Another opportunity cost of Bitcoin

beauty-of-bitcoinApart from

The opportunity costs of mining for money

there is another opportunity cost of Bitcoins to bear in mind and that is related to its volatility.

Suppose you want to purchase a suit or a dress, you assess your other needs. You finally decide, yes, I need and want a new suit or dress and you purchase it by paying with dollars, or euros, or any other currency.

If you pay in your domestic currency, the exchange rate is of no concern. If you decide you want that gorgeous thing directly from an Italian tailor, well you pay in euros and you factor in the exchange rate. The exchange rate has usually no wild swings.

However, if you pay with Bitcoin you have to harbor second thoughts. It is the ludicrous volatility of this currency. How would you feel when you paid for your suit/dress and a week later the value of Bitcoin has gone up by 25%?

So with Bitcoin businesses run the risk that customers defer a purchase for two reasons: on the one hand to wait for a better rate and on the other the reluctance to see the payee benefit undeservedly.


Abhörskandal in Deutschland zieht immer weitere Kreise: Wirtschaftsminister Philipp Röslers Fisher-Price phone abgehört


Hatte die Story über Merkels Handy schon die gesamte Nation erregt, so ist die neueste Enthüllung markerschütternd für die Bürger des Wirtschaftswunderlandes.

Wirtschaftsminister Philipp Röslers Fisher-Price phone ist, wie nun bekannt wurde, seit mindestens April 2012 systematisch abgehört worden von den USA.

Wie kam es zu den Enthüllungen? Als Innenminister Friedrich vor Monaten von solchen Gerüchten erfuhr, erklärte er die Sache sofort in bayerisch resoluter Manier zur absoluten Chefsache, genauer gesagt SuperChefSache.

Die Untersuchungsresultate liessen nicht lange auf sich warten, wie man es eigentlich immer von dem Innenminister gewohnt ist.

Demnach hatte Rösler sein Fisher-Price phone am 28. März 2012 bei der Tech Firma Obletter in München gekauft. Die ‘Innenminister-Friedrich-Ad-Hoc-Kommission’ liess sich alle verfügbaren Video Observationsmitschnitte vorspielen und flugs war den Experten eine auffällige Überfrequentierung des nahe gelegenen McDonalds’ Restaurants aufgefallen. Close-ups ergaben eine überdurchschnittlich amerikanisch aussehende Klientel und somit war klar, die Massnahmen zur Kompromittierung von Wirtschaftsminister Röslers Telefon begannen schon hier.

Erste Reaktionen der FDP waren bisland eher monosilibal. Ein Mitglied, das ungenannt bleiben wollte, fasste es sybillinisch mit “14 zu 4”.

Outrageously successful German fashion designer Tebartz-van Elst on catwalk in Rome

German Fashion designer TvE

German Fashion designer TvE

Outrageously successful German fashion designer ritzy Franz-Peter Tebartz-van Elst was invited to Rome to present his latest collection RASH 20Fourteen.

Insiders are telling it to be deviously sexy, pompously fringy and downright luscious with a tinge of under worldliness.

The photo shows TvE in front of his fashion empire worth a cool 41 million euros. TvE excels in the limelight and has no intention of going public with his dazzling couture house.

TvE seems to have added a spritzy pimpish cut which lends to a testosterone-laced flow of the fabric. It’s all the rage in Rome, Monaco and BevHills. His line will be presented in the next days as usual with His Pompousness’ chicks and drag queens. They will be splurging on Roederer Cristal 2002.



The haute couture trend buster seen here in his trademark bubbly sessions toasting with an Armand de Brignac .

Gino Bartali


“Good is something you do, not something you talk about. Some medals are pinned to your soul, not to your jacket.” – Gino Bartali

Bartali was not just an excellent pro cyclist, he saved Jews by transporting forged documents hidden in the frame of his bike while pretending to be on training rides of up to 380 km.

The Germans send useless people to Poland. What, again?

Sometimes you ask yourself, will the Germans never learn or is just another form of “this time it’s different”?

The crux of being a low-wage country, no, THE low-wage country in Euroland, and having no other business model than exports has its effects on demography down the road and pretty fast so. A catastrophic demography coupled with wage deflation generates quite some problems. Such as what do we do with our old people? Care is expensive and many of these people just do not have the money.

The solution: outsourcing the old the east. Bloomberg has a story, aptly titled

Germans Export Grandma to Poland as Costs, Care Converge

Sonja Miskulin has forgotten her beloved cat, Pooki. She can’t remember whether she has grandchildren and has no memory of her nine-hour journey one recent Sunday to forever leave behind her home in Germany.

Suffering from dementia, the wheelchair-bound former translator celebrated her 94th birthday in a Polish nursing home last month. Her daughter sent her there in a bid for a better life and more affordable care.

Miskulin has joined the vanguard of a controversial movement:emigrant nursing home residents. The “Grandma export” trend has set hands wringing in Germany, where Munich’s leading newspaper denounced it as “gerontologic colonialism” and compared it to nations exporting their trash. Yet more families like Miskulin’s say it’s their best option to provide a dignified old age for elderly parents — and save money — amid a lack of affordable quality care at home. One in five Germans would now consider going abroad for a nursing home, according to a March survey by TNS Emnid, one of Germany’s biggest pollsters.

“I can only say, children, when your parents get older, send them to Poland,” said Miskulin’s 66-year-old daughter, Ilona von Haldenwang. ….

full article here

Oops, some rephrasing would be advised. You know what can happen with lax articulation.