11/19/13 12:47 AM (10 years, 2 months ago) |
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Doesn't seem right at all. Don't use. You have been warned
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Anonymous #2
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I just logged in for the first time. The vendors have zero feedback. I think they all went to BMR and sheep market. I think its great. You can't stop the silk road and stuff. Suck it uses bitcoins though, that is the shittiest currency and not stable at all. I wouldn't care if it was 50,000 or 5 cents per btc as long as it was stable. But those fluctuations make it impossible to account for.
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Anonymous #3
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just spend your bitcoin as soon as you get them and make sure your coins are in escrow to be refunded in USD if the transaction doesn't go through 
whats the problem?
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Anonymous #2
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escrow is a fundamental flaw in an unstable currency. If escrow was in euro or sheckle or dollars then it would be fine, but escrow in an unstable currency meansyou might be snding ten bucks for a hundred worth of stuff or a hundred for ten buck of stuff. BTC sucks. In the day egold was good because it didn't fluctuate like a mofo but btc is too unstable to be of any practical use.
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Anonymous #3
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nah dude... have you ever even used silk road?
depending on the vendor your BTC can be held in escrow at their USD value.
meaning if you spend $500 USD worth of BTC and a week later BTC Are worth half as much, you still get $500 worth of BTC back
the fluctuation in price is meaningless if you don't hang on to them and you spend them right away
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Anonymous #2
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Then its Silk road assuming the currency risk instead of the user. I've browsed their wares for a long time, but never used it. I didn't know you could stabilize into a real currency value. They're taking a big risk but maybe they have a formula that makes it worth it for them, or they can spread the risk in some kind of derivitive market. Does that go for the vendors as well or just the end user? Have you looked at the sheep marketplace? Do they do that currency deal too?
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Anonymous #3
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they take a cut from every transaction, they made plenty of money even losing money during BTC crashes.
I'm pretty sure it's the site itself that takes the risk because the site is the ones holding the escrow coins. in other words, they can't guarantee a vendor will have the dollar amount of BTC in their account.
so the site taking the risk is rly the only way it could work
not sure about other sites.
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Anonymous #4
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Quote:
Anonymous #1 said: Doesn't seem right at all. Don't use. You have been warned 
I certainly wouldn't try buying anything within the first few months that it's up, but 6 months - a year from now if it's got a lot of positive feedback the I'd check it out.
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Anonymous #5
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Quote:
Anonymous #2 said: escrow is a fundamental flaw in an unstable currency. If escrow was in euro or sheckle or dollars then it would be fine, but escrow in an unstable currency meansyou might be snding ten bucks for a hundred worth of stuff or a hundred for ten buck of stuff. BTC sucks. In the day egold was good because it didn't fluctuate like a mofo but btc is too unstable to be of any practical use.
Thats why they offer hedging. At least, the old Silk Road did. Yea, using BTC sucks when the price is in fluctuation, up or down. But volatility will inevitably pass.
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Anonymous #6
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Seems fishy
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