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Bitcoin Pizza day

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posted on May, 22 2020 @ 06:05 PM
On this day 20 years ago, someone not only conducted the first commercial bitcoin transaction,
But he paid 10,000 bitcoin coins for two large pizzas.
Those 10,000 bitcoin would be worth a cool 92 million USD today.
From the link:

May 22, 2010

Hanyecz is known as the first person to use bitcoin in a commercial transaction. On May 22, 2010, when bitcoin was a little over a year old, he bought two pizzas for 10,000 BTC. The day is now known as “Bitcoin Pizza Day.

Bitcoin Pizza day

I really, really hope that pizza was worth it.
edit on 22-5-2020 by Macenroe82 because: (no reason given)

posted on May, 22 2020 @ 06:42 PM
a reply to: Macenroe82

It truly is going to be a store of value as such. Only 21 Million will ever be created, not like governments just pumping the printing press. Then to think that a few million have been lost because people lost their private keys, wallet seed, etc. Plus Satoshis might be lost too if he's dead, there might only be 15 million ever to exist.

I got into Crypto 3-4 years ago. Never bought, just mined. As a nerd I loved learning all about it and so it was fun setting up a rig, tweaking things, flashing gpu bios, etc. Oh and I earned some crypto.

posted on May, 22 2020 @ 06:46 PM
a reply to: TortoiseKweek

Were you mining bitcoin or was it one of the other cryptos?

posted on May, 22 2020 @ 06:54 PM
a reply to: Macenroe82

No you couldn't mine Bitcoin on GPUs for a number of years now. ASIC's took over. I would never buy an ASIC from the big guys, because they used the ASIC's to mine the hell out of a coin, profit from it and then when the difficulty increased they sold the ASIC's to the public when it wasn't profitable in the long term.

ETH has been a worthwhile coin to mine. Even though there are ASIC's for ETH, they don't hash much better than a GPU. The other danger of buying an ASIC, is if a coin changes their algo, like Raven recently did, the ASIC becomes an expensive Brick. It was designed for one thing, that it can't do anymore.With a GPU, you can mine almost any algo.

posted on May, 22 2020 @ 08:29 PM

originally posted by: TortoiseKweek
a reply to: Macenroe82

It truly is going to be a store of value as such.

Unfortunately BTC now costs more to mine than it's worth and many miners have shut down leaving China largely in control. China doesn't have a great track record in currency manipulation. With the reward halving and loss of miners they have a very clear path to manipulating the market.

40 very old BTC were just moved a day or so ago and there's speculation that some of the early miners are preparing to cash out.

Who knows with crypto, but if you have some money you can afford to lose it's a good time to be involved. The March crash has put them all down. The ones that survive will probably never see another buy in opportunity like this one.

posted on May, 22 2020 @ 08:49 PM
a reply to: Ksihkehe

What you say has some sense of truth, however let's looks at few things. BTC isn't the be all and end all of crypto. YES, most exchanges tie BTC to other cryptos, similar to USD being the petro dollar. If you put all your eggs into one basket, you're bound to get burned.

Yes, China does account for the majority of mining power, but what interest would it serve them or anyone else to perform a 51% attack on the system? None, BTC price would plunge and their investment in hardware and infrastructure would be decimated. It doesn't serve their interest.

ETH has a better spread among mining pools. It has better practical applications, DAPPS, etc. If you already having a mining rig, it's still worth while mining ETH depending on your electricity rates and where you are in the world. Setting up a new one now, absolutely not. You're better off buying the crypo.

I've seen lots of predictions of where BTC will go, some make no sense. For me, just my personal opinion...I see $50 000 in 3 years time. That's my crystal ball, lol!

ETA - Here's a link to mining pool info for both BTC and ETH

Just because mining pools might be from China, doesn't mean they will all collude to perform a 51% attack. They have their own interests at heart. A miner can switch to another mining pool in seconds, if they have the info do so.
edit on 22-5-2020 by TortoiseKweek because: Additional Info and links

posted on May, 22 2020 @ 10:05 PM
The reward halving which happens every 4 years just happened again a few days ago, so over the next few months there's a good chance the price will rise, otherwise miners wont be making much profit.

If you haven't seen it, Bitcoin and Friends is a great cartoon with a lot of characters based on real people, although it's not exactly what you would call historically accurate. It is very well made though and has lots of little easter eggs.

They currently have 5 episodes out, you can find the rest on their YouTube channel. It starts in 2009 when Bitcoin was created, which is also interesting because it's set right after the 08 financial crisis and we're facing a situation now which is probably worse.

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