Don't trade your Bitcoin like Laszlo Hanyecz

[Johnlomape]

Well, today is the main celebration of the Bitcoin Pizza day. May 22 marks the 12th anniversary of Bitcoin Pizza Day, a day when the cryptocurrency was used in a real-world transaction for the first time. 

https://bitcointalk.org/index.php?topic=137.msg1195#msg1195

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.  I like having left over pizza to nibble on later.  You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what I'm aiming for is getting food delivered in exchange for bitcoins where I don't have to order or prepare it myself, kind of like ordering a 'breakfast platter' at a hotel or something, they just bring you something to eat and you're happy!

I like things like onions, peppers, sausage, mushrooms, tomatoes, pepperoni, etc.. just standard stuff no weird fish topping or anything like that.  I also like regular cheese pizzas which may be cheaper to prepare or otherwise acquire.

If you're interested please let me know and we can work out a deal.

Thanks,
Laszlo

Almost 12 years ago, a Floridian programmer named Laszlo Hanyecz was craving pizza. So, he bought two. But the catch here is, that he paid in Bitcoin in the first-ever recorded real-world transaction using crypto.

Hanyecz announced on May 18, 2010, that he planned to use Bitcoin to buy pizza, preferably two large pies. He was willing to pay 10,000 Bitcoin to anyone who could place an order, collect the cryptocurrency, and bring it to him.

Days passed and Hanyecz was still unable to find anyone who was willing to take up his offer. He was losing hope. But then, on May 22, Jeremy Sturdivant, a 19-year-old at the time, started turning heads on the forum. He accepted the offer of 10,000 Bitcoin for two pizzas, valued at around $41 back then.

Sturdivant purchased the two pizzas and delivered them to Hanyecz’s place in Florida. Laszlo Hanyecz posted on the forum that he had received the pizzas and shared the following photograph with his family.
https://www.businesstoday.in/amp/crypto/story/two-pizzas-for-rs-2260-crores-12-years-of-the-bitcoin-pizza-day-334204-2022-05-19

A big lesson
Do you know your Bitcoin asset can worth more than you could ever image in time? Hodl and buy more since price is down and await the future to decide.
 I'm a Bitcoin optimist!

[mk4]

I hate people spending their bitcoin sort of being 'demonized', as there's definitely nothing wrong with what the dude did. He publicly showed that bitcoin can actually be used as a currency. Big achievement, if anything.

[LoyceMobile]

I hate people spending their bitcoin sort of being 'demonized', as there's definitely nothing wrong with what the dude did. He publicly showed that bitcoin can actually be used as a currency. Big achievement, if anything.

Exactly! Use Bitcoin as a currency, spend it, earn it, save it. Adoption is what can make Bitcoin grow.
Laszlo didn't spend all his Bitcoin on pizza, he had enough left. Bitcoin wouldn't be worth much if only a few guys would have kept all of it for themselves.

[hatshepsut93]

People have such a strange mindset that you can only own Bitcoin once, and once you sell your precious bitcoin, you will never own it, because it's just impossible, right? Laszlo still owns enough coins to be a millionaire, maybe even multi-millionaire. No one knows if he bought back the coins he spent on pizza. Same goes for people who sell in a bear market - not every single one of them is panicking and quitting Bitcoin for good, some just accumulate more Bitcoin by waiting for lower prices.

[KaliLinux]

I hate people spending their bitcoin sort of being 'demonized', as there's definitely nothing wrong with what the dude did. He publicly showed that bitcoin can actually be used as a currency. Big achievement, if anything.

Exactly! Used Bitcoin as a currency, spend it, earn it, save it. Adoption is what can make Bitcoin grow.
Laszlo didn't spend all his Bitcoin on pizza, he had enough left. Bitcoin wouldn't be worth much if only a few guys would have kept all of it for themselves.

True that but I think people are more concerned now about that spending because of what Bitcoin is today and its worth but not really the spending. Looking at the worth of those Bitcoin today and the number of pizzas they were spent on is imbalanced if I may say it like that but people have to understand that we cannot compare then and now and people can actually spend because thats part of its essence too, I believe.

[Findingnemo]

So what can we do with our Bitcoins? It for buying the damn things we wanted so he did it right and also Bitcoin wasn't worth that much by that time, so we can't do anything about it for now but he took a part in the bitcoin's history if bitcoin ever accepted as payment by this whole world which may worth more than the money, for some and differs for others.

[mk4]

True that but I think people are more concerned now about that spending because of what Bitcoin is today and its worth but not really the spending. Looking at the worth of those Bitcoin today and the number of pizzas they were spent on is imbalanced if I may say it like that but people have to understand that we cannot compare then and now and people can actually spend because thats part of its essence too, I believe.

Is that really a good way of looking at things though? Like, "screw enjoying my life and spending $41 for some pizzas, this money could be worth a lot more pizzas in the future!" That's just dumb.

Look, if he was bullish on bitcoin in the first place, then he likely covered that 10,000 BTC and likely purchased a lot more than that.

[PepeLapiu]

I hate people spending their bitcoin sort of being 'demonized', as there's definitely nothing wrong with what the dude did. He publicly showed that bitcoin can actually be used as a currency. Big achievement, if anything.

I disagree. Sound money is a lot more than something you use to buy and sell stuff.

Just because you are not buying coffee with your coin doesn't mean it's not money. Have you ever heard to expression: "Sound money chases out bad money."?
Basically, all of us here understand that gold, silver, Bitcoin, and even yack poop are all better money than fiat currency. Yet if I have $20 of coin, $20 of gold, $20 of yack poop, and $20 of fiat, you can bet your keys I will be spending the worthless fiat first and hodl my gold, coin, and yack poop.

People tend to keep what is valuable to them and spend away what they consider less valuable. So bitcoin will at some point be used to buy coffee. We just gave to wait until your useless fiat becomes so worthless that you still will want to get rod of it, but nobody will want it.
And that is what money is.

[mk4]

I disagree. Sound money is a lot more than something you use to buy and sell stuff.

Just because you are not buying coffee with your coin doesn't mean it's not money. Have you ever heard to expression: "Sound money chases out bad money."?
Basically, all of us here understand that gold, silver, Bitcoin, and even yack poop are all better money than fiat currency. Yet if I have $20 of coin, $20 of gold, $20 of yack poop, and $20 of fiat, you can bet your keys I will be spending the worthless fiat first and hodl my gold, coin, and yack poop.

People tend to keep what is valuable to them and spend away what they consider less valuable. So bitcoin will at some point be used to buy coffee. We just gave to wait until your useless fiat becomes so worthless that you still will want to get rod of it, but nobody will want it.
And that is what money is.

I never said you necessarily have to spend your bitcoin. Heck, I mostly don't. But I'm not here telling people what to do and what not to do with their money, because everyone can do whatever the fuck they want with their bitcoin. It's literally none of my(or our) business.

[Mpamaegbu]

Well, today is the main celebration of the Bitcoin Pizza day. May 22 marks the 12th anniversary of Bitcoin Pizza Day, a day when the cryptocurrency was used in a real-world transaction for the first time. 

Actually, today is more like a Laszlo Day. Attention should be on him for making Bitcoin transaction believable. Many of us think (as it's today and now) that Laszlo was wrong to have made that deal because it would've worth a lot in today's world. Truth is that Bitcoin was worth what it was exchanged for then. Not many a people believed then that Bitcoin could be worth a fraction of what it's worth today and that was why it took Laszlo some time to even get his buyer at that exchange. I've read several articles in the past where Laszlo said he didn't have any regret doing what he did then. So, I think we shouldn't cry more than the bereaved on that issue. Yes, quite alright the value is worth a crazy figure now but I don't believe Laszlo would've kept his stash till date and had that benefit. He would've sold off during one of those FUD days before 2017.

[bittraffic]

This is a historical event which we now celebrate and I agree with mk4, nothing is wrong with it. Many of the early adopters of that time sold their BTC  to buy things they have not got since like cars.  Although they sold it early, they've proven BTC to be currency.

Today, you may think you'd regret later when you spend your BTC, so its your choice what ever you do with it. And I hope you really will make it to be the diamond hands that you want. Happy Bitcoin Pizza day!

[NeuroticFish]

A big lesson
Do you know your Bitcoin asset can worth more than you could ever image in time? Hodl and buy more since price is down and await the future to decide.
 I'm a Bitcoin optimist!

Bitcoin is money. The money has to flow. Without people using Bitcoin to pay for goods and services we would not be here.
So you're wrong. Badly and maybe selfishly too, in a twisted way.
My opinion is that one should always spend some and keep some. Like with every kind of money. Make use of your money in any form, don't exaggerate, but also don't look back on what would that worth now.
If you don't do this you may end up dying with the regret of being maybe even rich for no use, since you lived your life as poor man.

[Ale88]

Almost 12 years ago, a Floridian programmer named Laszlo Hanyecz was craving pizza. So, he bought two. But the catch here is, that he paid in Bitcoin in the first-ever recorded real-world transaction using crypto.

Do you even realized what you wrote here? Did you read it? Or was it just a copy-paste without paying attention? Laszlo did something unique in history, he and his transaction will always be part of bitcoin's history and who knows, maybe without Laszlo proving that was actually possible exchange bitcoin for something physical bitcoin wouldn't have become what's today. I have a huge respect for Laszlo.

[PepeLapiu]

I never said you necessarily have to spend your bitcoin. Heck, I mostly don't. But I'm not here telling people what to do and what not to do with their money, because everyone can do whatever the fuck they want with their bitcoin. It's literally none of my(or our) business.

In that case, we agree.
To me it doesn't matter if you hodl, day trade, gamble, finance terror, buy dope, whatever.....
All that matters is that you use it. And in time as more people use it, it will become easier to see it as a means of exchange.
It's already used as a means of exchange far more than it ever was in the past. And that use cade keeps growing.
My VPN is with ProtonMail which accepts BTC psyments.

.

[aoluain]

People have such a strange mindset that you can only own Bitcoin once, and once you sell your precious bitcoin, you will never own it, because it's just impossible, right? Laszlo still owns enough coins to be a millionaire, maybe even multi-millionaire. No one knows if he bought back the coins he spent on pizza. Same goes for people who sell in a bear market - not every single one of them is panicking and quitting Bitcoin for good, some just accumulate more Bitcoin by waiting for lower prices.

Thats the thing so many people miss that point. They automatically think Laszlo bought
Pizzas with all his Bitcoin and that was it, he was never able to buy back the Bitcoin.

Bitcoiners today sell Bitcoin to buy stuff, they buy it back again, we dont 5 years later think
that item cost x times more because of the current market value. As everyone above Bitcoin
has to move, change hands and be used.

[ChiBitCTy]

If I could dislike this post or give it negative merits I would. It is so stupid when people give him a hard time for spending his bitcoins on the pizzas. What he did was start off the use of bitcoin as a means of exchange and no one had any idea how valuable bitcoin would become at that time. Someone had to be first and he’ll be famous for doing so for eternity. Bitcoin is a currency and it’s meant to me spent so enough with the don’t spend bitcoin narrative.

[PepeLapiu]

People have such a strange mindset that you can only own Bitcoin once, and once you sell your precious bitcoin, you will never own it, because it's just impossible, right? Laszlo still owns enough coins to be a millionaire, maybe even multi-millionaire. No one knows if he bought back the coins he spent on pizza. Same goes for people who sell in a bear market - not every single one of them is panicking and quitting Bitcoin for good, some just accumulate more Bitcoin by waiting for lower prices.

Thats the thing so many people miss that point. They automatically think Laszlo bought
Pizzas with all his Bitcoin and that was it, he was never able to buy back the Bitcoin.

Bitcoiners today sell Bitcoin to buy stuff, they buy it back again, we dont 5 years later think
that item cost x times more because of the current market value. As everyone above Bitcoin
has to move, change hands and be used.

That is exactly right.
I am a trader on p2p exchanges. So I sell and buy BTC for a 5% profit margin. And a lot of my customers don't understand why I am selling coin now that the price has dropped so much.
If I sell you $1 of coin, I sell it for $1.05, than I turn around and but $1.05 of coin again. I just made $0.05 of Bitcoin in profit. But they don't understand that. What do they think I do with that nickel?

Two years ago when Bitcoin was at around $10k I sold my $6k of it to buy a vehicle for my work. Had I waited an other 6 months, that $6k of Bitcoin would have turned into $36k.
But I don't regret it at all. I needed a truck for work. There was no way around that. I couldn't have taken it somewhere else because all my money was in BTC.

 

[hZti]

Don't trade your Bitcoin like Laszlo Hanyecz

In my opinion this is wrong in so many ways that I don't even know where to start. Just think what would have happened if satoshi mined all bitcoins by himself and never gave one away. Bitcoin would be worth nothing and this forum would not exist.

[noorman0]

-snip-

A big lesson
Do you know your Bitcoin asset can worth more than you could ever image in time? Hodl and buy more since price is down and await the future to decide.
 I'm a Bitcoin optimist!

Laszlo bought pizza in 2010, so how can he predict bitcoin will be worth sometime while mining 10k bitcoins is as easy as writing 2 to 3 paragraphs of a children's fairy tale? I don't think one's optimism will grow in just a year, so $41 is worth more than 10k bitcoins in that year.

Laszlo was the first to experience the benefits of bitcoin as a means of payment. Inadvertently he made recognized history.

[abel1337]

I hate people spending their bitcoin sort of being 'demonized', as there's definitely nothing wrong with what the dude did. He publicly showed that bitcoin can actually be used as a currency. Big achievement, if anything.

I have the same thought, We do recognize the history of bitcoin pizza because of what Laszlo did before. It is a piece of history that wouldn't be erased in cryptospace. Imagine you are one of the earliest people using bitcoin to purchase in a real world when nobody thought its possible.

Using him as a bad example now means you blame people today using their bitcoin as a sort of payment.