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 kidOne 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.
https://www.rd.com/wp-content/uploads/2021/04/GettyImages-1127133304-scaled-e1618331158493.jpg?fit=700,700Thomas-Soellner/Getty ImagesOne great thing about this forum is the really old threads, have you ever studied/looked at any?
Wow, that trip down Bitcoin's memory lane is wild, isn't it? I remember hearing about that 300 BTC/dollar deal and just thinking, "Wow, we've come a long way." The whole Bitcoin Pizza Day thing always blows my mind. Imagine if you'd held onto just a fraction of those coins!
And yeah, those old threads are gold mines of info and nostalgia. It's crazy to think about how generous and experimental everyone was back then, just giving away and trading Bitcoin like it was nothing. That story about the alpaca socks kid is a classic. It's like everyone back then who took a chance on BTC turned into accidental millionaires!
Your math on the investment gains is spot-on and absolutely mind-boggling. It's like the ultimate 'what if' scenario for anyone who's ever kicked themselves for not getting into Bitcoin sooner. And it’s a reminder of how crazy and unpredictable the crypto world can be. Makes you wonder what the next big thing could be, right?
Anyway, it's cool to see someone else who appreciates the wild history of Bitcoin. Makes for way more interesting stories than any history class I've ever taken! Have a great one yourself! 🌙✨
