Surely there must have been exchanges (informal or not) from the onset of Bitcoin? What were bitcoins used for in the very beginning?
There really was no "market" before 2010. There were a couple trades between miners perhaps.
BitcoinMarket.com opened on Feb 6, 2010. There is no price history for that anywhere as far as I know.
-
http://en.bitcoin.it/wiki/HistoryThe first widely communicated transaction was Laszlo's pizza, May 2010:
-
http://www.bitcoinmoney.com/post/3109720916 -
http://bitcointalk.org/index.php?topic=137.0That transaction appears to have been an attempt to discover price. An offer was made (10,000 bitcoins for what was probably a $25 USD purchase), and there were no takers for a couple days. Just a month later, the exchange rate had rocketed more than ten times higher than what was calculated for that deal.
I read about that on the BitCoin Wiki page, I didn't know how significant of a transaction that was. Thank you.
No, in the very beggining, it was just for fun, testing the protocol, there was simply no value. First coins have gone to Satoshi
Then people came, it was also more of a fun experimental thing:
First came the pizza
May 22 2010: laszlo first to buy pizza with Bitcoins, paying 10,000 BTC for ~$25 worth of pizzaThen the Alpaca Socks
etc.
https://en.bitcoin.it/wiki/HistoryEDIT: Took some time, didn't saw the above so my response has some repeated info
Thanks alot; do you have any more information on the history of the first bitcoins that were used. You mention they were fun and experimental...before the pizza purchase were there any other purchases? How did Satoshi get people to dedicate time to mining (I know it was significantly easier in the beginning)
THIS is AWESOME information. I suppose this makes the most sense; value has to come from somewhere, I'll definitely add that in to see what the multiplier is now. Cost for electricity must still have some sort of statistical correlation to the price of bitcoin.
I don't mind making any of the findings I have available for anyone; I can't tell you how fascinating all this is. Its like an economists wet dream.
I'd be very interested in anyones input on the following subjects
- Price data from 2009 that hasnt been mentioned
- examples and recollections of things you or people you knew bought with bitcoins in the early days
- incentives to mine for early miners
- early bitcoiners any info
- thoughts on the correlation between actual amount of money being spent (theres 10 mill bitcoins lets say only 5 mill are "active" and the rest are people holding) how does that affect the price in your opinions
- Finally the top 100 bitcoin wallets; I found this information online for specific months; I'm 99% sure I'll be able to write a script to extrapolate it out of blockchain.info I'd be interested to know if anyone has it off hand though
Most of my questions are centered around the
instrinic value of bitcoin and what that correlates too
