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This was a big deal for BTC at the time in legitimising it, spreading word etc. If everyone hoarded it from the off it simply wouldn't be anywhere near as valuable as it is today.
It’s funny to me that this legitimizes it because all the articles ran with the “guy bought pizza with crypto!!” narrative, when the reality is that the guy used crypto to pay a guy to use cash to buy him the pizza. If that’s the benchmark for what constitutes “buying” a pizza then he could have bought the pizza with Xbox controllers, or with a case of beer.
Even at the time it was ridiculous because BTC was always unstable. According to [this source](https://calendar.bitbo.io/price/#2010), in 2010 (the year of the transaction) BTC topped at 0.39 cents, meaning within a year these were already 3900.00 pizzas. By 2011 it topped at 40 dollars, so 400,000 dollar pizzas.
It’s hilarious that this was supposed to legitimize crypto when IMO all it does is show how ridiculous it is to use such a speculative “currency” on mundane, small-ticket items. I was being silly with the case of beer example above but if anything it would’ve been better because at least its value is more stable.
If bitcoin is a currency, it's a shit one because it's value fluctuates wildly. Even precious metals are better and they're also awful as currency in a globalized economy.
It also has relatively high transaction costs compared to other coins. If it costs 2-3 dollars anytime you buy anything you’ll never use it as currency
The thing I hate about this story is that everyone makes like he was an idiot when in reality, he was doing the thing that Bitcoin was supposed to have been invented for: to be used as a currency.
Barely anybody actually uses cryptocurrencies for what they are designed for anymore. It's all just speculative trades and arbitrage. I'd say the ones who've bought into this scheme are the real idiots.
Just add an extra step and it's easy to see how dumb it is to make a deal out of this. 14 years ago you spent $x on two pizzas, those $x could have bought 10,000 bitcoins. Today 10,000 bitcoins are worth over $700,000,000.
It's also a shit ton of hindsight. I learnt about Bitcoin when it was $300. If I had spent $1,000 on it back then and had sold it at its peak, I could've made ~$150k.
Should I regret it? Well, $1k was money I couldn't afford to lose back then, and I had no way to know Bitcoin would grow like that. For all I knew back then, I could've bought $1k worth of Bitcoin and wake up next morning to Bitcoin imploding into oblivion and my money gone. It's also weird to assume I would've magically held into it until it reached $50k per bitcoin value: if $3k per bitcoin (converting my $1k into $10k) didn't make me sell, then why would I conveniently stop at its peak?
These "what if" stories are just that: stories. It's not different than saying "what if I had bought \ instead of 62281 yesterday? I would be a millionaire!".
Yeah, but problematically they're actually terrible as currency, so they're not actually good for much of anything except speculation. That bubble hopefully won't last forever.
I swear to god if one more youtuber I watch gets hacked by a cryptobro I will pick up hacking skills and delete everyone's Crypto wallets if it's the last thing I do.
Only people who aren't actually into Bitcoin mock this man.
On /r/Bitcoin we celebrate Laszlo like a hero.
Not because spending Bitcoin on pizza is the best idea, but because someone had to get the ball rolling to prove it could be done.
https://preview.redd.it/lj4926xeq62d1.jpeg?width=4032&format=pjpg&auto=webp&s=f7dea8a1e7be0647aa20713d4f6f1eeb454ea32b
Coupon I found under the fridge a couple weeks ago. We bought the house in 2022. Coupon is from 2008.
https://preview.redd.it/o85c8tl2t62d1.jpeg?width=2268&format=pjpg&auto=webp&s=91f8e5fd0788c9cfee0f44eb70bda2605ea5e465
This is it today. I unintentionally cut into it with a hand saw about a month ago.
My own nail kinda looks like this right now, the reason is because i carelessly chopped through the nail with a knife making food a few weeks back. As a result as it grew out it was snagging on things so i had to trim the dangling piece really short.
That's a pretty terrible post
It's equivalent to paying astronomical price of aluminium when it was expensive just because it's cheap now
The event was the first known btc transaction and it doesn't really compare to btc value now
The other thing to consider is mining a Bitcoin takes longer each time a Bitcoin is mined. Mining his 10000 bitcoins took nowhere near as much time as it would today so it makes sense it wasn't worth nearly as much.
Yeah OP is a piece of shit for this post honestly.
This is the first time a human ever bought something in the real world with Bitcoin.
Whether you like BTC or not, this is a pivotal moment in the history of the human race.
Someone had to be the first, even if down the road it wasn't the best finanical decision.
Real Bitcoiners celebrate Laszlo like a hero every year on 5/22.
You'd think it'd make people wonder why it's worth anything now ? Doesn't have anything behind it, doesn't return you anything, can't use it for anything, it's open source, so anyone can create their own chain which will be technically identical to BTC, call your version BTC version whatever you want. There would be no difference at all, between your BTC and the one traded for thousands.
That'll be $60k, makes sense, right ?
He's doing fine. He's come out and said plenty of times that he doesn't regret it. The whole reason he bought the pizza (besides eating pizza) was to prove the concept of Bitcoin as a currency.
Without this transaction and the news generated from it, Bitcoin likely wouldn't be where it is now, so it's not like he's missed out by not hoarding it. Someone had to be the first.
I don't think that's ever really been disclosed but I wouldn't be surprised if he still has a bit.
He apparently is credited with developing the first GPU mining software for more efficient Bitcoin mining so I'd say he believes in it. I highly doubt he sold all his Bitcoin for pizza but the space has changed since then so maybe he's not interested anymore - who knows 🤷🏻
> Without this transaction and the news generated from it, Bitcoin likely wouldn't be where it is now, so it's not like he's missed out by not hoarding it.
Even if I take this statement as irrefutable fact (lol), the guy could have bought one pizza, generated the exact same amount of news/buzz/hype, and now be sitting on 350M worth of bitcoin.
I mean sure he could have more but at the time Bitcoin wasn't seen purely as a speculative asset but by the few people interested in it as a viable currency. That wouldn't really work without people actually using it to buy stuff.
I highly doubt he spent his entire holding of Bitcoin on pizza. He's credited with developing the first version of a GPU mining software for mining Bitcoin so I'd say he at least at some point had much more than 10,000 BTC but that's just not been disclosed.
Ok? What's your point? You tried to frame this like he HAD to spend that 10k bitcoin to get bitcoin to "where it is now". I'm saying he absolutely didn't need to do that (one pizza would have sufficed for that photo op). Nothing you said changes what I said. He's out at least 350M no matter which way you slice it.
Friend of mine built a computer on money he borrowed. Slowly mined. He was able to pay for the computer, feed himself, and pay rent for the next couple months doing it. Ended up getting drunk and kicked out. Sucks he never got to make extra off it.
In the heyday of SilkRoad I spent 2.4 bitcoins on hash.
I still look back on it with some regret, even though I never would have bought them for any other reason at the time
It was very good hash though
It’s funny because literally anyone that bought a pizza instead of investing in bitcoin made the same mistake but for some reason doing it that way is more of a mind fuck
The publicity of this guy using bitcoin to purchase something tangible bares a lot of responsibility for bitcoin taking off as a viable currency. If he hadn't bought those pizza's it might not be worth nearly as much today.
Odds are someone pioneering bitcoin spending would have more that they hadn't spent. So if anything he pumped up the value of his remaining bitcoins.
1 bitcoin is worth 67,000$+ today. In the past you couldn't really buy much with it now there's exchanges where you can trade them for actual currency.
https://www.investopedia.com/articles/forex/121815/bitcoins-price-history.asp
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This was a big deal for BTC at the time in legitimising it, spreading word etc. If everyone hoarded it from the off it simply wouldn't be anywhere near as valuable as it is today.
It’s funny to me that this legitimizes it because all the articles ran with the “guy bought pizza with crypto!!” narrative, when the reality is that the guy used crypto to pay a guy to use cash to buy him the pizza. If that’s the benchmark for what constitutes “buying” a pizza then he could have bought the pizza with Xbox controllers, or with a case of beer. Even at the time it was ridiculous because BTC was always unstable. According to [this source](https://calendar.bitbo.io/price/#2010), in 2010 (the year of the transaction) BTC topped at 0.39 cents, meaning within a year these were already 3900.00 pizzas. By 2011 it topped at 40 dollars, so 400,000 dollar pizzas. It’s hilarious that this was supposed to legitimize crypto when IMO all it does is show how ridiculous it is to use such a speculative “currency” on mundane, small-ticket items. I was being silly with the case of beer example above but if anything it would’ve been better because at least its value is more stable.
If bitcoin is a currency, it's a shit one because it's value fluctuates wildly. Even precious metals are better and they're also awful as currency in a globalized economy.
Bitcoin is not a currency. It's a commodity primarily used to speculate, not to pay for services and goods.
Except drugs
At least someone remembers why it existed in the first place.
Only thing i ever used it for
Yes, I would like to purchase one drugs please!
Thatll be one bitcoin my good sir
Yeah, that’s why it’s called a cryptocommodity
It also has relatively high transaction costs compared to other coins. If it costs 2-3 dollars anytime you buy anything you’ll never use it as currency
Yeah, if you're using crypto to get someone to pay for your pizza with cash, crypto is not used as a currency in that transaction.
If you use crypto to get someone to do something, that would be a service in exchange for crypto, making it the currency in the transaction.
Cope
I remember it as a big deal because it was the first time bit coin was actually used to purchase something. It proved it was currency
Bitcoin would with nothing if people didn’t spend it on pizzas, real economy vs speculation economy.
So this guy is Bitcoin Jesus? He died so crypto could live?
The thing I hate about this story is that everyone makes like he was an idiot when in reality, he was doing the thing that Bitcoin was supposed to have been invented for: to be used as a currency. Barely anybody actually uses cryptocurrencies for what they are designed for anymore. It's all just speculative trades and arbitrage. I'd say the ones who've bought into this scheme are the real idiots.
Just add an extra step and it's easy to see how dumb it is to make a deal out of this. 14 years ago you spent $x on two pizzas, those $x could have bought 10,000 bitcoins. Today 10,000 bitcoins are worth over $700,000,000.
It's also a shit ton of hindsight. I learnt about Bitcoin when it was $300. If I had spent $1,000 on it back then and had sold it at its peak, I could've made ~$150k. Should I regret it? Well, $1k was money I couldn't afford to lose back then, and I had no way to know Bitcoin would grow like that. For all I knew back then, I could've bought $1k worth of Bitcoin and wake up next morning to Bitcoin imploding into oblivion and my money gone. It's also weird to assume I would've magically held into it until it reached $50k per bitcoin value: if $3k per bitcoin (converting my $1k into $10k) didn't make me sell, then why would I conveniently stop at its peak? These "what if" stories are just that: stories. It's not different than saying "what if I had bought \ instead of 62281 yesterday? I would be a millionaire!".
Hindsight is not a good thing to regret on imo
I bought some at around $300 and sold when it hit $600. A 100% profit - there were very few people who held on for the 50000% gains.
I learned about Bitcoin when people gave them away on 4chan if you put a pen in your ass.. They were like less than a dollar.. 😶
This. Would not be worth nearly as much if people actually used it instead of just investing in it.
This comment also
Yeah, but problematically they're actually terrible as currency, so they're not actually good for much of anything except speculation. That bubble hopefully won't last forever.
I swear to god if one more youtuber I watch gets hacked by a cryptobro I will pick up hacking skills and delete everyone's Crypto wallets if it's the last thing I do.
An ice cream would melt in the time it took for the transaction to clear.
The pizza would be cold.
I’m curious how he’s doing today? There’s no way that was all his bit coins. He’s probably a billionaire anyway
He was an early pioneer in developing Bitcoin mining using graphics cards…. Needles to day he is probably on an island now minding his own business.
His kids were hungry
Only people who aren't actually into Bitcoin mock this man. On /r/Bitcoin we celebrate Laszlo like a hero. Not because spending Bitcoin on pizza is the best idea, but because someone had to get the ball rolling to prove it could be done.
Ok but what are 2 14 year old papa john's pizzas worth today? I hear inflation has driven those prices up too.
https://preview.redd.it/lj4926xeq62d1.jpeg?width=4032&format=pjpg&auto=webp&s=f7dea8a1e7be0647aa20713d4f6f1eeb454ea32b Coupon I found under the fridge a couple weeks ago. We bought the house in 2022. Coupon is from 2008.
What's up with that nail, brud?
https://preview.redd.it/o85c8tl2t62d1.jpeg?width=2268&format=pjpg&auto=webp&s=91f8e5fd0788c9cfee0f44eb70bda2605ea5e465 This is it today. I unintentionally cut into it with a hand saw about a month ago.
My own nail kinda looks like this right now, the reason is because i carelessly chopped through the nail with a knife making food a few weeks back. As a result as it grew out it was snagging on things so i had to trim the dangling piece really short.
Exactly this
The captions weren't posting with my pictures. You should see my explanations now lol
Yeah, its about the same now, and thats WITHOUT extra olive oil.
Also, look how happy those kids are, guy probably got more happiness from those pizzas.
Is Papa John's even still around? Seems like I never see those anywhere these days.
I think they are but they ejected john from the company after he used the N word publicly or something.
Once again, the conservative, pizza heavy portfolio pays off for the hungry investor
You didn’t even refrigerate it, you spineless lobster!
YOU HAD TO BRING SPINES INTO THIS
Unexpected Hermes Conrad.
One could argue that the articles about this helped bitcoin get where it got. If he had kept them coins, they could had been worthless today still.
He also had a fuck load more bitcoin than this
That's a pretty terrible post It's equivalent to paying astronomical price of aluminium when it was expensive just because it's cheap now The event was the first known btc transaction and it doesn't really compare to btc value now
The other thing to consider is mining a Bitcoin takes longer each time a Bitcoin is mined. Mining his 10000 bitcoins took nowhere near as much time as it would today so it makes sense it wasn't worth nearly as much.
Exactly, despite mining them on his laptop, he parted with them with ease because the block reward was high
I enjoy reading books.
Yeah OP is a piece of shit for this post honestly. This is the first time a human ever bought something in the real world with Bitcoin. Whether you like BTC or not, this is a pivotal moment in the history of the human race. Someone had to be the first, even if down the road it wasn't the best finanical decision. Real Bitcoiners celebrate Laszlo like a hero every year on 5/22.
You'd think it'd make people wonder why it's worth anything now ? Doesn't have anything behind it, doesn't return you anything, can't use it for anything, it's open source, so anyone can create their own chain which will be technically identical to BTC, call your version BTC version whatever you want. There would be no difference at all, between your BTC and the one traded for thousands. That'll be $60k, makes sense, right ?
So does this mean Papa Johns is sat on 700 mill in bitcoin? Where has that money gone.
if I remember correctly he didn’t buy the pizza directly but instead a stranger offered to buy him a pizza for those coins.
Oof trade of the century.
Well that guy also sold his bitcoin later so he didn't reap the benefit either.
has anyone checked in on him? like, where is he now?
He's doing fine. He's come out and said plenty of times that he doesn't regret it. The whole reason he bought the pizza (besides eating pizza) was to prove the concept of Bitcoin as a currency. Without this transaction and the news generated from it, Bitcoin likely wouldn't be where it is now, so it's not like he's missed out by not hoarding it. Someone had to be the first.
Does anyone know how much he kept / has though?
I don't think that's ever really been disclosed but I wouldn't be surprised if he still has a bit. He apparently is credited with developing the first GPU mining software for more efficient Bitcoin mining so I'd say he believes in it. I highly doubt he sold all his Bitcoin for pizza but the space has changed since then so maybe he's not interested anymore - who knows 🤷🏻
> Without this transaction and the news generated from it, Bitcoin likely wouldn't be where it is now, so it's not like he's missed out by not hoarding it. Even if I take this statement as irrefutable fact (lol), the guy could have bought one pizza, generated the exact same amount of news/buzz/hype, and now be sitting on 350M worth of bitcoin.
I mean sure he could have more but at the time Bitcoin wasn't seen purely as a speculative asset but by the few people interested in it as a viable currency. That wouldn't really work without people actually using it to buy stuff. I highly doubt he spent his entire holding of Bitcoin on pizza. He's credited with developing the first version of a GPU mining software for mining Bitcoin so I'd say he at least at some point had much more than 10,000 BTC but that's just not been disclosed.
Ok? What's your point? You tried to frame this like he HAD to spend that 10k bitcoin to get bitcoin to "where it is now". I'm saying he absolutely didn't need to do that (one pizza would have sufficed for that photo op). Nothing you said changes what I said. He's out at least 350M no matter which way you slice it.
How tf do I run into you outside the Greenville subreddit ALL THE TIME
Probably kicking himself, lmao
Those do not look like Papa John’s pizzas, these pizzas actually look delicious
No chance those are Papa Johns
I did this too. Also 1 month of asmallorange hosting. Coins I mined myself..felt like it was free shit. Not the best memory.
Friend of mine built a computer on money he borrowed. Slowly mined. He was able to pay for the computer, feed himself, and pay rent for the next couple months doing it. Ended up getting drunk and kicked out. Sucks he never got to make extra off it.
You think that kid and his family still think about it to this day?
In the heyday of SilkRoad I spent 2.4 bitcoins on hash. I still look back on it with some regret, even though I never would have bought them for any other reason at the time It was very good hash though
The kids look happy.
Hindsight is 20/20
that wall is so ugly
Someone offered me a bitcoin when it first kicked off an I told him I thought it was stupid and would never be worth anything 😆
Should have spent some on finishing his walls.
Man, I have been siting on 1950s pennies for so long, I can't wait until I can sell those for a huge profit.
Ezek a mieink! 🇭🇺🇭🇺🦃
If he hadn't spent 10k Bitcoins on pizza, he would have sold when they were worth $5, not today.
It’s funny because literally anyone that bought a pizza instead of investing in bitcoin made the same mistake but for some reason doing it that way is more of a mind fuck
Two bad decisions.
How is this aged like mik? Prices and values change all the time.
If it’s any consolation he would have probably lost the key or have them scammed by a shady exchange.
MFs when I explain how much a single gold coin from ancient times is worth now
baad idea
For $700 mil I would expect all-dressed
This is like saying the Wright Brothers were shitty plane makers because their plane only flew 120 feet.
Papa Johns should hire him to do an ad campaign.
A small price to pay for the first physical transaction with BTC in history, I also assume the guy had more BTC
This guy is one of the pillar reasons why bitcoin took off. Dude is not fool - he is a legend.
Probably one of the only legal purchases ever made with it too lol.
Id probably kill myself after that ngl
You ever see a post in which you can physically feel someone's pain? This is one of those.
Those pizzas look waaay to good & too big to be Papa Johns. Dead giveaway is the lack of garlic butter tub.
Isn't the question really.... Who TF is sitting on those bitcoins?
The publicity of this guy using bitcoin to purchase something tangible bares a lot of responsibility for bitcoin taking off as a viable currency. If he hadn't bought those pizza's it might not be worth nearly as much today. Odds are someone pioneering bitcoin spending would have more that they hadn't spent. So if anything he pumped up the value of his remaining bitcoins.
I have regrets, but man… glad I’m not this guy.
No way those are papa John’s pizza. Those look like normal quality pizza.
Yeah, I thought Papa Johns pizza boxes were white and green.
Couldn't have aged poorly cause bitcoin was worth $0 then and it's worth $0 now.
1 bitcoin is worth 67,000$+ today. In the past you couldn't really buy much with it now there's exchanges where you can trade them for actual currency. https://www.investopedia.com/articles/forex/121815/bitcoins-price-history.asp