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[jackg]

I think I saw a thread on this a few days ago but it's interesting it had its own "token" attached to it. I assume that means withdrawals and deposits could be done in that currency or another exchange was required (either with the exchange or peer to peer) to get something that could be moved off it.

I wonder if this is what lead to paypal's disliking of cryptocurrency and bitcoin too, if theft started to spike as PayPal was/is reversible in a way bitcoin isn't.

[hugeblack]

Can we compare it to Mt.Gox, they look more like localbitcoin or viowx (I think they stopped working a while ago as it was possible to buy using PayPal using a third party token) as the buyer and the other party both agree on a certain price to buy and sell and therefore we cannot adopt those prices as a reference to the price of Bitcoin .

I do not know how quickly the transfers are made, but it is closer to decentralization.

In general, can we consider bmusd as the first idea to stabilize the price of Bitcoin instead of withdrawing as cash?

[SFR10]

So, the first crypto exchange was Bitcoin Market (not Mt.Gox, as some believe),

Technically, the first crypto exchange was actually the "New Liberty Standard" and judging by its exchange rate history ^{[archived version]}, it started its operation around October of 2009 ^[source].

• The interesting part is how it calculated the exchange rate back then:
  
  

  Our exchange rate is calculated by dividing $1.00 by the average amount of electricity required to run a computer with high CPU for a year, 1331.5 kWh, multiplied by the the average residential cost of electricity in the United States for the previous year, $0.1136, divided by 12 months divided by the number of bitcoins generated by my computer over the past 30 days.

[mk4]

Technically, the first crypto exchange was actually the "New Liberty Standard" and judging by its exchange rate history ^{[archived version]}, it started its operation around October of 2009 ^[source].

I just dug through their forums because I'm bored, and found this one response to the question "why"(bitcoin):



Besides the mining part, I just find it weird and bizarre how I'd have almost the same exact response to someone asking me "why Bitcoin"; knowing that this response was from 13 years ago.

https://web.archive.org/web/20111118184223/http://newlibertystandard.wetpaint.com/thread/3392772/why%3F

[kryptqnick]

I didn't know about this exchange, so thanks, op, for sharing this. I wonder why the thread is named "New exchange" if it's the first crypto exchange... It does seem to be the first one, it's just that 'new' is normally said when something already exists. The price is unbelievably low, it's hard to realize how much Bitcoin truly moved forward over these years. I wonder how many people from those days still have something in Bitcoin that they bought or got during such low prices. I, unfortunately, joined the market much later, and then took a while to realize that Bitcoin is truly valuable.

[kamvreto]

~snip~ I wonder how many people from those days still have something in Bitcoin that they bought or got during such low prices. I, unfortunately, joined the market much later, and then took a while to realize that Bitcoin is truly valuable.

about how many there are I also don't know the exact data, but there must be someone who hasn't sold it yet. I found an address that has around 429 BTC bitcoins in 2010 and last March there was a move by sending all bitcoins to a new address. this proves that there are still many and there are BTC Holders from the past.

https://blockchair.com/bitcoin/address/17QBWJCGV4QbQhLbhcS7d9yB2S7DPLf4N9

Bitcoin was worthless in the past, but very valuable now. who could hold it up until now would gain a tremendous advantage.

[Upgrade00]

Great thread Ratimov. Bitcoin has come a long way from the really early days, to today, the early-ish days and a lot has changed within over a decade; the Bitcoin network however, has remained more or less the same.
I would merit you, but I got only one smerit left and I'm saving that, as a reserve.

Besides the mining part, I just find it weird and bizarre how I'd have almost the same exact response to someone asking me "why Bitcoin"; knowing that this response was from 13 years ago.

I don't find it weird at all. Bitcoin was unpopular and had zero market value then. So those who got into it had to have a real reason to do so, one which would more often than not, resonate to the actual purpose of Bitcoin, which I believe you share.

Majority getting in now, see that lots of people got profits and they want some too. If the government can still subpoena them through the centralized exchanges they use or they have no privacy, or do they own the keys to the coins, doesn't matter at all.

[mk4]

I don't find it weird at all. Bitcoin was unpopular and had zero market value then. So those who got into it had to have a real reason to do so, one which would more often than not, resonate to the actual purpose of Bitcoin, which I believe you share.

Majority getting in now, see that lots of people got profits and they want some too. If the government can still subpoena them through the centralized exchanges they use or they have no privacy, or do they own the keys to the coins, doesn't matter at all.

I get your point. It's just the fact that the post on the screenshot was a bit too close to what I would exactly say when asked about the same question. I know the general idea would be mostly the same, but I just expected a bit more variation compared to a response from 2009. I'd say more of 'uncanny' than 'weird'.

[Upgrade00]

I know the general idea would be mostly the same, but I just expected a bit more variation compared to a response from 2009. I'd say more of 'uncanny' than 'weird'.

Alright, I understand you now. Great minds they say...

I wonder how many people from those days still have something in Bitcoin that they bought or got during such low prices.

A handful or less.
Many would have already sold even before Bitcoin hit $100, many more would have panick sold at a loss and some would have made huge profits holding on to $20k or maybe $60k.
The chances of holding all through the high prices we've seen over the last 5 years are quite slim. Don't have a estimate, but it would be a very low number.

[Fivestar4everMVP]

This, indeed is a good information and the history of bitcoin, something I personally never get tired of discovering as well, and today, I've discovered that MT.GOX isn't the first bitcoin exchange, though this is something I've believed all along.

Now, speaking of bitcoin price starting out at $0.003, each time am reminded of this, I always have the regretful feeling like "where was I then and what was I doing that made me not discover bitcoin at that time",
And also, what about those who bought bitcoin at that price?, I doubt any of them even held till bitcoin hit $100 before selling, except those and bought it and forgot, and also those who lost their wallet passwords and keys, but were lucky to later recover it.

[Jeger.Kiting]

I'm still too new to the issue of Bitcoin trading history at this time, after seeing this I understand a little about this history, but I only heard a little about MT.GOX trading, it's just that I never followed developments about this at that time. . After a long time I just found out about the history of bitcoin exchange for the first time I think this is very interesting.

[Maestro75]

The forum even has a thread dedicated to this service: New exchange (Bitcoin Market)

Going through the comments in that thread made me realise how dedicated early members of this forum were to keeping bitcoin alive. The cooperation, exchange of ideas that flowed among members and their willingness to do more showed what was able to sustain bitcoin despite the attacks from those who doubted and the media. If early members were not that committed, am sure bitcoin would not have gotten to where it is today. Thank you Ratimov for sharing this.

[kaggie]

New Liberty Standard first listed an exchange rate on October 11, 2009.

One day later, Martti Malmi transacted with him, which is the first known Bitcoin to fiat transaction.
https://twitter.com/marttimalmi/status/423455561703624704

Martti Malmi, who set up this forum, set up bitcoinexchange.com, which was first fully functional on 23 March 2010 -- within two weeks after Bitcoin Market.
https://bitcointalk.org/index.php?topic=68.msg1202#msg1202

[dothebeats]

It looked primitive and resembles Craigslist a lot. Crazy how time flies so fast, and the number of helpful tools integrated in exchanges to help traders on their activities is also increasing too. Back in 2014, the only trading platform I knew is Localbitcoins, and it's extremely hard to get a deal as most of the sellers are from far away. I genuinely believed that Localbitcoins is the first and primary means of trading coins back then since it was peer to peer, but I was wrong. You learn something new everyday.

[Hamza2424]

Dear those days were Prime time of Crypto as we were not naa haha as its one of most unsatisfying time because we entred as fast as we leave then after few weeks later we are going to hear BTC made its Achievement on 120k. So i know I won't leave and bear too may be but now I'm stubborn for the Target as its now question on the Future. I want to write my own answer

[Ahli38]

I imagined myself to be the person selling bitcoin at that time. where the price of bitcoin is still worth a few dollars. and I'm sure when people who used to trade in those days then saw this picture. then this will bring many memories and images that cross his mind. feelings of pleasure and regret will be mixed. Sometimes memories like this can bring good motivation to think more positively in the future. At that time I even preferred to be paid in dollars rather than bitcoin. because I didn't know that bitcoin would be as valuable as it is now. even though the bitcoin paid option already existed at that time. I'm sure someone here has experienced the same thing. who used to hunt for dollars on the internet with paid advertising click services hahahaha. bitter memories. if time could be turned back. then first I would prefer to be paid with BTC and hold it hahahaha