7 years ago today, someone spent 10,000 bitcoin on two Papa John's pizzas
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7 years ago, Laszlo Hanyecz spent 10,000 bitcoin on two Papa John's pizzas, generally regarded as the first transaction using a "cryptocurrency".
According to something called Coindesk Data, Bitcoin is currently trading at more than $2000 and has gone as high as $2,251. If you had bought $100 worth of Bitcoin at the 0.003 cent price on May 22, 2010, you'd now be sitting on approximately $75 million. Which raises several questions:
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If you bought $100 worth of Bitcoin in 2010, would you even still have it today, or would it have been stolen a long time ago?
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Is there even a Bitcoin exchange that's been in business that long without ripping off its customers, or, getting "hacked" and "losing" all its Bitcoin?
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How exactly do you collect your $75 Million?
And the most important question of all:
- What is Papa John's doing with all the Bitcoin people spent on pizzas back in 2010?
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@El_Heffe said in 7 years ago today, someone spent 10,000 bitcoin on two Papa John's pizzas:
What is Papa John's doing with all the Bitcoin people spent on pizzas back in 2010?
I'm curious too. Maybe they immediately cashed it at the value it was at when they got it, which would be disappointing.
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@El_Heffe He didn't send bitcoins to Papa John, he sent them to another user and he paid for the pizza.
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@anonymous234 said in 7 years ago today, someone spent 10,000 bitcoin on two Papa John's pizzas:
@El_Heffe He didn't send bitcoins to Papa John, he sent them to another user and he paid for the pizza.
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@El_Heffe said in 7 years ago today, someone spent 10,000 bitcoin on two Papa John's pizzas:
How exactly do you collect your $75 Million?
If you're in the US, I think the most reliable of turning Bitcoins back into dollars is literally buying heroin and selling the drugs. (Or slightly more legal methods-- buying monitors off NewEgg and reselling them on Ebay.)
I've researched it, and I've found basically no other way. It's useless as a currency and an investment vehicle unless you can convert it back into ca$h.
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@blakeyrat said in 7 years ago today, someone spent 10,000 bitcoin on two Papa John's pizzas:
@El_Heffe said in 7 years ago today, someone spent 10,000 bitcoin on two Papa John's pizzas:
How exactly do you collect your $75 Million?
If you're in the US, I think the most reliable of turning Bitcoins back into dollars is literally buying heroin and selling the drugs. (Or slightly more legal methods-- buying monitors off NewEgg and reselling them on Ebay.)
I've researched it, and I've found basically no other way. It's useless as a currency and an investment vehicle unless you can convert it back into ca$h.
Which also raises the question:
Is every eBay/Amazon Marketplace monitor seller a money laundering front for a ransomware operation?
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@blakeyrat said in 7 years ago today, someone spent 10,000 bitcoin on two Papa John's pizzas:
@El_Heffe said in 7 years ago today, someone spent 10,000 bitcoin on two Papa John's pizzas:
How exactly do you collect your $75 Million?
If you're in the US, I think the most reliable of turning Bitcoins back into dollars is literally buying heroin and selling the drugs. (Or slightly more legal methods-- buying monitors off NewEgg and reselling them on Ebay.)
I've researched it, and I've found basically no other way. It's useless as a currency and an investment vehicle unless you can convert it back into ca$h.
For small amounts, you can probably set up an account on a Bitcoin exchange and take a chance that maybe they won't run off with your money.
For larger amounts however, you're right. Nobody's going to give you millions of dollars for Bitcoins.
A couple of years ago when the FBI shut down a drug website they seized Bitcoins that were worth (at that time) $33 Million, and the first thing I thought was "You might as well say they're worth 80 Billion Gazillion dollars, because either way, nobody's giving you that much money for your Bitcoins."
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@El_Heffe said in 7 years ago today, someone spent 10,000 bitcoin on two Papa John's pizzas:
For small amounts, you can probably set up an account on a Bitcoin exchange
Have you successfully done that? Put Bitcoins in an exchange and converted it to US dollars?
I'm serious. I'm pretty sure it's impossible, at least for people in the US. Just a year ago, I researched something like 8 Bitcoin exchanges, not one would let you convert into US dollars then withdraw the dollars.
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@Weng said in 7 years ago today, someone spent 10,000 bitcoin on two Papa John's pizzas:
Is every eBay/Amazon Marketplace monitor seller a money laundering front for a ransomware operation?
eBay? Yes, definitely. On Amazon Marketplace, only occasionally.
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@blakeyrat said in 7 years ago today, someone spent 10,000 bitcoin on two Papa John's pizzas:
@El_Heffe said in 7 years ago today, someone spent 10,000 bitcoin on two Papa John's pizzas:
For small amounts, you can probably set up an account on a Bitcoin exchange
Have you successfully done that? Put Bitcoins in an exchange and converted it to US dollars?
I'm serious. I'm pretty sure it's impossible, at least for people in the US. Just a year ago, I researched something like 8 Bitcoin exchanges, not one would let you convert into US dollars then withdraw the dollars.
That's strange, given that it's the main purpose of exchanges.
I've only used European ones, but the only problem I've encountered is the "verification" process where you have to send a scan of your ID and "proof of residence". It's a pain in the ass and completely stupid, but hey, it's the law.
I think coinbase.com is the best one. Or at least it's the one that 99% of normal users (i.e. not "traders") use.
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@anonymous234 said in 7 years ago today, someone spent 10,000 bitcoin on two Papa John's pizzas:
That's strange, given that it's the main purpose of exchanges.
You'd think, right?
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@blakeyrat said in 7 years ago today, someone spent 10,000 bitcoin on two Papa John's pizzas:
I've researched it, and I've found basically no other way.
Search better, there is Bitcoin ATMs where you can sell
https://coinatmradar.com/country/226/bitcoin-atm-united-states/
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@TimeBandit Have you ever seen an ATM stocked with millions of dollars?
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@masonwheeler No, but if I ever see one, I know what to do...
I was replying to this quote
@blakeyrat said in 7 years ago today, someone spent 10,000 bitcoin on two Papa John's pizzas:
I've researched it, and I've found basically no other way. It's useless as a currency and an investment vehicle unless you can convert it back into ca$h.
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But if you think you're strong enough, you don't even need that...
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@NedFodder Speaking of Bitcoin ATM
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