Topic: Tournament gave 25 bitcoins as prize to last places - page 2. (Read 594 times)

Those other altcoins that have been also cheap before they become popular and then added value came eventually do happens for most and, it's all thanks to bitcoin for which started all of it. But I wouldn't be too optimistic with these utility tokens compared to bitcoin, there's too much discussion to be said on how it's entirely different although I see people that are optimistic on it and that's because they're invested on those mentioned altcoins. But that's it, those that you've mentioned also got their "once upon a time" price journey.

With what we're speculating about those winners, it's most likely sold. They're gamers and probably have seen the worth of it to be good as in-game assets that they can purchase through it. But who knows if one of them have kept even just 1 bitcoin until 2017's bull run or until now, nobody really knows. Soon, if there are enthusiasts and gamers that would like to sponsor, we might even get to see some discussions in the future about 0.001BTC as prize and then how could it be valued by then.

Most of the older users here must have seen this before. It's funny if you compare the 25 bitcoin to today's prices, but the question is did the winner actually kept all his coins? Or maybe he has sold them straight after. Comparing such an old prize to today's prices is a bit misleading, because the 1st place winner could have bought a lot more bitcoins with his 500 USD. It's one thing to get bitcoins as a price money, and something completely different to make the decision to keep them for so long. Now with hindsight it's always easy to make the right decision. You are right that in esports we rarely see crypto currencies being used to pay the winners. I am not really sure why, it's a bit sad because it would further boost the popularity of crypto currencies. But any winner could easily use his price money and buy bitcoins the day after the tournament. There is really no excuse to say now that I wish I had won bitcoins 10 years ago. Everybody can buy them and doesn't need to win a tournament first.

Way back then, that 25 Bitcoins is just like a reward token that worth a few dollar. You can compare to casino utility token like BFG, OWL and FUN which usually just a reward coin for playing. Those 25Bitcoins is surely sold immediately or bet on the casino and consider as nothing since Bitcoin back then is not that worth much.

Some casino still offer this kind of reward especially on Betfury. They reward BFG tokens as consolation prize and USDT and other coins to major winner.

Well it's not shocking for us obviously, but to anyone who is completely new on crypto and read that article, his jaw will drop. Regarding why people don't want to invest on bitcoin, I think it's not because of its growth, but they still don't trust bitcoin. It's just strange when you see bitcoin grows and you decide to not jump in because it's late. Nah, as long as it grows, it's still profitable then. It's similar with blue chip stocks, with their stable growth and quite high price, people still want to invest on it. But why some people prefer stocks over bitcoins? It's just because they don't trust bitcoin. If the issue is too late to join, then they still can invest on other stable cryptos with its cheaper price like ETH or BNB. Trust is still a big barrier for the mass adoption of bitcoin.

Going back on that date, BTC is still like a nonsense thing for most people not until the ATHs came from and I believe it all kicked in on 2017 and that's where the mainstream goes into it eye to eye. And if it's kept on mtgox or somewhere else, there's no way that they can retrieve it anymore and most likely it's just forgotten.

Those people that are working and getting paid in bitcoin, they'll sell for sure but a portion of it is aware of them that they must keep a bit of it in preparation of future pumps.
Someone who's working with a job and is getting paid with bitcoin is likely an enthusiasts if not, then likely forced to just accept it but then the knowledge will start from there and will eventually know the importance of keeping some. Well, as for the players who have received it, just like them who most likely sold it, I've admitted it already that I might even sold it at the quickest possible time if I can.

It's actually a good idea to give such threads or topics to the new ones for them to realize on how big bitcoin have grown over time. I have thought of doing this to those people that have mocked and laughed at me before when I've told them that I'm a bitcoin optimistic guy and sees the great future of it.
Although there's some hate that's being done on me during that time, it's also making me think that it's better to spread love and just give them space.

That is true but the purpose on why I've made this thread is that a decade ago there were tournaments in esports that have given prizes in bitcoin for the last prizes. But it can't be helped and discussions about showing the value before and then is always there. There's no difference though and just as you've said, majority agrees that if all of us have accepted that as a prize, we have probably sold it asap.

I understand that feeling and I've felt that even before. When it's like bitcoin has reached $1k for the first time and people over the internet talking about selling before it's too late, well, the vibes is just contagious. It really can't be helped when we've just held even just around 5 or 10 btc before and how much more for people like you who have held around from hundreds to thousands of it. It also hits me hard.

That's even on a larger scale of prize but that's earlier. I wonder if BFX is still holding that lot of bitcoins in current time.

That latter part is for real. Even it won't take that long but someone who had bought bitcoin at the bottom and sold somewhere at the top or near to that, they're clear winners and I think many have build up that plan when we've approached 2021. Too many newbies by that time and they're wiser I guess than the early adopters who were still like walking in the shadows without guides.

Those were the earliest times for bitcoin. Gavin had made a faucet IIRC that gave out 5 btc per claim and the price of bitcoin during those times weren't really great so we see quantity over quality. But these days, a person would even dream of having just 1 btc.

It is the other way around, giving out BTCitcoin was a promotion to the world when barely anyone knew about the cryptocurrency space, so no, it was not an useless gesture to give out 25BTC for the person who came fourth but an introduction to the gaming community about BTCitcoin which was huge back then.

Never underestimate these gestures which was huge back then as a laughing stock after a decade .

Not really that shocking, I remember when faucets gave 1 bitcoin for free, and you could claim once per day, which means in 25 days you would have this much without ever working or being in a tournament. I remember you could mine bitcoin on your laptop and make more than 25 bitcoins in a few months at most, probably less.

When you go back in time, there was a guy who sold 2 large pizzas for 10k bitcoins as well, very famous thing. So at the end of the day, if we look back at the history of bitcoin, we can clearly see the growth, it's not really a news and it has been known for many years, in fact it's one of the reasons some people don't even invest anymore because they feel they are too late.

It's kind of amazing how people looked at Bitcoin back then to a point that the winners at the top places received dollars while the bottom ranked ones had to settle for Bitcoins
The actual winners are those who held the Bitcoins they won and sold at least after 6–7 years

I'm sure someone brought up this story a while ago, if it's not the same, the point was the same, without a doubt, seeing some things in the past tense in reference to bitcoin leaves you pensive or maybe crying, lol, anyway, here's a contribution with similar cases:

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This other user on my local board organized a poker game and prize 4BTC(+/-)

Topic in Spanish, 2012.
https://bitcointalksearch.org/topic/como-regalar-bitcoins-72258

It really is asking for pain to go back and look at all the opportunities in Bitcoin in the early days.  I couldn't tell you how many hundreds, likely thousands of BTC I paid out to random graphic artists or developers for tiny tasks.  I'd like to think they all held and got rich, but I'm sure they cashed out immediately as that's what people did back then.  Nobody wanted to risk holding the bag if BTC fell to zero.  A shame.  Even I, who strongly believed Bitcoin would be valued in the thousands one day, let people get to me and talk me into selling thousands of them early on to "not be stupid" and "cash out something while you can."  It was easy to fall into that trap of thinking before it became clear Bitcoin was on a path to mainstream acceptance. 

it goes to show that you can never really know the future of a certain asset especially a new one. it can very well goes to the opposite fate for btc, like it can go to being unusable if the technology didn't hit it off in the market. so you can't blame those people who got bitcoins to just sell off right after receiving it.
but if one of those lucky winners just kept his bitcoins, and still remember today his keys and all, i would say, he's one very lucky guy!

People who got bitcoins could have immediately sold them and people who got USD could have bought bitcoins with them. So I think there's nothing remarkable about Bitcoin transactions of the past.

And some people like to show Bitcoin price 10 years ago and today and then build a case that the same rate of growth will happen over the next 10 years. This is unrealistic, because Bitcoin market is reaching saturation, nowadays most of people have heard about Bitcoin, many have considered investing in it. Large bull markets that are responsible for most of Bitcoin's performance are becoming smaller and smaller if you look at the relative increase of their peaks.

Bitcoin will not increase your wealth by 100 times in a few years, and that's okay.

This shows how bitcoin have grown over the years from the scratch. When we introduce bitcoin or when someone wants to learn about bitcoin these threads will help. Particularly for the users who find the volatility of bitcoin big issue. It makes me get goosebumps, because if the first prize winners have kept hold of their winnings it would've turned $10 whereas the last position winners could've turned millionaires if they've kept hold of the winnings. Now we've just one bitcoin worth of prize on special promotions, what a pity 

I agree with your point. Instead of wondering what the winners of the 25 bitcoin did with their winnings, we should  marvel on how far bitcoin has come over the years despite having little or no support from governments and financial institutions.
The winners of the last place prices probably would not have envisaged that the price they had gotten for being in the last place could someday be more valuable than all the other prices combined.
Now, 1 bitcoin is a whole lot to giveaway to even the first place of the competition.

Not only them, but anyone in their situation who is given 25 bitcoins as a reward will spend it right away. Even if they intended to keep it, when the price must have risen in two years, they will sell it quickly. This is just one example of how bitcoin has grown in the last decade. Bitcoin enthusiasts are confident that it will grow even more in the coming years.

This news should serve as a guide to learning how to hold for a long time, but it will only be applicable to the bitcoin community's optimists and courageous members. Those who do not believe in bitcoin development will still sell everything and prefer to keep their money in fiat if they are paid in bitcoin today.

Players at that time were likely not interested in BTC but given this is 2011, they were probably using the paper wallet to award the prize of 25BTC each. It was $41 If they still have them in 2017, they will be scrambling to find those paper wallets inside thier drawers.

In 2011, I think there are only a few exchanges and one could be GOX, so if it's on GOX then they probably sold or lost the BTC already.

It is for sure that no one anticipates that bitcoin will be something else in the next decade and that's why those players have probably sold it just like me if I'm on that tournament to receive the prize. 

Yes, that's still to show the lesson that it's visible how bitcoin has came that far over more than the decade of its existence. With such situations, this isn't just one of the best stories to be inspired of being a holder. I might post the other stories that I'll ever find and encounter in the nearest future.

Thanks! This is even greater information for posting the actual thread of the said tournament and having them named, those players that have been in that placed.

No doubt on that, we even got the faucets that have distributed 5 bitcoins for the early claimants. The value wasn't a lot during that time but yeah, that's it. These earliest days for bitcoin and people who have known it have given the opportunity. But if we look at that opportunity, majority of them wouldn't have thought of keeping it.

I don't think it's about the market's up and down but it's more of about uncertainty that since it's the early time for bitcoin. No one is expecting it to grow as much as it is right now. So, as long as it has a value and price to be sold, I'd definitely sell it. It's not about being naive or unbelieving but it's about the reality on those times.

And we really can't say if all of them have held for a long time, it's really likely that they've sold just as after they've received the 25 bitcoins.

Yeah, it's like a consolation on them and then just probably thought of what the heck they can do with these bitcoins since it's likely that there were just like few exchanges back then.

Yes, there are those people like the Winklevoss Twins and the other early adopters. But knowing that they're gamers, I myself is a gamer and don't really think of matters like this. Those gamers might be younger back then and all they want to have is to play and never think of investments or assets like bitcoin just as they've received them. And as for those people that have completely forgotten their wallets and still wrote back then their seeds, they probably never expected it to grow in today's time or even for the past years.

Just like with what I am saying, you're likely to sell those on that particular time. Nobody knows what will be the future would like for bitcoin. Yeah, 1 bitcoin is more than enough today and how much more for 25 bitcoins but that's back then and the value was lesser and only about two digits.

It's either sold as soon as possible or they've lost it just like what the others are saying. Nobody cares on how to keep their private keys but salute to those that have kept them for more than a decade and bought it wisely before it's grown a lot. We even sold on $1k, $10k, $20k not knowing that by 2021 bitcoin would reach another milestone and ATH of $69k.

Seriously? Wow! Did you bought back then when you've heard bitcoin during that time?

It's possible that the organizer is already aware of bitcoin's existence thus, it's given as a consolation prize. I'm also thinking on how much the organizer or donator of that prize have got by that time. Maybe just more than a hundreds or even a thousands. It would be an amazing search if there will be like authors or news agencies to follow up news like this and have it covered as a content just like what they've covered with laszlo's story.

That's true story. The same as the other contests held in the forum where a lot of bitcoins were given away and just as I've said with these receivers of 25 bitcoins, no one has ever thought on how quick the phasing and growth will be.

It was even thought and said for many times as a scam currency. That's why many have heard of it as much as the early adopters but never obliged because they've heard and followed the rumors that tend to spread negative vibes so, they've missed the opportunity of their lifetime.

You're welcome, this is just one of the many old but gold stories in the community. Props to the organizer or donator who have given it as a prize as I think he's got one goal for that time and that is to give some exposure for bitcoin. And many in our community today is doing it so that many people that are still not aware of bitcoin will have an idea to search for more information about it.

I didn't know about Bitcoin back then, and I haven't heard this story, so thanks for sharing it. Of course, very few people could imagine where Bitcoin would end up in a matter of several years, but it's cool that someone tried giving BTC away as prizes, even if it was for the last prizes. It might be among the very early cases of using Bitcoin. But like the op and some others, I don't think I would have had the patience not to sell the minute it starts costing something measurable.

I have already seen this. I think not here but on social media. The point is very clear. It is the growth of Bitcoin through the years. Bitcoin was once treated as a cheap digital innovation. The demand was not strong. Only a few people knew about it and were willing to buy with a good price. So it was assigned as a last prize. It was even given away. In fact many Bitcoins were forgotten for not having enough worth.

If we look at how Bitcoin grew from a prize for the last placers to worth tens of thousands, it was so quick. There must really be something in Bitcoin.

It reminds me to the signature design contest held by Yobit several years ago, which the 1st winner got 1btc, 2nd got 0.5btc, and 0.25btc for the 3rd^[1]. It might not as big as 25btc at current prize, but it obviously makes me amazed on how bitcoin growing time by time. Luckily I won the 1st prize but yeah I didn't hodl it.

We believe that bitcoin will grow, but who knew it takes so quick! It's pity on the last winner of that tournament, which they might be disappointed to not win the bigger prize, and in the second time, they regret didn't keep the amount. But perhaps they hodled for few months until its price rise a bit and got small profit, but who doesn't that lol.



[1] https://bitcointalksearch.org/topic/new-yobit-sig-design-contest-1-place-1-btc-2-05-btc-3-025-btc-1402351