Topic: Did they not know about the importance of Bitcoin? - page 2. (Read 587 times)

Not many people knew about bitcoin at the time, nor did many of their holders know what would have happened in the future had they not spent those bitcoin for a few cents. Of course many of us would say it was a bad decision after getting to $69K in 2021, but to be honest at the time they didn't even believe bitcoin could be worth $0.1 in a few years.

After all, there weren't a lot of real use cases back then because bitcoin hadn't gained much interested and how did it get as high as it is now. So those few bitcoin users have helped inspired many people to explore more of the potential uses of bitcoin and have definitely become a initial foundation for bitcoin today.

It's still in the experimental stage in real terms and you can't claim that they don't think that bitcoin is as important and as valuable as it is now, and again they use bitcoin as if the utility of bitcoin as a replacement currency for FIAT is different like nowadays which mostly use bitcoin as an investment alternative as a way to profit from the increase in the price of bitcoin, so I think you are wrong in understanding bitcoin in its initial function which is the goal of satoshi.
If only they knew bitcoin would be worth as much as it is now they probably wouldn't be selling/giving away their bitcoins like that.

Surely, those names mentioned by the OP got their own history with bitcoin and probably regretted how cheap they sold their coins back at that time but just like what you've said, nobody knows the bitcoin's future at that time. Even now, the future might be bright to think but it is not guaranteed because it if were, I bet there's a lot of people right now who bought their own coins and bitcoin might be scarce already at this point. But that is not the case because we really don't know what will happen in the years to come.

Anybody that haven't heard anything about Bitcoin they don't know the Important of Bitcoin,or someone that learning how to invest in Bitcoin he will not know the Important of BTC on till he/her go deeper before he/her will understand Bitcoin,or know the importance of Bitcoin. More interested in Bitcoin buy and hold, bring it out when rising,the achieve of Bitcoin was to become an alternative to all fiat currencies. Well, Bitcoin extent failed at achieving that goal, but it became a successful financial capital. way it did, we need to spend it, use it, and basically earn it as well in order to make it look like its actually a currency that should be used and many people missed that part.

Plus, if we just buy and hold, or even back in the day we just bought and hold, the price wouldn't have gone up the way it did, we need to spend it, use it, and basically earn it as well in order to make it look like its actually a currency that should be used and many people missed that part. Imagine a world where you own all the bitcoins ever created, nobody else has any bitcoins, you own 21 million of them, no more miners, no nothing, just you.

Do you think we would still want to buy it? Of course not, which means that if there were too many people with tens of thousands of bitcoins, then why would we want to be part of it? We needed it to be sold in order to grow.

I posted a longer text above yours, would like if you give it a read and comment on it as there I explain why I think that they are not kicking themselves right now. Those Bitcoin trades or exchanges or sales might have been much more deliberate than most of us could ever imagine. The pioneers had to get the economy going and there is no better advertisement than a pizza man spreading the unbelievable truth that he received 10,000 USD from a guy for Pizza when Bitcoin hit $1 for the first time. It was obvious that the story is going to spread like wild fire. You could phrase it whatever way you want, but it catches peoples' eyes when they read "how this pizza guy turned his pizza into 10,000 USD, no lie!"

I think it could have well been an outstanding marketing move, too. One war or another, even if today someone hears the team "Bitcoin Pizza Day", it still is interesting enough for some to do some google search on it. They still find out about Bitcoin and the story gets stuck in peoples' heads.

It's pretty weird what your point is in posting this thread, like you are talking to them stupidly about selling it. Imagine they sell it for a purpose and for a reason, and because of their sell, there is a huge jump in the popularity of bitcoin all over the world. I find it cool and amazed that it was the first time to buy pizza using virtual currency and those other things before, because that year the internet was not known at that time and only a few people had it.

Is this thread title a rhetorical question? Of course that those people didn't knew that the Bitcoin price is going to hit tens of thousands of dollars several years later. At least they had the balls to sell some BTC and the buyers had the balls to spend fiat money for BTC. What if BTC failed as a project and the BTC price went down to zero? The people, who bought BTC would have been ridiculed as complete fools.
Back in 2009-2010, the main goal of Bitcoin wasn't the price getting higher and making more profits by buying low and selling high.
The goal of Bitcoin was to become an alternative to all fiat currencies. Well, Bitcoin kinda failed at achieving that goal, but it became a successful financial asset.

Are you blaming them? we should be grateful to them because they are the pioneers who created the world's first bitcoin transactions just to prove that bitcoin can work and have value. It is without those transactions, I believe we would not be able to witness the development of bitcoin today.

You need to remember that the success of bitcoin is also a surprise to everyone, I believe that if we were at that time we would also sell bitcoin if bitcoin was traded. Each period will have different developments, at that time, the bitcoin transaction was an unexpected success.

By the time they exchange bitcoin for pizza are they stupid? I don't think so because no one knows that the price of bitcoin can be like it is today, let's talk about alcoin for a moment like Binance when it first came to the market, many did not believe it and sold it at a cheap price. selling at low prices as well as bitcoin at that time.

@OP, you wouldn't be creating this thread if today's year is 2010, Bitcoin price is too cheap that day, and there is not much adoption, Bitcoin is starting out and at the same time, the market needs to move to show the world that Bitcoin is trading.  If no one trades during those days, do you think Bitcoin will reach its milestone today?  I never thought those early trades are a waste.  I believe they are significant trading that molded what the Bitcoin market is today.

What I deduce from your story is that none of them lost the investment sense in bitcoin, at a point they would have held it in high prime and later realized it is high time to trade it off, even with the person that traded it for pizza.

Yo, can you believe we're celebrating Bitcoin Piza Day? Like, seriously, its crazy that we're using a virtual currency that nobody really gets. I mean, yeah, Laszlo Hanycez made history by trading his Bitcoins for some pizas, but did he even consider the future value of those coins? Bet he's kicking himself now.

It blows my mind how back then people didnt realize the true worth of Bitcoin. Martti Malmi dumped 5050 Bitcoyns for just $0.00099/BTC, and thats the lowest record sale ever. Just imagine how loaded he'd be if he'd kept hold of them! But hey, atleast he can brag about being the first guy to sell Bitcoyn through PayPal, right?

But if they didn't sell the Bitcoin so cheaply, perhaps nobody would have ever bought them, and then perhaps the Bitcoin economy would have never taken off and started growing. I would not underestimate the intent of the people quoted here that sold Bitcoin for a cheap price. The only way for them to test whether what they believe to be true about Bitcoin is actually true, is to give Bitcoin away almost for free, but not for zero. Is someone willing to give me something in exchange for them even if it is only fun and experimental reasons?

And think about the next step: if the guy who sold the pizza talks to someone else and says hey, I got these 10,000 coins called Bitcoin for pizza that I sold, how about you give me that for 5,000 BTC. That spurs interest and people get excited about it. The least they will do is google it and find this forum and then dig into it. It was essentially a community and network building measure and the pizza story was perfect.

Even if the pizza story was deliberately created in order to pump the price afterwards and then get the message out because the pizza guy freaks out and can't believe what he just received for selling his pizza, you can be sure that the pizza guy alone is going to spread the message where ever the damn he can.

Whether the actions of the guys quoted here were smart moves or accidental exchanges, it helped to get Bitcoin where it is today.

I do know someone personally who actually did sell accidentally. He sold 30,000 Bitcoin for $1 a piece and bought a BMW. This is no fake story! And he did indeed regret it later on.

Natural disasters are way different. In this field of investment, atleast an investor could make a hunch out of the news simply because news could trigger an FUD or simply simpact the demand as well as the market price of crypto. and this could be somehow of a pattern for anticipation unlike with earthquakes which occur in a sudden.

In terms of investment, risk will always be there. Ofcourse no one can predict the future that is why potential is being relied on, added with taking the risk. What happened with terra Luna is indeed devastating for investors but there is a huge difference with Bitcoin for being on a bigger chain, I guess. And other tokenomic characteristics.But this is not to be biased of it; ofcourse there is a tendency for the market to collapse in the future including Bitcoin. That is why this industry is only for those who are willing to take that risk; who'd more consider the potential than to be scared of that risk. For investors, it would be better to lose trying than to not do anything.

Everyone who sold their bitcoins at the lowest price back then was a part of the great sacrifice for the financial revolution and the fruit of their deeds is what we are enjoying right now. As for me, I never had to deal with any banks because I can do some transactions without them but of course, with the help of the current exchanges. Nowadays, only a few people know the history of these guys who sacrificed and perseverance to promote bitcoins until it reaches anyone of us their deeds will never be forgotten and they will always be part of crypto history forever.

Precisely in those years, they weren't looking for price, but functionality, experience, and they were really looking for proof that bitcoin was an important thing that brought change. I think they enjoyed their journey which in the end made history that the community will always remember, basically they don't really regret seeing the current price. After all, early adopters were more likely to have more bitcoins left (which used to be considered dust) than today.

No one can know the future well, I will explain you with two examples. Did anyone know before that Do Known's Terra Luna platform went bankrupt in 2022 and this scamming thousands of investors lost billions of dollars? If people had known the news of all these disasters earlier, would anyone have suffered losses?
Again after the SAM BANKMAN-FRIED FTX scam millions of people lost billions of dollars, would anyone have invested if they had known FTX was going to go bankrupt?  No one can predict any cryptocurrency in advance.
Malmi, Laszlo Hanycez, Theymos , If these gentlemen had known in advance that the bitcoins they sold would one day become the world's most talked about currency and go from 0.00099 to $69000 in the market, they might not have sold the bitcoins, or if they had, they would have sold part of their wallets and kept others portion for future reserved.

No one can get any Advanced news about Earthquake in Turkey



If the people of Turkey had known about the earthquake in advance, the devastating earthquake would not have killed more than 45,900 Turkish people and 4,500 Syrian people. No one can know in advance the news of natural calamities and unexpected epidemics, just like how the state of the cryptocurrency market will be known in advance.

This is the best example of "no one knows what will happen in the future". For sure most of us also will experience these before if we are in their situations. Before, no one know where Bitcoin will go, and even before there are lot of ups and downs on the Bitcoin price, losing more than 80% - 90% of their value in just short period of time, then for sure those events will also make you confuse to the future of Bitcoin.

OP if the people you quote knew, they would never have sold bitcoin so cheap. No one could have imagined that Bitcoin would have such a bright future. I had a friend who got 517000 Hex working on a campaign. According to the market price at that time, it was sold at $0.00058. But after a few days the price of that Hex skyrocketed. Each coin is priced at $0.50. My friend goes crazy when he sees the price increase. Later I told him that nothing can be properly analyzed in cryptocurrency. And there I analyzed the ones given by the OP to my friend and he didn't regret it later.