Do you know about the first public servant paid in bitcoin ?

bitterguy28

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Quote from: fokinlipat on November 08, 2023, 06:39:49 AM

His name was Tony Vaughn and he was from Kentucky. He was paid his salary in bitcoin in 2013 , at time when very few even heard about bitcoin. If he would have not sold those bitcoins that he got as salary, he would might have been a billionaire by now. Because bitcoin price at that time was just $1000 a piece , so his wealth would have been about 30 times at current prices.

He must be one of the most iconic figure in crypto world , one of the very few that trusted Bitcoin when it is still not on that popularity so how could we react on that?
If i was being asked to have bitcoin as salary those days? for sure I will deny because I may not trust that easy this world.
But if this happens to me in 2017? will surely accept it till now 2023 because of how much it has given to me all those years that i do understand bitcoin.

Essential10

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He must have been lucky his salary was paid in Bitcoin. Perhaps in some cases it seems that he sold it for his personal or family needs, may keep it. What I find very surprising is how he is a government employee and his salary is paid in Bitcoin even though his country does not support Bitcoin. I don't know for sure if Tony spent the bitcoins or is still holding them for the future. When he received his salary in Bitcoin, the price of Bitcoin was $1000, 35 times the current market value. It still amazes me that he was able to do it!

lombok

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Quote from: ajiz138 on November 12, 2023, 04:52:57 PM

Quote from: lombok on November 11, 2023, 08:58:36 PM

News about employees being paid using Bitcoin and even purchasing pizza with Bitcoin was very viral at that time.

When I was still in college and working part time as an editor on a blockchain and cryptocurrency website in 2014 I was also paid in Bitcoin. Unfortunately, I was so careless that I spent all of that on having fun with my girlfriend 🤦‍♂️.

Don't regret it, I also used to spend a lot of bitcoins to be liquidated into fiat for the sake of just wanting fun because indeed bitcoin at that time was really strange especially when you first get it for free or even from the results of work paid in bitcoin.
That's not careless friends, because as I said never know the future at the previous time so no one thought to HODL longer, but now have realized that it is important to hold bitcoin as long as you can still earn from whatever you earn.

Yes, everything has happened, we can't do much other than accept it. Because of this experience, I have also become very calculating lately with the Bitcoin I own.

Regarding salary payments using Bitcoin, there are actually pros and cons. The positive side is that we can get Bitcoin without buying. The minus side is that when the Bitcoin network is congested to coincide with salary payments, the confirmation process will take a long time, it can take more than 1 day, transaction costs will also increase. Not to mention that if there is a significant decline in the price of Bitcoin, it will certainly reduce the USD value.

ajiz138

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Quote from: lombok on November 11, 2023, 08:58:36 PM

News about employees being paid using Bitcoin and even purchasing pizza with Bitcoin was very viral at that time.

When I was still in college and working part time as an editor on a blockchain and cryptocurrency website in 2014 I was also paid in Bitcoin. Unfortunately, I was so careless that I spent all of that on having fun with my girlfriend 🤦‍♂️.

Don't regret it, I also used to spend a lot of bitcoins to be liquidated into fiat for the sake of just wanting fun because indeed bitcoin at that time was really strange especially when you first get it for free or even from the results of work paid in bitcoin.
That's not careless friends, because as I said never know the future at the previous time so no one thought to HODL longer, but now have realized that it is important to hold bitcoin as long as you can still earn from whatever you earn.

DabsPoorVersion

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Quote from: DapanasFruit on November 09, 2023, 03:49:53 AM

I am hoping there would be an update on this man as the first public servant who got his salary in Bitcoin...so we can see if he was able some or all of the Bitcoin he received. While I don't expect him to have saved all of his Bitcoin, at least he could have saved half of them all so that he can now be considered as rich. Now, as what I heard, there have been others who got paid with Bitcoin as well when BTC was not yet in the 5-figure level...it would be interesting to know how these people fared in keeping their BTC in the face of the economic realities affecting all of us.

There's an article with an update on this police chief. However, the update is only up to the year 2021. Not sure if this will provide what you're looking for, but this is the info.

"Cummings announced that he and Vaughn would donate their salaries for the month to a wallet setup for donations to the embattled town."

And this

"We're going to let it lay there for a while. As the city needs things done, we're going to take part of it out, but leave the majority in that account. That's what we talked about last night."

As stated, the majority of the salary converted to Bitcoin was stored. The police chief Vaughn and the city mayor Cummings seem to know what they are doing and continue to keep Bitcoin. You may read the full article for the other info.

SamReomo

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Quote from: bayu7adi on November 08, 2023, 08:10:59 PM

Quote from: SamReomo on November 08, 2023, 05:44:31 PM

Based on some news I read, Tony got his salary in Bitcoin when its price was $1,181 on the Mt Gox exchange. It's true that back then, the price of Bitcoin had a really big jump, and this event from a decade ago actually made a lot of people talk about Bitcoin. In early January 2013, the price of Bitcoin was about $13, and later in Q4 2013, it reached its highest price at $1,000.

Personally, I'm not a fan of discussions about regrets, like "if you didn't sell coin A a few years ago, you could be a billionaire by now." It's better for people not to dwell on their regrets and focus on the future. Bringing up past experiences that sound like big mistakes is not really ethical.

If Tony got his salary in Bitcoin when its price was at $1,181 then the guy wouldn't be a millionaire or even close to bein a millionaire even if he had hold his Bitcoin for long term. Yeah, the exception is going to be that if he has got his salary in Bitcoin when Bitcoin's value was still below $30 per coin. He would definitely be somewhat rich these days if he had received his salary when Bitcoin was priced $30 or below and and if he still hold that salary.

I also don't like past regrets because the past is gone and regrets will make someone more mentally depressed rather than helping him/her in any positive way. It's always better to forget the past and thing about the present and future because past is gone is regretting about the gone things is worst type of damage one can give himself/herself.

ChiBitCTy

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It would be nice had you posted in some more information about this person, who they were, why they decided to go about being paid in bitcoin etc.

I also wonder things like why and how was his employer willing to pay out his salary in bitcoin. Also you have to keep in mind that most of the salary was spent to keep up with his monthly financial obligations..so that’s of course got to be factored in.

lombok

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Quote from: ajiz138 on November 08, 2023, 04:32:34 PM

Quote from: lombok on November 08, 2023, 11:42:10 AM

If you remember that time, it was really lucky that person had Bitcoin. And if he decides it's profitable to hold until now or sell half and keep the rest until now he will still be rich. How much money would he get now if he sold it?

I salute and admire people like this, because they are able to assess the price of Bitcoin and are willing to accept salary payments using Bitcoin.

That person did not know that the price of bitcoin would reach its highest price of $68K. they were only aware at that time bitcoin was growing, but not with a price surge many times over maybe they never thought about it, if they knew the future now maybe he would hold, the same thing as an investor who sold at a low price at the time if he knew he would definitely hold...
Let this be a problem then, so now I just know there are companies that pay with bitcoin back in 2013 where at that time bitcoin was not as fast as it is now, then he is really lucky and maybe it will be history for him that will never be forgotten.

News about employees being paid using Bitcoin and even purchasing pizza with Bitcoin was very viral at that time.

When I was still in college and working part time as an editor on a blockchain and cryptocurrency website in 2014 I was also paid in Bitcoin. Unfortunately, I was so careless that I spent all of that on having fun with my girlfriend 🤦‍♂️.

KiaKia

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Quote from: fokinlipat on November 08, 2023, 06:39:49 AM

His name was Tony Vaughn and he was from Kentucky. He was paid his salary in bitcoin in 2013 , at time when very few even heard about bitcoin. If he would have not sold those bitcoins that he got as salary, he would might have been a billionaire by now. Because bitcoin price at that time was just $1000 a piece , so his wealth would have been about 30 times at current prices.

2013, Bitcoin price started the year at $13, and only reach that $1000 at the end of the year 2013, and it faced a lot of corrections, by December of 2013, Bitcoin closed the year at $754, so OP, when did this person get paid with Bitcoin? Because that's what will determine what his value would have been if he held till today, no link to this story? It's lacking more information.

I think it's a lot of money if he get paid when Bitcoin is at $13 but let's pretend that he got paid at the end of the year @ $1000 per Bitcoin, what is the salary of this man you are talking about?

A $100 invested in Bitcoin at the beginning of 2013 would get you roughly 7.5 BTC and today that's $277500, that's not even close to a million dollar, this is why it's important to know how much was paid to the man in Bitcoin. If we invested $100 on Bitcoin when it was at $1000 the value will be much less today, so there is no way this man would have been a billionaire, not even a millionaire.

Still, we don't have the information on how much he really earned so we really can't say, also I doubt that he would have hold the Bitcoin to date, not everyone can do this while the need of money is telling on them.

DapanasFruit

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I am hoping there would be an update on this man as the first public servant who got his salary in Bitcoin...so we can see if he was able some or all of the Bitcoin he received. While I don't expect him to have saved all of his Bitcoin, at least he could have saved half of them all so that he can now be considered as rich. Now, as what I heard, there have been others who got paid with Bitcoin as well when BTC was not yet in the 5-figure level...it would be interesting to know how these people fared in keeping their BTC in the face of the economic realities affecting all of us.

Blitzboy

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Amazing Bitcoin story I hadnt heard before. Tony Vaughn's situation is fascinating. Bitcoin's volatility and stellar development would have made them worth a lot if he held them. It presents the issue of whether we can endure market swings without cashing in when life's expenses call.

Imagine his internal struggle as the currency soared; I wonder if he still hodl. Bitcoin's 'what if' component is constant. Tech investments are uncertain, since his decision may have affected his money.

Some call it a modern financial tale about risk, planning, and chance. Its amazing how such decisions can affect fortunes and cryptocurrency's payment acceptability. Each Bitcoin holder's narrative reveals its importance and potential, including Vaughn's.

Assface16678

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But we can't blame him for that; it's because it's his salary, and we know why he works; it's because he has basic needs and expenses, so at that time he does not have a mindset for something like we know right now; it's simple; he is not meant for that; we can't predict the future; we never know what will happen; and in that year, the bitcoin price has a small amount, and the technology is new to most people in that year, so no one expects that bitcoin will skyrocket and will be popular.

The story is similar to that of a guy who brought a pizza using his bitcoin. At that time, even though bitcoin has an amount, it's still not that much. A guy used his bitcoin asset to bring a pizza without knowing that if he holds the asset, he will also be a millionaire. It's also an example of people who missed a big opportunity that will turn their lives around in an instant, but they are not to blame; not all will be lucky.

livingfree

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Quote from: fokinlipat on November 08, 2023, 06:39:49 AM

His name was Tony Vaughn and he was from Kentucky. He was paid his salary in bitcoin in 2013 , at time when very few even heard about bitcoin. If he would have not sold those bitcoins that he got as salary, he would might have been a billionaire by now. Because bitcoin price at that time was just $1000 a piece , so his wealth would have been about 30 times at current prices.

Only if he didn't sold.

But because he's got his own needs and bills as well, I doubt it that he's able to hold a lot from that Bitcoins that used to paid him for his public service. And if he's in the forum or browses here for some discussions, it will be amazing if he shares his own experience and how he'd ended up accepting that.

It's always like this with these discussions from the early receiver of Bitcoin like a decade ago that they're rich now if they have never sold. They're all people and have expenses to be made just like us.

Kakmakr

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You have to understand that most people can only invest a fraction of their salary, so even if he invested only say 10% of his salary... he would barely been a millionaire if he hoarded those coins. Roll Eyes

You need to live on your salary and pay expenses, like the utilities and rent and car payments etc... so you cannot invest the whole salary. Most public servants will never be allowed to get their salary in Bitcoin, because governments do not acknowledge Bitcoin as a Currency. Roll Eyes

yhiaali3

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It would be better if you put a link to the source of your information.

Anyway, first of all, I am surprised that someone received his salary in Bitcoin in an American state at that early time in 2013, when Bitcoin was only about four years old. What is interesting about the story that I read is that this man was the chief of police and that he officially requested his salary in Bitcoin before the city committee. He was paid by the city commission after they had to use a Bitcoin wallet to fulfill his request.

This indicates this man's insightful vision for the future, as he realized that the future belongs to Bitcoin and that the dollar is declining. What is also nice is that the city committee gladly accepted his request, even though Bitcoin is not accepted in the United States.

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Quote from: BlackBoss_ on November 08, 2023, 10:54:49 PM

How much did he get in 2013?

It is important because it relates to how many bitcoins he received from his salary in 2013. The more importance is did he hold his bitcoins in the last 11 years?

If in 2013, he received it but sold it to get cash, he no longer have bitcoins to sell in 2017, 2021 or today in 2023. Very few people can hold their coins long enough and if it is from 2013, it's harder to hold over many years with many fud for 10 years.

Another one who doesn't even read the comments on the first page.

Quote from: robelneo on November 08, 2023, 04:37:18 PM

Based on this article

Quote

Police Chief Tony Vaughn, who said he will donate his salary to a Vicco Bitcoin account, appeared before the commission last month to request getting his paycheck converted to Bitcoins..

So he is not the one who's actually benefitting from his Bitcoin salary and besides he doesn't need that salary from that job since he owns real estate and does not work to make a living it's the town that's really benefiting from that salary.

https://www.foxnews.com/us/mayor-police-chief-in-struggling-kentucky-coal-town-to-donate-salary-in-bitcoins-to-spur-economy

I hope your manager Hhampuz doesn't pay you to write posts without having read the comments on the first page.

BlackBoss_

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Quote from: fokinlipat on November 08, 2023, 06:39:49 AM

His name was Tony Vaughn and he was from Kentucky. He was paid his salary in bitcoin in 2013 , at time when very few even heard about bitcoin. If he would have not sold those bitcoins that he got as salary, he would might have been a billionaire by now. Because bitcoin price at that time was just $1000 a piece , so his wealth would have been about 30 times at current prices.

How much did he get in 2013?

It is important because it relates to how many bitcoins he received from his salary in 2013. The more importance is did he hold his bitcoins in the last 11 years?

If in 2013, he received it but sold it to get cash, he no longer have bitcoins to sell in 2017, 2021 or today in 2023. Very few people can hold their coins long enough and if it is from 2013, it's harder to hold over many years with many fud for 10 years.

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Quote from: fokinlipat on November 08, 2023, 06:39:49 AM

His name was Tony Vaughn and he was from Kentucky. He was paid his salary in bitcoin in 2013 , at time when very few even heard about bitcoin. If he would have not sold those bitcoins that he got as salary, he would might have been a billionaire by now. Because bitcoin price at that time was just $1000 a piece , so his wealth would have been about 30 times at current prices.

Well, it's his salary, and we are working because we have daily needs. It's his salary, so he doesn't have any choice but to sell it.

Another one is we are always thinking of "If he holds it for X number of years." or "He must've been rich by now if he held it." I mean let's face the reality guys. Do we know at that time that the price of Bitcoin will be reaching its current price right now?

In the end, it's only a matter of trust, and if we need it or not. I've been in signature campaigns for years already, and most of my earnings are converted because a portion of it is being used for some monthly needs of our home. I also used I guess around 0.08 BTC to build my own computer. Just imagine how much it would be if I chose to hold it until now. I can't imagine how many BTC I already converted into fiat.

I guess let's forget about this "He would've..." or "He must've been..." things right now because we don't know what can happen in the future.

bayu7adi

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Quote from: SamReomo on November 08, 2023, 05:44:31 PM

I haven't heard about Tony Vaughn before this post but as far a I know that Bitcoin's price was still over $13 a single Bitcoin and if that person might have hold his Bitcoin then he would be a millionaire right now. If we think about that in logical perspective then we get the answer that the guy didn't hold his Bitcoin because he received his Bitcoin as salary and mostly we spend our salary on the things that we like and that guy might has converted his Bitcoin into fiat so he could purchase the things that he needed during those days.

Based on some news I read, Tony got his salary in Bitcoin when its price was $1,181 on the Mt Gox exchange. It's true that back then, the price of Bitcoin had a really big jump, and this event from a decade ago actually made a lot of people talk about Bitcoin. In early January 2013, the price of Bitcoin was about $13, and later in Q4 2013, it reached its highest price at $1,000.

So, to sum it up, the experiment of receiving a salary in Bitcoin started during a time when Bitcoin was doing really well in the market. This was partly because of something called "halving" in November 2012... and usually, in experiments like this, salary payments weren't done many times... maybe just once or twice. So, I don't think Tony Vaughn became a big millionaire from his salary back then unless he held onto his Bitcoin until now.

Personally, I'm not a fan of discussions about regrets, like "if you didn't sell coin A a few years ago, you could be a billionaire by now." It's better for people not to dwell on their regrets and focus on the future. Bringing up past experiences that sound like big mistakes is not really ethical.

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I haven't heard of this news. Thanks for sharing!

Well, what can I say? This news sounds cute. A town with only 330 people, a police chief who requested that his salary be paid in Bitcoin, and a city commission approving it. That sounds really fun.

In 2013, not many people have heard of Bitcoin. But it seems to me Chief Vaughn didn't have much work to do that he probably had a lot of time to update himself with what's new. He probably studied it deeply to the point that he even requested that he be paid in Bitcoin.

Did Vicco have a nerdy police chief? LOL!

Topic: Do you know about the first public servant paid in bitcoin ? (Read 407 times)