As we see Bitcoin hit $20,000 ATH again, let's remember history

in LeoFinance3 years ago

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Back on May 22, 2010, BitcoinTalk user Laszlo traded 10,000 BTC for two Pizzas. Today this trade would be worth 192,380,000 USD.

A trade that goes down in history as one of the best deals for one party.


On March 30th, 2010 BitcoinTalk user SmokeTooMuch auctioned off 10,000 BTC for only 50 USD, a discount from the current price at the time of 65 USD. Today this trade would be worth 192,380,000 USD.



Interestingly enough, no one took him up on his offer as he later reflects about it in a German publication.

"Altogether Smoke mined with this equipment ‘significantly more’, as he vaguely comments, than 10,000 bitcoins. For a while he owned one percent of all bitcoins in existence. In 2010, Smoke tried to sell 10,000 bitcoins for a total of $50. Nobody wanted to buy – which was, with hindsight, good for Smoke. ‘I was one of the ones who sold bitcoins and bought things with them when the price was less than a dollar. I don’t regret having done this. Someone had to get the ball rolling."
Source


On May 16th, 2011 Twitter user GregSchoen tweeted he wished he kept his 1,700 BTC he bought at 0.06 and sold at $0.30. At the time, Bitcoin price skyrocketed to $8! Today that would be worth 32,704,600 USD instead of the $510 he received.


On April 29, 2011 Twitter user darknes23 sold 100 Bitcoins for $220 and was very happy with the deal. Today, that would be worth 1,922,800 USD.

Images: 1, 2, 3, 4, 5, 6


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I love these old twitter images - he tripled his investment though!

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Yup. At the time he was probably very happy about his decision. I doubt he even regrets it now. If he had the wherewithal to invest in it once, he probably dipped back in and made some more money. Seriously, thinking that was a bad financial decision is just silly. It's like saying that everybody who was alive in 1997 should have borrowed money and bought $10,000 in Amazon stock when it IPO'd. They'd be worth like $17 million by now. It doesn't work that way though. Nobody can see the future, and there's such a thing as opportunity cost.

You are so right.

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I like how we always talk about the guy that bought the pizzas, but do we ever know what happened to the person he bought them from? I wonder what ever happened to those 10k BTC. That would probably be an awesome story!

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I almost had goosebumps reading about this part of bitcoin history where sheer ignorance and uncertainty led men to make some of the worst financial decisions in history. On a personal note, I still regret that I sold off about 1BTC in January 2017 before the last ATH. I'm wiser now and I hope that the future remains bright. Cheers!

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No one could have predicted that Bitcoin would be what it is today. It might be $300k next year. Some people might kick themselves knowing they sold at $18k. However, it was a good price for many to sell and buy.

Regret and greed

No one knows it all; no one can have it all. What could have been isn't the same with what is? GaryVee said he could have been an early invest in Uber but he didn't. And he has no regrets. He could have bought in and died the next year. So it is irrelevant--what could have been. The possibilities are ends. He went out to make money elsewhere. Good for him. It's all part of life I guess. We all should have a threshold. Know what we want out of our investment so it is easy to identify it when we get there.
Regrets and mistakes are memories made.

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As someone that was around back then: there was always discussions and massive bullish sentiment regarding the future of bitcoin. Everyone knew something was coming, but I think nobody really knew just how fast it would come. Everyone would talk about 20 - 30 years down the line, not within the next 5 - 10. The growth has been massive in such an incredibly short period of time, and so many people were just not expecting it and were fine with selling off some bitcoin or using it as an actual payment option (I know I did that a lot and I don't regret it either, it's what it was made for).

Bitcoin wasn't seen as an investment in those much earlier days, the use of it as a currency and remaining decentralised and anonymous were forever at the front of it all, price was something that came after, though naturally that changed with popularity.

Interesting take. I have been here for about 3years and its obvious the sentiment about bitcoin has changed over time. I have no doubt it will increase in price and no one knows how high (or low) it will go.

People hold bitcoin for different reasons. Some for the fundamentals, others for the gains. Whatever the case might it is important to what you want.

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People hold bitcoin for different reasons.

At this point the main reason is it's seen as an investment. It's just to make more fiat money. Nobody truly believes in the tech or what it has to offer now, which is evident by the ICO/premine coins that become huge these days with big central authorities running them.

I have been here for about 3years

You definitely joined when the sentiment had really changed. If you're interested in the more original perspective of it all people had, check out the documentary The Rise and Rise of Bitcoin from 2014. Most of the people in that documentary hold those original beliefs and it's quite interesting to see how much things have changed.

Actually, even the trailer shows that:

After watching that trailer, this dude gets it.

Did you enjoy your pizza? 😀

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I just hope he got an extra topping or two.

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Someone had to get the ball rolling

Without those sold pizzas, the price would have remain stagnant. Or, it would have taken more time to increase the price :)
The pizza guy has sacrificed his future worth for the good of the others :D Now, I hope the price dips and I am able to hodl some.

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As most already know that was a very expensive pizza what about the fella that lost a ton of BTC or crypto he held on a hard drive only to have it being dumped in the lands fill.... Sad times.

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There are many pleasant moments in history. The older I get, the more I understand its value (I wish I could understand this in my student years)

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I wish I knew about Bitcoin earlier..

It can always go the other way. Some people bought Bitcoin in late Autumn 2017, which was the worst possible time to enter world of cryptocurrencies. What looked like the worst possible investment imaginable might not look so bad right now.

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Damn, some of these tweets aged really well!

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At some point every coin was cheap :D

And there is every time a seller needed if someone buys :)

Quien tuviera la máquina del tiempo...

I was eyeing it at $10 and $100 but I was essentially homeless at the time and without a computer or phone of my own. Happy enough to get in at $5k! I owe it all to this community for inspiring me to get my shit together. 3 years later I’m a hive orca already 😀

I can "what if" I want but these instances just inspire me to hold, maybe sell high and buy back in low

Daily Racing Form (the horse racing bible) has a stated warning in every issue : Past performances are no guarantee of future performance. An amazing statement from a publication that SELLS past performances.

Buy the ticket, take the ride. Looking back at past mistakes is only helpful to not repeat the same mistake. I would submit that at least two of those examples were using the very best information that the sellers had at the time. The mistake only became apparent AFTER the price rise.

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At the time these people probably thought they were making a good deal, but not so much anymore.
I guess it would be like if people were to sell their BTC now and in a few years it goes to a mnillion dollars.

GO FUCK MARKY !!!

GO TO HELL !!!

다운보팅 고마해라 이 개새야~!!!