Topic: 1 week until bitcoin pizza day (Read 424 times)

yeah, you can figure it out from the article that he also has few thousand BTC in paper wallet, for his kids, and still working the same job

In that article he said that his kids have paper wallets with a thousandth of BTC , or 0.001 BTC, not thousands.

buyer sold their BTC for a road trip, but there is also important fact that he has grocery stores chain and does not accept BTC, really interesting for a first guy that actually received BTC for a pizza

You might misunderstood that part I think, when he says his local grocery stores don't accept BTC it doesn't mean he actually owns those stores.

it could be that i misunderstood the article, did not that thoroughly through it, but nevertheless, for me Jeremy was a bit bigger believer at that time, and should be mentioned with Laszlo as well, when talking about pizza

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yeah, you can figure it out from the article that he also has few thousand BTC in paper wallet, for his kids, and still working the same job

In that article he said that his kids have paper wallets with a thousandth of BTC , or 0.001 BTC, not thousands.

Quote from: Rikafip on May 16, 2020, 11:26:25 AM

buyer sold their BTC for a road trip, but there is also important fact that he has grocery stores chain and does not accept BTC, really interesting for a first guy that actually received BTC for a pizza

You might misunderstood that part I think, when he says his local grocery stores don't accept BTC it doesn't mean he actually owns those stores.

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Quote from: NavI_027 on May 16, 2020, 10:42:18 AM

Anyway, I really feel pity for him. For sure that one is the biggest mistake of his life. But on the other hand, I'm wondering where's Papa John (I don't know the exact name of the receiver) now? He's so lucky to got such huge amount holding. It makes me feel jelous lol

I don't think that we should pity laszlo, or that he even sees that as a mistake. Without early adopters that actually used and promoted BTC , we wouldn't be at this point, many of us not even on this forum.
Same goes for that guy who bought pizza's and got 10,000 BTC, as he sold that to pay some trip.

Thanks to those guys I don't have to think what to make for lunch on May 22nd

yeah, you can figure it out from the article that he also has few thousand BTC in paper wallet, for his kids, and still working the same job

buyer sold their BTC for a road trip, but there is also important fact that he has grocery stores chain and does not accept BTC, really interesting for a first guy that actually received BTC for a pizza

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Quote from: NavI_027 on May 16, 2020, 10:42:18 AM

Anyway, I really feel pity for him. For sure that one is the biggest mistake of his life. But on the other hand, I'm wondering where's Papa John (I don't know the exact name of the receiver) now? He's so lucky to got such huge amount holding. It makes me feel jelous lol

I don't think that we should pity laszlo, or that he even sees that as a mistake. Without early adopters that actually used and promoted BTC , we wouldn't be at this point, many of us not even on this forum.
Same goes for that guy who bought pizza's and got 10,000 BTC, as he sold that to pay some trip.

Thanks to those guys I don't have to think what to make for lunch on May 22nd

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Quote from: slackovic on May 15, 2020, 06:44:10 AM

Also, 10.000 BTC for two pizzas was quite expensive because it was worth around $41 at that time (according to the fourth post in the topic).

No mate, you misunderstood what stompix said Cheesy

. Laszlo really bought a pizza for 10,000 way bitcoins way back 2010.

Anyway, I really feel pity for him. For sure that one is the biggest mistake of his life. But on the other hand, I'm wondering where's Papa John (I don't know the exact name of the receiver) now? He's so lucky to got such huge amount holding. It makes me feel jelous lol

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and, do anyone know where Laszlo is today, and what portion of his own BTC was this 10k

https://cointelegraph.com/news/bitcoin-pizza-guy-laszlo-hanyecz-on-why-bitcoin-is-still-the-only-flavor-of-crypto-for-him

here is an interview with him

but, i do not think that it is fair to @jercos, since for me he was a believer to bought Pizza and deliver it to @laszlo for BTC, so i think that he also deserve to be in the book or movie for that, if not more than Laszlo, then at least the same, for me Laszlo sold his BTC for Pizza, and Jeremy (a buyer) was a BTC believer or Bitcoiner

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Quote from: slackovic on May 16, 2020, 02:53:07 AM

I think that (at least where I live) the biggest problem is not will the shop implement payments through LN. Shop must have fiat for all sells so they have to automatically exchange BTC for fiat when they receive it. That's where BTC payment gateways come in place and I guess when they implement LN, shops will accept it too.

Most stores that accepts bitcoin(besides a small minority) accepts bitcoin in the first place anyway, whereas the bitcoin are automatically converted to fiat. Fortunately, open-source platforms like BTCPay exists for this exact purpose; and they've implemented LN too: https://docs.btcpayserver.org/FAQ/FAQ-LightningNetwork/

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Quote from: mk4 on May 16, 2020, 02:10:45 AM

Quote from: slackovic on May 16, 2020, 01:58:41 AM

OK, you have a point there... But let me ask you this. Why is no one accepting BTC payments through the Lightning network? We have several companies (mostly IT shops) that accept payment in BTC, but none of them accepts payment through the LN. Why is that? Is it that hard to implement that?

I don't have the data to back this up, but in my opinion it's mostly simply because not that much people are using Lightning yet(even though Bitfinex already implemented bitcoin deposits and withdrawals through Lightning, but maybe they just want to be the first exchange to support LN).

As for the difficulty of implementing lightning on a website, regardless how difficult it might be(I really don't know, because I haven't tried implementing LN on a website), if people want it, they would find a way to implement it no matter how complicated. It's mostly might just be the case that not a lot of people are willing to pay through it.

I think that (at least where I live) the biggest problem is not will the shop implement payments through LN. Shop must have fiat for all sells so they have to automatically exchange BTC for fiat when they receive it. That's where BTC payment gateways come in place and I guess when they implement LN, shops will accept it too.

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Quote from: slackovic on May 16, 2020, 01:58:41 AM

OK, you have a point there... But let me ask you this. Why is no one accepting BTC payments through the Lightning network? We have several companies (mostly IT shops) that accept payment in BTC, but none of them accepts payment through the LN. Why is that? Is it that hard to implement that?

Creating another layer or channel for LN is not that hard maybe big companies are not yet interested but I found this site that compiled a comprehensive list that accepts bitcoin through Lightning network.

Payment with the Lightning Network

_{Its being accepted so some clothing line, some tech shop, even pizza and many other establishment that accept LN}.

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Quote from: slackovic on May 16, 2020, 01:58:41 AM

OK, you have a point there... But let me ask you this. Why is no one accepting BTC payments through the Lightning network? We have several companies (mostly IT shops) that accept payment in BTC, but none of them accepts payment through the LN. Why is that? Is it that hard to implement that?

I don't have the data to back this up, but in my opinion it's mostly simply because not that much people are using Lightning yet(even though Bitfinex already implemented bitcoin deposits and withdrawals through Lightning, but maybe they just want to be the first exchange to support LN).

As for the difficulty of implementing lightning on a website, regardless how difficult it might be(I really don't know, because I haven't tried implementing LN on a website), if people want it, they would find a way to implement it no matter how complicated. It's mostly might just be the case that not a lot of people are willing to pay through it.

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Quote from: mk4 on May 16, 2020, 01:35:41 AM

But what if millions of people tries to do the same? You think that Bitcoin or Ethereum network will be able to process it?

Potentially through Bitcoin layer 2 and layer 3 solutions, yes.

As for WBTC, I'm just saying that it's funny that more Bitcoin is locked up in the Ethereum network than there is BTC on the Lightning network. Plus, article says that there is only 1000 BTC in the LN! That's saying how low adoption of the Lightning network is...

Though Lightning's adoption is no doubt very low, it's really expected for there to be more bitcoin "on" Ethereum though. Lightning is for small transactions, whereas WBTC are mostly for staking. It's pretty much spending(LN) vs hodling(WBTC) for interest and for those "DeFi contracts", so of course there would be more bitcoin locked up on Ethereum.

OK, you have a point there... But let me ask you this. Why is no one accepting BTC payments through the Lightning network? We have several companies (mostly IT shops) that accept payment in BTC, but none of them accepts payment through the LN. Why is that? Is it that hard to implement that?

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But what if millions of people tries to do the same? You think that Bitcoin or Ethereum network will be able to process it?

Potentially through Bitcoin layer 2 and layer 3 solutions, yes.

Quote from: mk4 on May 15, 2020, 09:31:14 PM

As for WBTC, I'm just saying that it's funny that more Bitcoin is locked up in the Ethereum network than there is BTC on the Lightning network. Plus, article says that there is only 1000 BTC in the LN! That's saying how low adoption of the Lightning network is...

Though Lightning's adoption is no doubt very low, it's really expected for there to be more bitcoin "on" Ethereum though. Lightning is for small transactions, whereas WBTC are mostly for staking. It's pretty much spending(LN) vs hodling(WBTC) for interest and for those "DeFi contracts", so of course there would be more bitcoin locked up on Ethereum.

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Quote from: slackovic on May 15, 2020, 11:03:35 AM

As for the Lightning network... Did you read this article saying that there is more Bitcoin on the Ethereum network (WBTC - wrapped BTC) than there is on the Lightning network? I think that Lightning network is far far far from being adopted.

Sure. It doesn't really mean that much though when talking about retail transactions though, as even the Ethereum blockchain is also susceptible to being congested. Remember the crypto kitties days? Yep. The network pretty much slowed down to a halt. Wrapped BTC are mostly used for staking and such, not really for "coffee transactions" so I don't really think it's right to compare WBTC to Lightning.

I agree that Lightning is not there yet though.

Neither network (Bitcoin or Ethereum) are good enough to be used for micro transactions. Their transaction speed simply isn't fast enough. Sure, you can buy a cup of coffee with BTC and the transaction will go through. But what if millions of people tries to do the same? You think that Bitcoin or Ethereum network will be able to process it?

As for WBTC, I'm just saying that it's funny that more Bitcoin is locked up in the Ethereum network than there is BTC on the Lightning network. Plus, article says that there is only 1000 BTC in the LN! That's saying how low adoption of the Lightning network is...

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Quote from: slackovic on May 15, 2020, 11:03:35 AM

As for the Lightning network... Did you read this article saying that there is more Bitcoin on the Ethereum network (WBTC - wrapped BTC) than there is on the Lightning network? I think that Lightning network is far far far from being adopted.

Sure. It doesn't really mean that much though when talking about retail transactions though, as even the Ethereum blockchain is also susceptible to being congested. Remember the crypto kitties days? Yep. The network pretty much slowed down to a halt. Wrapped BTC are mostly used for staking and such, not really for "coffee transactions" so I don't really think it's right to compare WBTC to Lightning.

I agree that Lightning is not there yet though.

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Quote from: slackovic on May 15, 2020, 06:44:10 AM

Yeah, that post kind of started a history.

and its nice story to have for Bitcoin
its positive, it gets media attention and helps understand how something with no value gained value that day

amazing story that will be forever stick to Bitcoin

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There's even a plaque on the wall wherein the pizza was purchased by Laszlo at Atlantic Boulevard.

History making for that Papa John's.

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Quote from: Maus0728 on May 15, 2020, 07:48:54 AM

[2] Crypto to Fiat transaction when Sirius sold an amount of BTC 5,050 for $ 5. LOL, if anyone who's a time traveller or can foresee a future Roll Eyes

[3] Real world transaction is when Laszlo buys 2 pizza for BTC 10k. It was Papa John's pizza Cheesy

Damn, is that no one can predict that the price of bitcoin reaches $20K less than a decade after the transaction took place. Time passes very quickly and throughout its journey, bitcoin has become a very valuable asset to date.
What about the bitcoin journey that is heading into the second decade, can we expect something like that to happen again ? Shocked

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Quote from: RapTarX on May 15, 2020, 11:33:10 AM

Am I the only one who read almost all the replies from the pizza thread? It was a great fun to read the thread.

I don't really think that Bitcoin in this current state should be used for microtransactions. It's just not convenient to buy a cup of coffee with BTC. One can do that, but it's more convenient to buy it for fiat.
I'm not saying that BTC is useless. I just think that there are better projects out there to be used for microtransactions.

Why not Lightning Network for micro transaction? Although there's not enough places to spend BTC with LN ATM, I guess someday, we will be able to pay with LN for a cup of coffee everywhere. Give it some time.

Why not LN for micro transactions? You just answered it yourself. Even those who accept BTC as payment don't support Lightning network. I guess we'll see what time will bring us. Will the LN become widely adopted or not. For now, I'm not sure it will.

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Am I the only one who read almost all the replies from the pizza thread? It was a great fun to read the thread.

Quote from: Chlotide on May 15, 2020, 07:11:29 AM

I don't really think that Bitcoin in this current state should be used for microtransactions. It's just not convenient to buy a cup of coffee with BTC. One can do that, but it's more convenient to buy it for fiat.
I'm not saying that BTC is useless. I just think that there are better projects out there to be used for microtransactions.

Why not Lightning Network for micro transaction? Although there's not enough places to spend BTC with LN ATM, I guess someday, we will be able to pay with LN for a cup of coffee everywhere. Give it some time.

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One more week to go! Will definitely eat a pizza for Laszlo's sake.

I suggest putting that money into some cold wallet and forgetting about it for a long time. Who knows what the future holds for us! I think I might actually start this experiment just for the sake of it Grin

Oh man, I remember reading about this stuff back in 2015 when only half a decade passed. Time flies so f'in fast.

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Quote from: mk4 on May 15, 2020, 09:28:02 AM

Quote from: Yourhomeboy on May 15, 2020, 06:31:37 AM

I don't really think that Bitcoin in this current state should be used for microtransactions. It's just not convenient to buy a cup of coffee with BTC. One can do that, but it's more convenient to buy it for fiat.
I'm not saying that BTC is useless. I just think that there are better projects out there to be used for microtransactions.

Though Lightning is not quite there yet, there have been great wallets lately. Check out the Phoenix[1] wallet.

As for on-chain, I'm really not sure, but it makes sense for me to accept sort of "coffee transactions" that are worth $2-$4 without waiting for a confirmation, probably with just a minimum of 1 sat/byte fee just to make sure that the transaction actually goes through after a while. Because as far as I know, no one in the right mind would actually risk going to jail by attempting a doublespend just to save $2-$4.

[1] https://phoenix.acinq.co/

As for the Lightning network... Did you read this article saying that there is more Bitcoin on the Ethereum network (WBTC - wrapped BTC) than there is on the Lightning network? I think that Lightning network is far far far from being adopted.

Pffrt

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May 22 2020 marks the Ten-year Anniversary of the first bitcoin transaction.

No, it was the first transaction with btc for purchasing something.

Quote from: Maus0728 on May 15, 2020, 07:48:54 AM

[2] Crypto to Fiat transaction when Sirius sold an amount of BTC 5,050 for $ 5. LOL, if anyone who's a time traveller or can foresee a future Roll Eyes

Hell, I never knew about that transaction. I used to think that Laszlo made the first transaction for exchange of anything else with btc. I think most people still don't know about this tx at all.

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Quote from: Maus0728 on May 15, 2020, 07:48:54 AM

I don't really think that Bitcoin in this current state should be used for microtransactions. It's just not convenient to buy a cup of coffee with BTC. One can do that, but it's more convenient to buy it for fiat.
I'm not saying that BTC is useless. I just think that there are better projects out there to be used for microtransactions.

Though Lightning is not quite there yet, there have been great wallets lately. Check out the Phoenix[1] wallet.

As for on-chain, I'm really not sure, but it makes sense for me to accept sort of "coffee transactions" that are worth $2-$4 without waiting for a confirmation, probably with just a minimum of 1 sat/byte fee just to make sure that the transaction actually goes through after a while. Because as far as I know, no one in the right mind would actually risk going to jail by attempting a doublespend just to save $2-$4.

[1] https://phoenix.acinq.co/

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Quote from: cryptoaddictchie on May 15, 2020, 07:42:02 AM

~

Yep! Actually there are 3 different first transaction in bitcoin history.

[1] Peer to peer transaction which is the 10 BTC sent from satoshi to Hal Finney.
[2] Crypto to Fiat transaction when Sirius sold an amount of BTC 5,050 for $ 5. LOL, if anyone who's a time traveller or can foresee a future Roll Eyes

[3] Real world transaction is when Laszlo buys 2 pizza for BTC 10k. It was Papa John's pizza Cheesy

The idea is here: https://www.quora.com/What-was-the-first-Bitcoin-transaction

Probably that guy got the info from here:
https://en.bitcoin.it/wiki/Bitcoin_Firsts#
just how I did Grin

One "first" I never managed to find and is not listed anywhere is the first buy of a product with the merchant receiving bitcoins. no intermediaries, no credit card or PayPal conversion in between. Maybe Alpaca socks?

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The first BTC transaction happened on January 12th when Hal Finney received 10 BTC from Satoshi.

Everytime I heard Hal Finney name mentioned here it really made me realize how amazing those first and pioneered people who adopt bitcoin was. Its just like overwhelming that your name was on history as true bitcoiners. Ops but of course no one will ever forget the one that ever spend BTC for a product "Laszlo Hanyecz" and its only 1 week left before we celebrate the pizza day. Today a lot of people believe adoption will grow for BTC peer to peer usage but this event was really prove it that it is.

_{For everyone wants to read or dont have idea of bitcoin history its always overwhelming to read it.}
Bitcoin History

I don't really think that Bitcoin in this current state should be used for microtransactions. It's just not convenient to buy a cup of coffee with BTC. One can do that, but it's more convenient to buy it for fiat.
I'm not saying that BTC is useless. I just think that there are better projects out there to be used for microtransactions.

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Farewell, Leo

This guy was literally a hero. He made a big contribution to the bitcoin community. This was a push to start convincing people exchanging things with BTC

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The first BTC transaction happened on January 12th when Hal Finney received 10 BTC from Satoshi.
More, in 2009 there was the first transaction with an exchange of value, no donation or test, Sirius selling 5050 BTC for 5$.

So, it wasn't really a "first" Grin

Yep! Actually there are 3 different first transaction in bitcoin history.

[1] Peer to peer transaction which is the 10 BTC sent from satoshi to Hal Finney.
[2] Crypto to Fiat transaction when Sirius sold an amount of BTC 5,050 for $ 5. LOL, if anyone who's a time traveller or can foresee a future Roll Eyes

[3] Real world transaction is when Laszlo buys 2 pizza for BTC 10k. It was Papa John's pizza Cheesy

The idea is here: https://www.quora.com/What-was-the-first-Bitcoin-transaction

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