Topic: From pizza to bitcoins - to factory to bitcoins (Read 265 times)

Every medal has two side, so, if Elon Musk is evil at some point, he has many positive sides. His story gives me motivation, how he was trying to achieve the success, how much work he put to change his fate and become the most successful man in the world, to influence others.
This is good video on Elon - https://www.youtube.com/watch?v=I9D4ifGzndY

I have to admit that your post confused me at first, because the person who bought 2 pizzas was Laszlo Hanyecz, but it is also true that Jeremy Sturdivant was the person who actually bought those 2 pizzas and sent them to Laszlo. He is a person who is not so often mentioned in this event, and some even think wrongly that Laszlo bought pizza directly from the pizzeria.

Of course, some question whether Jeremy should have kept those 10 000 BTC, but few then understood what this was all about.

Think of it like this....

Laszlo Hanyecz spent 10,000 BTC for the purchase of two pizzas. The transaction became known as the first official use of BTC.. and he became a legend after that. You can debate that he was an idiot all you want, but that small gesture sparked a chain reaction that opened people's eyes to the possibility that bitcoins was worth something. 

Now suddenly it was not a silly digital token anymore, but something that had value.... and something that could transfer wealth.  Nobody can take that legend status away from him.... (He is a VERY intelligent individual and he probably made a LOT of money since then) 

you are big fans of Elon musk? Lol. Is like you have realized that that Elon is castigating or making circulation untrue to people, from the day one i noticed what bitcoin i carried out my research to know more about it before i develop much interest on it, it's a welcomed development since you have understand the concept of bitcoin personally.

this a total flashback or a throwback of bitcoin, at that period ten thousand (10,000)  bitcoin is not valid the way it's currently valid now and many people that time was myopic of bitcoin, so in bitcoin development circles always take place within annually interval, that's the reason it's acknowledge to invest in bitcoin anytime without minding the the current price.

Don't you know that even right now we have some people who are walking almost in this path, some years ago around late 2017 bitcoin was around $19,000 and some people who knew didn't invest thinking it won't last, this set of people though the ratio won't be the same as the pizza trading but to me it is just a matter of your reasoning

Haha, I have a feeling that I posted an AMA on reddit  Just kidding, thank you for questions.

In ancient Rome, there was one Thracian slave called Spartacus. He was sent to the gladiatorial training school in Capua where, soon after he escaped with 70 gladiators and took refuge on nearby Mount Vesuvius. Soon, the number of escaped people was 100,000. Spartacus was a leader of runaway slaves that was able to defeat Romans with now called guerrilla warfare tactics. Spartacus and his team become a serious threat for Roman Empire but finally they were defeated.
Spartacus and his story became an inspiration of many writers, politicians, filmmakers. He was a slave but he was never accepting his fate, instead, he was fighting to achieve the freedom and he did it very well because he left his indelible trace in the history, billions of people are dying without notice his life is still remembered.

I think that Satoshi Nakamoto is a modern Spartacus. Current financial system enslaves the people, that's where the cryptocurrencies shine but I am afrad it will end up like the Spartacus, probably like Icarus, it will soar in the skies for a while but finally it will fall.
So, I don't think that it will take over fiat because people can't survive in a decentralized world, they need centralization, a person or a team of persons who will govern them.
I think bitcoin enthusiast people should find a new land (probably artificial land in the ocean) to build a new decentralized country where there will be no government and people use decentralized currency.

That's the generosity of them at that time making such an exchange of service for bitcoin. It might've been just a try, but the both were able to find use out of the bitcoin and get placed on history. More similar incidents might've taken place during those days, but very small have come to light whereas most people find it hard to share looking the growth of bitcoin with time.

No one knew exactly what will happen at that time, and the fellow laszlo only wanted some pizza and see whether he can use bitcoins to pay for it or not. It was a proof that bitcoin, even at that time, can be used to buy real-world items, so long as people are ready to accept it. That simple act that he did, coupled with his willingness to let the world know that bitcoin isn’t just for speculative purposes ended up being iconic and cemented its place in history that we can still discuss up to now.

To promote Bitcoin, Satoshi Nakamoto was the first to give it away for free. Buying a pizza with 10000 bitcoins was also a plus point for bitcoin. Because at that time no one understand cryptocurrency and no one know what is cryptocurrency and the crypto futures. so using it physical market as the first cryptocurrency was a big deal. One bitcoin has come so far today for those small incidents

To many early adopters, it could be really hard to imagine how an unknown online coin worth less than a cent could reach as high as $69,000 after at least a decade. If I were in their shoes, I could have also spent much of my Bitcoin in not so important stuff. Even $100 was probably a wild imagination already to many of those who came to know Bitcoin when it was worth almost nothing. So we couldn't blame those who also sold their Bitcoin when the price reached 3 and 4 digits. Who would have thought a worthless coin invented by someone unknown could become trillion-dollar currency?

1. I'm not sure if bitcoin can replace fiat but if it is one of the complete transaction tools in this world; that may be a certainty, considering the price of bitcoin is so high that it allows a large transaction and as one that will become a means of everyday transactions is an altcoin whose price is lower or a stable coin.
2. I think it is clear and many have reviewed it in this forum as Blockchain is a distributed ledger system that is decentralized and does not require trust or trustless, meaning that no party participating in the Bitcoin market needs to build trust with each other in order for the system to be trusted. can work well.

He was probably was the one who proved Bitcoin could be used to buy something
physical. "Pizza Day" is a celebration of that historical event. The general thinking
back in the baby years 2010, 2011, etc. was not that of HODLing as it is today.
Very few people back then could see Bitcoin priced at $69,000.

People today are still spending Bitcoin as in the case of El Salvador.

A balance between spending and HODLing IMO is beneficial but unfortunately
spending I fear means Bitcoin filters up to the whales and elite who only see it as another
part of their wealthy portfolio, the ones who dont need to own or use Bitcoin for the
reasons it was created.

Fair enough.

Follow up questions,
- How do you see bitcoin as a payment method? Is there a chance it could take over online fiats or CBDCs?
- What are your thoughts on the decentralized nature of the Bitcoin network? and how is it compared to the traditional payment system?

Lack of foresights has cost a lot of early investors the opportunity or security of a lifetime. Meanwhile, a few investors who saw the need to hold on a potential new world order and innovation have been the beneficiaries of these silly mistakes and lost chances to a stable lifestyle.

Supposing most of these guys are alife up till date of which, many of them would becuass, its just a decade ago although, a lot can happen in a decade, it would be such a pain in the axx on what they would feel with the current market condition. Perhaps they could still dig in and hope for the best becuase, bitcoin isn't done with the world just yet.

It's very different from the traditional payment methods and I like innovations very much. Bitcoin is an innovation, it's a base on which all the other cryptocurrencies come into existence. Without innovations we would never develop and reach this level of quality of life. We live like an emperors at past.

You can easily find traditional answers online but I have a very different opinion on this task. I think that the value of money is a psychological factor. Why does USD values more compared to Iranian Rial? Aren't they made from the same paper? What's the difference between the material of $50 and $100? The only difference here is just numbers, nothing more. Can you tell me why some countries have their own national currencies? Why don't everyone use the only one currency? That's because this is where the money is made from the government. Countries with their own national currencies can print money, which, in fact, is a debt that we have to pay. If country X uses the USD, it won't be able to print money.
That's what I think, all of these things are created manually to manipulate people and make themselves reach. But of course they'll tell you that there is an economics of country behind the value of currency, supply/demand, gold and other meaningless phrases.

Well this Pizza Day is still celebrated all around the World. Which does mean that even though the guy paid a lot lot lot more than what anyone could have ever paid to get a pizza for the long term, still he is recognized and celebrated all around the world and I do believe that this was a stepping stone. Giving the whole community a day to celebrate.

The whole journey of Bitcoins have been astounding but for the the most astonishing bit is the growth of Bitcoin during the pandemic. How the companies continue to flourish and how the campaigns are still going despite the whole covid 19. Plus it's a huge opportunity for the gambling companies right now especially the ones associated with Bitcoins and other cryptocurrencies since they are the ones who are getting a step ahead since government are flourishing, they are gaining taxes from there and more and more regulations are along the way. The whole idea is about bitcoins integrating itself the economy, which is getting stronger every day.

When Jeremy purchased Pizzas back in 2010, bitcoin was not a known name like it is today. So he is glad that he was able to spend bitcoin for a real world item back in 2010. In many interviews Jeremy said that he doesn't regret about that purchase. Obviously he would have become a multi millionaire by now, but back in 2010, Jeremy surely didn't expect that to happen!

But now many people know that bitcoin is an accumulation game. The more you can accumulate, the better the future would be! The adoption is increasing day by day and today's price of bitcoin will look like a dream 2 years down the line. People who are thinking that bitcoin is too costly, would regret for not buying! That's the game and I welcome you to the arena.

Since you specialize in finance and work in a bank, could you explain to us all what is money and how the "price" of money is discovered? Having created the first-ever decentralized digital money, Satoshi Nakamoto didn't try to attach any price to bitcoin, he didn't try to exchange it for dollars or pizzas.  Instead, he was sending bitcoin for free to people willing to accept it voluntarily. That is the key point. Satoshi Nakamoto knew that the price of bitcoin could only be found when people make mutually-agreed voluntary exchanges. Naturally, there always must be some starting point, the first-ever exchange where yet-unknown money is exchanged for real goods or services. Without that first exchange, there would be no others.

I wouldn't say "no one wanted" since there was already a group that were into it after the genesis block. Satoshi knew it would have a huge impact and some believers in the early days but I don't know if they predicted what the price would be like this after more than a decade. You can try and dig more into the pre-2017 topics.

Have you read about the guy who threw his hard drive with BTC on it?

P.S.
What made you interested in crypto?

So, this is my first thread here. My specialty is Finances and I work in bank but I'll be honest and say that I wasn't interested in cryptocurrencies before this year (I am a huge fan of Elon Musk but hate what he does with Dogecoin).

Okay, so, I spent some time in reading the story of Bitcoin and discovered the legend of Bitcoin Pizza transaction that takes roots from this forum.
Man paid 10,000 bitcoin in Pizza
The market cap of Papa John's International, Inc. (PZZA) stocks is 4,672,398,025 USD and each share costs 128.49 USD.
10,000 bitcoin was equal of 41 USD at that time. Right now it costs 652,367,000 USD. It's still not enough to buy the Papa John's pizza company but he could at least own 1/7 of the company, one of the fourth largest pizza delivery restaurant. One 10x rise and he will be able to fully buy it

Who knew that this would happen? Who knew that these tiny bitcoins, that no one wanted, would conquer the world? I'm just watching that thread again and it amazes me. There will be a queue from one end of the earth to your house if you give away 620 million USD but that man hardly bought pizza with that money back in 2010.

Centuries ago, there was a myth about ancient Egyptian gods, Greek gods and after centuries, I believe the same value will have the story of Bitcoin Pizza Transaction.