Today in history: The first recorded Bitcoin exchange went live - page 2.

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Quote from: Darker45 on October 05, 2023, 09:20:07 PM

The initial price wasn't $1.00 but $0.00764. $1.00 was already equivalent to 1,309.03BTC. Wow! So, if you were able to buy a dollar worth of Bitcoin 14 years ago, you would already have a staggering $36,034,846.94 today. Who would have imagined that? That's just in a matter of 14 years. Nothing can beat Bitcoin's price growth.

That is insane, just imagine having that kind of wealth, all the opportunities & things that it could bring you. Obviously there are far, far diminishing returns now but bitcoin is still a lifeboat to save you from inflation & the general imminent collapse of fiat currencies. The best time to get into bitcoin was at a like similar to the post I quoted but the next best time available to us is NOW.

pinggoki

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Quote from: 3kpk3 on October 06, 2023, 02:09:10 AM

Very interesting. I never really thought about the first BTC exchange which is a piece of history now. Most people who traded in that exchange back then probably never thought in their wildest dreams that BTC would rise to insane heights.

Funny seeing so many people in this thread thinking that they could easily HODL their stash if they purchased BTC back then until it's recent ATH.

They probably have an idea that there's a possibility that bitcoin will go up in prices, I mean they're trading in exchanges and with those movements, pretty sure it's a cause for the prices to go up and I am sure that the people back then knows more about bitcoin more than any of us. It definitely is funny although we would never know the power of what ifs these people are saying, some if not most of them will probably be all talk but I am sure that there will be a handful of those people that have these what if delusion would be able to do the walk.

Z-tight

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Quote from: Kakmakr on October 06, 2023, 12:54:59 AM

These are just some of the negative things that were introduced with the Exchanges coming into the Bitcoin scene. (Not your keys.. not your coins) Tongue

You are right, overtime centralized exchanges came with a lot of negative things, the worst of them all is that many of these centralized exchanges do not care about BTC, which is the reason why they are in business; they just want to make profit, and they will do that either through fractional reserve scam, placing a high withdrawal fee on SegWit tx's just as Binance does or deceiving people into buying or withrawing through their shit coins or tokens.

I know that the people who use centralized exchanges are more than those who use p2p exchanges, but the stupid thing they do is to store their funds in the exchange and they get burnt with them whenever one exchange or the other bites the dust.

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Quote from: adaseb on October 05, 2023, 11:09:50 PM

Yeah we all feel dumb not for throwing a couple bucks at this bitcoin thing back in 09. I think you could of easily got many bitcoins for free if you just mined with a standard GPU back then.

There was also a website where they gave you a free bitcoin every 24 Hours. You just needed to solve some captcha and that’s it. Basically had no value back then hence it was possible.

Many feel the same but we cannot do anything about it anymore since we also don't know bitcoin will go for this far. If many investors just new that bitcoin would ever reached on 5 digit price for sure many of its old accumulators will hold their bitcoins or they will not play around with it and save for future. Faucets are also available which gives huge bitcoins before and if many would notice that they have a chance to became rich just for solving captcha before for sure all of those available website will be used by many and save the balance they acquire.

But we cannot do anything with and that's part of history. Since now bitcoin is really well revolutionize we can safely say that more better future will come to it and those people will believe for it on second time again might be lucky to earn in future since bitcoin supply is limited and more people would provably want to have it.

3kpk3

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Very interesting. I never really thought about the first BTC exchange which is a piece of history now. Most people who traded in that exchange back then probably never thought in their wildest dreams that BTC would rise to insane heights.

Funny seeing so many people in this thread thinking that they could easily HODL their stash if they purchased BTC back then until it's recent ATH.

Synchronice

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Quote from: Despairo on October 05, 2023, 11:16:36 PM

A good old days where the UI is still very poor and looks like a scam website nowadays Cheesy

However I wonder why this exchange is shutdown? if this was the first exchange, isn't many people will use this exchange? just like how Bitcoin become the biggest coin among other cryptocurrency, one of the reason Bitcoin is the first cryptocurrency.

To be honest, many scam websites have better UI compared to legit services.
By the way, nor Google, nor Facebook and even nor Bitcoin was the first one in its niche, so you shouldn't be surprised that first bitcoin exchange didn't get popular. I assume the story of first cryptocurrency will attract your attention, so here is the article about that - What Was the First Cryptocurrency?

Quote from: franky1 on October 05, 2023, 11:18:16 PM

i wonder what people will be screaming in future years about the 2023 opportunities

I guess, many people will invest when bubble is going to burst. People only see light when it is about to burn.

retreat

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If we bought bitcoin at that time with 10 USD, now we would get 360 million USD, that's crazy in my opinion. This is enough to prove how Bitcoin has grown very rapidly from 2009 to 2023 and has become a valuable digital asset that people use.
I also see that in the future Bitcoin will continue to grow and will reach more people and we can imagine how much value Bitcoin will have in the future if Bitcoin adoption continues to increase.

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Man, it's crazy to think that Bitcoin was practically given away back then. If only we could hop in a time machine and spend our $1 wisely, right?

I mean, just picture it. With that $1, you'd have snagged 1309.03 BTC, which is worth a whopping $35,989,089.79 today! I'd be out there retiring early, living the dream. Haha, it's all daydreaming, but I'm sure most of us have had those thoughts, especially now that we can see the price.

Hats off to those early investors who've managed their money wisely. They've got quite the retirement fund now!

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Quote from: nakamura12 on October 05, 2023, 03:52:12 PM

Not that I am interested very much with that exchange but I have a question, Is it still running up until now?. If it is then I think that's the oldest and running exchange until now just like freebitco.in. I don't know about their forum account though but as I have seen it where it is already inactive for a long time which is on december 5, 2012. So many things have happened in Bitcoin history like the price before compared to price today.

If I'm not wrong then there is a website with same name claiming that they are the ones who started the exchange back in 2009. But, I really doubt their claims because the website was indexed on Google in June 2022 and the domain was registered on 2022-03-07 which seems a fake site to me.

Here's the URL of that site: newlibertystandard.io

I have also found that someone has registered a another domain name newlibertystandard.com on 2019-04-09 but I believe that both of those are just created by someone who knows that there was an exchange named NewLibertyStandard back then and they aren't the real owners of the NLS.

Kakmakr

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Now here are the conundrum, do we celebrate the centralization of money exchange from Fiat to Crypto (Bitcoin) or visa versa... OR do we regret the move to the centralization of Crypto currencies. Huh

Yes, it was inevitable that it would have gone that way... but centralization come with a lot of negative connotations, namely :

1. Creating honey pots for Hackers
2. Institutional corruption and centralized failures. (MtGox)
3. Market Manipulation (Fake trading volumes ... )
4. Higher fees (Exchanges add additional fees for the trades)
5. Introduction of an intermediary and the reliance on them.
6. Destruction of Pseudo anonymity (KYC)
7. No control over your own coins (Private keys)
8. Censorship of use... (They do not allow certain transactions)

These are just some of the negative things that were introduced with the Exchanges coming into the Bitcoin scene. (Not your keys.. not your coins) Tongue

Odohu

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Quote from: TravelMug on October 05, 2023, 03:12:55 PM

How time flies, on October 5, 2009, fourteen years ago, we have witnessed the birth of the first Bitcoin exchange, - The New Liberty Standard (NLS).

You can see the profile here for those who are curious: NewLibertyStandard.

And this is their post about it:

https://bitcointalksearch.org/topic/m.111

https://www.bullionstar.com/blogs/ronan-manly/dawn-of-bitcoin-price-discovery-2009-2011-the-very-early-bitcoin-exchanges/

It was interesting reading through those threads, it shows how much we have evolved in this journey. As expected, Bitcoin critics showed up to discourage people from buying Bitcoin.

Quote from: TravelMug on October 05, 2023, 03:12:55 PM

So from the initial price of $1.00 to our last all time high of $69,000. And it could be higher in the next bull run as there are predictions that we can reach as high as $100,000 bare minimum 2024-2025.

It is becoming increasingly difficult to know how high Bitcoin will go in the next bull run because a lot of factors are at play now. Unlike those early stages, the market has become highly liquid and to move the market by one pip requires so much capital. Nevertheless, it is certain that will see some growth in coming months considering rhe series of activities lined up that are all favourable for a bullish season.

Die_empty

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Quote from: TravelMug on October 05, 2023, 03:12:55 PM

How time flies, on October 5, 2009, fourteen years ago, we have witnessed the birth of the first Bitcoin exchange, - The New Liberty Standard (NLS).

The birth of centralization? This was the beginning of many exchanges that have caused so many problems in the bitcoin ecosystem. The existence of centralized exchanges negates the goals of bitcoin. No doubt they had spread bitcoin awareness but bitcoin was created to exist without them. Nevertheless, the date is an important historical landmark.

Quote

So from the initial price of $1.00 to our last all time high of $69,000. And it could be higher in the next bull run as there are predictions that we can reach as high as $100,000 bare minimum 2024-2025.

Looking at the price history of bitcoin might lead to regret. Some people had the opportunity to buy but underrated the investment. The price growth over the years is also indicating that the future will be greater. So anyone who seizes the chance to buy now will not regret it in the future.

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Quote from: adaseb on October 05, 2023, 11:09:50 PM

Yeah we all feel dumb not for throwing a couple bucks at this bitcoin thing back in 09. I think you could of easily got many bitcoins for free if you just mined with a standard GPU back then.

alot of people felt dumb to not throw a couple bucks at this bitcoin thing in the 2014 correction
alot of people felt dumb to not throw a couple bucks at this bitcoin thing in the 2018 correction
alot of people felt dumb to not throw a couple bucks at this bitcoin thing in the 2022 correction
i wonder what people will be screaming in future years about the 2023 opportunities

Despairo

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A good old days where the UI is still very poor and looks like a scam website nowadays Cheesy

However I wonder why this exchange is shutdown? if this was the first exchange, isn't many people will use this exchange? just like how Bitcoin become the biggest coin among other cryptocurrency, one of the reason Bitcoin is the first cryptocurrency.

adaseb

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Yeah we all feel dumb not for throwing a couple bucks at this bitcoin thing back in 09. I think you could of easily got many bitcoins for free if you just mined with a standard GPU back then.

There was also a website where they gave you a free bitcoin every 24 Hours. You just needed to solve some captcha and that’s it. Basically had no value back then hence it was possible.

Dave1

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Quote from: nakamura12 on October 05, 2023, 03:52:12 PM

Not that I am interested very much with that exchange but I have a question, Is it still running up until now?. If it is then I think that's the oldest and running exchange until now just like freebitco.in. I don't know about their forum account though but as I have seen it where it is already inactive for a long time which is on december 5, 2012. So many things have happened in Bitcoin history like the price before compared to price today.

Obviously, it's not running anymore as far as I know. And for sure if we can go back in time and buy $1.00 = 1,309.03 BTC then we will do it.

The thing with Bitcoin is that everything is recorded in our community, so that we can see how it really evolved since the inception and we can only wish that we are one of those early adopters so that in just a span of a decade or more, we can simply be a crypto millionaire. However, it's not too late for us, we can still accumulate any amounts that could translate into profits in the next decade or so.

Darker45

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The initial price wasn't $1.00 but $0.00764. $1.00 was already equivalent to 1,309.03BTC. Wow! So, if you were able to buy a dollar worth of Bitcoin 14 years ago, you would already have a staggering $36,034,846.94 today. Who would have imagined that? That's just in a matter of 14 years. Nothing can beat Bitcoin's price growth.

But that's the initial price as far as the New Liberty Standard (NLS) is concerned. I have read many times that the first fiat value of Bitcoin was merely $0.00099. That was also in 2009 when Sirius here traded 5,050BTC for $5.02 over PayPal. So, that's probably the first BTC-fiat exchange, although that wasn't done on a platform like NLS.

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New Liberty Standard exchange is mentioned there too: https://bitcoin.zorinaq.com/price/

Quote

On 2009-10-05 the market price of Bitcoin is first established at $0.000764/BTC by New Liberty Standard, the first Bitcoin exchange ($1.00 buys 1309.03 BTC.) The exchange rate history is available at two archived pages: first, second. Their last known exchange rate is $0.005472/BTC on 2010-03-02.

First: https://web.archive.org/web/20100428024753/http://newlibertystandard.wetpaint.com/page/2009+Exchange+Rate
Second: https://web.archive.org/web/20100301174241/http://newlibertystandard.wetpaint.com/page/Exchange+Rate

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Quote from: nakamura12 on October 05, 2023, 03:52:12 PM

Not that I am interested very much with that exchange but I have a question, Is it still running up until now?.

Not anymore, the mentioned user is not active anymore since late 2012. And i see no site is up with that name.

Here is the last archive^[1] of the website

[1] http://web.archive.org/web/20100427033445/http://newlibertystandard.wetpaint.com/page/Exchange+Rate

nakamura12

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Not that I am interested very much with that exchange but I have a question, Is it still running up until now?. If it is then I think that's the oldest and running exchange until now just like freebitco.in. I don't know about their forum account though but as I have seen it where it is already inactive for a long time which is on december 5, 2012. So many things have happened in Bitcoin history like the price before compared to price today.

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