Topic: 12 years today since the first known price was set for BTC - page 3. (Read 538 times)

Let's be totally honest here.. no you wouldn't lol. Bitcoin is just an obvious investment right now just because it already rose in price innumerable times. People love to say "if only I knew about bitcoin early on.. etc etc" but in fact, 99% of us would just have ignored Bitcoin.

From today's perspective, the start of trading really seems almost unreal, not only because you could buy a huge amount of BTC for $1, but also because of the way the price was determined. But it was something completely different, because everyone could use their personal computer to mine BTC, and we must not forget that the reward per block was as much as 50 BTC, which was 7200 BTC per day, while today that number is only 900 BTC.

---

@DdmrDdmr, by the dates you set, Laszlo bought 2 pizzas for 10 000 BTC before the first sale took place on First TX on New Liberty Standard, but this is wrong, according to what can be seen on Martti Malmi Twitter, the transaction happened 1 year earlier (2009-10-12).

Reading this, I really can't imagine that it would take thousands of bitcoins just to actually accumulate it into a dollar 12 years ago, 12 years later, 1 BTC is equals to $50k, the amount of profit someone will actually get if they invested in BTC 12 years ago.  15,100 bitcoins were only available back then to be bought and sold only for a dollar, if I only knew about crypto and Bitcoin back then, I would have invested in a lot knowing thousands of Bitcoin costed for only a dollar.

It's very interesting to see that bitcoin nowadays changed a lot,  if we hold our very first bitcoin in the space since 2009 perhaps it's million now or billion. Lol but unfortunately many people that time were very scared in such creation and also because of some negative feedbacks around the internet,  but yes it's not too late and for sure after 10 years there will be a good improvement again because a lot of people already knows how good these crypto world..so its not surprising anymore if someday we will see a new record especially from bitcoin..

Bitcoin when it was first launched in 2009, the profits we can earn today can reach millions or billions of dollars, because the initial value of the asset was still US $ 0. This is definitely the best performing asset in the last decade, but unfortunately I'm just learning about bitcoin at the beginning of 2019, even so I have never regretted it, because bitcoin has helped my finances a lot. especially when the pandemic hit my country..

How times have changed, majority of people at the time had little idea at the time that this technology was going to have such a huge impact.

That was quite an interesting way to determine the price of Bitcoin, and how different the market would be if it was used today. I assume it would be quite difficult to do now as Bitcoin is now worldwide and determine a cost of electricity is not feasible, so there cannot be a definite value.


Would the my be the computer of there person behind the price speculation?

I wasn’t aware of the story, and found it an interesting read on how the first BTC price was set on an Exchange (arguably primitive, placing petitions by email and such):


The New Liberty Standard is considered by some as the first Exchange, and as such, on 05/10/2009, it had to set it’s first BTC price in USD (payments were initially made through PayPal). The price was set, based upon the following formula:

(*) The person behind New Liberty Standard I presume.

It’s interesting to see how the price changed pretty wildly over the first few days (you can see a longer price table and a bunch of interesting stuff by navigating through the archived site, whose link I provided further below).
As said, offer and demand did not set the price back then (initially), but rather the above formula that ensured covering costs. The variation in price from one day to another is, I figure, due to the change in the "bitcoins generated by my computer(*) over the past 30 days" part, which will change as the 30 day window slides forward another day. Later on, price calculus was modified to include moving averages and the cost of data bandwidth.

Dates to consider:
03/01/2009: First bitcoin block is mined.
12/01/2009: First BTC TX (Satoshi -> Hal : 10 BTCs).
05/10/2009: First known price for BTC is set (as per the referenced links down below).
12/10/2009: First TX on New Liberty Standard -> Sirius (Martti Malmi) sold 5050 BTCs to New Liberty Standard for 5,02$ (Paypal).
05/02/2010: New Liberty Standard proposes using ฿ as BTC’s currency symbol Bitcoin Currency Symbol ฿.
18/05/2010: @laszlo offers 10K BTCs for 2 pizzas (consiered the first comercial TX).
22/05/2010: @laszlo confirms the TX having taken place.

See:
NewLibertyStandard (perfil Bitcointalk)
https://web.archive.org/web/20091229132610/http://newlibertystandard.wetpaint.com/page/Exchange+Rate
https://www.sgtreport.com/2021/01/dawn-of-bitcoin-price-discovery-2009-2011-the-very-early-bitcoin-exchanges/
https://www.bullionstar.com/blogs/ronan-manly/dawn-of-bitcoin-price-discovery-2009-2011-the-very-early-bitcoin-exchanges/

Note: My dates are written as dd/mm/yyyy