Players at that time were likely not interested in BTC but given this is 2011, they were probably using the paper wallet to award the prize of 25BTC each. It was $41 If they still have them in 2017, they will be scrambling to find those paper wallets inside thier drawers.
In 2011, I think there are only a few exchanges and one could be GOX, so if it's on GOX then they probably sold or lost the BTC already.
Going back on that date, BTC is still like a nonsense thing for most people not until the ATHs came from and I believe it all kicked in on 2017 and that's where the mainstream goes into it eye to eye. And if it's kept on mtgox or somewhere else, there's no way that they can retrieve it anymore and most likely it's just forgotten.
Not only them, but anyone in their situation who is given 25 bitcoins as a reward will spend it right away. Even if they intended to keep it, when the price must have risen in two years, they will sell it quickly. This is just one example of how bitcoin has grown in the last decade. Bitcoin enthusiasts are confident that it will grow even more in the coming years.
This news should serve as a guide to learning how to hold for a long time, but it will only be applicable to the bitcoin community's optimists and courageous members. Those who do not believe in bitcoin development will still sell everything and prefer to keep their money in fiat if they are paid in bitcoin today.
Those people that are working and getting paid in bitcoin, they'll sell for sure but a portion of it is aware of them that they must keep a bit of it in preparation of future pumps.
Someone who's working with a job and is getting paid with bitcoin is likely an enthusiasts if not, then likely forced to just accept it but then the knowledge will start from there and will eventually know the importance of keeping some. Well, as for the players who have received it, just like them who most likely sold it, I've admitted it already that I might even sold it at the quickest possible time if I can.
This shows how bitcoin have grown over the years from the scratch. When we introduce bitcoin or when someone wants to learn about bitcoin these threads will help. Particularly for the users who find the volatility of bitcoin big issue. It makes me get goosebumps, because if the first prize winners have kept hold of their winnings it would've turned $10 whereas the last position winners could've turned millionaires if they've kept hold of the winnings. Now we've just one bitcoin worth of prize on special promotions, what a pity
It's actually a good idea to give such threads or topics to the new ones for them to realize on how big bitcoin have grown over time. I have thought of doing this to those people that have mocked and laughed at me before when I've told them that I'm a bitcoin optimistic guy and sees the great future of it.
Although there's some hate that's being done on me during that time, it's also making me think that it's better to spread love and just give them space.
People who got bitcoins could have immediately sold them and people who got USD could have bought bitcoins with them. So I think there's nothing remarkable about Bitcoin transactions of the past.
And some people like to show Bitcoin price 10 years ago and today and then build a case that the same rate of growth will happen over the next 10 years. This is unrealistic, because Bitcoin market is reaching saturation, nowadays most of people have heard about Bitcoin, many have considered investing in it. Large bull markets that are responsible for most of Bitcoin's performance are becoming smaller and smaller if you look at the relative increase of their peaks.
Bitcoin will not increase your wealth by 100 times in a few years, and that's okay.
That is true but the purpose on why I've made this thread is that a decade ago there were tournaments in esports that have given prizes in bitcoin for the last prizes. But it can't be helped and discussions about showing the value before and then is always there. There's no difference though and just as you've said, majority agrees that if all of us have accepted that as a prize, we have probably sold it asap.
It really is asking for pain to go back and look at all the opportunities in Bitcoin in the early days. I couldn't tell you how many hundreds, likely thousands of BTC I paid out to random graphic artists or developers for tiny tasks. I'd like to think they all held and got rich, but I'm sure they cashed out immediately as that's what people did back then. Nobody wanted to risk holding the bag if BTC fell to zero. A shame. Even I, who strongly believed Bitcoin would be valued in the thousands one day, let people get to me and talk me into selling thousands of them early on to "not be stupid" and "cash out something while you can." It was easy to fall into that trap of thinking before it became clear Bitcoin was on a path to mainstream acceptance.
I understand that feeling and I've felt that even before. When it's like bitcoin has reached $1k for the first time and people over the internet talking about selling before it's too late, well, the vibes is just contagious. It really can't be helped when we've just held even just around 5 or 10 btc before and how much more for people like you who have held around from hundreds to thousands of it. It also hits me hard.
I'm sure someone brought up this story a while ago, if it's not the same, the point was the same, without a doubt, seeing some things in the past tense in reference to bitcoin leaves you pensive or maybe crying, lol, anyway, here's a contribution with similar cases:
4 places will be paid. 1st 750 Bitcoins, 2nd 375 Bitcoins, 3rd 250 Bitcoins, 4th 125 Bitcoins ( based on 10 players )[/b][/center]
That's even on a larger scale of prize but that's earlier. I wonder if BFX is still holding that lot of bitcoins in current time.
It's kind of amazing how people looked at Bitcoin back then to a point that the winners at the top places received dollars while the bottom ranked ones had to settle for Bitcoins
The actual winners are those who held the Bitcoins they won and sold at least after 6–7 years
That latter part is for real. Even it won't take that long but someone who had bought bitcoin at the bottom and sold somewhere at the top or near to that, they're clear winners and I think many have build up that plan when we've approached 2021. Too many newbies by that time and they're wiser I guess than the early adopters who were still like walking in the shadows without guides.
Not really that shocking, I remember when faucets gave 1 bitcoin for free, and you could claim once per day, which means in 25 days you would have this much without ever working or being in a tournament. I remember you could mine bitcoin on your laptop and make more than 25 bitcoins in a few months at most, probably less.
When you go back in time, there was a guy who sold 2 large pizzas for 10k bitcoins as well, very famous thing. So at the end of the day, if we look back at the history of bitcoin, we can clearly see the growth, it's not really a news and it has been known for many years, in fact it's one of the reasons some people don't even invest anymore because they feel they are too late.
Those were the earliest times for bitcoin. Gavin had made a faucet IIRC that gave out 5 btc per claim and the price of bitcoin during those times weren't really great so we see quantity over quality. But these days, a person would even dream of having just 1 btc.