Topic: Did they not know about the importance of Bitcoin? - page 4. (Read 587 times)

Let's just be thankful to them that has spent first their bitcoins because only a very few people believed in it. Without their initiative of spending it and also thanks to the buyers and takers of their bitcoins because if it's not for all of them, there won't be any progress or there will be little progress at all. I've heard laszlo being interviewed and he never regrets what he has done with the bitcoins he used to purchase those pizzas. He has made history, they have made history and those actions they've done before, we're the ones who is enjoying its benefits today.

But that is the thing, no one knows for sure what it will happen on the future and each one of us needs to take decisions based in our limited knowledge and sometimes we will make mistakes.

However those transactions are not mistakes, those transactions were made and at the time each one of them received a fair compensation for what bitcoin was worth, now many years later bitcoin is more valuable, but if any of those people had asked for their bitcoin to be bought at 69k you can be sure they would have been mocked by trying to do so.

Ok maybe I didn't read that part and yes you are right if people dont spend their btc it will just keep piling and they will never get to use it thinking that it will much higher in the future.lol

 Hmm. Hunger and he had a craving for pizza so he exchanged 10,000 units of a (at that time) unpopular asset for something he wanted - the pizza.

What do you mean anymore? Stop thinking of bitcoin in today's age and time. We are talking about the beginnings were it wasn't yet valuable. There was no "anymore" in those days.

I think he wrote somewhere on the forum that he never regretted the decision and at the time it made sense to him. If no one spends bitcoin today thinking the value will be much higher in the future, it would never end. No matter what price it reaches, people would say, not yet, let's wait a little bit more.

If they can sell such an amount of bitcoin for a test, how much do they have left? That's the question to ask yourself when considering the above listed names as people who made mistakes. Practically the fun of selling bitcoin for few bucks made them realize the importance of bitcoin and they stacked more of it. For instance, in domain business, if I have a portfolio of 10 domain names and sell 1 cheaper, that doesn't mean the rest in the list won't bring profits. Trading requires exchange, despite your claims that its a mistake, traders still sell bitcoin till date. Now I can sell 0.009BTC for $200 but later bitcoin might get too high that people in the next generation would say I made a huge mistake for selling at that amount, adding that I would have been richer if I held, yet it doesn't me from becoming rich. So, its a recurring sales and it happened willingly, it shouldn't be seen as negligence of bitcoin value.

Laszlo Hanycez
Laszlo Hanycez This guy made a new history of selling bitcoins. He was the first to make history by making the first product purchase with Bitcoin. On May 22, 2010, he made history by selling his 10,000 Bitcoins for just two pizzas. Because of its history, May 22nd is celebrated every year as Bitcoin Pizza Day.[/quote]

When I read about this guy I kept on laughing lol. It was so hilarious like what could have caused him to sell his 10000  Bitcoin for two pizzas. Was it that he was so hungry or just didn't care anymore about his Bitcoin and wanted to get rid of them? Or he just wanted to have fun. Unfortunately he later regretted selling that Bitcoin back then which could have been worth  Rs 22,60,68,90,000 today.  I guess he just never taught of this before he made that decision.

You can't compare the way Bitcoin was viewed in 2009 to the way it's currently been viewed in 2023, most of the people mentioned in Op knows so well about Bitcoin but due to the fact that it's adoption hasn't increased I guess that was why they sold or maybe for some other personal reason but I won't add money issue because they amount realized from those sales is nothing significant so I bet they didn't sell because they needed money or so.

Op, if it were to be you I bet you'd still sell just imagine you've been holding a coin for some time and all of a sudden the price rose from $0.000001 to $0.0004. like I have said before most of those people that were able to keep their coin till present day were those that forget they even had Bitcoin but later got their memory jogged when they came across a news or saw some article and then proceed to recovering his account.

And who can forget the first Bitcoin faucet in history? It gave away 5BTC per customer. It's totally for free. There's no task required whatsoever to be able claim it, although solving a captcha was later on added. Gavin Andresen created freebitcoins.appspot.com so that people could try Bitcoin out. That was his way to spread Bitcoin. And he started with a stock of 1,100BTC. Donation was also accepted and many made contributions. Even the Bitcoin OG, BitcoinFX donated 500BTC to that faucet. Accordingly, Gavin gave away almost 20,000BTC through that faucet, although I think that amount already included donations from supporters.

False. Many of us have made sales transactions with bitcoin even though we know that in the future it could be worth a million dollars and even more. A currency that is not used is not a currency, and these events became famous and helped to gradually increase its use as a currency. Also, there are times when you want to spend now, not wait 10 years for the price to rise, the important thing is that you always save something, that is, if you have 10 bitcoins you can spend 1 today and with the other 9 you wait for the price to rise more. This without taking into account that over time you can get more bitcoins, for example by mining, which is what theymos did.

If they did know about bitcoin future (By Time Traveling 2009-2023 today)
They could win..

Martti Malmi 5050 BTC
Today price $22300
=5050×22300
=$112.65M

Laszlo Hanycez 10000 BTC
=10000×22300
=$223M

Theymos 160 BTC
=160×22300
=$3.568M

However, if they had sold Bitcoin at its peak market of $69,000 in 2021, they would have received 3× more dollars than they do now.

Of course it wasn't — simply because for people to be able to buy bitcoin, someone needs to sell it to them. But yet people regard it as a bad decision simply because the price is far higher today.

It's quite unfortunate that I only know about Bitcoin pizza day and have never heard about any of the two just mentioned above because the truth about stuff like this is that history will always repeat itself as come next 15yrs from now, so will many people regret ever selling their Bitcoin at the current rate of $22k, when by then it's price might have gone 10x. Because the truth is that back then in 2010 people didn't believe in Bitcoin, and even if they did, nobody expected it could rise to such price it is today, if not I'm sure Sir "Theymos" would never have sold his Bitcoin.

I wouldn't call it a bad decision actually. The usage of Bitcoin had to start somewhere. If transactions like the 10,000 Bitcoin for a pizza wouldn't have happened, what would the actual utility that people ascribe value to eventually have been? Now speaking for the individuals and the concrete amounts sold back then, it was a "bad" decision, yes. But in the end it was the major precondition for Bitcoin to get going. Someone had to make the first step in order to demonstrate to other people what this is all about and evoke some aha-effect. Bitcoin started to get a price. Those using it very early on realized that there are others accepting it. Selling those 10,000 Bitcoin in exchange for a pizza might have been the best decision of his lifetime because that was his aha-effect and he started to stock up like mad and put thousands and thousands into long-term cold storage.

Yes, that is absolutely true, because if a coin is not traded, then that coin has no value in the market. Now if the trading volume of Bitcoin decreases i.e. becomes zero (assuming) then the value of Bitcoin in the market will become zero i.e. there will be no acceptance among users.

I don't think it's an appropriate comparison between knowing the importance of Bitcoin and use it as a currency, because regardless how much the price of Bitcoin, it can be used as a currency as long as the other party accept it.

But not many people are understand about hodling I AM HODLING , this guy know the importance of Bitcoin where it will be worth for high amount money in the future. I'm not saying people who spend Bitcoin when it's cheap is wrong, it's fine as long as they're not use all of their Bitcoin.

I think it's more of the early history of Bitcoin here. And there are a lot, throughout it young years and others have included a link.

Again, we really don't know what the future will bring and so there could be others there who had a ton of bitcoins early and then lost their access. Oh wait there was one guy, Man makes last-ditch effort to recover $280 million in bitcoin he accidentally threw out.

And seeing this right now, for us, we should be happy to be given the chance to buy and HODL and see how our BTC investments will grow in the future.

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.

Laszlo first pizza buyer via bitcoin....
Pizza for bitcoins?

Bitcoin price history

Martti Malmi aka Sirius
Laszlo Hanyecz aka laszlo. He made a Bitcoin Pizza day. One person is less known, BitcoinFX who engaged in that Pizza deal.
theymos. We all know about theymos.  

Bitcoin is one of the wonders of modern civilization virtual currency that has become a hot topic of discussion all over the world. If you read the history of the Bitcoin, many amazing stories emerge which are presented in front of you in a small scale. Not many people knew about the importance of Bitcoin when it would later become the most talked about topic in the world. Especially if the following few people knew the importance of Bitcoin and its value would increase so much in the future, maybe they would not have created such an event.

Martti Malmi
In October 2009, Finnish computer scientist Martti Malmi sold 5050 Bitcoins at a rate of just $0.00099/BTC, which was the record for the lowest price in Bitcoin history. But this was the first recorded sale of Bitcoin through PayPal.

Laszlo Hanycez
Laszlo Hanycez This guy made a new history of selling bitcoins. He was the first to make history by making the first product purchase with Bitcoin. On May 22, 2010, he made history by selling his 10,000 Bitcoins for just two pizzas. Because of its history, May 22nd is celebrated every year as Bitcoin Pizza Day.

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.