Topic: 15 years ago, attempts to sell $50 worth of Bitcoin which unthinkable now. (Read 376 times)

It is now very clear to everyone what Bitcoin was like 15 years ago. According to the current time bitcoin was Bitcoin was worthless at that time. Those who bought Bitcoin at that time were able to buy it at a low price. Those who held Bitcoin at that time are now making maximum profits. At that time, it is normal for there to be many cases where Bitcoin was used for something of low value or for some simple task. Bitcoin has become more expensive and will become more expensive in the future. But those who spent Bitcoin at that time but did not hold it later will regret it the most. If we learn from past history and hold Bitcoin for the future, then a Bitcoin holder will still get significant returns from his holding.

If there was a door to anywhere like the one in the Doraemon film, of course I would buy BTC at that time and I would definitely be braver to buy BTC and I would likely sell the car or vehicle and the money to buy BTC so I could get more BTC.

This is a good topic, of course the Legends who have been on this forum for a long time will definitely feel that moment more and it will definitely be a memory they will never forget. Yes, Bitcoin is really cheap. At that time, even people who dared to buy it at that time were only bidding at very cheap prices. but this will indeed be a lesson for me because of course in the next 15 years we might be surprised by the price of BTC at that time. and to be honest, sometimes I also like to read old posts on this forum, such as in the BTC price discussion thread and you can see that at that time people were talking about the BTC price and at that time the price was still cheap. Yes, of course, I personally think that now it's certainly not too late to DCA and buy BTC for the long term. because the potential price of BTC in the future is clearly very tempting.

We have a 15 -year -old Bitcoin situation that has passed, if you are in that year also thinking the same, just like you bought gold 15 years ago $ 7/gram, but now $ 100/gram, people will say let me buy 15 years of gold Passing, surely I am rich, the storyNot so.

Life is like a spinning wheel, as time goes by the price of something object we cannot predict accurately growth, in the past the price of bitcoin was cheap but for access to buying bitcoin was difficult, not the same as now the exchange was scattered on the local, Maybe first if you buy the Bitcoin for $ 50 you have to deal long, maybe you should be a US citizen first, maybe your country cannot access anything to digital currencies, For that all that requires a process and trip, so just accept what you see right now, while you have a chance.

Like you already said, during that time, Bitcoin had no great value and there was no exchang unlike we now have so many exchanges in today's market. Also, before he could offer to sell 10,000 BTC for $50 auction, he must have more than that amount of Bitcoin and I guess he later made a fortune from Bitcoin after the price began to pump. He is not also the only person that wanted to sell a large sum of Bitcoin for just a few dollars.

Better not to think about it and just invest in what is already proven with time.
You know, that logic applies for many out there, and alts can be seen that way too - some of them are undervalued because of X. And you need to dig for said X to be sure that the project is really going after that X, not the funds to rug.
But Bitcoin is undervalued for the reasons we know, and it upholds its values to this day. So there is no need to do that.

It's funny how value is so subjective. Back then, $25, or $50 for 10k bitcoin seemed like a gamble but now it's a steal. Makes you wonder what else today we might be undervaluing in the same way.

Fiat will keep pushing the boundaries of how to buy less for more value at stake

The times have changed, and Bitcoin is the one on top. We need to think of the current price of it as said $25, which would become trillions in hindsight.

But that's the thing though, it's always at the market price.

Nobody would have wanted to pay more than that at that time.

In the end, it's all about how fiat depreciates over time, and assets keep their value, or become more valuable.

You could say similar things to the people who bought the first lands in Manhattan:

Not too much.
Sure it would be a big news, but not long-lived one, imo.
Not like the ones we have now.
 

But at that time Bitcoin was not as valuable as it is today, people still saw it as something that was still developing and it took a long time for the price to increase. And I'm sure that if someone offered you 10k Bitcoin for 50 dollars at that time you would also think that it was still too expensive to buy just for a digital asset, because its use was not clear and the exchange was mostly via P2P. But this can be a lesson to us that Bitcoin is indeed the best asset to invest in, if we have the opportunity to buy Bitcoin now, don't waste the opportunity because its value in the future could be far from what it is now.

Imagine if that auction had succeeded, it could've changed the narrative around bitcoin much earlier. It's a reminder that small moments like tweaking a bid rule can have huge ripple effects on the future.

What's the logic of taking a thread that is already here from someone who moved it to twitter and moving it here again? I never understood that.
Very early on, Bitcoin wasn't seen the way it is now. At that time, it didn't even make sense for people to bid 50 dollars for it, which is why nobody bid for it. People could mine Bitcoin on their own, they didn't need to make a purchase like that. There was still no place where Bitcoin was accepted as money. There's no point in making comparisons like that. You can't compare 15 years ago to now and 15 years from now as well. Because Bitcoin has already proven itself. The conditions are very different.

I believe everyone who joined the Bitcoin market at the early stage of the market has this exact story to tell, and this has always been part of the history of almost every potential asset in the world.
An example, 15 years ago the price of Gold per ounce was around $1800 -1900 but its current price now is $2800. Those who sold their Gold then will wish they didn't so it is better to always make our decisions and choices in a way that we will accept the outcome of it.

The funny thing is that there are still folks that are going to sell at the price range of $100k and still regret later on (after some years) , but still that doesn't mean those that took some profits now would have to feel that way , aslong you made good long-term profits after all ya accumulation years back, that's why is more better to scrape some profit than to sell all your holdings in the name of taken profit ( especially those who have been into bitcoin and for long now ), because they might not have the chance to buy at that low price again, especially those that brought around the year 2011 .

People will regret it until the day they die, there will be no end to regrets. No one knew that Bitcoin would reach this level one day, but those who were able to hold it are luckier, and those who could not hold it may not be so lucky, but very few people have been able to hold Bitcoin since its inception until now. There will come a time when we will also regret because we are not able to hold Bitcoin, we have sold Bitcoin. However, the regret of selling Bitcoin does not hurt much because if it did, people would not have been able to survive. Because from what I have seen, when Bitcoin was worth 30k, now the price of 100k plus  has increased a lot, but we are all like that.

And such profit maximization is one of the beauty and advantage about Bitcoin long term investment, which no other asset, either digital or physical can offer, despite even if it's been held for 100years. Because the truth of the fact about those who missed investing in Bitcoin long term ago when it had no value and yet still procrastinating today, that's same way they will regret when it's value skyrocket 10x in near 10years. Hence, it's advisable people always buy the amount they can always afford, not minding if the amount is small or not. Because just same way a dollar invested in Bitcoin in 2009 could turn a million dollars today, so can just $100 invested in Bitcoin now turn a million dollars or more in 2050.

That's how crazy it is and it comes with the pains of missed opportunities, no one knew what Bitcoin could become. The 15 years since 2010 will hit in March according to the tagged date of the post. Bitcoin's name is nowhere to be found at that time, it was striving for survival and the person who offered to buy it for half-price ($25) of the demanded amount ($50) was still doing the seller a favour because he was taking a high risk as at then.

Now 100k would be too expensive.
Then 200k.
And 1 mil.
See it for yourself in a decade or so.
 

This story shows how our appetite for risk changes over time. Back then, $25 or $50 felt too much for something unproven. Today, the narrative has flipped entirely and those risks would be considered visionary investments

Actually, if we look back, we can say that we're already too late. Those who've just joined the community today can't get the perks and privileges that were accorded to the early birds. But there's no point regretting, crying over spilled milk. Whether we like it or not, we can only accept it.

Let's just content ourselves with x2, x3, x5 growth from here that might take years. It can't anymore be x3 within a week or x10 within a year.

Those who came early and hodled strong through the years are rightfully rewarded. Those who came late are fairly rewarded as well. Those who were waiting for the $10,000, $30,000, $50,000 that never came will get what they also deserve.

During the first nine years (2009-2017) Bitcoin price increased from 0.001 to 10 000 USD (7 orders of magnitude) - it means ca 600& per year.
During the next seven years (2018-2024) Bitcoin price increased from 10 000 to 100 000 USD (1 order f magnitude) - it means ca 30% per year.

If you put one dollar into Bitcoin in 2009, it rises to 10 million dollars during nine years and the hodl strategy was great.
If you put one dollar into Bitcoin in 2017, it rises to 10 dollars during almost the same number of years and the hodl strategy was not bad but nothing extraordinary. (many stocks and real estate have increased much more than Bitcoin during 2018-2024).

This difference id so great that seems there are two different coins.

And what is especially interesting - the BTC profitability have not fallen gradually over years but sharply in the end of 2017. What happened in the end of 2017?

If only these individuals with the buying power and opportunity had a blink into the future of our today to have known that, it was a life changing offer in no distant time as I think, 15years isn’t a lot of time given how far Bitcoin have come in those years, such investor would have been granting interviews by now.

The funny truth is, we might be making the same exact mistake right now. By not having to buy at the price we have it in today, it might be a regrettable choice in 5 or 10years.

It is not yet too late if you have the means to buy some right now. We can't tell the future of this market but invest with what you think you can afford to lose because we'll never know the future. It just so happen that btc really increased its value throughout the years.

This was probably discussed sometime in 2020 when Bitcoin hit $68k and everyone was angry at the person but same Bitcoin went down to $15k years later, instead of buying the amount they can afford, they didn't and say it will die but today it's trading at $100k and everyone is yea, he messed up and he might be regretting later. This is how we are going to be here discussing the same topic in 30 years in the future when Bitcoin will be trading for $1m+

Everyday that we see Bitcoin cheaper, it presents a buy opportunity for everyone, the price can't stay like this forever. That person that auction the Bitcoin probably brought or mine it and needed the money. If today he knew Bitcoin will be this expensive, he will never sell a single one of the but probably there wasn't alternative for him which is why he auction everything, people definitely do things for reasons, we can't judge him because we don't know why he offer them at that amount.

I doubt if the owner sold that Bitcoin as he canceled the auction. Such volume of bitcoin is enough to make the holder a billionaire as far back as 3 years ago and if being patient to this time would likely be a trillionaire in dollars. Such holdings are indeed a life-changing opportunity only if the holder can see the future and be patient enough to appreciate the price value.

I had checked the account to ascertain how active but I noticed the account is not that active just once in a while which somehow shows that
there is every possibility he did not sell his Bitcoin and could be a millionaire or billionaire and is still always looking out for this great platform to see how things are going on here since it is likely the platform of his or her humble beginning.


 

I think this post teaches us a very important lesson. I know all of us probably have missed accumulating Bitcoins during its initial phase. So we all need to ensure that we do it now so that we don't regret about it after another 10-15 years. Because Bitcoin has every potential to break it's own record multiple times over a period of time.

So go ahead and start accumulating from today if not started already. This is going to become the driver of the world economy one day.

Will not know how the fate of people who used to buy bitcoin at low prices, there are still many people who lose their bitcoin due to their own negligence, for example, the private key is lost then the bitcoin cannot be accessed.

Only a few people can hold bitcoin until now, the rest are many who sell early when the bullish season arrives in the previous cycle.

They have enjoyed huge profits, but they will feel regret if they look at the past again.

You're right how can One compare the value of bitcoin as at the early stage when the  price is still very much affordable with now that the price of bitcoin has gone this far.  We don't have to blame anyone who sold his/her bitcoin back then, of course not everyone that is aware that bitcoin has a good potential in the future, if we keep blaming them for selling their bitcoin back then I think this will make them feel depressed why most people can also decide to overlook. Because most of those early investors that sold their bitcoin back then I'm pretty sure they sold it for a reason best known to them. It might be that it has gotten to thier target this is why they have decided to sell, is just a matter of choice.

Of course, they wouldn't, but how could they know what will happen in the future? Bitcoin was very new at that time, and no one could predict or even think that it was going to become this big someday in the future, so it wouldn't make any sense for people having so many Bitcoins back then not to try to sell them because they could use that money at that time and they could literally get way more than that by mining Bitcoin using a normal computer because it was possible since mining difficulty wasn't high at all at that time.

Now that Bitcoin has gone above $100k, and we have seen how it evolved over time, we can say that holding does pay off and we can have more value for our coins in the future, but that wasn't the case in the past because it was only a year or a couple old back then, so there was no hints or enough history for people to realize and understand its potential.

I remember selling around 0.5 BTC for about $1,600 or something in 2019. If I held that amount, I could get more than $50,000 right now, but I could use the money at that time, so had to sell.

Even if all of those who were lucky enough to own alot of bitcoin in the early days happen to have sold all their bitcoin at a givweaway prices, though it's and was a stupid thing to do, but we really can not blame them, and neither should they blame themselves, for just as you have said, no body can tell the future, and bitcoin being the very first of its kind, non of this people were able to decern what its future could be like, no one was able to tell if it will succeed like it has today, or if it will be a flop like several other internet money before it, I believe that  if all of this people knew how successful bitcoin would be today back then, non of them would have sold a single bitcoin, or they can only sell a few to sort out issues and continue to hold the rest even up until this moment.

It's the same thing today as well, alot of people today are selling bitcoin, and no one can tell what it's price will be in the coming 15 years from today.

The suggestion to tweak auction rules back then is interesting. It almost feels like bitcoin's early days were less about currency and more about testing human psychology and trust in something intangible. It's amazing how far that experiment has come

I don't think those who were hodling from that point in time didn't sell at least a portion of their investment (or even most of it) going to the 100k mark.
However, if they didn't - that's a crystal clear power of will and belief. Real hodlers to the bone.

The perspective granted here is immensely valuable.

In the past, very few people knew about the importance of Bitcoin, and those who did have become billionaires in the present day. Those who kept it in their wallets instead of selling it are now making incredible profits. The person who placed an order to sell $50 worth of Bitcoin and then canceled the sale has now become the owner of a billion dollars.

Bitcoin is the way to go.
If Bitcoin prevails, crypto will do so as well.
 

15 years ago only a few people understood bitcoin and at that time it was probably considered a useless coin... because over time until now it has become a fantastic value, it is quite crazy if someone is still holding it today.

If he still realizes maybe he will still have a long history in bitcoin.

Currently bitcoin is still around $100K if you look at the next 15 years maybe the price will be millions of dollars again, it's just that you can't compare bitcoin in early 2010 which was worthless until now it must be different.

There should be no regret for what already happened.
We need to think about the present, and the future too a bit.

For those OG's or early adopters with Bitcoin had sold off their coins on cheap prices does have that huge regret into the decisions that they had made out but we cant be able to totally blame them out since no one had trusted up Bitcoin into those early years on which even trusting to buy or bid up on $100 for 10k Bitcoin will really be that still give out that kind of doubt. Yes, we can say that it is really just that a waste since he didnt hold long enough but we cant totally blame them out because there's no such thing about guaranteed future. It is really just that we can say just because we are on such condition or situation where the price of Bitcoin had hit or reached up $100k. Imagine on how much he had made out if he had been able to hold for 15 years. Well, regret is always at the end and being diamond hands is never been easy even if you are really just that simply holding your coins. There's no assurance that you can be able to make money on lies ahead and we do always secure out profits as much as we could whenever we do see the opportunity. We do know that mining Bitcoin into those years or days arent that hard, this is why they arent thinking about holding and making instant profits as the money that they do able to obtain money for some assurance.

If we could turn back the hands of time I'm sure that many of us would've sold off everything we had to accumulate Bitcoin but it's impossible. We can't blame ourselves for missing out because Bitcoin hasn't gained significant reputation them and most of us didn't take it seriously. Most probably in the next two decades people who are not taking Bitcoin seriously now will look back and wish that they had stashed it. Who knows the price might be over $1m, and we would always have people that will miss out and always wish that they'd got in when price was approximately $100k.

Well 10,000 Bitcoin would never be auctioned at this stage, nor would offering
$25 for said amount even come into anyones minds.

That was a snapshot of those times.

There are a few ways to look at the OP's post:

The seller auctioning the 10,000 Bitcoin had his value and was hoping bids would
exceed $50 but was not prepared to make a modest loss.

The first bidder at $25 was just low balling but neither of them had even a 10+
year long term outlook because the seller would have HODL'd or the first bidder would
have started at $50.

Easy for us to comment with the luxury of $100,00 inthe pocket.

To avoid missing out on said 10-15 years, get going and accumulate more Bitcoin.
Be a happy hodler and forget about the rest.

There's no need to be poking around the past. It's funny to see how much Bitcoin you could purchase with just a few dollars, something completely unimaginable nowadays. No one back in 2010 could have predicted what would happen after 15 years, while Bitcoin was easily acquired back in the day. It's extremely possible that the OP of the auction mined another few thousand Bitcoin the moment he sold them for $20. This is quite similar to the pizza story that keeps popping up every now and then; I'm pretty sure that there are numerous similar stories back from 2010.

Everyone in the world was sleeping on Bitcoin...no idea of its existence while a few on the internet were bidding a few bucks for what is now billion of dollars. I don't think anything like this has ever happened so fast in history, and has happened in a way where virtually anyone in the world could have been a part of the opportunity. I'm sure a lot of the OG's who didn't stockpile are gut-wrenched, I don't blame them, and a small part of me feels the same.

Those who had more than enough Bitcoin in the early days might not regret whatever reason why they sold some part of their bitcoin. I believe they didn't sell all of it, but will have some in their reserve. Many of them will be proud by now for getting into bitcoin very early. Bitcoin was worthless then, and nobody can look into the future to know what will happen in 15 years time.

certainly, we cannot predict the future and even if some of us held above a thousand bitcoin 10 years ago, just a fraction of us will still keep it till the present because it is practicable impossible to imagine that in ten years time, bitcoin would have attained a staggering $100k value and surpassed that as it stands. these sort of stories like we have read it multiple of times in different narrative gives an insight into the potential of bitcoin both in the past and what it can possibly get to in the future. even if we might not see same thing that happened in the past reflecting yet again in the future, or the next ten years, can we assume that it is not possible? it might be very possible. this is the reason why it is very necessary that we set out a portion of our portfolio for long term use. it might not make much sense at the present but definitely in the future, it will make a lot of sense.

In fifteen years ago, we may underestimate Bitcoin or don't know what Bitcoin is. Only some people willing to buy many Bitcoin with a small money and hold it. But now, they are making a lot of money because Bitcoin price increase so high. We can get bigger profit even if we only sell 1 Bitcoin only. But we don't have regret or sad because we still have a chance to buy Bitcoin.

We need to use this time to buy Bitcoin and hold it for long term. Those who already have many Bitcoins really make a big profit now.

This is an evidence that bitcoin is for long term holding. You can imagine  if the op of that thread decided not to sell his bitcoins and hold them til date, he would probably be one of the most happiest bitcoin enthusiast and of course  a whale in the market. Comparing that auction price with the current bitcoin price, no way! Bitcoin is indeed an alien tech   who could imagine something of very little value would become this great. Well all thanks to satoshi nakamoto and his team who made this posible for us to experience such an innovative technology and also have the opportunity to use it irrespective of the price worth of the coin.

Easy to say not to regret it because it's not you but if SmoketooMuch hasn't bought back at least of them before the price went $100 each he be regretting like the guy who lost his harddrive in the landfill.

$50 for that much BTC is really this crazy this time. You can imagine how much wealth by the SmoketooMuch by now. But I believe he does have a lot more.

It's wild to think about the hesitation over $50 when today we're talking billions. It's a reminder that sometimes bold moves even on something unconventional can pay off. But of course hindsight is always crystal clear

These guys just lost a life changing opportunity, because if literally they had known what the value of Bitcoin will turn up to in just mere 15year interval, I'm sure they wouldn't have been arguing with the O.P of that thread who  offered to auction 10,000 Bitcoin for a minimum price starting with $50. Because whoever may have bought this Bitcoin and was patient enyro have held this 15years, could probably have made a profit of over hundred million percent of $50. And I'm still very surprised how such incident took place and it was never popular just like the Bitcoin Pizza story.

This should remind us how rich we can become if we don't sell bitcoin for a long time. Can anyone imagine what 0.1 bitcoin could be worth in 15 years? Obviously the return in the future will be lower than in the past, but calculating a 40% return (not unreasonable) and without accumulating even one more satoshi in that time we would end up with more than $1.5M in purchasing power.

No one will never know how things will be for Bitcoin at those early days of it. Someone is taking a gamble with $20 or $50 just to buy those Bitcoins. I hate to admit it but that amount long time before was good to keep for some groceries stock for a week or two and those were the precious days where inflation wasn't that much anymore and that's why no bid was made. Anyway, a part of these old sales that we've seen is great to reminisce because of how far Bitcoin have gone today and that's not over, it's going further for the upcoming years to come.

Agreed.

This is what happens when money appreciates rather than depreciates.

Those who have been with Bitcoin for many years already must have cashed out at some point. Perhaps they needed money to buy a car or a new computer, to renovate a house, to take a vacation, and so on. So the history of Bitcoin must have abundant stories like this.

I myself cashed out many times when the price of Bitcoin was below $5,000, even lower. I bought shirts, pants, sneakers, and the like using proceeds from Bitcoin. In hindsight, those decisions seem wrong because the money used would have already grown at least x20 by now and more in the future. But that's what money is all about. It's for spending.

honestly regardless of whether auctioners find any value in bitcoin this is a steal i mean if bitcoin back then  was valued at $60 estimated and the starting bid is $50 for 10,000... that is incredibly profitable and i am surprised no one thought of how much they can get for a lower price anyway did op ever get successful selling his bitcoins? is it because the price is fluctuating or dropping at the time why op is selling and wanted to maximize his profit by an auction? holding might have given him more profit lol

This is something that we would see again but at a different price. In some twenty years to come , someone else will put up a topic like this and talk about how Bitcoin was at $100k and people where buying. Meanwhile at that time of creating the topic Bitcoin could even be at 1million dollars.

Those coming in the future will say how lucky we were to buy Bitcoin at $100k and they'll wish they were in our time to do it. It will happen and some of us will be here to witness it and make our own comments on it.

This is just another part of history and people should not regret for doing it since somehow we cannot control nor foresee what's going to happen in future.

We just need to be happy what happen on the past since we see that there's great improvement happened on Bitcoin. Although people might say that this is waste of opportunity to earn big money but they should think that what's important for that situation is that people is happy that they fulfill their wants and needs at that time when they do that transaction. For now this is another chapter and we or those people could try to earn with Bitcoin again.

No one knows what actually will happen to bitcoin at that time, but as you can see, there are people who are interested in bitcoin; however, those who offer want to buy it for much cheaper $20 and $25. Imagine if you are one of those people who bid on that thread and got 10k BTC. I'm sure you are going to sell a portion or the whole $10k BTC at around $1.1k+ after the first block halving year 2013 because if you sold it at that time you already a millionaire, and the remaining amount is to hold your future, and the sold BTC at that is your money for living.
 
Imagine you sold it all at $1.1k; it's around $11m. You can start using those amounts for business and buying other assets like gold. If I am one of them, I'm sure I already live without financial issues.

The only problem is we're not them and we can't even have a single BTC, that's the fact if we can go back at that time or if there's a time machine, we can go back at that time. I'm sure you are going to buy almost one bit of BTC.

This is crazy! How bitcoin was undervalued at the initial beginning and people were just joking with their destiny with their own hands. I have read so many Bitcoin stories of how people threw away their Bitcoin at giveaway prices. I began to wonder if people think and see the future to try to have self-control over how they use their hands to destroy their future.

Currently, that amount of bitcoin is worth more than billions of dollars to say and whomever holds such now is made for life.

I strongly believe he did not sell that bitcoin since he canceled the auction and from the looks, he was last active on August 04, 2024, at 12:03:31 PM
He is a made billionaire I do not doubt it.

 SmokeTooMuch

10,000 Bitcoin Auction

Such things is part of Bitcoin history, but I'm not really sure thatwe should exaggerate these things. Like I someone in another thread said that almost everyone who been into Bitcoin have their Bitcoin Pizza story. Yeah, not such big scale story, but still.
Let's say I sold 1 BTC for $300 10 or 9 years ago. Should I regret now? No, that was market price back then and the rest is "what if" questions. I'm not even talking about good that I bought using Bitcoin. If we look at Bitcoin value now, that's huge money, but back then I spent normal money.

It's really amazing how fast the world can change.. Most people now prefer holding BTC ... Imaging bidding $25 for 10,000 btc

https://x.com/DocumentingBTC/status/1883838086981079049?t=SNWIxz-IMMnyxR-NIaTXvw&s=19

I found the post on Twitter. Seeing the post made me think, what was Bitcoin like 15 years ago and what is it like now. Maybe in this way, after 15 years, we will be even more surprised to see the position of Bitcoin.