Shebeen Posted November 22, 2019 Posted November 22, 2019 so the munga prize money has gone from R46k when you entered to ~R28k in bitcoin currently. Great move by the organisers, announce prize money, take entries and then reduce your costs before the race has even started!!
nathrix Posted November 22, 2019 Posted November 22, 2019 Good luck to all, can’t wait to follow the dots.
JohanDiv Posted November 22, 2019 Posted November 22, 2019 so the munga prize money has gone from R46k when you entered to ~R28k in bitcoin currently. Great move by the organisers, announce prize money, take entries and then reduce your costs before the race has even started!! Surely they have to give the R46k prize money worth of bitcoin on the day they hand over prizes? Then it would be to the winners advantage if the bitcoin price is lower, meaning he'll receive more bitcoin.
Dusty Posted November 22, 2019 Posted November 22, 2019 Surely they have to give the R46k prize money worth of bitcoin on the day they hand over prizes? Then it would be to the winners advantage if the bitcoin price is lower, meaning he'll receive more bitcoin. In each category 1st place receives 50% of 0.5 bitcoin2nd place receives 30% of 0.5 bitcoin 3rd place receives 20% of 0.5 bitcoin
JohanDiv Posted November 22, 2019 Posted November 22, 2019 In each category 1st place receives 50% of 0.5 bitcoin2nd place receives 30% of 0.5 bitcoin 3rd place receives 20% of 0.5 bitcoin Well that sucks!!
Long Wheel Base Posted November 22, 2019 Posted November 22, 2019 Not knowing much about bitcoin, does the price fluctuate like the exchange rate? Can the winners cash them out?
jdwet1980 Posted November 22, 2019 Posted November 22, 2019 Not all countries exchange South African Rands. Maybe Ramses wants Bitcoin?
Shebeen Posted November 22, 2019 Posted November 22, 2019 Surely they have to give the R46k prize money worth of bitcoin on the day they hand over prizes? Then it would be to the winners advantage if the bitcoin price is lower, meaning he'll receive more bitcoin.What you have said makes perfect, rational sense. The organisers have not done that.
eddy Posted November 23, 2019 Posted November 23, 2019 In each category 1st place receives 50% of 0.5 bitcoin2nd place receives 30% of 0.5 bitcoin 3rd place receives 20% of 0.5 bitcoin Well that sucks!!After giving it much thought, I decided that this has no impact on my ability or inclination to ride the race. It will in all likelihood also not affect my dot-watching next week so won't be able to summon enough outrage to get worked up about it.
Sbloomer Posted November 23, 2019 Posted November 23, 2019 So the prize money is in Bitcoin.... which took a 10% dive yesterday, and looking to drop more.
BigDL Posted November 23, 2019 Posted November 23, 2019 Well that sucks!!Why? It is a currency like any other. If they paid a set amount of dollars or pounds or rands or yuan or rubles, the value in different currencies could fluctuate as well.
BigDL Posted November 23, 2019 Posted November 23, 2019 So the prize money is in Bitcoin.... which took a 10% dive yesterday, and looking to drop more.As with all currencies, bitcoin fluctuates in value compared to other currencies. Maybe a bit more than most at the moment, but it is still just a currency
JohanDiv Posted November 23, 2019 Posted November 23, 2019 Why? It is a currency like any other. If they paid a set amount of dollars or pounds or rands or yuan or rubles, the value in different currencies could fluctuate as well.It's a volatile crypto-currency, hardly a currency like any other. Fact remains they announced prize money in Ronds value, then changed it to bitcoin long after already receiving entries.
BaGearA Posted November 23, 2019 Posted November 23, 2019 i'd prefer the million dollars to be honest
Kranswurm Posted November 23, 2019 Posted November 23, 2019 i'd prefer the million dollars to be honest Lol absolutely... That was a brain fart of note
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