Laszlo Hanyecz - Bitcoin Wiki

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Has anyone followed with the first bitcoin pizzas buyers and sellers? I'd love to know their followup stories and how much bitcoin they kept etc.

Has anyone followed up with the first bitcoin pizzas buyers and sellers? I'd love to know their followup stories and how much bitcoin they kept etc.
submitted by azzazaz to Bitcoin [link] [comments]

Bought my first 'bitcoin pizza' (pizza.be) and I didn't pay 10.000 btc for it ;)

Since a week or so the food delivery site pizza.be accepts bitcoin and I made my first order with it. My mother was with me when I ordered and even she was impressed. She must be the most skeptical person when it comes to (new) technology. If I can convince someone like my mom, we can convince a lot of people!
submitted by GM4N1986 to Bitcoin [link] [comments]

Has anyone followed with the first bitcoin pizzas buyers and sellers? I'd love to know their followup stories and how much bitcoin they kept etc. /r/Bitcoin

Has anyone followed with the first bitcoin pizzas buyers and sellers? I'd love to know their followup stories and how much bitcoin they kept etc. /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

I’m the biggest bitcoin skeptic. Been watching this since the first 10k pizza- However I just purchased 1 single bitcoin

submitted by Colmustord to Bitcoin [link] [comments]

Wednesday, May 22nd

Today are:

Bitcoin Pizza Day, celebrated mainly by the cryptocurrency community, takes place on the anniversary of the date that cryptocurrency was used to pay for goods for the first time. On May 18, 2010, Laszlo Hanyecz of Florida posted in the bitcointalk.org forum, offering 10,000 bitcoins in exchange for some pizza, saying in part, "I'll pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some left over for the next day." His call was answered, and on May 22, 2010, he posted, "I just want to report that I successfully traded 10,000 bitcoins for pizza." A teenager named Jeremy Sturdivant, who went by "jercos" on the forum, sent Hanyecz two Papa John's pizzas, and received 10,000 bitcoins in return. Sturdivant paid about $25 for the pizza, and the 10,000 bitcoins he received became valued at $41.
The events of the first Bitcoin Pizza Day were monumental because they paved the way for the use of cryptocurrency in the future. Nine months after the transaction, the worth of the bitcoins totaled $10,000, meaning each bitcoin had the value of a dollar. On the five year anniversary, the value of the 10,000 bitcoins had risen to about $2.4 million. At one point in 2017, the value rose to over $100 million. As of September 2018, a bitcoin is valued at about $6,000, meaning the value of the 10,000 bitcoins used to pay for the pizza would be about $60 million.
The history of bitcoin dates to the early 2000s, when attempts were made to create a cryptocurrency, although none were fully developed. In 2008, a paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" was posted online. The following year, bitcoin became the first cryptocurrency. Its software was made available to the public, and it began being mined. Mining is "the process through which new bitcoins are created and transactions are recorded and verified on the blockchain." With Hanyecz's transaction for goods on the first Bitcoin Pizza Day, bitcoin gained a specific monetary value—up to that point it had only been mined. Rival cryptocurrencies, often known as altcoin, soon emerged. They usually have been created to try to improve an aspect of bitcoin. Early altcoins were Litecoin and Namecoin, and there are now over 1,000.
In 2013, bitcoin's value reached $1,000, but then crashed to about $300. It took a few years to recover. Over time, as it could be spent at more places, bitcoin's popularity continued to grow, as did its value. Time will only tell if the value of bitcoin will continue to rise, but on Bitcoin Pizza Day we can all remember the day the first cryptocurrency transaction for goods took place, and how the value of a transaction for two pizzas once rose to over $100 million.

Canadian Immigrants Day celebrates those who have immigrated to the United States from Canada. Canada is one of the most sparsely populated countries in the world, and most of its inhabitants live within a few hundred miles of its border with the United States. The border is 5,525 miles in length (this includes the border with Alaska) and is the longest border in the world that is not patrolled by military forces. Besides sharing a border, Canada and the United States share many cultural similarities.
Most Canadians immigrate to the United States by getting a green card, which they usually have obtained because they have immediate relatives in the country, or because they are sponsored by an employer there. Canadians migrate to the United States more than they do to any other country. In 1960, about ten percent of the US foreign-born population was Canadian. Although this was down to two percent in 2012, about 800,000 Canadian immigrants lived in the United States at that time.
The first wave of Canadian immigrants arrived in the 1860s; they were largely unskilled and came for factory jobs. A second wave arrived between 1900 and 1930, and were pushed by the discrimination they had faced in employment, education, and because of their religion. Immigration to the United States began to decline after this, as the Canadian economy began to grow after World War II. During the last half of the twentieth century, especially after the passage of the North American Free Trade Agreement in 1994, there was a diversification of Canadian immigrants which included students, those looking to reunite with their families, educated professionals, and retirees with wishes to move to a warmer climate.

Harvey Milk Day honors gay rights activist Harvey Milk and also focuses on stopping discrimination against gays and lesbians. Harvey Milk was born in Long Island, New York, on May 22, 1930. He served in the U.S. Navy during the Korean War, and worked at a Wall Street investment firm for a time afterward, living a closeted gay life at the time. In the early 1960s, his political views were conservative, and he campaigned for Barry Goldwater in 1964. Once he got involved in the New York bohemian theater scene, he began befriending a more avante-garde crowd, and his politics began to shift more progressive. He moved to the San Francisco Bay area in 1969, became involved in the gay social scene, and protested against the Vietnam War. After being fired for participating in an antiwar rally, he returned to New York City in 1970.
After some time working in New York theater, he returned to San Francisco in 1972 and opened a camera shop on Castro Street—the epicenter of the gay community. The following year he ran for a seat on the San Francisco Board of Supervisors for the first time, in part because he thought a tax on small businesses was unfair. He did not win a seat but did manage to finish 10th out of 32 contestants. Afterward, he co-founded the Castro Village Association, which supported gay business owners on Castro Street. He started the Castro Street Fair in 1974, and became known as "Mayor of Castro Street."
He once again lost an election for Board of Supervisors in 1975, and ran for the California State Assembly and was not successful in that bid either. In 1977, he worked to broaden his appeal beyond the gay community, by focusing on taxes, housing, and day-care centers for working mothers. In November 1977, Harvey Milk became the first openly gay person elected to California office, and the first openly gay person elected in a major U.S. city. The rise of Harvey Milk reflected the rise of the gay rights movement across the country, and he was at the forefront of it.
During his tenure in office, Milk pushed for visibility of gay people as well as for social equality. He worked to pass a gay rights ordinance—to ban discrimination in housing, employment, and public accommodations. He spent the summer of 1978 working to defeat Proposition 6—also known as The Briggs Initiative—which would have banned gays and lesbians, or anyone supporting gay rights, from teaching or working in public schools in California. It was defeated at the ballot box that November.
On November 27, 1978, Harvey Milk was assassinated by Dan White, a former Board of Supervisors member, who had resigned a few months earlier and wanted to be reinstated. White first killed San Francisco Mayor George Moscone, and then walked across the building and shot Harvey Milk five times. Dianne Feinstein, who was President of the Board of Supervisors at the time, announced to the press what had taken place. Dan White was convicted of voluntary manslaughter instead of murder, in part because his team used the "Twinkie defense". He was released early and committed suicide in 1985.
Harvey Milk's profile continued to rise after his assassination. In 1982, a biography titled The Mayor of Castro Street was released, bringing Milk's attention to a wider audience. This was followed by an Academy Award-winning documentary, The Times of Harvey Milk, in 1984. Many buildings in California were named after Milk. In 2008, another Academy Award-winning film, Milk, was released. Harvey Milk was posthumously given the Presidential Medal of Freedom by President Obama in 2009. That same year, Harvey Milk Day was established by the California legislature and signed into law by Governor Arnold Schwarzenegger on October 11. California schools commemorate Milk with activities, events, and projects, and equal rights are focused on. The Harvey Milk Foundation organizes events worldwide.

Sherlock Holmes Day celebrates Sherlock Holmes and the author who created him, Arthur Conan Doyle, who was born on today's date in 1859 in Edinburgh, Scotland. At a young age, Doyle became enthralled by stories his mother told him, which was the spark that eventually would lead him to become a writer. He was sent to a Jesuit preparatory school in England at the age of 9. After a few years, he went on to study at Stonyhurst College, and after graduating in 1876, he went on to pursue a medical degree at the University of Edinburgh. There he met Professor Dr. Joseph Bell, who became his mentor, and later became the inspiration and model for Sherlock Holmes.
While in medical school, Doyle wrote the short stories "The Mystery of Sasassa Valley" and "The American's Tale," the latter of which appeared in London Society magazine. He also worked as a ship surgeon on a whaling ship in the Arctic Circle while in school, which inspired him to write Captain of the Pole Star. After becoming a doctor he moved around for a bit, focusing on his practice, but also continued to write. He also left his Catholic faith and became a Spiritualist. Eventually, he gave up being a doctor and focused solely on his writing and his faith.
Sherlock Holmes and his assistant, Watson, were introduced in the novel A Study in Scarlet, which first appeared in Beeton's Christmas Annual in 1887. It was with this novel that Doyle's writing career finally began taking off. Sherlock Holmes, a "consulting detective" who pursued criminals in London, around England, and throughout Europe, has endured as perhaps the most noteworthy detective character of all time. In all, Doyle wrote 60 stories that featured Sherlock Holmes. Some of Doyle's most noteworthy books that include Sherlock Holmes are The Sign of Four, The Adventures of Sherlock Holmes, The Memoirs of Sherlock Holmes, and The Hound of the Baskervilles.
In 1893, Doyle tried to kill off Holmes in the short story "The Final Problem," because he wanted to focus more on his writing on Spiritualism. His readers weren't happy—20,000 readers even canceled their subscriptions to Strand Magazine, a magazine which Sherlock Holmes stories often appeared in. Eventually, Doyle was convinced to bring Holmes back. He reintroduced him in 1901 in the novel The Hound of Baskervilles, and then brought him back to life in the story "The Adventure of the Empty House" in 1903. One of the reasons he decided to bring him back was so he could use the profits from the stories to help fund his missionary work. The final twelve Sherlock Holmes stories appeared in the 1928 compilation titled The Casebook of Sherlock Holmes.
Besides his works featuring Sherlock Holmes, Doyle wrote other books such as Beyond the City, The Stark Munro Letters, and A Duet with an Occasional Chorus, as well as a series of works on Spiritualism. He was diagnosed with Angina Pectoris towards the end of his life. On July 7, 1930, Arthur Conan Doyle died in his garden with one hand to his chest and one hand holding a flower. The stories of Sherlock Holmes have continued to have been read, and Sherlock has also lived on in theater and film adaptations of his stories. Today we celebrate both Sherlock Holmes and the author who created him!


Happy Celebrating
submitted by NotJ3st3r to nationalsomethingday [link] [comments]

Why Bitcoin is the Way that it is . . .or (How I Learned to Stop Worrying and Love the Volatility!)

Please forgive the long post here and try to bear with me until the end of it if you can!
It is unfortunate reality, that too many in the bitcoin community (even those who have been here a long time) do not understand on an economic level what is going on with bitcoin; and because of that, they often get turned off or afraid of it or even rage against the volatility and ignorantly blame all the evil others who "treat it like an investment" or "only use it to speculate" (as if these were wholly conscious shifts away from what we could otherwise be treating bitcoin as right now). Some of you have probably already seen my posts to this same effect; most will have not and the concept of money developing on a market is quite foreign to most. To that effect, and out of a natural curiosity, I have spent years studying it and applying the economics of money to this amazing cryptocurrency which I am so fond of.

So, for everyone out there: For all the newbies who just don't get it. . .for all techies who could use a dose of understanding of the economic side. . . for all the veterans here who could use a little refresher and a more in-depth look at the incentives shaping our beloved ecosystem, let's take this point-by-point:

-There is no such thing as intrinsic value, even for gold or silver or dollars or diamonds or water...however, commodities and commodity monies have use-value, outside of their use as money (e.g. gold as jewelry and use as conductor, etc.).
-Value is subjective to individuals and a thing only has as much value as an individual assigns to it in regards to it's serviceability towards an end. If other individuals also value it for their ends, it can be traded or exchanged and a market price develops.
-If this thing or commodity happens to possess certain properties (properties we now call "monetary properties") such as high degrees of fungibility, scarcity, divisibility, homogeneity, transportability, durability, etc., then it has the potential to have high usefulness (and thus likely high value and thus higher exchange price) as a network good. One bitcoin unit is not going to be worth much if 2 dudes have some units and no one else does (maybe some subjective, novelty or numismatic value to those two individuals), so will not fetch a high exchange price (and will not circulate much...which is irrelevant of course if you're not trying to use it as money).
-A bubble, or spike in the price of tulips is not likely to be sustainable or borne of future-looking value achievement or creation; because a tulip doesn't really get any more useful the higher it's price; and a tulip doesn't really get any more useful the more people who have them, or the more ubiquitously they are held in society. A tulip is not much of a network good. A tulip does not possess good actualized or latent monetary properties. A tulip is lovely and useful/valuable aesthetically and for other non-monetary use-cases.
-A bitcoin (unit) does not have a whole lot of apparent use-value outside of use as money; outside of a vast network of holders. Bitcoin has exemplary monetary properties, or latent properties of a network good.
-money is extremely necessary and useful to an economy (useful to most all individuals who make up an economy), because it serves as a: 1. Medium of indirect exchange (alleviating barter inefficiencies/double coincidence of wants), 2. Unit of account (value is subjective and interpersonal value comparisons are impossible, yet we have to attempt to find common standard in order to enjoy the massive benefits of trade and division of labor), 3. Store of value. A thing is not money unless it fulfills these three roles to a high degree. BITCOIN IS NOT YET MONEY. Bitcoin is a proto-money virtual token or digital commodity. It is especially not widely used as a unit of account. This is important. This is part of why Bitcoin is so price volatile right now, and its achievement is also dependent upon bitcoin's volatility right now. We'll get to that in more depth.
-Money (for a large, non-trusting economy) can come about in only two main ways: you can have government create it and bootstrap it's initial value and maintain a demand-sink through taxation etc; or you can have it develop voluntarily on the market. I leave for another discussion the relative merits of either origin and why one might prefer one over the other. I will assume that the reader at this point sees value in having Bitcoin become money in the formal economic sense that I already explained, or that the reader at least wants the asset to either increase in price or become more useful as a payment currency...in either which case, the reader by default wants to see bitcoin progress further towards moneyness. That's right, you thought you didn't care about money...you thought you cared about the cool tech, or the payment network, or sticking it to the banks...well guess what? Jokes on you. You can pursue those aspects, because they are necessarily auxiliary to bitcoin becoming money and self-sustaining at all, so that you can continue to pursue your little pet aspects. And just like good design...you won't even know it's there. You won't know or appreciate when bitcoin is money and that it supports your penchant..but it won't matter; the invisible hand will have used you like a sheepskin for it's much grander emergent designs.
-Bitcoin has clearly not been declared money by any government fiat, and it is pretty clearly undergoing market processes which are shaping it's network effect, or it's demise. It is up to voluntary market processes (and absence of forceful interference by governments; intentional or unintentional; direct or far removed causes) to succeed or fail in it's path towards moneyness or any kind of self-sustaining existence you think it may have in it's DNA.
-There are three main factors which affect the exchange-price volatility of a commodity: 1. liquidity/market cap/saturation 2. normalization of use-cases (what can bitcoin be used for now?...not much. what will bitcoin be able to be used for when it has high network effect?...money! Is there any other use-case liable to change or add to the money use-case?...not likely. Compare to gold or silver which have the initial benefit of usefulness pre-network effect...but also suffer, as a money from other use-cases being a source of shocks) 3. Mass psychology. We are excluding exogenous supply shocks here for what should be obvious reasons as applied to bitcoin.
-Now, how does a market commodity like gold or bitcoin go from an obscure token to being a unit-of-account, high-network-effect, most liquid, most saleable asset in an economy, i.e. money? Why would people use a token or commodity as a unit of indirect exchange, when virtually no one else does? Or so how does that token or commodity get initially distributed, widely and ubiquitously enough that it can be commonly valued and exchanged with good assurance that most everyone else wants this token, thus I can be confident in accepting it, knowing I will be able to recoup my value later in exchange with anyone else? How does it become a unit of account (we "price" everything in it, within some economic sphere wherein bitcoin is serving as money) if it's price changes so much so often? How will we get to where, constantly seeing goods and services for sale denominated in BTC, helps to give inertia to our price expectations and dampen the volatility?
-There's a catch 22 here. A coordination problem. A classic market failure. It is group rational to have a money, a common token of indirect exchange...but before it is already money, it is individually rational to reject a token as worthless (aside from it's other uses which you may or may not have for it). There are free-riding and assurance problems as the token matures (e.g. why should I invest in or hold the token in order to help bring about money, when it looks like everyone else might? What price do we all settle on for the unit token, in future equilibrium or in more stable distribution era, i.e. when the market is saturated and supply has normalized?). This is why historically, we don't see many truly stateless monies (or stateless market orders for that matter), but rather see high trust credit system among tribes, or money tied to wergeld offerings to kings/states/priests. But this does not mean that market money is impossible, has never existed, nor does it mean it is without value to pursue. On the contrary; resolution of market failure into more efficient and effective market institutions has been the secular trend of most all of economic history. We are not stopping at central bank issued fiat notes (as necessary or evil as you may think this mode may be).
-There needs to be a number of phases of "bootstrapping" in order to kinda short-circuit this catch-22 -there needs to be some kind of market mechanism to alleviate the free-riding and assurance problems - and there needs to be an extended period of price discovery throughout these periods and processes to coordinate the exchange value.
-Some examples of bootstrapping taking place are: the first bitcoin transactions; where someone took a risk of assigning a rather arbitrary value to their tokens (yes, cost of mining is intuitive starting point, a schelling point, but still arbitrary) and exchanged them for some pizzas. Holders holding in ideological commitment strategy...while the rest of the world looks on and laughs. Etc. Evangelizing the use of the currency (some methods are more tasteful and effective than others of course). At some point, some of us will take a chance, take a risk, and "price" our goods and services in BTC (even though the volatility is still not down to where most people will be comfortable doing so). We are highly educated/intelligent, highly technologically empowered beings in the 21st century; economics and the study of money is a science; there is massive precedent for money and it's need and ways it can come about and compete with other money; we know these things consciously; we are not ants or simple nodes who in aggregate form a complex system borne of the interplay of individually-simple rule sets; and so not all our market processes need be completely emergent in the granular sense; we can plan even our voluntary economies and analytically (rather than just heuristically) organize it's structure to great extent, through entrepreneurial behavior and leadership and forward-looking risk taking. In other words: bootstrapping bitcoin means in large part: willing it into position as money (yes that's right buttcoiners: we are imagining, we are playing money...we are faking it until we make it). Sounds like fodder for detractors? That's fine. It is what it is. The coordination problems are real. The alternative is state force and government money, for good or for bad. We've got plenty of government money and we have plenty of very nice payment networks: let's do something new and interesting!
-Markets work in-band and out-of-band in all sorts of mechanisms, in order to alleviate or overcome significant market failure; including free-riding and assurance problems. Some of the mechanisms are: lottery/high risk-reward scenarios, philanthropy, assurance contracts, dominant assurance contracts, value adds, philanthropy and combinations of these. The public good of getting a new money or monetary system competing on the market, can be produced on shorter time-scales than what these market failures have limited people to in the past. We have modern travel and communication networks, information technology and mature and robust financial and futures/derivatives markets. We have more wealth than mankind has ever had, in order to be able to lengthen our time-preferences and weather extended periods of volatility and scientifically (analytically) see the logical ends and test our hypotheses. But with all of this, we have something which has always been an unconscious market response to price discovery of a new commodity and pushing through free-riding: Initial VOLATILITY! It acts like a lottery of sorts: It allows the more risk-averse to free-ride, not be exposed to loss, but not reap massive individual gains. . . yet it incentivizes the risk-tolerant to take risks, absorb or suffer losses, and also reap massive individual gains; thus the commodity is adopted and distributed, wider and wider (with diminishing returns and diminishing risk and diminishing free-riding). But this is why some gold-bugs get hung up on "intrinsic value" or "no backing!" or deride bitcoin for it's apparent lack of usefulness outside of money. You see, the utility of gold or silver outside of money is not what made them good money. . .it is what made them into money at all (in market-produced metallic monetary systems, or to the extent they were not state-engendered). Those non-monetary use-cases put gold and silver into the hands of many people, which helped bootstrap those monies. But it was ultimately their good monetary properties (scarcity, durability, divisibility, etc.) which maintained gold and silver as a network good, which made buying those commodities different than buying tulips in a craze. Bitcoin has it's in-built payment network, which inseparably imputes usefulness to the scarce token or share of the network. This property is auxiliary to bitcoin becoming money, but it is not universally a requirement; nor are non-monetary use-cases required indefinitely, in order to prop up or provide backstop to the value of a money. That's why it is a medium of indirect exchange. It is valued for the fact that everyone else is in a state (call it a useful mass-delusion if you will) of valuing the token; but also a share of a highly valuable public good, which is the monetary system as a whole. Remember, value is subjective and need not be tied to anything concrete or tangibly "useful". There is no conundrum here or infinite regression. Value and the nature of economic goods is abstract. The only regression required here, if any, is a reference to the price at the prior transaction. And if you insist further, you can trace all the way back, through all the speculation and all the price swings and all the purchases. . . back to the first Bitcoin Pizza Day transaction, and witness the bootstrapping of one of bitcoin's first exchange prices come into existence. You must deny the existence of a current price, in order to assert the extreme (or un-nuanced) versions of Menger's Origins of money and Mises' regression theorem; in order to deny the possibility of this "un-backed" "no use-value" currency, indeed having a market price and yet not having spiraled into death throes, long ago.
-Price discovery is pretty self-explanatory and it is of course talked about ad nauseum. But it does bear repeating that: speculation is not bad. In fact, every time you buy or sell or trade something, you are speculating. If you arbitrarily view monetary trades or monetary trades of a certain size or risk-level or intent to create a change in the mass psychology of the market as "manipulation" or somehow morally or ethically questionable. . . you can take it to the morality police and talk to them about it, or something. I don't know. But if you think that speculative activity is somehow unproductive or not conducive to bitcoin becoming money or otherwise successful; then you are manifestly wrong, I've already shown ample reasoning as to why this is so, and you need only ask one question of yourself to further understand why: How else do you propose or imagine that millions of (mostly) unacquainted strangers across planet earth can coordinate what the exchange value of a bitcoin should be at any given moment? If you are ignorant enough of economics to believe that some kind of government regulation which in effect price sets or installs price ceilings or floors or trading limitations is good for bitcoin (whatever that means to you). . . I invite you to please happily create your own exchanges and markets which enforce those specific rules; but allow others to trade in arenas where they are not subject to those rules. We are producing money through massive coordination challenges and market failures. . . you can find ways of setting up voluntary markets or walled-gardens which effectively enforce some trading rules. But should you be unconvinced and still choose the old, neanderthal ways of the blunt hammer of the state, just remember: Prices mean something. They communicate essential information. You cannot arbitrarily choose to attenuate or accentuate those signals or distort them, and hope to achieve a money truly picked by the market, by individual preferences. May the best arena win (truly) and may it win for some and the other win for others (diversity is beautiful). But know that no matter what you do, you will not ever be able to globally enforce such a regime and so you can only hamper the free trade of bitcoin; you cannot stop it, and I do not believe that you can even hamper it enough to create a stagnation which reverses bitcoin's development into money. But you will certainly not help it.
-Lastly, it is also important to acknowledge that while the payment network aspect of bitcoin is inseparable from the token, the concept of payment network and money token are distinct. Paper money has sneaker-net, fiat in general has bank-wires of all sorts and credit card networks and paypals, etc., and bitcoin has it's in-built Bitcoin payment network. It is of course necessary to have at least a rudimentary payment network built-in and as the foundation of a crypto-token, since we meatbags cannot manipulate the virtual. . . however, don't let this create an over-emphasis on the importance of the payment network. We have many payment networks already. Bitcoin's has it's strengths (even in it's current primitive state) and it's weaknesses as compared to bank networks and credit card networks. I really really really hope and do not intend here to start any kind of resurgence of drama over the block-size issue. This is not a cryptic sleight at either side of the debate (of which I have always been quite sympathetic to aspects of both arguments anyway). I truly hope that I have helped more of you also see how the money aspect transcends the payment network (that the payment network is at the very least necessary, but does not necessarily have to achieve a particular level of utility or functionality. . . beyond aiding the fledgling token in becoming ubiquitously held, such that it's good monetary properties can take over and network effects ensconce the token as money). May ALL the on-chain solutions and further layers work towards, not only a highly useful payment network; but one which propels it's native token to the full status of money.
submitted by kwanijml to Bitcoin [link] [comments]

Reminder: Bitcoin is not "backed by math". The math and code provide incentives for actors to behave in certain ways, but ultimately the currency we call Bitcoin is backed by people.

I've seen enough posts in this sub that claims "Bitcoin is backed by math", "you cannot destroy math", I feel the need to remind the community about this.
Just like every other currency ever used by mankind, Bitcoin is only as good as the people believing in it and willing to use it. There are many proxies that lead to that belief: gold because of its scarcity and history, fiat because of (eroding) faith in government and threat of violence, Bitcoins because of its various virtues that need no repeating here. But ultimately, it's people believing and using the currency that makes it worth something.
It's not math, nor code, just belief and use. Math and code are only tools that attract people to believe. I can modify the code of Core, create my own blockchain that works exactly the same way (in other words: alts), and it won't be worth anything. It's the exact same math, same code, but it will be worth absolutely nothing because nobody believes in it.
Bitcoin the currency is the sum of its users, without the first Bitcoin pizza there will be no Bitcoin, no matter how brilliant Satoshi or the devs are.
A corollary from this is, of course, that while math and code cannot be destroyed, belief and use are very much vulnerable to lots of things. Bitcoin might be resistant to censorship by design, but it's not resistant to people abandoning it because they no longer believe it's useful for them. The less people use it, the less valuable it becomes; the most direct threat to Bitcoin is not irritated governments, nor malicious hackers, nor technical deficiencies, it's irrelevance.
What does this mean for you?
If you're a developer: Please, keep in mind that a perfectly designed currency that has no user is worth absolutely nothing. Bitcoin needs to grow (...we do have 3600 BTC minted every day), people need to be able to exchange things of value with it, and you must take into account how people actually use currencies in real life, what's good for expanding and keeping the userbase, if you want Bitcoin to succeed.
If you're just a Joe user, but nevertheless want bitcoin to succeed:
Spend and rebuy, accept bitcoins for payment, dammit!
Thanks for reading this PSA, I'll now see myself out.
submitted by imaginary_username to Bitcoin [link] [comments]

Bitcoin Pizza Day. Celebrating the worlds first known real bitcoin purchase. The bitcoin price dropped in the last 24h but it seems to be slowly recovering. a bullish trend is confirmed on the 1h timeframe. Most technical indicators indicate strong buy signals.

Bitcoin Pizza Day. Celebrating the worlds first known real bitcoin purchase. The bitcoin price dropped in the last 24h but it seems to be slowly recovering. a bullish trend is confirmed on the 1h timeframe. Most technical indicators indicate strong buy signals. submitted by tradingnomads to CryptoMarkets [link] [comments]

Happy Bitcoin pizza day to all crypto community. Its 10th anniversary today when first bitcoin transaction officially registered

Happy Bitcoin pizza day to all crypto community. Its 10th anniversary today when first bitcoin transaction officially registered submitted by eventica to CryptoNews [link] [comments]

Bitcoin Pizza Day. Celebrating the worlds first known real bitcoin purchase. The bitcoin price dropped in the last 24h but it seems to be slowly recovering. a bullish trend is confirmed on the 1h timeframe. Most technical indicators indicate strong buy signals.

Bitcoin Pizza Day. Celebrating the worlds first known real bitcoin purchase. The bitcoin price dropped in the last 24h but it seems to be slowly recovering. a bullish trend is confirmed on the 1h timeframe. Most technical indicators indicate strong buy signals. submitted by tradingnomads to Crypto_Currency_News [link] [comments]

Bitcoin Pizza Day. Celebrating the worlds first known real bitcoin purchase. The bitcoin price dropped in the last 24h but it seems to be slowly recovering. a bullish trend is confirmed on the 1h timeframe. Most technical indicators indicate strong buy signals.

Bitcoin Pizza Day. Celebrating the worlds first known real bitcoin purchase. The bitcoin price dropped in the last 24h but it seems to be slowly recovering. a bullish trend is confirmed on the 1h timeframe. Most technical indicators indicate strong buy signals. submitted by tradingnomads to CryptoMarkets [link] [comments]

Happy Bitcoin pizza day to all crypto community. Its10th anniversary today when first bitcoin transaction officially registered

submitted by eventica to Crypto_Currency_News [link] [comments]

Happy Bitcoin Pizza Day: First Time When Bitcoin was Used as a Medium of Exchange

Happy Bitcoin Pizza Day: First Time When Bitcoin was Used as a Medium of Exchange submitted by CryptoCrunchApp to CryptoCrunchApp [link] [comments]

FOR ALL CRYPTOCURRENCY LOVERS!!! Please DO NOT WATCH if you're not interested in Bitcoin. Today is BITCOIN PIZZA DAY!! Celebrating the world's first bitcoin purchase ever!!

submitted by tradingnomads to youtubestartups [link] [comments]

Bitcoin Pizza Day. Celebrating the worlds first known real bitcoin purchase. The bitcoin price dropped in the last 24h but it seems to be slowly recovering. a bullish trend is confirmed on the 1h timeframe. Most technical indicators indicate strong buy signals.

Bitcoin Pizza Day. Celebrating the worlds first known real bitcoin purchase. The bitcoin price dropped in the last 24h but it seems to be slowly recovering. a bullish trend is confirmed on the 1h timeframe. Most technical indicators indicate strong buy signals. submitted by tradingnomads to CryptoCurrencies [link] [comments]

ProBit Exchange Features Mukbang AMA on Its Very First Online Meetup on Bitcoin Pizza Day

ProBit Exchange Features Mukbang AMA on Its Very First Online Meetup on Bitcoin Pizza Day submitted by n4bb to CoinPath [link] [comments]

Bitcoin Pizza Day. Celebrating the worlds first known real bitcoin purchase. The bitcoin price dropped in the last 24h but it seems to be slowly recovering. a bullish trend is confirmed on the 1h timeframe. Most technical indicators indicate strong buy signals.

Bitcoin Pizza Day. Celebrating the worlds first known real bitcoin purchase. The bitcoin price dropped in the last 24h but it seems to be slowly recovering. a bullish trend is confirmed on the 1h timeframe. Most technical indicators indicate strong buy signals. submitted by tradingnomads to CryptoMarkets [link] [comments]

Bitcoin Pizza Day. Celebrating the worlds first known real bitcoin purchase. The bitcoin price dropped in the last 24h but it seems to be slowly recovering. a bullish trend is confirmed on the 1h timeframe. Most technical indicators indicate strong buy signals.

Bitcoin Pizza Day. Celebrating the worlds first known real bitcoin purchase. The bitcoin price dropped in the last 24h but it seems to be slowly recovering. a bullish trend is confirmed on the 1h timeframe. Most technical indicators indicate strong buy signals. submitted by tradingnomads to btc [link] [comments]

FOR ALL CRYPTOCURRENCY LOVERS!!! Please DO NOT WATCH if you're not interested in Bitcoin. Today is BITCOIN PIZZA DAY!! Celebrating the world's first bitcoin purchase ever!!

FOR ALL CRYPTOCURRENCY LOVERS!!! Please DO NOT WATCH if you're not interested in Bitcoin. Today is BITCOIN PIZZA DAY!! Celebrating the world's first bitcoin purchase ever!! submitted by tradingnomads to YouTubeSubscribeBoost [link] [comments]

Happy Bitcoin Pizza Day: 10 years anniversary of the first Bitcoin transaction - AZCoin News

Happy Bitcoin Pizza Day: 10 years anniversary of the first Bitcoin transaction - AZCoin News submitted by Great-Spoon to Cryptocurrency_Daily [link] [comments]

FOR ALL CRYPTOCURRENCY LOVERS!!! Please DO NOT WATCH if you're not interested in Bitcoin. Today is BITCOIN PIZZA DAY!! Celebrating the world's first bitcoin purchase ever!!

FOR ALL CRYPTOCURRENCY LOVERS!!! Please DO NOT WATCH if you're not interested in Bitcoin. Today is BITCOIN PIZZA DAY!! Celebrating the world's first bitcoin purchase ever!! submitted by tradingnomads to SubscribeToMe [link] [comments]

Bitcoin Pizza Day. Celebrating the worlds first known real bitcoin purchase. The bitcoin price dropped in the last 24h but it seems to be slowly recovering. a bullish trend is confirmed on the 1h timeframe. Most technical indicators indicate strong buy signals.

Bitcoin Pizza Day. Celebrating the worlds first known real bitcoin purchase. The bitcoin price dropped in the last 24h but it seems to be slowly recovering. a bullish trend is confirmed on the 1h timeframe. Most technical indicators indicate strong buy signals. submitted by cryptoallbot to cryptoall [link] [comments]

Bitcoin Pizza Day  BTC Price  Exchange Volume Builds Where Are The 10,000 BITCOINS That Were Used To Buy Pizzas? Bitcoin Pizza Day-May 22nd every year. What's the backstory & history? Bitcoin Pizza Day: 7-Years Later, $30 in Bitcoin for Pizza Worth $22.5 Million Trading Bitcoin - On Pizza Day!

On May 22, 2010, Hanyecz traded 10,000 Bitcoin for some pizza in what is widely believed to be the first real-world transaction involving Bitcoin. Each year, on May 22, Bitcoin enthusiasts all ... Bitcoin Pizza Day is the annual celebration of the first known Bitcoin transaction for a physical product. On 22 May 2010, a young US engineer and crypto enthusiast, Laszlo Hanyecz, paid a fellow user a staggering 10,000 BTC for 2 Papa John pizzas. Ready to buy your first Bitcoin Pizza? Here's what you're going to need: ‍ Cashapp. A way to buy Bitcoin. Bluewallet. Bitcoin & Lightning enabled wallets. Lightning Pizza. This website! Step 1: Get some Bitcoin. Let's buy some Bitcoin! Let's buy some Bitcoin! We recommend Cash App because it’s simple and easy to use. Once you download the app, you'll be asked to provide some personal and ... Laszlo Hanyecz (laszlo) is a programmer from Florida who made the first documented purchase of a good with Bitcoin when he bought two Domino's pizzas from jercos for 10,000 BTC. laszlo had made contributions to Bitcoin's source code in the past. Hanyecz lászló is known as a man who spent 10000 Bitcoin for a pizza. Laszo Hanyecz's 10,000 BTC pizza buy 10 years ago has a special place in bitcoin folklore, highlighting, however expensively, that participation is necessary for success.

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Bitcoin Pizza Day BTC Price Exchange Volume Builds

Bitcoin Pizza: The history of the first pizza paid with Bitcoin equaling $100 million in 2019 - Duration: 2:56. Action News Jax (CBS47 & FOX30) 1,980 views 2:56 Bitcoin Pizza: The history of the first pizza paid with Bitcoin equaling $100 million in 2019 - Duration: 2:56. Action News Jax (CBS47 & FOX30) 10,985 views 2:56 Bitcoin Pizza: The history of the first pizza paid with Bitcoin equaling $100 million in 2019 - Duration: 2:56. Action News Jax (CBS47 & FOX30) 11,152 views. 2:56. CEO of Grayscale on Investment ... Bitcoin Pizza: The history of the first pizza paid with Bitcoin equaling $100 million in 2019 - Duration: 2:56. Action News Jax (CBS47 & FOX30) 12,426 views. 2:56. How To Make $100+ A Day, Trading ... Trading Bitcoin - On Pizza Day! 👉 Subscribe so you don't miss the next one: http://bit.ly/2QKVDdV Check below for events and news SAVE THE DATE! Novem...

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