Re: Do You Know The First Times Bitcoin Ever Had Real World Value?
Most of you have heard of Bitcoin Pizza day originally on May 22 2010. At that time mining was still so easy that virtually no one paid cash for Bitcoin. Another historical milestone happened a bit later in 2010 > I started here in April/May 2011. This next info I learned from an old thread which was discussing an even older thread, I've lost those bookmarks now, but might find them again someday. One amazing thing about this forum is the really old threads, have you ever studied/looked at any?
The first ever "record" of someone <~exact quote from the thread>"selling Bitcoin for Paypal(!)* payments and keeping records on a spreadsheet" was also in 2010.
That's right, BTC was still so close to free, it was safe for "the only guy doing it" to accept Paypal (lol?), despite the obvious risk of reversed transactions. The price he was selling them for will be a big surprise for some of you: The discussion in the old thread was about him selling BTC at the price of 300BTC/dollar!
This actually happened in the real world, so how does the math look?
To make it a bit more believable let's go with "only 200 BTC"/$, a half a penny each. Now, I'm not saying many people bought that low and held on all the way. Let's say you invested only $100, then proceeded to eventually spend, give away*, and/or gamble away 95% of your long-term stash. Now you have only 5% of your original amount left.
*(people were extremely generous back then, and no crime here either)
200BTC/$ * $5 = $1,000BTC! If you where one of the lucky people to sell near the current all-time high how much would you have made?
Even at "only $20k/BTC" :::: 1,000BTC * $20,000 = $20,000,000! If my math is off, please let me know. At 200btc/$ every One Dollar turned into 4 Million, you do not see that many times in your lifetime, but that is what actually happened with Bitcoin. At $40k that same person has $40,000,000 today, and near the all-time high you are looking at $70 Million coming from only 5% of a $100 investment.
We can all see there is often an "high - sometimes insane - level of greed" in this community. People are often trying to find the next thing which will produce huge profits. One reason I Love the old threads in this forum is the way people helped each other "figure out the hard stuff" with no motive of short-term profits.
The alpaca socks kid
One more early Bitcoin milestone, related to internet eCommerce was the alpaca socks kid. This guy's parents owned a small farm and made alpaca socks. He talked his parents into accepting BTC. That family is so rich now, they probably had to relocate to someplace they "were not so famous." History class in school can be really boring, but BTC history is amazing! Have a great night.
Thomas-Soellner/Getty Images
One great thing about this forum is the really old threads, have you ever studied/looked at any?
Absolutely, it's fascinating to delve into the early days of Bitcoin and witness the unconventional beginnings of its real-world value. The journey from the famous Bitcoin Pizza Day to the first documented instance of someone selling Bitcoin for Paypal payments truly highlights the unique evolution of cryptocurrency.The first ever "record" of someone <~exact quote from the thread>"selling Bitcoin for Paypal(!)* payments and keeping records on a spreadsheet" was also in 2010.
That's right, BTC was still so close to free, it was safe for "the only guy doing it" to accept Paypal (lol?), despite the obvious risk of reversed transactions. The price he was selling them for will be a big surprise for some of you: The discussion in the old thread was about him selling BTC at the price of 300BTC/dollar!
This actually happened in the real world, so how does the math look?
To make it a bit more believable let's go with "only 200 BTC"/$, a half a penny each. Now, I'm not saying many people bought that low and held on all the way. Let's say you invested only $100, then proceeded to eventually spend, give away*, and/or gamble away 95% of your long-term stash. Now you have only 5% of your original amount left.
*(people were extremely generous back then, and no crime here either)
200BTC/$ * $5 = $1,000BTC! If you where one of the lucky people to sell near the current all-time high how much would you have made?
Even at "only $20k/BTC" :::: 1,000BTC * $20,000 = $20,000,000! If my math is off, please let me know. At 200btc/$ every One Dollar turned into 4 Million, you do not see that many times in your lifetime, but that is what actually happened with Bitcoin. At $40k that same person has $40,000,000 today, and near the all-time high you are looking at $70 Million coming from only 5% of a $100 investment.
We can all see there is often an "high - sometimes insane - level of greed" in this community. People are often trying to find the next thing which will produce huge profits. One reason I Love the old threads in this forum is the way people helped each other "figure out the hard stuff" with no motive of short-term profits.
The alpaca socks kid
One more early Bitcoin milestone, related to internet eCommerce was the alpaca socks kid. This guy's parents owned a small farm and made alpaca socks. He talked his parents into accepting BTC. That family is so rich now, they probably had to relocate to someplace they "were not so famous." History class in school can be really boring, but BTC history is amazing! Have a great night.
Thomas-Soellner/Getty Images
One great thing about this forum is the really old threads, have you ever studied/looked at any?
The daring move of accepting Paypal for Bitcoin transactions back in 2010, despite the inherent risks, adds a layer of intrigue to the narrative. It's a testament to the experimental nature of those times and the uncharted territories Bitcoin was navigating. The price mentioned in the old thread, 200 BTC per dollar, serves as a stark reminder of how early adopters had a unique opportunity to acquire significant amounts of Bitcoin for what seems like a minuscule value today.
Your breakdown of the potential gains for someone who invested a modest amount back then, even considering the subsequent dispersal of 95% of their stash, is eye-opening. The exponential growth from a $100 investment to potentially tens of millions at today's Bitcoin prices is a testament to the extraordinary journey Bitcoin has undertaken.
The mention of the alpaca socks kid adds a charming touch to the narrative, showcasing how Bitcoin was embraced in real-world transactions, even for alpaca socks. The unforeseen wealth generated from such humble beginnings is a captivating aspect of Bitcoin's history.
The community's pursuit of the next lucrative opportunity and the historical collaboration witnessed in the forum threads, driven by a genuine desire to understand and share knowledge, is indeed a unique characteristic of the cryptocurrency space.
Bitcoin's history is indeed a remarkable tale, filled with twists, turns, and unexpected fortunes. Thanks for sharing this insightful trip down memory lane! If anyone has additional anecdotes or insights from the early days of Bitcoin, it would be great to hear and reflect on them. The rich history of Bitcoin is a testament to the resilience and innovation of the crypto community.