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The much anticipated Lusito Land Portuguese food festival is on this week

 

http://www.lusitoland.co.za/

 

Its a public holiday today so we are planning to go, loads of good Portuguese food  and alcohol awaits us  :dancing:

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"We don't stop playing because we grow old; we grow old because we stop playing.” -  George Bernard Shaw

 

"What counts in life is not the mere fact that we have lived. It is what difference we have made to the lives of others that will determine the significance of the life we lead" - Nelson Mandela

 

 

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I just don't get the point of Bitcoin.

 

The per-coin value can fluctuate? So one day you buy a $262.28 coin and the next day it could be worth less or more?

 

The same is also true if you buy another currency like Euro's.

Or if you buy anything else really, and try to sell it again later after it has become less or more popular / in demand.

 

What controls the valuation of individual bitcoins?

 

The people who want to sell some of theirs, choose how low they're willing to go.

The people who want to buy some, choose how high they're willing to go.

 

If two if them manage to meet in the middle and the transaction occurs, you've got one data point for the current price. Looking at all transactions that are happening in public bitcoin exchanges over a certain time period, tells you the average "market-going price" at that time.

 

As for why it changes? Because the buyers and sellers change what they're willing to offer based on their expectations.

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"Some ideas are so stupid that only an intellectual could believe them." -- attributed to George Orwell

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I just don't get the point of Bitcoin.

 

The per-coin value can fluctuate? So one day you buy a $262.28 coin and the next day it could be worth less or more?

 

The same is also true if you buy another currency like Euro's.

 

 

 

Bitcoin is not like any real currency, you won't have normal currencies losing all there value overnight. They are influenced by certain sentiment and market pressures but ultimately normal currencies have real value based on a range of quantifiable metrics . Also some governments can intervene to prevent the complete crash of there currencies

 

Who intervenes in the crash of Bitcoin? It seems a little preposterous to suggest investing in the Dollar is the same as investing in Bitcoin?

"We don't stop playing because we grow old; we grow old because we stop playing.” -  George Bernard Shaw

 

"What counts in life is not the mere fact that we have lived. It is what difference we have made to the lives of others that will determine the significance of the life we lead" - Nelson Mandela

 

 

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Bitcoin is not like any real currency, you won't have normal currencies losing all there value overnight.

 

Normal currencies are less volatile, but that's a difference of degree, not a fundamental one.

 

The main reason why Bitcoin is less stable than "normal" currencies is, I think, the fact that the market for Bitcoins (and the market for trading Bitcoins for goods & services) is many orders of magnitude smaller than, say, the Dollar equivalent. So if one person suddenly decides to buy (or sell) a lot of Bitcoins, that can quickly upset the whole Bitcoin ecosystem and change everyone's expectations (and by extension the "going price").

 

Whereas a single Dollar-based transaction would never make any measurable difference in the grand scheme of things, since there are probably billions of other Dollar-based transaction on the same day and they all sort of even out.

 

They are influenced by certain sentiment and market pressures but ultimately normal currencies have real value based on a range of quantifiable metrics.

 

The value of today's national fiat currencies isn't fundamentally more "real" than that of Bitcoin. In both cases the value derives from the fact that people expect to be able to

  1. either trade it back later at a profit,
  2. or buy stuff they want with it.

With Dollars you have more choices what to buy and there's less risk of the whole system collapsing before you have a chance to trade your money back for another currency, but again that's a difference of degree.

 

Also some governments can intervene to prevent the complete crash of there currencies

The central bank can choose the amount of new money to print or change the federal funds rate, but those are only tools to nudge the market for that currency into a particular direction, they don't make it possible for the central bank or government to simply "decide" the value of a currency. And they can also make things worse.

Edited by Ineth
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"Some ideas are so stupid that only an intellectual could believe them." -- attributed to George Orwell

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Currencies have crashed overnight before?

Depends on your definition of "Overnight". I mean the Mark basically tanked in less than a year with some ridiculous inflation (because they just printed money to pay off their debt) during the Weirmar Republic.

Victor of the 5 year fan fic competition!

 

Kevin Butler will awesome your face off.

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Watching VoD episodes of The Voice (the blind auditions). Hubby is cracking me up because every time they intro a new singer he points at the screen and says "Grandma just died" or "Lived in their car" or "dad has cancer" or "had to postpone their dream for (something)"... eg, bet on which sob story. I still remember when the 1st season didn't do that sort of thing much. Oh well. I only watch it for the judges anyway. :lol:

 

P.S. - I really hate that cable/networks have largely prohibited FF on VoD watching. Makes me want a Tivo. Not quite enough to buy one yet, tho...

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“Things are as they are. Looking out into the universe at night, we make no comparisons between right and wrong stars, nor between well and badly arranged constellations.” – Alan Watts
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Officially have new girlfriend and we went to other friend's birthday. Left early from the Gay Bar and drag show (which was fun) and ended up having sexy times on the floor of my apartment because neither of us has a bed bigger than a Twin.

 

All in all, good night.

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Victor of the 5 year fan fic competition!

 

Kevin Butler will awesome your face off.

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Officially have new girlfriend and we went to other friend's birthday. Left early from the Gay Bar and drag show (which was fun) and ended up having sexy times on the floor of my apartment because neither of us has a bed bigger than a Twin.

 

All in all, good night.

 

Sounds like a great evening, nice one  :thumbsup:

"We don't stop playing because we grow old; we grow old because we stop playing.” -  George Bernard Shaw

 

"What counts in life is not the mere fact that we have lived. It is what difference we have made to the lives of others that will determine the significance of the life we lead" - Nelson Mandela

 

 

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I've heard tell Ocean Beach's initialism also stands for Only Bums (Pacific Beach: partly bums; Mission Beach: mostly bums), but I had a great time last night at OB Noodle House, a pho-tastic eatery with house-made flavored sake and a gajillion beers on tap. Ate the entire Special. The hot wings were freakin' HOT. And no bums, other than a few very well-contoured.  

 

 

phoyum_zpsevrtdkdl.png

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All Stop. On Screen.

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Forgot to mention the best purchase of the year so far, a badass Punisher bottle opener, complete with magnets. 

 

f7c9a471-54a9-43fb-86e5-16dc7604023b_zps

 

Points for using this to torture information out of a baddie.

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"It wasn't lies. It was just... bull****"."

             -Elwood Blues

 

tarna's dead; processing... complete. Disappointed by Universe. RIP Hades/Sand/etc. Here's hoping your next alt has a harp.

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I rock..I'm  sorry,  I have to say this  :wowey:

 

Today I embraced the difficult art of DIY and managed to change a light bulb in my room..but it wasn't any ordinary light bulb I had to unscrew the cover over the actual bulb which was positioned in a precarious position....but I said to myself "what would Gfted1 do "   .."would he let a dangerous light bulb undermine all his DIY efforts and history " ...NEVER !!!

 

So I changed the bulb despite the risk ..yeah as I said ...." I rock"   :teehee:

Edited by BruceVC
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"We don't stop playing because we grow old; we grow old because we stop playing.” -  George Bernard Shaw

 

"What counts in life is not the mere fact that we have lived. It is what difference we have made to the lives of others that will determine the significance of the life we lead" - Nelson Mandela

 

 

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If you truly did what Gfted1 did, you would have built a flying robot to fix it.

 "flying robot " 

 

 

:lol:

"We don't stop playing because we grow old; we grow old because we stop playing.” -  George Bernard Shaw

 

"What counts in life is not the mere fact that we have lived. It is what difference we have made to the lives of others that will determine the significance of the life we lead" - Nelson Mandela

 

 

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He is for rioters getting it, not third world countries

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Why has elegance found so little following? Elegance has the disadvantage that hard work is needed to achieve it and a good education to appreciate it. - Edsger Wybe Dijkstra

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I went for a nice bike ride today, it was my second time up Avon Mountain this year.  I caught a flat on my way back, still several miles from home.  No problem, though, as I'm always prepared; I never ride without at least 1 spare tube (I had 2), a pump, and some basic tools.  A few minutes later I was back up and riding.  

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rowsdower_sig.jpg.0f13980282a9229af0f1609eb6dee060.jpg
I wonder if there is beer on the sun

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Touchscreen latop is kind of handy occasionally. Like when you forget to plug in the wireless mouse and are too lazy to get up and retrieve it.

Another nice day. After another Voice episode will be going for a hike up in the local hills.

“Things are as they are. Looking out into the universe at night, we make no comparisons between right and wrong stars, nor between well and badly arranged constellations.” – Alan Watts
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Well enough banging my head against a brick wall, hot barbecue and cold beer await.

Quite an experience to live in misery isn't it? That's what it is to be married with children.

I've seen things you people can't even imagine. Pearly Kings glittering on the Elephant and Castle, Morris Men dancing 'til the last light of midsummer. I watched Druid fires burning in the ruins of Stonehenge, and Yorkshiremen gurning for prizes. All these things will be lost in time, like alopecia on a skinhead. Time for tiffin.

 

Tea for the teapot!

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My spine REALLY hurts. *wry grimace*

"It wasn't lies. It was just... bull****"."

             -Elwood Blues

 

tarna's dead; processing... complete. Disappointed by Universe. RIP Hades/Sand/etc. Here's hoping your next alt has a harp.

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Looking into running an irc server, should be interesting if I can find a decent host in Canada.

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Why has elegance found so little following? Elegance has the disadvantage that hard work is needed to achieve it and a good education to appreciate it. - Edsger Wybe Dijkstra

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Looking into running an irc server, should be interesting if I can find a decent host in Canada.

Keep us updated on your progress, what are you planning to use it for ? Private channels or will it be public on some levels ?

"We don't stop playing because we grow old; we grow old because we stop playing.” -  George Bernard Shaw

 

"What counts in life is not the mere fact that we have lived. It is what difference we have made to the lives of others that will determine the significance of the life we lead" - Nelson Mandela

 

 

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