17 years Ago, Martti Malmi Sold 5,050 Bitcoin

[Doan9269]

Bitcoin history is not yet complete if we do not mention the name Sirius and his past eminent presence, influence, and contribution to the Bitcoin community, which we have today as bitcointalk; therefore, I don't know if this topic will be best on this board or meta,

There is also one unique feature to talk about Martti Malmi, AKA Sirius; aside being a developer, he was also the first person to engage on a Fiat Bitcoin trade, which on an occasion like this we stand to learn from this landmark achievement he has made that pave way to what many of us today now see as crypto trade, whereby we can use our Fiat to acquire Bitcoin and can also trade our bitcoin for Fiat.

While the value of what he sold, 5,050 Bitcoin, was $5 back then, you can imagine holding the same value of 5,050 BTC today.  
https://x.com/i/status/2109679802235904388

[Free Market Capitalist]

Bitcoin history is not yet complete if we do not mention the name Sirius and his past eminent presence, influence, and contribution to the Bitcoin community, which we have today as bitcointalk; therefore, I don't know if this topic will be best on this board or meta,

I think it is better here, as it goes about a Bitcoin transaction.

There is also one unique feature to talk about Martti Malmi, AKA Sirius; aside being a developer, he was also the first person to engage on a Fiat Bitcoin trade, which on an occasion like this we stand to learn from this landmark achievement he has made that pave way to what many of us today now see as crypto trade, whereby we can use our Fiat to acquire Bitcoin and can also trade our bitcoin for Fiat.

While the value of what he sold, 5,050 Bitcoin, was $5 back then, you can imagine holding the same value of 5,050 BTC today.  
https://x.com/i/status/2109679802235904388

That's interesting, because I knew about the first transaction involving a good—the famous pizza—but I didn't know about this first transaction. And I've been in this field for a few years now. Yeah 5,050 Bitcoin is a lot today but the importance of that transaction is that it paved way.

[greysonz]

Bitcoin history is not yet complete if we do not mention the name Sirius and his past eminent presence, influence, and contribution to the Bitcoin community, which we have today as bitcointalk; therefore, I don't know if this topic will be best on this board or meta,

Thanks to him for creating the initial value of Bitcoin.
Incidentally, a year and a half ago, he proposed an unusual idea: to create a kind of "Bitcoin Mossad" based in El Salvador. The principle of this organization, in theory, should be "never forget, never forgive." This organization would supposedly protect Bitcoiners.

https://x.com/marttimalmi/status/1929364701961462047

[stompix]

That's interesting, because I knew about the first transaction involving a good—the famous pizza—but I didn't know about this first transaction. And I've been in this field for a few years now. Yeah 5,050 Bitcoin is a lot today but the importance of that transaction is that it paved way.

Well, technically this ain't the first also 
We have Malmi selling here:
https://mempool.space/tx/7dff938918f07619abd38e4510890396b1cef4fbeca154fb7aafba8843295ea2
But we have Satoshi gifting Hal here:
https://mempool.space/tx/f4184fc596403b9d638783cf57adfe4c75c605f6356fbc91338530e9831e9e16

The whole pizza thing is a bit weird because Lazlo didn't actually buy the pizza with BTC , he sent the Bitcoins and Jeremy bought the pizzas with a normal credit card.

This is the funny part: we don't actually know when Bitcoin was used directly to buy something for the first time!

[AprilioMP]

While the value of what he sold, 5,050 Bitcoin, was $5 back then, you can imagine holding the same value of 5,050 BTC today.  
https://x.com/i/status/2109679802235904388

It has become a moment in history that will never be forgotten. 5,050 Bitcoin is no small amount if cashed out today. And I believe that those of us who are now selling Bitcoin for various reasons will have stories from the past when Bitcoin traded at prices far below today’s levels.
People who own Bitcoin and continue to hold onto it—even as its value increases every month—until they eventually decide to sell at the next all-time high (ATH) will find great satisfaction in that decision, even though prices will likely rise even higher in the future, reminding us of the amount of Bitcoin we sold back then.
Everyone has their own story, and this is the most colorful chapter of history.

[Sticky Bomb]

While the value of what he sold, 5,050 Bitcoin, was $5 back then, you can imagine holding the same value of 5,050 BTC today.  

Worth roughly $424,200,000 if we go by today's $84k price. Most people would say he sold much BTC if they look at the current price and value forgetting it was much easier to mine thousands of BTC from a desktop computer back then, of course he had so much more BTC at that time that 5050 BTC was nothing to him. He really set the pace and is a legendary act worth remembering.

Compared to now, it holds a very large value that can make anyone very wealthy and most people who have such a big stash would want to to keep holding and not sell.

[Junii]

Bitcoin history is not yet complete if we do not mention the name Sirius and his past eminent presence, influence, and contribution to the Bitcoin community, which we have today as bitcointalk; therefore, I don't know if this topic will be best on this board or meta,

So sad for Sirius no doubt he take a risk and started the fiat transaction but 5050 bitcoin is a huge number if i compare it with today's market price it's around 419 millions apart from him there will be more peoples like him who sold there bitcoin for few dollars because 5050 for just 5$ is the clear example that many people would not believe at that time that the digital gem they were holding will be more valuable after 17 years and majority of people would not be able to just afford one bitcoin . Any ways if we were start accumulating from now may be in future if we were alive tell our kids that in 2026 it was around 83k and now we are on moon .

[Ummeettaa]

Bitcoin history is not yet complete if we do not mention the name Sirius and his past eminent presence, influence, and contribution to the Bitcoin community, which we have today as bitcointalk; therefore, I don't know if this topic will be best on this board or meta,

There is also one unique feature to talk about Martti Malmi, AKA Sirius; aside being a developer, he was also the first person to engage on a Fiat Bitcoin trade, which on an occasion like this we stand to learn from this landmark achievement he has made that pave way to what many of us today now see as crypto trade, whereby we can use our Fiat to acquire Bitcoin and can also trade our bitcoin for Fiat.

While the value of what he sold, 5,050 Bitcoin, was $5 back then, you can imagine holding the same value of 5,050 BTC today.  
https://x.com/i/status/2109679802235904388

The amount of Bitcoin he sold then if compared to now is an amount that will change even a country's financial status, not to talk about an individual.

I believe by then when he sold it the price of Bitcoin wouldn't be up to even half a dollar($) per coin, if compared to now that Bitcoin is around $80,000 per coin, the total sum as of when Sirius sold it wouldn't be enough to even feed in some places, but having that total sum of Bitcoin now with this current value, can make  anyone with such amount be recognised in his/her country if not continent.

I believe if he might still be alive, he might be regretting his decision of selling off the coin at that value and time rather than waiting a little longer to sell it.

[Free Market Capitalist]

Well, technically this ain't the first also 
We have Malmi selling here:
https://mempool.space/tx/7dff938918f07619abd38e4510890396b1cef4fbeca154fb7aafba8843295ea2

Lol. The worst part of all is that this thread will be full of comments that continue to assume that the first transaction was the one mentioned by the OP.

But we have Satoshi gifting Hal here:
https://mempool.space/tx/f4184fc596403b9d638783cf57adfe4c75c605f6356fbc91338530e9831e9e16

Well, gifting is not the same IMO.

The whole pizza thing is a bit weird because Lazlo didn't actually buy the pizza with BTC , he sent the Bitcoins and Jeremy bought the pizzas with a normal credit card.

Yeah, I knew that.

This is the funny part: we don't actually know when Bitcoin was used directly to buy something for the first time!

And we probably won't ever know.

[Fiatless]

So sad for Sirius no doubt he take a risk and started the fiat transaction but 5050 bitcoin is a huge number if i compare it with today's market price it's around 419 millions apart from him there will be more peoples like him who sold there bitcoin for few dollars because 5050 for just 5$ is the clear example that many people would not believe at that time that the digital gem they were holding will be more valuable after 17 years and majority of people would not be able to just afford one bitcoin . Any ways if we were start accumulating from now may be in future if we were alive tell our kids that in 2026 it was around 83k and now we are on moon .

Every sacrifice for the advancement of Bitcoin was worth it. Bitcoin was a strange currency that most people would never accept as a means of payment. Legends like Martti Malmi had to do all they can to promote Bitcoin. Looking it at the price of Bitcoin today, selling such a number of Bitcoin for that amount might be painful. They might not be rich currently, but they would never be forgotten for their sacrifice.

[GideonGono]

Bitcoin history is not yet complete if we do not mention the name Sirius and his past eminent presence, influence, and contribution to the Bitcoin community, which we have today as bitcointalk; therefore, I don't know if this topic will be best on this board or meta,

So sad for Sirius no doubt he take a risk and started the fiat transaction but 5050 bitcoin is a huge number if i compare it with today's market price it's around 419 millions apart from him there will be more peoples like him who sold there bitcoin for few dollars because 5050 for just 5$ is the clear example that many people would not believe at that time that the digital gem they were holding will be more valuable after 17 years and majority of people would not be able to just afford one bitcoin . Any ways if we were start accumulating from now may be in future if we were alive tell our kids that in 2026 it was around 83k and now we are on moon .

That's indeed a missed opportunity for him, but that was 17 years ago and considered a history. Consider it as an experimental stage and Bitcoin only had a little market value. No one knows exactly and there's no guarantee that it will be able to survive this long and reached an unimaginable price today. Selling 5050 btc for $5 might be too low for us who sees it's today's price, but back then it was already a great feat to exchange something uncertain for real money.

[SuperBitMan]

Sometimes we talk about the people who have made impact in bitcoin, and I believe the reason why we are talking about them and seeing them as a legend is because bitcoin succeeded, I believe if bitcoin did not succeed we won’t have seen them as legend, properly some people we call them a fool.
This is to remind everyone that you will only be remembered by your success and not failure.

Sirius has done something great and the success of bitcoin is the reason why we are talking about him today,  5,050 BTC today is actually a lot and what he did with it is amazing and has helped the bitcoin project.

[Filicius]

We all know the case of Laszlo and pizzas, although as said he didn't even buy them directly with Bitcoins, and yet these other first transactions are rarely mentioned, so I appreciate the effort to share them from time to time.

The username Sirius seemed familiar to me, but I didn't put a face to it nor did I think it had been so important at the beginning of the project.

[retreat]

So, is this the same guy who sold those Bitcoins? Damn, time flies so fast that he's already lost all his hair, lol. However, I think that transaction was bound to happen eventually. After all, Bitcoin is decentralized money that was originally intended to be spent. So, even if he hadn't spent it back then, he might have ended up spending it sooner or later. There was no need to say that he would regret it. Instead, what he did helped pave the way for Bitcoin to become what it is today - a thing that made his name part of Bitcoin history.

[Lida93]

While the value of what he sold, 5,050 Bitcoin, was $5 back then, you can imagine holding the same value of 5,050 BTC today.  

Too many imaginations with these stories and none has turned real figures in my bitcoin wallet

I have stopped imagining and started acting by stacking the little Satoshi's am able to on weekly to monthly basis, at least no we know what positivity and the potentials the future price of bitcoin now holds unlike how it was kind of blurry 17+ years back. though it would make more sense to some people if its debated that guys like Sirus and others who sold that large amount of bitcoins were doing it to promote wider awareness about bitcoin, but on the other hand, perhaps if they had known for CERTAIN what bitcoin price would be valuing in USD 2026, just maybe, they wouldn't have spent or trade off much of the amount of bitcoin they did. However still, if this guys hadn't, maybe bitcoin wouldn't have made the milestone it has made today.

[Sunshine1525]

I knew about someone who traded a huge amount of BTC for pizzas but this is the first time am hearing about another person selling off a huge amount of BTC, you’ll wonder why they didn’t hold it but give away such amount of Bitcoins cheaply. However I've got to understand that it's not like they didn't value Bitcoin or so, for them to exchange such amount for a pizza and fiat it means they had more than what they gave away.

Moreover such were meant to happen for people to see the possibility of trading/carrying out transactions successfully with Bitcoin, those are iconic Bitcoiners who contributed to the adoption of Bitcoin.

[BlackBoss_]

There is also one unique feature to talk about Martti Malmi, AKA Sirius; aside being a developer, he was also the first person to engage on a Fiat Bitcoin trade, which on an occasion like this we stand to learn from this landmark achievement he has made that pave way to what many of us today now see as crypto trade, whereby we can use our Fiat to acquire Bitcoin and can also trade our bitcoin for Fiat.

Bitcoin history book (a preview version) shows that the first bitcoin vs fiat currency trade is from New Liberty Standard, a first Bitcoin exchange.

For nearly nine months, the BTC fiat price was US$0 or just considered negligible worth due to extremely low early demand.
On 5th October 2009, the first Bitcoin exchange rate was published by the ‘New Liberty Standard’ website. It provided the first service for buying or selling BTC in exchange for US Dollars using PayPal. The initial exchange rate was 1,309.03 BTC to 1 USD, or US$0.000764 per BTC.

Using the recently created New Liberty Standard exchange service, Finnish developer Martti ‘sirius’ Malmi (one of Bitcoin’s first two developers) sold 5,050 BTC for US$5.02 via PayPal on 12th October 2009. It equated to US$0.000994 per BTC. The BTC transaction is included in block number 24,835 (see below). It marked a major milestone as the first recorded BTC to fiat currency (in this case USD) exchange in history.
What follows is the BTC address to which the BTC were sent:

Code:

1CBXL5tBSqJZyyCTWVkrLiQsKm4KULBfPA

This exchange https://web.archive.org/web/20091229132559/http://newlibertystandard.wetpaint.com/

Martti Malmi posted it on his X account
https://x.com/marttimalmi/status/423455561703624704?

The very early Bitcoin exchanges.

[Mr Reporter]

While the value of what he sold, 5,050 Bitcoin, was $5 back then, you can imagine holding the same value of 5,050 BTC today. 

Compared to now, it holds a very large value that can make anyone very wealthy and most people who have such a big stash would want to to keep holding and not sell.

You just bought back the early days of Bitcoin when it had no value then in fact when people sold their bitcoin for no value, when people brought pizza for 10,000 BTC, having to compare it to now that it is worth over $100k even at 0.1BTC was a real life time changing money for many now…

So anyone that is holding such large stash of bitcoin today knows what they are holding, they have indeed understand it worth and the scarcity with it potential too…but my question is why is that the more you understand what Bitcoin is the harder it becomes to get? Or let go of?

Sometimes we talk about the people who have made impact in bitcoin, and I believe the reason why we are talking about them and seeing them as a legend is because bitcoin succeeded, I believe if bitcoin did not succeed we won’t have seen them as legend, properly some people we call them a fool.
This is to remind everyone that you will only be remembered by your success and not failure.

Sirius has done something great and the success of bitcoin is the reason why we are talking about him today,  5,050 BTC today is actually a lot and what he did with it is amazing and has helped the bitcoin project.

In every movie there is always a hero who pass through pains before the others get to enjoy, the truth is that if bitcoin had failed and gone to zero, people like Martyi Muslim (Sirius), Laszlo Hanyecz who key in so much of their lives, times, wealth, people would probably be calling them foolish names on the internet, but because bitcoin succeeded  now we call them legends and to around it up with pioneers….

It just sound funny that this is how life works in general, people will come to celebrate with you when you have made the fames and all the money, people celebrate you for the risk you took not for the hard work it self….

[Basels]

While the value of what he sold, 5,050 Bitcoin, was $5 back then, you can imagine holding the same value of 5,050 BTC today.  

Worth roughly $424,200,000 if we go by today's $84k price. Most people would say he sold much BTC if they look at the current price and value forgetting it was much easier to mine thousands of BTC from a desktop computer back then, of course he had so much more BTC at that time that 5050 BTC was nothing to him. He really set the pace and is a legendary act worth remembering.

Compared to now, it holds a very large value that can make anyone very wealthy and most people who have such a big stash would want to to keep holding and not sell.

From what I know about him, he's still very wealthy since he still owns a lot of bitcoins. So I'm sure he has no regrets for selling those, considering that Bitcoin wasn't worth much then, and even selling if for fiat wasn't easy.

The sad thing is that some of us never paid attention to Bitcoin the first time we heard about it. Maybe, we'd have mined thousands as well. But then, everyone can't be that lucy.