Not everyone was stupid enough to buy a pizza with thousands of mined bitcoins.
that's a transaction that deserves everyone's respect. we might not be here if it hadn't happened.
Ok, maybe, but it was also a transaction made by someone that never believed bitcoin would be worth very much. Just like all the 50 btc VIP forum members. Either that or all the VIP members really did want to spend $50,000 to impress a bunch of strangers.
Whoa, whoa, wait a minute. That's not true for everyone, and even laszlo possibly had an inkling of an ulterior motive with his purchase. Did you ever read laszlo's account of Satoshi's response to him having started GPU mining?
Here's a link.
Basically, laszlo had mined far more than the 10k coin using a GPU. Satoshi encouraged him that a more widespread adoption would help grow the network and adoption rates. Here's what he said (we don't really have proof this was Satoshi, but laszlo didn't really have reason to make it up)
3-4 years ago there were less than 100 people frequenting this forum, and I was pretty happy to trade 10,000 coins for pizza. I mean people can say I'm stupid, but it was a great deal at the time. I don't think anyone could have known it would take off like this.
He claims he's sold out all of this coins, but he very well may have stashed some away that he holds onto and just tells people its all gone. That's what I would have done had I been lucky enough to be one of the first GPU miners. I mean, imagine all the people that had at least 100 bitcoin when it hit $1000 in 2013. Were they stupid for having sold at least some of it? If you'd asked that question in 2014 or early 2015, the answer would have been a definite "no". But by today's standards was it stupid? Maybe? It's hard to say with the price where it is. Five years from now? Probably, but we're still not sure, network dominance in the cryptocurrency space might be a fleeting prospect.
I get what you're saying, though, it's unlikely that Laszlo repurchased or started GPU farming coin at the $2 bottom in 2011, or at the $160 bottom in early 2015, but how many people are really that good at timing anyway? He had a family and wasn't going to keep GPU mining or FPGA mining and his time was probably better invested elsewhere than paying attention to Bitcoin. Not everyone can spend every waking minute on Bitcoin, after all. I guess my contention is with calling him "stupid", he got what he wanted out of it, can't fault him for that.
I donated 10 BTC to help out the forum in 2012, so I'm an idiot as well, right? Now I don't own a single coin to my name because I spent all $10k worth of that coin I ever owned on the forum... I promise!