Did they not know about the importance of Bitcoin?

Minor Miner

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Quote from: KingsDen on March 28, 2023, 09:02:32 AM

Even if we agree that the Lazlo the bitcoin pizza guy doesn't know that bitcoin will value much. How about syrus who is said to be working closely with Satoshi. He should also know the value of bitcoin.

I think on the contrary, Syrus and even Satoshi cannot know anything about the future of Bitcoin at all. They created bitcoin with the sole purpose of creating an alternative to fiat, but they couldn't tell if people would accept it or not. At that point, all they can do is set expectations and hope everyone will think the same way they do and accept it. Bitcoin is decentralized, it goes against the government's stance. I think Satoshi partly predicted that the government would not easily accept bitcoin, so he chose to remain anonymous forever.

jeraldskie11

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Quote from: mk4 on March 03, 2023, 11:07:13 PM

If I were to guess, it was far harder to be bullish on bitcoin back then knowing how little usage it had. It's easy to see how bad their decision was because we already know what happened to bitcoin's price. Hindsight is 20/20.

We can't predict how time will go. If we go back to their time, surely that was the best decision they made. But if we are basing on the present, we are really confused as to why they sold their Btc when it reached such a very high price. Sometimes we can think "what if". So now that we can't go back, it's better to focus today and how we can make our future beautiful. Our emotions sometimes make decisions for us, so we must be able to control our emotions so that the decision we make is right. Just like what happened to Btc currently, it just suddenly dumped, maybe you're so afraid that its price will drop so much that makes you think you'll just sell your investments. But if you have faith in Btc and have the right mindset, you will definitely not be affected by that dump. It's normal for a dump to happen, and it's also happened before for Btc, so there's nothing to be afraid of.

Wildwest

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They were the first people to know Bitcoin so at that time the value was still low but they already had so many bitcoins and sold them at very cheap prices, I am sure they are great people but now regret must be felt, because the value of bitcoin increased so much and they already sold so many bitcoins at that time, And right now those of us who can't get Bitcoin so big like them and keep trying so that the breakthrough they once did doesn't repeat itself because it will be a very painful history.

KingsDen

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Quote from: Marshall Chord on March 28, 2023, 05:27:32 AM

Even though these three people may not have known it, they made Bitcoin history when they bought and sold the first things with it. The things they did helped Bitcoin grow into what it is now.

Even if we agree that the Lazlo the bitcoin pizza guy doesn't know that bitcoin will value much. How about syrus who is said to be working closely with Satoshi. He should also know the value of bitcoin.
How about theymos?
Infact the event of theymos transactions made me understand it is not a matter of ignorance. Either they use the sells at that time to achieve something on bitcoin network, better still to make history.
Now, those names you mentioned are all heroes as long as bitcoin exists.

borovichok

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Quote from: coinremitter on March 28, 2023, 04:15:04 AM

As top cryptocurrency bitcoin has many benefits to like no counterfeiting, globalization and international payments. As a digital currency, there is a record of each and every transaction on the network so it's nearly impossible to counterfeit. Bitcoin can help transfer funds globally and the transaction cost is so minimal. Bitcoin has no physical boundaries like dollars or rupees so you can transmit it all across the world.

It's the top coin in crypto and it's trading volume is high compared to other coins in the market. Many investors anticipate investment in bitcoin and have contributes to their solid road map over the decades. It's not a fiat currency but it's a digital currency which can served multiple purposes at a time. It can't be duplicated like other coin, it ranges in value and pieces. Bitcoin have several purposes in the space and great beneficiary to the people who are awared about the existence of the solid project.

Ojima-ojo

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Quote from: mk4 on March 03, 2023, 11:07:13 PM

If I were to guess, it was far harder to be bullish on bitcoin back then knowing how little usage it had. It's easy to see how bad their decision was because we already know what happened to bitcoin's price. Hindsight is 20/20.

That is right because at that time bitcoin just kicked off and there is a need for activities on the network, the price of Bitcoin at that time does not matter to the early testers.

What matter to them, is to test have effective and secured the network is, those guys made history regardless of what amount of bitcoin was transacted at what price.

Marshall Chord

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Even though these three people may not have known it, they made Bitcoin history when they bought and sold the first things with it. The things they did helped Bitcoin grow into what it is now.

coinremitter

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As top cryptocurrency bitcoin has many benefits to like no counterfeiting, globalization and international payments. As a digital currency, there is a record of each and every transaction on the network so it's nearly impossible to counterfeit. Bitcoin can help transfer funds globally and the transaction cost is so minimal. Bitcoin has no physical boundaries like dollars or rupees so you can transmit it all across the world.

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Quote from: tjtonmoy on March 09, 2023, 03:08:58 PM

If I have to answer your question (Did they not know about the importance of Bitcoin?), it should be like this. You can predict the future, but you can't be 100% sure that it will happen no matter what.

I think it is more accurate to say that we can not predict the future but we can speculate what will be going to happen next. Since it is established that no one can precisely predict the next price of Bitcoin but every one can speculate and say what they think will be the price of Bitcoin in the future.

Quote from: tjtonmoy on March 09, 2023, 03:08:58 PM

Were they stupid? No. Was it just luck? No. It was just a bad decision, but for that they have created history and that's why we are still talking about them in 2023. It's because of them, now we know the true value of bitcoin. Agreed?

I believe the early trade of bitcoin was never a bad decision. Without these early trades, bitcoin will never start trading. So are you saying that all these people who started trading Bitcoin at a price of less than a cent do not know the importance of Bitcoin? I bet they know that Bitcoin being traded is way more important than thinking about the future price of it.

Quote from: tjtonmoy on March 09, 2023, 03:08:58 PM

They paid the price for us to learn. Maybe it's a good thing, right?

Definitely, a good thing for the Bitcoin economy because if no one dares to part with their BTC, trades will never happen and the Bitcoin economy won't grow like this.

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Quote from: Zorigi on March 09, 2023, 08:07:02 PM

right now I imagine if they sell bitcoin today they will definitely make a very big profit.
but yeah, so be it. because time has passed and let it be unique and good history.

Of course, just imagine how big money they can earn by selling 5,050 Bitcoins or 10,000 Bitcoins. They should become rich people immediately. Grin

However, if they didn't sell their bitcoins, their names won't be noted in the history of Bitcoin. By selling Bitcoin at the lowest prices, anyone will know them forever.

Quote from: Zorigi on March 09, 2023, 08:07:02 PM

I think people who sell bitcoins at low prices because they have reasons which of course I certainly won't be able to guess, but I'm just speculating and in my opinion they sell bitcoins at low prices because they have a very large number of bitcoins. and all they sell is the fraction of what he owns.

Sure, they have very strong reasons. They sold Bitcoin in 2009 or 2010, don't imagine there are many exchanges to sell Bitcoin. At that time, no one wants Bitcoin and realizing the future of Bitcoin. People who sold their Bitcoin at very cheap prices, becomes the initiator of the future Bitcoin price. If they didn't sell the Bitcoin, Bitcoin may have no big value as today.

tjtonmoy

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Quote from: stadus on March 09, 2023, 05:42:33 PM

Yup, and here's some facts for the OP. Those 3 people mentioned who made a history was already lucky that they've known bitcoin at that point in time where it is not yet making any fuss in the world. What they did was a choice and that choice was to make a history, and surely what they did paid off because look at the market now.

They did what they had to. Was it a coincidence? Think not. They did what they had to. They paved the road for us, and we are walking on it right now. It started with just 2 pizzas and now we are able to buy anything that we want with Bitcoin. Everything has its own purpose.

Quote

Furthermore, I really don't believe that those moves they made was already their entire bitcoin investment. As I said above, it was a choice and those coins were sacrificed to make a noise.

Indeed, I think the same. They still got their fair share in their hand, for sure.

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Quote from: Fivestar4everMVP on March 09, 2023, 04:04:09 PM

Quote from: LDL on March 03, 2023, 10:14:38 PM

Theymos/Bitcoin Forum Admin
The last person to record a Bitcoin sale was their well-known Bitcoin forum admin, Theymos, on February 20, 2010, who sold 160 Bitcoins at a rate of $0.003/BTC for just 48 cents, the lowest Bitcoin sale in history.

I know about Lazlo, he has the most popular bitcoin sale record according to me.
I know just a little part about Martti, I have never really found the time to search and read the full story.

But coming to Theymos, it's actually unbelievable for me that I am just learning about his bitcoin sale for the first time ever, 160 bitcoins in today's price is sickening and worth an unbelievable amount of money, but was sold for a mere $0.48 cents, really unbelievable, I would love to really know what Theymos was really thinking at the time, I am assuming he made this sell just to test out the ability to sell and buy bitcoin 😂, because what possibly could he have needed $0.48 cents for?

I think by the time they trade bitcoins or sell their bitcoins because they want to prove that bitcoin works and bitcoin has value, I think that's all they need. At the time, no one was interested in the new technology of bitcoin, bitcoin was almost worthless and was offered for free on faucets. Something that can be obtained for free and can be sold is a resounding success.
The success of bitcoin is a surprise to the world, I believe that if satoshi is still alive and watching us out there, he can't help but be surprised by his invention.

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Quote from: tjtonmoy on March 09, 2023, 03:08:58 PM

If I have to answer your question (Did they not know about the importance of Bitcoin?), it should be like this. You can predict the future, but you can't be 100% sure that it will happen no matter what. Were they stupid? No. Was it just luck? No. It was just a bad decision, but for that they have created history and that's why we are still talking about them in 2023. It's because of them, now we know the true value of bitcoin. Agreed?
They paid the price for us to learn. Maybe it's a good thing, right?

In economics there is a process called price discovery, and as the name implies it is the process in which the price of every asset is determined, and the only way to do this is by buying and selling the asset.

This is why bitcoin was 22k dollars a few days ago and now you can buy it for slightly less than 20k, the buyers and sellers are always trying to figure out the price of everything, and without those early adopters selling their coins this process would not have begun, after all it was speculated that bitcoin had value but without anyone being able to buy anything with it this could not be proven, only after those transactions took place people knew their coins had some monetary value which they could use if need it.

Charmekkd

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For exact answers, those who will be able to answer are the people you mentioned.

but I think that this incident makes us think that we shouldn't delay buying bitcoins, of course, if we have money, and who knows the price of bitcoins in the future will be much more expensive.

KennyR

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This is just an assumption, if they hadn't sold during those days the price of bitcoin might not be seen as high as now. Only after the bitcoin purchase it is believed to have value and people started it as payment here and there. It was the first real world transaction in the form of bitcoin. Everyone could've known about the importance, but none could've estimated the growth to be this high. In one of his interview he admitted

“If I had treated it as an investment, I might have held on a bit longer,” Mr Sturdivant admitted in 2018.

“I would never have thought that the same number of bitcoin would have a purchasing power on the order of real estate.”

Meet the crypto developer who spent $3.7 billion in Bitcoin on pizza

Zorigi

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right now I imagine if they sell bitcoin today they will definitely make a very big profit.

but yeah, so be it. because time has passed and let it be unique and good history.

I think people who sell bitcoins at low prices because they have reasons which of course I certainly won't be able to guess, but I'm just speculating and in my opinion they sell bitcoins at low prices because they have a very large number of bitcoins. and all they sell is the fraction of what he owns.

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Many of time that these events happens are when Bitcoin was not tro known so the value was less. Many of us did not know about Bitcoin them that is the story still hurt so many persons till now. Many of those that had Bitcoin then sold them or lost the private keys that is needed to have access to the fund. Time is what matters to us as a trader. Now that Bitcoin price is below $30k we might be thinking that the price is lesser and isntye current height that is why we just need to hold for long do that Bitcoin can add more value.

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Quote from: tjtonmoy on March 09, 2023, 03:08:58 PM

If I have to answer your question (Did they not know about the importance of Bitcoin?), it should be like this. You can predict the future, but you can't be 100% sure that it will happen no matter what. Were they stupid? No. Was it just luck? No. It was just a bad decision, but for that they have created history and that's why we are still talking about them in 2023. It's because of them, now we know the true value of bitcoin. Agreed?
They paid the price for us to learn. Maybe it's a good thing, right?

Yup, and here's some facts for the OP. Those 3 people mentioned who made a history was already lucky that they've known bitcoin at that point in time where it is not yet making any fuss in the world. What they did was a choice and that choice was to make a history, and surely what they did paid off because look at the market now.
Furthermore, I really don't believe that those moves they made was already their entire bitcoin investment. As I said above, it was a choice and those coins were sacrificed to make a noise.

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Quote from: Fivestar4everMVP on March 09, 2023, 04:04:09 PM

Quote from: LDL on March 03, 2023, 10:14:38 PM

Theymos/Bitcoin Forum Admin
The last person to record a Bitcoin sale was their well-known Bitcoin forum admin, Theymos, on February 20, 2010, who sold 160 Bitcoins at a rate of $0.003/BTC for just 48 cents, the lowest Bitcoin sale in history.

I know about Lazlo, he has the most popular bitcoin sale record according to me.
I know just a little part about Martti, I have never really found the time to search and read the full story.

But coming to Theymos, it's actually unbelievable for me that I am just learning about his bitcoin sale for the first time ever, 160 bitcoins in today's price is sickening and worth an unbelievable amount of money, but was sold for a mere $0.48 cents, really unbelievable, I would love to really know what Theymos was really thinking at the time, I am assuming he made this sell just to test out the ability to sell and buy bitcoin 😂, because what possibly could he have needed $0.48 cents for?

Might he sell his 160BTC to test exchanges and buy it again, it was possible. But as we can see, Bitcoin had almost no value in its early days. In fact, those who have known Bitcoin before have never thought it could reach the price we have today, even Theymos. But everything that happens in the crypto market is a big surprise and even known personalities have no idea to reach the point of being talked about across the globe. We can really think that their decision is crazy but that just before because nobody can do that again and they are making history and it is a big help to compare from what it happen today and in the future.

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Quote from: LDL on March 03, 2023, 10:14:38 PM

Theymos/Bitcoin Forum Admin
The last person to record a Bitcoin sale was their well-known Bitcoin forum admin, Theymos, on February 20, 2010, who sold 160 Bitcoins at a rate of $0.003/BTC for just 48 cents, the lowest Bitcoin sale in history.

I know about Lazlo, he has the most popular bitcoin sale record according to me.
I know just a little part about Martti, I have never really found the time to search and read the full story.

But coming to Theymos, it's actually unbelievable for me that I am just learning about his bitcoin sale for the first time ever, 160 bitcoins in today's price is sickening and worth an unbelievable amount of money, but was sold for a mere $0.48 cents, really unbelievable, I would love to really know what Theymos was really thinking at the time, I am assuming he made this sell just to test out the ability to sell and buy bitcoin 😂, because what possibly could he have needed $0.48 cents for?

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