More On Physical Bitcoins
Jeff Koyen writes:
"I remember these and other physical coin sales during the early days of bitcoin. At the time, they felt like a weird attempt to legitimize a virtual concept through the language of traditional currency.
"It still feels like that, to be honest. But WOW! I had no idea anyone had produced a 1000 BTC version. And I can't believe the owner never redeemed it. (According to a bitcoin wiki, there are three unopened 1000 coins, as well as two unopened 1000 BTC bars.)
"That's the thing about crypto: Every time someone talks about how the "10,000 bitcoin pizza" would be worth $500M today, they're missing the point. A very small handful of early crypto miners have held onto their piles of BTC. For most, it was impossible to resist BTC at $50, $500, or $5000, or $25,000.
"Imagine holding onto 1000BTC for more than 10 years... It's staggering.
"I have to believe that Boggs would've loved this."
Jeff is a fellow fan of "Money Artist" J.S.G. Boggs; I agree - he would have had a ball with the concept, along with that of "DeFi", or Decentralized Finance - financial products available on a public decentralized blockchain network.
Alex Zaitchik writes:
"It just occurred to me that there is a Boggs echo in the way it was a news story when someone was able to buy a pizza with BTC. It's now infamous for a different reason, but at the time it was more like, "Wow someone accepted our fake internet money as currency for lunch!" ... I'm guessing a lot of those long term holders must have forgotten about it for at least some of those years.
"To help people do the impossible, one of the aspirants trying to connect traditional finance and DeFi, a company called Alliance Block, just today unveiled a 4-year "no mercy" staking pool, in which you aren't allowed access to your tokens for 4 years, but in return you double your tokens with staking rewards. It's a bet on top of a bet, an increasingly common defi model, like the old certified deposits I guess, but much better returns. "
We all know May 4th as Star Wars Day - as in "May the Fourth Be With You." May 22 is Bitcoin Pizza Day in the crypto community - the day in 2010 when early adopter Laszlo Hanyecz famously spent 10,000 BTC for two pizzas.
When Jeremy Sturdivant came across a request on an online crypto forum to send two large pizzas to computer programmer Laszlo Hanyecz in May 2010 he did not hesitate.
And in sending Mr Hanyecz the cheese and supreme pizzas from Papa John's, Mr Sturdivant, then a 19-year-old student in California, earned himself $41 worth of the fledgling digital currency.
It is viewed as the first ever real-world Bitcoin transaction.
And amazingly over the course of 2010, Mr Hanyecz, who is now 39, estimates he spent 100,000 Bitcoin, or a current equivalent of $3.7bn, on pizzas alone.
I had no idea how huge it would become, said Mr Sturdivant, who did not hold onto the Bitcoin but quickly spent it on traveling.
And he added that he was
proud to have played a part in the
global phenomenon that Bitcoin has become.
Those spending sprees top my wife by a mile - even the time after we remodeled our first floor, and her and our daughter drove around town firing money out of a bazooka hoovering up new rugs, lamps and wallhangings.
See another article elsewhere in this issue on how the giant stone money of Yap may have paved the way for bitcoin.
To read the complete article, see:
‘NO REGRETS': MEET THE CRYPTO DEVELOPER WHO SPENT $3.7 BILLION IN BITCOIN ON PIZZA
To read the earlier E-Sylum article, see:
2012 GOLD CASASCIUS 1000 BITCOIN GRADED
Wayne Homren, Editor
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