Topic: 13 years ago Theymos sold 160btc at $0.003 per 1, lowest price ever recorded - page 2. (Read 483 times)
February 25, 2023, 02:15:16 PM
Aww man that is one for the history books, and have one of the pillars of this forum be the star of it too makes me feel some pride inside lmao in any case, I don't think Theymos made the wrong decision with selling 160 btc at the time. As he said, he believed it was overpriced from the pricepoint it was sitting at back then and had the right and justifiable idea to sell those bitcoins. For all we know bitcoin could've went south and he may have won big from that profit. I'm getting off to a tangent here but the point I'm trying to make is that to someone living in let's say 2009-2010, bitcoin is nothing like the bitcoin we are seeing and investing in now. To the people back then it was nothing, not worth more than the lint in your pocket, and basically just another penny stock you can invest in.
February 25, 2023, 12:43:22 PM
I'd be curious to hear his opinion on that sale now. Maybe Theymos will find a moment to say a few words?
Now events such as selling 160btc for $0.48 or a couple of pizzas for 10.000BTC seem highly unreasonable due to the current rate of bitcoin. It seems like a lot of wealth has been lost, but in fact, it is not. Don't forget that btc was obtained with less difficulty, as it is possible now, and therefore corresponds to the sale price.
All these events have made a significant contribution to the rise of bitcoin to fame and have played an important role in history of this. This is priceless. You don't have to measure them in terms of money. 160btc at $0.003 per 1 or pizza for bitcoin. Their influence can't be measured in dollars, even with many zeros.
Now events such as selling 160btc for $0.48 or a couple of pizzas for 10.000BTC seem highly unreasonable due to the current rate of bitcoin. It seems like a lot of wealth has been lost, but in fact, it is not. Don't forget that btc was obtained with less difficulty, as it is possible now, and therefore corresponds to the sale price.
All these events have made a significant contribution to the rise of bitcoin to fame and have played an important role in history of this. This is priceless. You don't have to measure them in terms of money. 160btc at $0.003 per 1 or pizza for bitcoin. Their influence can't be measured in dollars, even with many zeros.
February 25, 2023, 11:22:16 AM
Poor Theymos. I bet he might be regreting that, knowing todays price. 
Somehow I doubt that he regrets that sale. If anything, he should be happy that he was around so early as by now he probably has a decent stash.I would not hold it either if I'm one of the early adopters of that time of Bitcoin. Bitcoin at it's early stage is almost the same as any other new projects today. No one can trust it at all, if they see the coin pumped, they will sold it immediately and they have no guts to hold it for a very long time. Even theymos can't hold it at that time thus, he sold it as well. 
I don't think that early adopters sold solely because they didn't have guts to hold it longer, and i think that some sold it to prove it that bitcoin is the real money. In one interview that I read, Laszlo Hanycez named that as a main reason why he offered 10,000 bitcoin for pizza, as he thought that if he can buy food with it and live off it must be the real money. February 25, 2023, 11:20:43 AM
And what about Martti Malmi who sold 5050 BTC for only $5.02 back in 2009? It was also the first official transaction when it comes to conversion from BTC to fiat. I don't see that it was a big problem then, because everyone could mine BTC with their personal computer and mine a few thousand BTC every day without any trouble.
Quote
Today marks the 13th anniversary of the very first Bitcoin trade ever conducted in exchange for U.S. dollars.
On October 12th, 2009. Exactly 5050 BTC was traded for just $5.02.
The transaction was conducted by Finnish developer Martti Malmi, who helped Satoshi Nakamoto work on Bitcoin in its early days. Before the trade, Bitcoin didn’t have any market price.
SourceOn October 12th, 2009. Exactly 5050 BTC was traded for just $5.02.
The transaction was conducted by Finnish developer Martti Malmi, who helped Satoshi Nakamoto work on Bitcoin in its early days. Before the trade, Bitcoin didn’t have any market price.
I don't think they at all need the money, $0.48 is not something that could help actually but I think Theymos and Martti were just testing the market on how a decentralized market works. What would he do to the $5 when he could have asked from a friend and there is no need to sell anything.
But since these happened I guess it's good trivia to tell like Lazlo's which we now in the Bitcoin community celebrate Pizza day.
February 25, 2023, 11:08:39 AM
And what about Martti Malmi who sold 5050 BTC for only $5.02 back in 2009? It was also the first official transaction when it comes to conversion from BTC to fiat. I don't see that it was a big problem then, because everyone could mine BTC with their personal computer and mine a few thousand BTC every day without any trouble.
Quote
Today marks the 13th anniversary of the very first Bitcoin trade ever conducted in exchange for U.S. dollars.
On October 12th, 2009. Exactly 5050 BTC was traded for just $5.02.
The transaction was conducted by Finnish developer Martti Malmi, who helped Satoshi Nakamoto work on Bitcoin in its early days. Before the trade, Bitcoin didn’t have any market price.
Source On October 12th, 2009. Exactly 5050 BTC was traded for just $5.02.
The transaction was conducted by Finnish developer Martti Malmi, who helped Satoshi Nakamoto work on Bitcoin in its early days. Before the trade, Bitcoin didn’t have any market price.
February 25, 2023, 03:09:25 AM
Even Theymos sold his bitcoins at the time, which means no one knows what the future holds, what bitcoin has achieved today is truly amazing. It's funny when many people say that if they had known about bitcoin earlier, they would have invested and kept it till now.
Kind of funny TBH, but even those early adopters at that time didn't know what is the future of Bitcoin thus, they sold some of them for sure. I would not hold it either if I'm one of the early adopters of that time of Bitcoin. Bitcoin at it's early stage is almost the same as any other new projects today. No one can trust it at all, if they see the coin pumped, they will sold it immediately and they have no guts to hold it for a very long time. Even theymos can't hold it at that time thus, he sold it as well.
It's good that there are some educational videos from Youtube right now, and documentaries online that can convince and attract people towards investing in Cryptocurrency. In that way, more people will buy it. Those who trusted it at that time and still holding until now (or at least sold at it's peak or near to it) are the ones who profited the most, and the ones who sold it earlier are probably regretting just a little bit with their decisions.
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February 25, 2023, 01:27:22 AM
People who have been selling their bitcoins since their inception must have regretted why they sold their bitcoin at that time rather than just holding it on their computers until the price went up as high as the last ATH. But I'm not sure if @theymos sold all his bitcoins
Sometimes we really want to repeat the past to get something like this bitcoin story. But that is the past that has happened and we can't go back to that time. Perhaps many of us have heard of bitcoin in the past and did not pay much attention to finding out more. And only now do we regret it.
Sometimes we really want to repeat the past to get something like this bitcoin story. But that is the past that has happened and we can't go back to that time. Perhaps many of us have heard of bitcoin in the past and did not pay much attention to finding out more. And only now do we regret it.
February 25, 2023, 01:01:00 AM
If the buyer is holding the bitcoins till day, he must have retired.
At that time bitcoin was in early stage so I do not think he did any mistake by selling at that price. In fact, by doing such transactions, he encouraged other bitcoin users also to use bitcoin for transactions giving it an use case. After so many years, it has evolved and now we see millions of people transacting using bitcoin. This will only grow from here onwards. So, that first transaction was a good initiative that fueled the further growth and adoption of bitcoin.
At that time bitcoin was in early stage so I do not think he did any mistake by selling at that price. In fact, by doing such transactions, he encouraged other bitcoin users also to use bitcoin for transactions giving it an use case. After so many years, it has evolved and now we see millions of people transacting using bitcoin. This will only grow from here onwards. So, that first transaction was a good initiative that fueled the further growth and adoption of bitcoin.
February 25, 2023, 12:42:36 AM
Even Theymos sold his bitcoins at the time, which means no one knows what the future holds, what bitcoin has achieved today is truly amazing. It's funny when many people say that if they had known about bitcoin earlier, they would have invested and kept it till now.
That is pure wishful thinking and nothing more, most likely the only ones which still retain some of the coins they bought or mined on the early days are super strong hands and those which at some point lost access to their coins and then they recover them somehow.So it is pure fantasy to think that one of those people wishing to have heard of bitcoin on the early days will still have their coins, as those coins could have been stolen, lost, spent or gambled away.
February 25, 2023, 12:38:11 AM
That is not the lowest price ever recorded. Wasn't the lowest price the first tx satoshi ever sent? (Free?)
But seriously, nice to know that someone at some point thought Bitcoin's value was way over the top and too easy to mine that it didnt deserve the price it was supposedly sold.
Lowest P2P sell ever recorded, that's a new piece of history I didn't know about
But seriously, nice to know that someone at some point thought Bitcoin's value was way over the top and too easy to mine that it didnt deserve the price it was supposedly sold.
Lowest P2P sell ever recorded, that's a new piece of history I didn't know about
February 25, 2023, 12:11:44 AM
It's funny when many people say that if they had known about bitcoin earlier, they would have invested and kept it till now.
Yea — we all know a huge percentage of those people will immediately sell once a drop or some FUD occurs lol. Even I myself wouldn't probably be convinced about Bitcoin's future potential without all those content from the likes of Andreas Antonopoulos to convince me.
February 25, 2023, 12:07:34 AM
Even Theymos sold his bitcoins at the time, which means no one knows what the future holds, what bitcoin has achieved today is truly amazing. It's funny when many people say that if they had known about bitcoin earlier, they would have invested and kept it till now.
February 24, 2023, 11:57:06 PM
Poor Theymos. I bet he might be regreting that, knowing todays price.
But then again almost all of us regrets not buying BTC sooner.
But its a good thing it happened, if was an important step for Bitcoin adoption and thanks to that ongoing adoption, Bitcoin is worth over 23 thousand dollars by today. Who would have guessed back then that this would become so revolutionary for the evolution of our monetary system.
Bitcoin is definitely one of the few things I love about our modern age. Still waiting on the technology of flying personal vehicles for everyone but we will get there.... Im sure.
But then again almost all of us regrets not buying BTC sooner.
But its a good thing it happened, if was an important step for Bitcoin adoption and thanks to that ongoing adoption, Bitcoin is worth over 23 thousand dollars by today. Who would have guessed back then that this would become so revolutionary for the evolution of our monetary system.
Bitcoin is definitely one of the few things I love about our modern age. Still waiting on the technology of flying personal vehicles for everyone but we will get there.... Im sure.
February 24, 2023, 11:31:40 PM
Maybe you didn't read the link I shared, I didn't share the screenshot of his post where he stated his accumulation, here we go.
I did. When I talk about a lesson, I say this because on the one hand we have theymos who kept accumulating more, and on the other hand the people who sold after a 3x or even at a loss in the face of a market decline and never accumulated again. Which is the better option?
February 24, 2023, 11:27:02 PM
Well, if you look at it, despite selling at that price, theymos has continued to accumulate more over time. Just by seeing that the forum no longer takes
One lesson we should take from this is that no matter how much you sell for, it is always a good time to accumulate more.
Maybe you didn't read the link I shared, I didn't share the screenshot of his post where he stated his accumulation, here we go.
February 24, 2023, 11:12:52 PM
Someone also asked a similar question, saying what kind of bill made him to sell at such a price lol. Its considered legendary to make the decision as of a time when people knew nothing about bitcoin, the buyer must have sold higher, but it'll be lesser to what he would have now if he held. Yet it's obvious that sellers are making it to mainstream, and top influencial pages on social media often share such contents. It's always amazing to read how less people sold their bitcoin in the past. And that won't stop even in future what we sell now would be considered legendary too and stunning to readers. Well, who could tell how the transaction was executed. If he sold to different people, or a person bought the whole 160btc. The first named would be considered a giveaway.
Well, if you look at it, despite selling at that price, theymos has continued to accumulate more over time. Just by seeing that the forum no longer takes advertising because it is sitting on so many bitcoins that it doesn't need it, we realise that selling at a cheap price is not the end.
There were many others who sold for a small profit and did not accumulate more. Or people who bought bitcoin, sold at a loss when MtGox or others went down and never bought again.
One lesson we should take from this is that no matter how much you sell for, it is always a good time to accumulate more.
February 24, 2023, 11:03:18 PM
I am curious to know how the 48 cent payment went. I don't know about the USA/Canada, but in Europe at that time a transfer would have been more expensive in fees than the amount. Maybe he met in person to get paid? I don't know, some people won't even bend down to pick up a 50 cent coin.
Someone also asked a similar question, saying what kind of bill made him to sell at such a price lol. Its considered legendary to make the decision as of a time when people knew nothing about bitcoin, the buyer or buyers may have sold higher, who knows, but it'll be lesser to what he/they would have made in 2021 if they/he held. Yet it's obvious that sellers are making it to mainstream, and top influential pages on social media often share such contents. Hence, always amazing to read how people sold bitcoin in lesser prices. And that won't stop, even in future the price we sell now would be considered legendary, and stunning to readers. Well, who could tell how the transaction was executed. If he sold to different people, or a person bought the whole 160btc. The first named would be considered a giveaway.
February 24, 2023, 11:00:33 PM
Interesting but you can not prove it is a cheapest price for Bitcoin. You must to have something, other deals to compare.
The first successful trade with Bitcoin is Pizza for bitcoins?
It equates to $41 in 2010
$41 for 10,000 BTC and 1 BTC was traded at $0.0041, 41 cents. It is a higher price than theymos' deal.
The first successful trade with Bitcoin is Pizza for bitcoins?
It equates to $41 in 2010
$41 for 10,000 BTC and 1 BTC was traded at $0.0041, 41 cents. It is a higher price than theymos' deal.
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February 24, 2023, 10:53:00 PM
I am curious to know how the 48 cent payment went. I don't know about the USA/Canada, but in Europe at that time a transfer would have been more expensive in fees than the amount. Maybe he met in person to get paid? I don't know, some people won't even bend down to pick up a 50 cent coin.
February 24, 2023, 10:49:02 PM
I Was reading through the comment box of an interesting tweet shared by Rizzo, about a man that sold 160btc at 0.003 per 1 about $0.48. Went further to read the reddit link shared below the tweet and discovered that it was our super admin Theymos. According to him he was getting the BTC easily with his computer and felt that the 5 cent price per btc was way too expensive, so reduced his price to $0.003 per btc, which is, according to his response, the lowest price of btc sales ever recorded. This was interesting to many users that they couldn't help, but ask if such an amazing opportunity is still available. However, the forum has made lots of history in the market regarding the opportunities it provided for the early birds, but i'm not sure he sold all the 160btc as he didn't mention it, he only said he sold at $0.003.
Reddit thread
https://www.reddit.com/r/Bitcoin/comments/su7jld/mining_250_bitcoin_with_1_computer_12_years_ago/
However, the forum has made lots of history in the market regarding the opportunities it provided for the early birds, but i'm not sure he sold all the 160btc as he didn't mention it, he only said he sold at $0.003. Reddit thread
https://www.reddit.com/r/Bitcoin/comments/su7jld/mining_250_bitcoin_with_1_computer_12_years_ago/
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