What was he doing with 0.48 cents? | Bitcointalksearch.org

tjtonmoy

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Quote from: LDL on February 25, 2023, 12:23:51 PM

Now my question is what did the man do with only 48 cents.

I think he was just a newbie. Who bought at high and when the price went downhill, he got panicked and sold all his holdings. And if you compare that price point in that past with today's price, then that won't work. This is just another story, same as pizza day. You never know the future, and this is common mistakes among newbies. I know a story of my friend who bought BNB at the rate of $7 and gave it away to some people when the price went down. If you calculate that to it's ATH, it will almost $2k now.
It's just fate IMO.

lassdas

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Quote from: cafter on February 26, 2023, 12:09:06 PM

...he may had bought more...

There was no real reason to buy more back then though,
it was just a matter of letting your CPU crunch some numbers in the background for a couple of hours to mine a bunch of blocks worth 50btc each.

Even my HP Omnibook with a Pentium-III 1000 (which was already quite old at that time) mined a few blocks a day in 2010.
I guess the first RaspberryPi could have done the job too, but that didn't even exist until 2012 (i think?).

It's not like bitcoin was some kind of investment-asset like it is today, more of a toy for us nerds to play around with.
And we did.
And it worked.
And it still does, isn't that great?

cafter

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Quote from: LDL on February 25, 2023, 12:23:51 PM

Sold 160 bitcoins at $0.003 per bitcoin, the lowest price in bitcoin history. The incident took place 13 years ago today i.e. on 19 February 2010. Someone sold 160 bitcoins for just 48 cents at the lowest price.

Now my question is what did the man do with only 48 cents.

https://twitter.com/pete_rizzo_/status/1627626818390859776?s=19

Today bitcoin price $23100 at my post time
13 years ago bitcoin lowest price $0.003
Now price pumped=23100/0.003=7700000=7.7M times than 2010

he may had bought other more bitcoins when, he may saw that bitcoin pump to 1 cent , but this time he may had bought more than 160BTC or more than worth 48cents.

if he was lucky enough than may he is now a millionaire .

Rikafip

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Quote from: John Abraham on February 26, 2023, 11:15:58 AM

Oh wow!
Really? Was it theymos? Please refer to any thread or source where I can find more information. I am a bit curious about it.

Yep, theymos admitted it some time ago in reddit AMA (which is also very interesting btw I suggest you read it) and then like a week ago someone twitted about it as it was 13 years anniversary of that sale which started all this.
There was another thread opened yesterday on the same topic so there you might find more info: https://bitcointalksearch.org/topic/m.61815602

dothebeats

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There's a high chance that those few cents were flipped into hundreds of thousands and the buyer never looked back. Or sometimes, people tend to forget that they have some bitcoins lying around and ended up losing all the stash because they can no longer remember it. Whatever the case is, the most probable answer is that they no longer have that in possession. At least they experienced buying every bitcoin that they own at an extremely cheap price, something that not everyone can brag about Cheesy

John Abraham

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Quote from: Rikafip on February 26, 2023, 07:47:17 AM

By the way, that person is theymos.

Oh wow!
Really? Was it theymos? Please refer to any thread or source where I can find more information. I am a bit curious about it.

Quote

instead of praising that move as without those early adopters who were willing to buy/sell bitcoin we probably wouldn't be here today. I mean, what would be the point of bitcoin if people just mined it and never use for anything?

I agree with you. It looks like an incident right now, but we wouldn't be here without those moves. Someone has to do the transaction to buy/sell goods. I don't know if this one was the first-ever transaction. But, indeed, this one lets everyone know that it has value and you can also sell it. We don't know how long bitcoin will be there and how much it will be worth after a few decades.

Imagine you spend a whole Bitcoin on a gambling website, and you lose it. After a few decades, you are telling the story to your grandson. Bitcoin is worth a million or more at that time, and he will think the same. He will say you made mistakes by gambling the Bitcoin, and it will also look like an incident.

Coin_trader

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I don’t understand the point on asking what people did on the time that Bitcoin is still new. There’s no certainty back then and obviously most of the people will do the same like we are doing on shitcoins right now that we sell on low price. He doesn’t have crystal ball to predict the future and also there’s no guarantee that didn’t buy back few years when Bitcoin a move. That kind of Bitcoin amount back then is almost nothing and he sells that as if nothing too.

Let’s thank them because they start Bitcoin trading by selling Bitcoin for small amount to create a exchange flow.

Mr.right85

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Quote from: LDL on February 25, 2023, 12:23:51 PM

Sold 160 bitcoins at $0.003 per bitcoin, the lowest price in bitcoin history. The incident took place 13 years ago today i.e. on 19 February 2010. Someone sold 160 bitcoins for just 48 cents at the lowest price.

Now my question is what did the man do with only 48 cents.

13years ago, that's pretty much a long time to consider and such an early stage for bitcoin. People must have done certain unbelievable trades given by how easy it was to get them coins at that time and with the innovation still coming to light, people have got to try it out, to see how real it could get.

It's something to be curious though as to, what would have been the motive for setting the target at 48 cent. Like, what would he or she have wanted 48 cents for. I just can't imagine it but, what's playing in my head now is that, he possibly would have wanted it to balance up a purchase or service.
Looking forward to today, its such a waste!

SOKO-DEKE

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Quote from: LDL on February 25, 2023, 12:23:51 PM

Sold 160 bitcoins at $0.003 per bitcoin, the lowest price in bitcoin history. The incident took place 13 years ago today i.e. on 19 February 2010. Someone sold 160 bitcoins for just 48 cents at the lowest price.

Now my question is what did the man do with only 48 cents.

https://twitter.com/pete_rizzo_/status/1627626818390859776?s=19

Today bitcoin price $23100 at my post time
13 years ago bitcoin lowest price $0.003
Now price pumped=23100/0.003=7700000=7.7M times than 2010

I think that a lot of people who sold their Bitcoin at a lower price at that time might not have known that it might go up to this high level; otherwise, they might have had to wait until now. And for this reason, everyone should do more research before investing, especially in the cryptocurrency sector, to avoid having a major regret later. After ten years, I think a lot of people will still look back with regret because they didn't realize that the price of bitcoin could rise steadily. However, if those that sold Bitcoin in lower price had good purposes why it sold it, it may not be a regret to whosoever. So to my own understanding Bitcoin investment need patients that why is always good to use the money that you will not use in short to invest in Bitcoin, if truly you need the huge profit.

Rikafip

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Quote from: LDL on February 25, 2023, 12:23:51 PM

The incident took place 13 years ago today i.e. on 19 February 2010. Someone sold 160 bitcoins for just 48 cents at the lowest price.

I am really curious to hear why do you call the first ever recorded bitcoin sale "incident", instead of praising that move as without those early adopters who were willing to buy/sell bitcoin we probably wouldn't be here today. I mean, what would be the point of bitcoin if people just mined it and never use for anything?

By the way, that person is theymos.

juhobtc

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Quote from: LDL on February 25, 2023, 12:23:51 PM

Today bitcoin price $23100 at my post time
13 years ago bitcoin lowest price $0.003
Now price pumped=23100/0.003=7700000=7.7M times than 2010

I have coins that cost maybe even less, I didn't sell them and now they've just scamed, so it's hard to tell what will happen in the future. I know it's stupid to compare these shitcoins with bitcoin, but we are so smart now, and at the beginning of the journey, many turned off the right path.

michellee

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Maybe the 48 cents were spent and not left. I think it's normal for someone to sell their bitcoins at a very low price in 2010 because many people didn't expect that bitcoin could reach $ 23k and even $ 59k once. But if they could look into the future and see the price of bitcoin at its last ATH price, I bet no one would want to sell bitcoin from the first time they got it to ATH. Bitcoin always surprises many people, especially long-term bitcoin holders, so you also have to be able to hold bitcoin until you reach your highest target price.

crypticj

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Bro didn't want to loose his $0.50 cos he thought bitcoin will go lower Grin

paper-hards of the century.

Sarah Azhari

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Quote from: LDL on February 25, 2023, 12:23:51 PM

Now my question is what did the man do with only 48 cents.

Maybe buy some candy.

But, this will also happen to us today, as you know we got about ±0.002 - 0.004 BTC payment each week, and maybe we can use to buy some food or any kind of small goods today. but with that ±0.002 BTC, maybe in the next 13 years, [the logic] is we can buy Cybertruck - Tesla or Lambo when we compare between time, right?

jeraldskie11

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Quote from: drwhobox on February 25, 2023, 06:10:24 PM

Now I want to ask why everyone sold doge or other coins at so low prices.

As Doge is merely a meme coin, nobody will ever buy it, in our opinion. Unaware that the price would soon approach $1, my friend recently gave away all of his Doge. And because he has no balance left before the price jumps that much, I know it's a big loss for him. I'm relieved that it won't have an emotional impact because he is concentrating on his objective. He makes a lot of money trading since he is skilled at it.

Quote

!2 years ago how many of the people knew the potential of bitcoin and who thought that bitcoin will even go to 100$. The person who sold bitcoin maybe one of those who was not lucky to hold the coins unintentionally or intentionally.

The price of $100 BTC is still low, but at the time, I believed that it was unsafe to invest in BTC because it was at its peak and many holders who had purchased it when it was cheaper, sold it after making significant gains without realizing that the price would rise further. I started investing in cryptocurrencies in 2016 when bitcoin was trading at around $6000. At the time, I had bitcoin, but I sold it because I didn't think it would ever rise above $50k because I was still thinking that it couldn't possibly increase. I'm sad that sold it for such a low price, and I learned that much this time.

Adbitco

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Well to me the answer to this is "You don't expect everyone to keep holding".
Yes this is true, as then people never believed on the vision of bitcoin what it would yield today, as a matter of fact even if it was you it would have been the same. Comparing 13 years ago nobody believe it would be a precious gem.
I think I have came across some post where some wasted $127m worth in btc on his harddisk where it was dump at packing site and many research have been carried out to recover those hardware or harddisk thereabouts but couldn't have any access to it again.
I will find back to post and update here back.

Edit..
Please read full story here.

kamvreto

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MAaaN...!! CUT THAT STUPID SHIT

Quote from: NicNacCoin on February 25, 2023, 02:45:11 PM

13 years ago if he had taken bitcoin predictions so seriously he would never have sold 160 bitcoins for only 48 cents. He made history by selling 160 BTC for 48 cents 13 years ago at the lowest price in Bitcoin history.

13 years ago bitcoin lowest price was $0.003 /BTC
13 years later now bitcoin current price $23000/BTC
Now he gets=160×$23000= $3680000

Accurate calculation, but did you not count on the last ATH price reached, 160BTC x $68,789 = $11,006,240. amazing for the price and would make him a rich man selling it now. But if we have to look back, the decision to sell at $ 0.003 at that time may have been a good decision in his opinion, he may have been satisfied with it and become a great history. I have in the past even sold tens of Bitcoins for under $3000 and I have never felt disappointed because that is part of our journey while dealing with bitcoins. Compared to losing bitcoins due to careless actions such as throwing away hard drives containing thousands of bitcoins, but have not been found until now. it will hurt even more because it will give a lot of hope that will never come true, when it is gone then only numbers can be seen without being able to do anything.

Godday

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Wow! that's a Crazy. if only he wants to hold those coins for 7 years of course he will get 160x5000 = $ 80,000 !! A thousand times what he had earned! I can't imagine if I was in his position. I don't have words to describe how I feel if I do that and I'm in this year. That's crazy man. But I'm sure he also has his reasons for doing that. Just like people who have sold their coins and then some time later the price has increased tens or even hundreds of times than when he sold it.

drwhobox

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Now I want to ask why everyone sold doge or other coins at so low prices.
Yes, I know doge is a meme coin and it will not gain much time the buying price was also low, so you sold the coins at such a low price.

!2 years ago how many of the people knew the potential of bitcoin and who thought that bitcoin will even go to 100$. The person who sold bitcoin maybe one of those who was not lucky to hold the coins unintentionally or intentionally.

Yatsan

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He's just wrong from doing so at the present simply because the market price is way higher than before. But think of the situation on that exact year when he sold it; he won't be wrong. Many people are quite laughing or shocked of what he did. Same thing goes with the man who traded his bitcoin holdings for pizza. Idea is; no one would expect the market price would be as high as with the present or previous ATH especially if we would be talking about years of progress. Same thing goes with investing at this point to a new project token. If it won't show progress, would you be still holding it for a decade or more? Some probably would, but that is due to the idea that we've seen its possibility to be profitable from the tokens before. But if not, for sure you'd hesitate.

Topic: What was he doing with 0.48 cents? (Read 264 times)