Topic: Don't trade your Bitcoin like Laszlo Hanyecz (Read 738 times)

This is what I always try to convey to people. The extreme utility of buying a pizza for someone who is not even in the same nation as you, allowing you to pay with bitcoin, and then that person will pay with credit card, and send a pizza  to you, is the peak bitcoin adoption that made bitcoin so popular. Laszlo may have as much contribution to crypto world as Satoshi, or at least Vitalik.

Believe me, without him paying 10k for that 2 large pizzas, there wouldn't be bitcoin as we know it today, it would still be here, but it would probably not be as popular as today. He is the hero that we mock, but the hero we needed in order to save us from the fiat slavery.

How many of us could say that they wrote articles about our achievements, interviewed us and that there's a special day named after what we did? I think that what he did was worth the money spent on it. 10 years from now people will still remember and celebrate it.

Come on you give negative examples. I think that mistakes are common to all of us, so you should not worry too much about this. It is better to analyze them and look for solutions.

Advancements in technologies are rearly welcomed in the start. Every new technology in start was taken as for granted. I don't know whether the pizza guy has kept that bitcoin or he no more owns them. It is estimated that lots of bitcoin are gone forever and can't be used by anyone because of there owner negligence in the start.

Laszlo was  actually the first person who demonstrated that bitcoin can actually be used as a currency and it was the spark that ignited the fire and rest is history.
SO i acknowledge this man for giving us proof of what others only believe is possible

You are looking at this from the completely wrong perspective since you are not taking the historical perspective at all, while it is true that we need to be careful with our spending, this is something not exclusive to bitcoin so you have a point there, however the reason you have received a negative respond is that you choose the transaction of Laszlo as an example of what not to do, when Laszlo was a pioneer and we celebrate pizza day not as a way to mock him but to remember this transaction that gave a confidence to everyone that this form of money did indeed have potential, if it was not for people like Laszlo then bitcoin would not be anywhere near as valuable as it is now.

I must tell you that you are confusing things with reference to that day and specifically with the title of your post.

On the contrary, if you feel like eating a Pizza, buy it, do not go hungry to save some satoshis (current comparison) people should not stop having their usual purchases or those that correspond to their responsibility.

Please don't starve or let your dependents suffer hardship because of your compulsive acts of holding bitcoin.

Laszlo Hanyecz :Gracias/MErci/ Vielen Dank/...all r/ Thank you for making this day exist.

That's what I was talking about earlier. Laszlo Never regrets this. Allow me to quote myself here. Isn't it suit your thoughts?

On the contrary, he proved to be correct and bitcoin is used as a means of payment and you can even live of it and that was the whole point of his bitcoin for pizza transactions.


If those early bitcoin adopters thought the same, 99.99% of us woulnd't be here as no one outside of handful of cyprephunks and enthusiasts would never hear about Bitcoin. With that in mind, I would say to hold majority of your coins, but also spend it from time to time.

This is ridiculous looking at the picture of the name of the man that sold 10,000 Bitcoin for two big Pizza. When he sold his Bitcoin for pizza he would have thought that he is on the right track and so lucky but time was able to prove him wrong. This is of the reasons why we should not take things for granted. We don't know what the price of Bitcoin would be in the next few years coming.
Hold your coin and keep it save, time might gives you a triple value.

I agree with this. If people only buy and hold Bitcoin and don't spend anything. Why would other organizations open a gateway to accept payment with Bitcoin? If everyone just holds their bitcoins and doesn't spend anywhere, that will not help.

Suppose an Organization opened a payment gateway for Bitcoin and anything you can buy from there with Bitcoin. Now, No one is using this payment method because everyone wants to hold it. The organization will be forced to shut down the payment gateway because no one is using it. So, I agree with LoyceMobile. Earn it, Spend it and save it.

Main celebration? If I can use Bitcoin to pay for any Pizza in my country, I will celebrate it every day. Sadly, we still cannot use BTC for buying Pizza here since Using BTC as a payment tool is forbidden. However, I am optimistic someday BTC can be used as a payment tool here and I can celebrate BTC pizza every day.

In Laszlo case, he tried to ensure people that BTC can be used as a payment tool as well, not only as an investment tool. This person has a big contribution to making people become more optimistic about the possibility of using BTC as a payment tool. What he did, is the first real step to realizing BTC having varied purposes and has more value. "Laszlo pioneered BTC adoption for payment purposes".

Hold is the way for BTC holders, but Laszlo did what BTC hero should do. If you think as a holder, you must hold it till achieving your target (Profits). But BTC Hero didn't think like that, he did something that make a big influence for BTC future.

The guy himself is proud of spending the big number of buying pizza. That itself a big message and he had made history. Rather than financially free, he might've turned it to more other millions through investment on different firms. Anyhow what he have done will surely repay him in some means. For now he have got fame and he doesn't look like financially good. Possibly something will make him financial free.

We aren't that dumb to fall for this begging scam attempt which is clearly that he's not Laszlo even though he had make use of that 10k coins but for sure he was proud off considering that this was a historical event that happened into this crypto space which it had been recognized by this community and for sure that is something that he would be proud of but it can't really be denied in speaking into those coins if ever he do able to hold it up until now which hey made out himself to be financially free.

Laszlo Hanyecz experiment at that time to used bitcoin as a way to pay some pizza is one of the first transaction where bitcoin shows value. There's nothing wrong spending your Bitcoin to pay for something if it allows you to. I mean, that's the whole point what we are trying to achieve, right? Where Bitcoin can be widely used or even be considered as one of the main currency worldwide.
If logic dictates what the OP's imposing, we should not trade our 100,000 dollars worth of bitcoin for a Lamborghini or even a house. We should just invest, invest and invest. Whether the price is high or not, if we want to use it for payment on some transaction, then why not?
We should rather enjoy what we've bought and enjoy what we have right now because of bitcoin rather than regretting the value that we then have used it.

Agreed, bitcoin is a currency, and while we know that it is an incredible investment and that it has still huge potential to go up in value during the long term, and this is why many people do not want to spend even a satoshi, the truth is that there is nothing wrong with spending some of your bitcoin in order to get something that you want, also if my memory does not fails me that was the fist time bitcoin was used in a  a commercial transaction so it was and it is still is part of the history of this market.

People really have no dignity... I hope no one is gonna fall into this scam, especially because if you know who Laszlo is it should mean that you know at least a little about bitcoin, so you should be used to this type of scams. So tired of these cockroaches...

Laszlo doesn't use twitter, reddit or any other social media. Any message coming from that is 100% a scam.

Here's what he said about this:


This is also a good opportunity for newbies to learn about how to verify a signature to prove someone is who he is claiming to be. In the previous message there's a Bitcoin address associated with laszlo, a message, and a signature. Anyone can verify that message with that signature, and see if it's valid. That means that the person writing that message has control of that Bitcoin address.

So, in this case, you have the address of the 10k BTC pizza transaction in the message, and you can check that the transaction actually occurred in the blockchain at that time:
https://www.blockchain.com/btc/tx/a1075db55d416d3ca199f55b6084e2115b9345e16c5cf302fc80e9d5fbf5d48d

Then you can use the following details to verify the message with any wallet/tool. For example, with Electrum, you can go to Tools->Sign/Verify Message and then input the following:


If you click Verify, you'll see if the signature is valid or not.

That way you can 100% know that the person who wrote that message has control of that address.

None of us will fall from that trap because we already Knew how scammers move nowadays and we will never let our precious coins be on their hands.

and also if this is truly Laszlo then he should use the Old address he used back then when he bought that pizza for 10 thousand bitcoin  that i doubt he can provide because it is not Him.

Indeed. He just show that Bitcoin can be use as currency and besides that is the purpose why Bitcoin is created, to be an alternative to fiat and that time it works as intented.

Who would have thought the value of Bitcoin will skyrocket. If only we know whats going to happen in the future, probably we all buy Bitcoin during the early days and be a millionaire now. Buying pizzas for 10k Bitcoin is now a history that we'll never forget.

In the history of bitcoin we don't know the identity of Satoshi. Atleast we've seen the person who have given value to the marvelous innovation. He mentioned it was two large pizzas. I would like to remind people not to donate anyone requesting in the name of Laszlo Hanyecz. Came across a Twitter account requesting donation.

What he did was mark a turning point in bitcoin's history, I really can't understand what you're thinking to be able to say these words. Nowadays the value of bitcoins has increased so much that most people will choose to hold rather than use them but you should remember the ultimate goal of holding is still to use bitcoins only when you use them will bitcoins really be of value to you.

Laszlo Hanyecz very much made into the Bitcoin history book as one of the first to prove that BTC can be used like an ordinary money. Now, had I been in his place i would not just buy pizza but also some coffee and maybe eve donuts with my BTC mined. We have many things to thank this man for taking the risks and for finding that pizza patrol for the transaction. And that is why we have an annual Bitcoin Pizza Day to honor the event, honor the man and honor Bitcoin. I am wondering what kind of pizzas were bought back then...

Sometimes it doesn't matter who is actually the first but who gets the more exposure. It's very likely that someone else bought something physical before Laszlo, but he started a thread on this forum making his offer open to anyone, that's the difference. And let's not forget that this pizza exchange became famous after a while especially because of the value off the 10k bitcoins.

No, the offer is no longer valid (you should have read the thread further, btw). Shortly after this successful trade, the price of bitcoin spiked sharply, so Laszlo wrote this:

Valid? in what sense? That it's valid until now? The trade was done years ago and the Laszlo already ate those pizzas and paid those 10k bitcoins already.
To this date, nobody would give you 10k bitcoins = $295M for those pizzas. The value before was entirely different to today's value and if that's what you're asking if it's still valid today, you're the one wishing for it because it's already a history.

At that time it was a really low price to pay for what publicity this little purchase got. It showed people around the world that money is what you agree it is. That you don't need the government to tell you what you can use as a form of money and that not much work or effort is needed to be able to transact using bitcoin. I'm also sure he did not spend all his coins to do it, so it's not like he lost anything. He used it to do good.
We'll never know if Bitcoin would be where it is now without people like him who, like you said, made it happen.

Unfortunately majority of the crypto world see it as a commodity or an asset and not see it as a currency. I have been earning and spending bitcoin for over 5 years now, and it has been amazing for me and if everyone used it the same way then not only we would have bitcoin at a higher price, but we would also have bitcoin accepted all over the world.

The idea that it is a currency has been abandoned long time ago, people have been looking at it like it is something we should be ignoring at all times, and that is a very sad situation, we should see it as a currency like you said, and I have been using it like a currency too, but unfortunately we haven't gotten there yet with millions of people in the crypto world.

What you say is correct. Usually people refer to the first occurrence of something based on the first public occurrence of that thing. It could have happened before, but no one knows. If suddenly some evidence appears that someone else bought something with Bitcoin before Laszlo, then the public record would be updated to point to that transaction as the first.

You could easily verify that Satoshi bought a pizza, you would only need to have a signed message with the address that paid for it.

Are you sure? How did Laszlo Hanyecz know that no one had done this before? How can we know that Laszlo Hanyecz was the first to exchange bitcoin for real goods? Yes, perhaps he was the first to make a public offer, but there could have been thousands of private deals before Laszlo in which bitcoin was broadly involved. Although bitcoin didn't yet have an "official" price set by the market, it still could have been used in the barter economy among those who understood bitcoin should have some value because of its peculiarities. Perhaps, people, who really believed in bitcoin when it had no market price, didn't want to announce they were participating in the bitcoin economy because they valued their privacy, which is why we have never heard of them. But we definitely have heard of Laszlo who has a public profile and is registered under his real name. If Satoshi Nakamoto, a mysterious creator of Bitcoin, has said he just exchanged his bitcoin for pizza, would you believe him? I doubt it since there is no way to verify that. But in the case of Laszlo, it is a lot easier to verify he had bought something because everything about him is public information.

Lesson?
I'm holding Bitcoins, so I'm not against holding it, but to hold it to the point that you don't need to spend it? Nahhh I don't think that's correct.

That is why it is called crypto "currency" because it is meant to be spent and not to hold forever. Many see Bitcoin as an asset more than a currency and there's nothing wrong with it, I think since many are doing it, but it doesn't mean that we will not spend it at all.

One thing more is that Lazlo didn't think that Bitcoin will go up this high. Did anybody see it coming? That Bitcoin will reach 5 digits at that time when it is relatively new? He just showed that Bitcoins can be used for transactions as long as there is somebody who wants to accept it. Also, don't focus on Lazlo. Ask yourself as well. What did the receiver do to the Bitcoins he got from Lazlo? For sure, he also sold it at a higher price.

You are an optimist, but you're implying to us that it is better to just hold and buy rather than hold, buy and spend it.

It was not just an ordinary trade. It was paid in exchange for a pizza. Although the pizza was actually bought by someone else who paid fiat money to Papa John's, it was actually delivered to Laszlo after paying Bitcoin to the person who made the purchase.

It may sound absurd today, but it was a good use during the time the transaction was made. And Laszlo himself didn't regret it. He loved pizza and made use of his Bitcoin which couldn't bought you anything at that time.

Laszlo was the man! He made it happen!

Sooooo.....it's not a valid offer anymore?
I can't send him a pizza for 10,000 BTC anymore?
What a scam! Lol

It was impossible for him to know that bitcoin will reach 69k atm at that time even if he have held those bitcoins he probably wouldnt wait until 69k was reached to sell them,selling at 100/1000$ range would still make him rich.

At the time that was a pretty convenient offer, because you could basically buy Bitcoins with a credit card. It was very difficult to buy Bitcoin around 2010.

Lazslo wrote the following soon after:


You think the offer is still valid? I'll even throw in extra cheese and stuffed crust.

He definitely could and had been buying pizza with fiat all the time. Laszlo offered to buy pizzas for Bitcoin because it had never been done before.


Here are some photos of the original bitcoin pizza: http://web.archive.org/web/20180524011500/http://eclipse.heliacal.net/~solar/bitcoin/pizza/

Of course he believed and still believes in Bitcoin, he was here from almost the beginning, he mined lots of bitcoins, published the source code of the first GPU miner, and continued to buy pizzas with bitcoin, he even bought more with lightning when that was new:


Here are some photos of the lightning pizza: http://web.archive.org/web/20211102020332/eclipse.heliacal.net/~solar/bitcoin/lightning-pizza/

That is the thing, Bitcoin was not all that precious at the time. In fact, I think Laszlo got a pretty good deal on his bitcoins. According to him, he mined thousands of bitcoins a day and I do not believe he spent more on electricity than buying these two pizzas. Check out this thread, SmokeTooMuch tried to sell 10,000 bitcoins at auction for an initial $ 50 bid just a few months before and no one bid on it. Probably because anyone with an decent PC could mine that much bitcoin on their own in a matter of days.

The thing Laszlo did actually sparked the market for bitcoin, as just a few months later the price of bitcoin had soared to $ 0.25 (which was absolutely unthinkable at the time). And a few months after that, in February of the following year, bitcoin reached its first milestone when the value of one bitcoin equaled that of the US dollar.

Naturally, it is just economically rational to spend "overpriced" money (for example, government-issued currency with artificial value) and keep "underpriced" money such as Bitcoin, the value of which is dictated by natural laws of supply and demand. If something is overvalued, it tends to fall in terms of purchasing power; and it also works the other way around, which is why bitcoin is consistently growing, but fiat is inevitably falling. Therefore, if Laszlo Hanyecz had been a rational actor, he would have bought his pizza for fiat currency, not precious Bitcoin. Either he didn't believe Bitcoin had the potential to transform into something more valuable than government-printed paper, or he had some other motives to spend Bitcoin. We never know that. Either way, his example clearly showed the world that "magic internet currency" is really what it claims to be: a decentralized digital means to facilitate exchanges between two parties.

Sorry but I disagree.
The vast majority of people buy something when they see it going up, which causes it to keep going up. And the jump to panic sell when they see it drop, which causes it to keep dropping.
The irrational majority of the population is what causes stuff to get volatile.
The few who can buy when the price is low and sell when the price Iis high, they are the only ones who help stabilize the price.
You are likely part of the irrational 95%. And you are angry or jealous at those who make money at it while you buy high and sell low.

And money (not currency, two different things) is used to dowhatever you want to do with it.
If you can sit on your money and make it grow, or merelely save for a rainy day, good for you.

If you want to buy a pizza with it, good for you. If you want to invest it, or speculate with it, good for you
Currency, on the other hand is a fraud pretending to be money. And offer forced on you.

You are absolutely wrong!

Bitcoin is not an investment option, it was developed by Satoshi Nakamoto to be a currency. A currency must be used for it to have value ..and for it to gain value over time. It is the speculators in Bitcoin that are destroying it, because they pump the price..take profits and then dump it again.

This "Pump n Dump" strategy are causing extreme volatility that are making it almost impossible for people to use it as a Currency. (A currency needs stability)

Stop looking at Bitcoin as a "Commodity" ....and focus on it as being a "Currency" ....and you will get more benefits from it.  

Definitely worth applauding. Since he made worlds first real transaction of bitcoin he should be remembered as perfect person. Nonetheless today, there is no such transaction happening. I can’t even go and talk to some shopkeepers and buy anything I want for my bitcoin. It’s becoming more or less commercial appearance now where if store accepts it then only you can pay with the bitcoin otherwise just go away! Crypto isn’t about real word application anymore, it’s more or less trade it, gain profits and save for later. That’s all.

Exactly, we see today many arguments about making Bitcoin a legal tender and if that comes true for most countries what would you now want to do with the Bitcoin you are HODLing? spend it. So I don't get this talk of how Laszlo Hanyecz spent some Bitcoin as if it is a crime and let's not forget that what Bitcoin is now is not how it was accepted then and like you rightly said, people still spend millions worth of bitcoin Buying stuffs whatever that might be.

Sorry but I see no issue about how He spent His bitcoin? lets think what happen now if Laszlo did not act like that?
if he did not sacrifice His Bitcoin (though this is only 10% of His total funds) so now for me? actually he is  a Hero of crypto currency.
but of course the perception  of others are different because newbie wanted funds to keep safe, but in the past? they wanted to spend the funds to show people how to use this.

It's all dependant on how we want to use our money like whether we want to hold it or use it to buy whatever we like through bitcoin if it's accepted there.You see that Laszlo didn't have any regret of trading his coins with pizza and same way we see today also like people buying some real estate worth millions with bitcoins so they are using it as money.But if you want to save it then you should hold it for long term waiting for good profits.But we can't say what Laszlo did was wrong.

now and then are different. what Laszlo Hanyecz does is a sacrifice that proves that bitcoin can be an alternative payment on the internet. it can be said that the development of the bitcoin price to date is one of what he was trying to do a few years ago. this is different from spending bitcoins nowadays. in addition, Laszlo Hanyecz also gave the impetus for bitcoin to have value at that time. after all, he is a legend that crypto users should appreciate. however, the perception of bitcoin trading now and then is a different matter.

If Lazlo had decided to hord his coin and if every early adopter all had decided to hord their coin, it wouldn't be where it is today.
So I wouldn't say his is a hero for buying a pizza. A legend maybe, but not a hero. I'm pretty sure you gotta save an old Lady or a cute puppy to be a hero. Buying pizza hardly qualifies, unless it's to feed the homeless or something.
But we wouldn't be here today if it weren't for the early adopters refusing to hord their coin.

I dont understand how people look at that guy foolishly.
[/quote]
Because people are stupid and envious. These days of course I read many comments online, especially of FB, about how stupid Laszlo was, how they hope he doesn't have any bitcoin left, etc etc, why is that? Because those are just poor people, poor both as IQ and financially, and they enjoy reading that kind of news. Where were those people back in 2010 while Laszlo already knew what bitcoin was and he was mining a ton of coins per day? What did they accomplish in their life besides criticizing on social media? Probably nothing. In the meantime Laszlo is part of this community's history forever and we all should be grateful and proud of what he accomplish to do.

But remember that because of this action ? people starts to understand and use Bitcoin for transactions and this also makes bitcoin worth using .

Maybe this is a Bad move as that is a Lot of amount but going back to the time? who really knows that bitcoin will have this huge amount of value?

I still look at this man as a Hero and not just something that misusing his coin.

yes and he did that to help Bitcoin show people its function and with this? they successfully introduced Bitcoin to the world.

I think the title of this thread is wrong,that guy had almost 100.000 Bitcoins when ordered the pizzas if I am not mistaken and that means he used 10% of his stash to buy the pizzas when the value of Bitcoin was really low,so I think he did what he felt to do at that time.It is not wrong to spend money and Bitcoin is a form of money which he used to buy goods,he was smart enough to have saved the majority amount of his stash as most probably he believed the value would go up like it did.

You would really be having that thought considering that it is really used for p2p payment without 3rd party involvement which means that you do really make use of it with that kind of transaction
and to mind off that no one really had expected for its price to climb up that high which i cant really blame that pizza guy and much sure that he had already moved on with that
situation even though this is something that you would really be regretting since considering the value which is totally enourmous or something that you couldnt just ignore
but at least we do have that pizza day here on crypto space because of what he had done. LOL!

One tiny correction. He didn't get the pizzas for free. In 2010 you already needed a pretty high end gaming rig to mine Bitcoin. And you still had to consume a lot of electricity too. I would guess the electricity alone to pay for that pizza was over $25.
Bitcoin incorporates a lot of the values of free market. In in the free market, there is no such thing as a free lunch....or free pizza.
 

Well, the original idea was that bitcoin would be the new everyday currency, so he followed the times mindset. Now it's so valuable and transactions are expensive that no ones want to buy pizza with it, only lambos.

Yes, we already know this but thanks for reminding us once again. It's helpful in case someone is worrying lately due to heavy bears and forgot that they are holding a valuable item (a piece of gem).

Nowadays it's now easy to determine if what cryptos are valuable and can worth more in the future especially if you are an experienced guy in cryptos but back on the days where btc was still new, no one would ever thought that it can rise above to hundred or a thousands of dollars. That is why we have that pizza guy laszlo that confidently spends a whopping of 10k bitcoin only for the two boxes of pizza. Sorry but some of your approach are kinda offensive. You are not respecting the hero or the legend that introduce bitcoin to the world as a legit currency.

This doesn't make any sense.

At that time he was mining Bitcoin with a normal computer, and Bitcoins were basically worthless, so basically he got the pizzas for free.

He actually continued to mine and get more pizzas, even when lightning was new he bought more with it.

Bitcoin is money, you can do whatever you want with it.

People think that he only had 10k BTC and traded it all for pizza. That's nonsense. Most people that say Laszlo made a mistake usually don't know the history of how that happened.

It was actually a great thing to do, not a mistake at all!.

No body said i he was stupid buy Bitcoin with pizza worth 10,000 BTC, the thing is what he did make bitcoin to be popular and people began to know bitcoin and see today his name has be known by people and different set of people, can you believe that with out exchanging bitcoin to pizza some wont have known that can be use for exchange of services, if his bitcoin address is known is part of popularity

I think many people seem to miss, that his bitcoin address was known and after ordering the pizza there was still some 81.000 Bitcoins left in there. So to all the people that would say that he is stupid for buying the Pizza, I think he can only laugh in his Ferraris.

even though he lost 10,000 bitcoins but he deserves credit for carving his name as the person who first proved that he could use bitcoin as a means of payment in the real world. in fact I think his name Everywhere else will be in the world record holder's books. as the first person to use bitcoin and prove bitcoin can be used in the real world.
and what you need to know is that at that time he was able to buy a pizza with 10,000 bitcoins. i think he still has more bitcoins he keeps. he is no ordinary person. Of course he knows the potential of bitcoin in the future. he is just a person who dares to take steps to make history in digital money (bitcoin). he is not the inventor of bitcoin but the first user to transact in the real world with bitcoin. I appreciate him

That's what OP is looking for based on his explanation about Laszlo's pizza purchase.

It was also based on the interview that I've watched about him that he told it directly that there's no regret and you're right, the price of bitcoin wasn't that much before. And the best thing is that he has contributed a lot to the current phase of the bitcoin community right now.

I dont understand how people look at that guy foolishly. One of the constraints broken was the ability to use bitcoin as currency, It does not matter the value it was then. Beside no entity ever precede bitcoin, so it was difficult to believe it would turn out this way. Nothing prove that the pizza seller is still holding the coin and nothing prove the buyer used all the coin he had for the trade.

He took a big step, giving it more value. Maybe if that decision isn't taken by him, even now bitcoin could've been used as a gambling token as well as a store of value for money laundering and darkweb activities. Just because he did such a marvelous thing we're talking about him. He has secured his place in the history with such a huge spending. Before indicating he's wrong we should self analyse what we've done for bitcoin and for its growth???

Today is the day of pizza Bitcoin but nobody do give away of bitcoin to buy pizza in the name of bitcoin, i celebrate my with some bottles of wine and small amount or price of pizza today, what I'm considering is the turns up next year because this celebration have started it will not end and let us try to give and support who does not have to buy pizza in any restaurant or eatery pizza with bitcoin money.

And where would you buy your bitcoins if everyone was hodling and no one was selling?

Many people forget the primary function of Bitcoin. In fact, Laszlo, and others like him, played a crucial role in the early history of Bitcoin. Without them, we wouldn't be here today.

Laszlo's purchase of pizza can't be considered something negative in any way, even despite the cosmic amount that those 10.000BTC are now valued at. On the contrary, this event had a huge positive impact on the entire bitcoin-community and it showed for the first time that for bitcoin you can buy something physical and tangible, which was not there before. This day is a push for bitcoin, without which everything would be different.

Why should Laszlo regret what he did? Those bitcoins at that time were worth very little, and he had a lot of time and opportunities to make up those BTC many times over. Also, most likely, there was a lot of time to sell those btcoins at one of the stages of the formation of this cryptocurrency.

It looks like what laszlo did was quite negative based on your explanation. The guy didn't even regret what he has done and it's the main reason why the exchange of bitcoin into other things has started and has come with a value.
And if anyone has to spend his/her bitcoin, there's nothing wrong with that. Satoshi did even make bitcoin for purchasing and for means of transfer/exchange so, it's okay to spend if you want to and do whatever you want like holding too.

I have the same thought, We do recognize the history of bitcoin pizza because of what Laszlo did before. It is a piece of history that wouldn't be erased in cryptospace. Imagine you are one of the earliest people using bitcoin to purchase in a real world when nobody thought its possible.

Using him as a bad example now means you blame people today using their bitcoin as a sort of payment.

Laszlo bought pizza in 2010, so how can he predict bitcoin will be worth sometime while mining 10k bitcoins is as easy as writing 2 to 3 paragraphs of a children's fairy tale? I don't think one's optimism will grow in just a year, so $41 is worth more than 10k bitcoins in that year.

Laszlo was the first to experience the benefits of bitcoin as a means of payment. Inadvertently he made recognized history.

In my opinion this is wrong in so many ways that I don't even know where to start. Just think what would have happened if satoshi mined all bitcoins by himself and never gave one away. Bitcoin would be worth nothing and this forum would not exist.

That is exactly right.
I am a trader on p2p exchanges. So I sell and buy BTC for a 5% profit margin. And a lot of my customers don't understand why I am selling coin now that the price has dropped so much.
If I sell you $1 of coin, I sell it for $1.05, than I turn around and but $1.05 of coin again. I just made $0.05 of Bitcoin in profit. But they don't understand that. What do they think I do with that nickel?

Two years ago when Bitcoin was at around $10k I sold my $6k of it to buy a vehicle for my work. Had I waited an other 6 months, that $6k of Bitcoin would have turned into $36k.
But I don't regret it at all. I needed a truck for work. There was no way around that. I couldn't have taken it somewhere else because all my money was in BTC.

 

If I could dislike this post or give it negative merits I would. It is so stupid when people give him a hard time for spending his bitcoins on the pizzas. What he did was start off the use of bitcoin as a means of exchange and no one had any idea how valuable bitcoin would become at that time. Someone had to be first and he’ll be famous for doing so for eternity. Bitcoin is a currency and it’s meant to me spent so enough with the don’t spend bitcoin narrative.

Thats the thing so many people miss that point. They automatically think Laszlo bought
Pizzas with all his Bitcoin and that was it, he was never able to buy back the Bitcoin.

Bitcoiners today sell Bitcoin to buy stuff, they buy it back again, we dont 5 years later think
that item cost x times more because of the current market value. As everyone above Bitcoin
has to move, change hands and be used.

In that case, we agree.
To me it doesn't matter if you hodl, day trade, gamble, finance terror, buy dope, whatever.....
All that matters is that you use it. And in time as more people use it, it will become easier to see it as a means of exchange.
It's already used as a means of exchange far more than it ever was in the past. And that use cade keeps growing.
My VPN is with ProtonMail which accepts BTC psyments.

.

Do you even realized what you wrote here? Did you read it? Or was it just a copy-paste without paying attention? Laszlo did something unique in history, he and his transaction will always be part of bitcoin's history and who knows, maybe without Laszlo proving that was actually possible exchange bitcoin for something physical bitcoin wouldn't have become what's today. I have a huge respect for Laszlo.

Bitcoin is money. The money has to flow. Without people using Bitcoin to pay for goods and services we would not be here.
So you're wrong. Badly and maybe selfishly too, in a twisted way.
My opinion is that one should always spend some and keep some. Like with every kind of money. Make use of your money in any form, don't exaggerate, but also don't look back on what would that worth now.
If you don't do this you may end up dying with the regret of being maybe even rich for no use, since you lived your life as poor man.

This is a historical event which we now celebrate and I agree with mk4, nothing is wrong with it. Many of the early adopters of that time sold their BTC  to buy things they have not got since like cars.  Although they sold it early, they've proven BTC to be currency.

Today, you may think you'd regret later when you spend your BTC, so its your choice what ever you do with it. And I hope you really will make it to be the diamond hands that you want. Happy Bitcoin Pizza day!

Actually, today is more like a Laszlo Day. Attention should be on him for making Bitcoin transaction believable. Many of us think (as it's today and now) that Laszlo was wrong to have made that deal because it would've worth a lot in today's world. Truth is that Bitcoin was worth what it was exchanged for then. Not many a people believed then that Bitcoin could be worth a fraction of what it's worth today and that was why it took Laszlo some time to even get his buyer at that exchange. I've read several articles in the past where Laszlo said he didn't have any regret doing what he did then. So, I think we shouldn't cry more than the bereaved on that issue. Yes, quite alright the value is worth a crazy figure now but I don't believe Laszlo would've kept his stash till date and had that benefit. He would've sold off during one of those FUD days before 2017.

I never said you necessarily have to spend your bitcoin. Heck, I mostly don't. But I'm not here telling people what to do and what not to do with their money, because everyone can do whatever the fuck they want with their bitcoin. It's literally none of my(or our) business.

I disagree. Sound money is a lot more than something you use to buy and sell stuff.

Just because you are not buying coffee with your coin doesn't mean it's not money. Have you ever heard to expression: "Sound money chases out bad money."?
Basically, all of us here understand that gold, silver, Bitcoin, and even yack poop are all better money than fiat currency. Yet if I have $20 of coin, $20 of gold, $20 of yack poop, and $20 of fiat, you can bet your keys I will be spending the worthless fiat first and hodl my gold, coin, and yack poop.

People tend to keep what is valuable to them and spend away what they consider less valuable. So bitcoin will at some point be used to buy coffee. We just gave to wait until your useless fiat becomes so worthless that you still will want to get rod of it, but nobody will want it.
And that is what money is.

Is that really a good way of looking at things though? Like, "screw enjoying my life and spending $41 for some pizzas, this money could be worth a lot more pizzas in the future!" That's just dumb.

Look, if he was bullish on bitcoin in the first place, then he likely covered that 10,000 BTC and likely purchased a lot more than that.

So what can we do with our Bitcoins? It for buying the damn things we wanted so he did it right and also Bitcoin wasn't worth that much by that time, so we can't do anything about it for now but he took a part in the bitcoin's history if bitcoin ever accepted as payment by this whole world which may worth more than the money, for some and differs for others.

True that but I think people are more concerned now about that spending because of what Bitcoin is today and its worth but not really the spending. Looking at the worth of those Bitcoin today and the number of pizzas they were spent on is imbalanced if I may say it like that but people have to understand that we cannot compare then and now and people can actually spend because thats part of its essence too, I believe.

People have such a strange mindset that you can only own Bitcoin once, and once you sell your precious bitcoin, you will never own it, because it's just impossible, right? Laszlo still owns enough coins to be a millionaire, maybe even multi-millionaire. No one knows if he bought back the coins he spent on pizza. Same goes for people who sell in a bear market - not every single one of them is panicking and quitting Bitcoin for good, some just accumulate more Bitcoin by waiting for lower prices.

Exactly! Use Bitcoin as a currency, spend it, earn it, save it. Adoption is what can make Bitcoin grow.
Laszlo didn't spend all his Bitcoin on pizza, he had enough left. Bitcoin wouldn't be worth much if only a few guys would have kept all of it for themselves.

I hate people spending their bitcoin sort of being 'demonized', as there's definitely nothing wrong with what the dude did. He publicly showed that bitcoin can actually be used as a currency. Big achievement, if anything.

Well, today is the main celebration of the Bitcoin Pizza day. May 22 marks the 12th anniversary of Bitcoin Pizza Day, a day when the cryptocurrency was used in a real-world transaction for the first time. 


Almost 12 years ago, a Floridian programmer named Laszlo Hanyecz was craving pizza. So, he bought two. But the catch here is, that he paid in Bitcoin in the first-ever recorded real-world transaction using crypto.

Hanyecz announced on May 18, 2010, that he planned to use Bitcoin to buy pizza, preferably two large pies. He was willing to pay 10,000 Bitcoin to anyone who could place an order, collect the cryptocurrency, and bring it to him.

Days passed and Hanyecz was still unable to find anyone who was willing to take up his offer. He was losing hope. But then, on May 22, Jeremy Sturdivant, a 19-year-old at the time, started turning heads on the forum. He accepted the offer of 10,000 Bitcoin for two pizzas, valued at around $41 back then.

Sturdivant purchased the two pizzas and delivered them to Hanyecz’s place in Florida. Laszlo Hanyecz posted on the forum that he had received the pizzas and shared the following photograph with his family.
https://www.businesstoday.in/amp/crypto/story/two-pizzas-for-rs-2260-crores-12-years-of-the-bitcoin-pizza-day-334204-2022-05-19

A big lesson
Do you know your Bitcoin asset can worth more than you could ever image in time? Hodl and buy more since price is down and await the future to decide.
 I'm a Bitcoin optimist!