17 years Ago, Martti Malmi Sold 5,050 Bitcoin

[Hazink]

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.

That misconception was widely spread by some articles which tried to cover the event. Some articles like this one, record that "Bitcoin miner, Laszlo Hanyecz, spent 10,000 BTC to purchase two pizzas at a Papa John’s outlet." Anyone who did not do more research will just be moving with that idea. It could have made more sense if they put it this way "that Jeremy Sturdivant bought the pizza with his credit card, which he later sold to Laszlo for 10,000 bitcoin" instead of completely removing Jeremy from the picture.

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 .

It's not sad if you ask me, those where sacrifice they all made and back then they earned it so easily and such a transaction was considered to be a means of distribution so that bitcoin could get down more people, like the bitcoin pizza guy some said he should be in regret, but someone some conducted a transaction of that volume for more than 7 times is not something they did out of mistake.

[As-Soon-As]

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 Bitcoin he sold is a lot of money at current prices, but he is incredibly memorable. I heard a story where he sold 10,000 Bitcoins to buy pizza, just to buy pizza but it made a transaction of 5050 Bitcoins for just $5. This story teaches you that those who sold Bitcoin in the past must have been fools because it has become very expensive now and they are just regretting it. So it is necessary to hold Bitcoin, not sell it.

[YOSHIE]

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.

In fact, I personally often read interesting stories about Martti Malmi in the course of the early development of Bitcoin, which is widely known in Bitcointalk circles as Sirius-m, he co-founded the revolutionary cryptocurrency as we know it today, it's no wonder that Sirius is considered a Bitcoin legend.

The moment of the first Bitcoin transaction that Martti carried out sold 5,050 BTC for $5 at that time and until now it has been immortalized and has become a very important thing in the history of Bitcoin throughout time.
Maybe yes, if it is in circulation as of October 2026, 5.050 BTC is worth $422.685.000 if multiplied by the price of Bitcoin at $83.700.

For me it is one thing to respect Martti until now, even though we all know he had sold most of his Bitcoin at that time, but it is an honor for Martti, he remains a loyal supporter of cryptocurrency/Bitcoin and one more thing Martti continues to contribute to the community, especially Bitcoin, this is an honor.

[AndrewWeb]

In July 2010 Satoshi Nakamoto suggested Bitcoin donations as a way of covering their web hosting costs. Martti Malmi provided an address to receive these donations: 14EXchS9j3AAfim6mL4jtw6VWMosSUiG5U

This address was inactive until 2018, when 0.00010000 BTC was sendt to it. The sender was none other than Laszlo Hanyecz, famous for buying a pizza for 10000 BTC in May 2010 - the first commercial Bitcoin transaction.

He presumably wanted to remind them of his great sacrifice.

[Hamza2424]

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!

But bro, Jeremy paid for pizza, but what did he receive in return? He received BTC, so how is it any different? I am a bit surprised to read this line haha.

Bro, now imagine if I buy a laptop using BTC. Does it matter if the shop owner buys laptops or anything else by paying in fiat? Would you say I did not buy the laptop using BTC? Well, I gave my coins for it, and it does not matter what the other person does with them.

It was simply a peer-to-peer BTC transaction in exchange for goods, and that's what makes the transaction historically significant.

Although we can't really tell which was the first time BTC was used to buy something, because someone might have bought something with BTC but never shared it publicly. Well, until then, we have to agree on the first recorded event.

[Ruttoshi]

From the comments that I have read so far, on this thread it's clear that we cannot tell for sure who used bitcoin first because there's no clear record that has verified this.

However, we wouldn't stop to acknowledge those who were part of making bitcoin possible for trading because they are part of the people who made bitcoin where it's now.

[tabas]

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

Whenever the historical transactions are being talked about, we always think of how valuable it is right now. If it's not for these historical sales, there won't be the next transactions that have put their trust in bitcoin at that time. So regardless of how much it was, the contribution that they did was big for the community. We can no longer get back to the time, the amount if calculated in present time is much but very few people believed on bitcoin at that time and they have helped to the growth of bitcoin when the world doubted it first.

[Mrbluntzy]

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!

Well, Satoshi gifting Hal was a different case with Martti Malmi selling 5,050 Bitcoin for $5.02. When I started learning about Bitcoin I also came across this piece of information that OP shared which thought me that this trade by Martti Malmi was what established the first valuation of bitcoin against the U.S dollar, since 1,010 Bitcoin was sold for $1 by him. This happened in 2009 even before the famous pizza event in 2010 which based on what I just learned from your post, the pizza was not directly bought with Bitcoin

It could have made more sense if they put it this way "that Jeremy Sturdivant bought the pizza with his credit card, which he later sold to Laszlo for 10,000 bitcoin" instead of completely removing Jeremy from the picture.

I don't think it even matter whether he bought the pizza with his credit card or not, what matters was that he sold the pizza in exchange for Bitcoin. Just like the analogy Hamza2424 gave, assuming I bought a gadget from you and you accepted fiat payment, then I sell this same gadget to someone else and the person pays me with Bitcoin, will I not tell people that I sold the gadget for Bitcoin?

However, it's still good I get to know more about this story.

[Churchillvv]

Fair enough, he is remarkable not for this transaction though but mainly on his role in the community or forum which we discuss in right now! So his work is basically the forum and other contributions but certainly not first to make a transaction and that is purely contradictory to the shit I knew earlier about Lazlo. Stompix proves that even the first to transact with bitcoin might not be the first to trade but that is probably who was captured or recorded first.

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.

Basically we have more human robot minds in the forum and not really artificial intelligences but minds who are not always interested in the discussion but OP respondents.

[d5000]

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.

Well he did buy the intermediary (Jeremy)'s service to buy Pizzas

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

NewLibertyStandard (Malmi) also created the first Marketplace thread here in the Forum (thread No. 24, January 2010). In the OP he offered to buy paper bowls, plastic cups and paper towels for BTC  Another user @Xunie offered a small video game for 500 BTC in the same thread. But afaik there are no records of transactions that really took place here. Anyway it may be an interesting rabbit hole for those wanting to track down these users' addresses from back then ...

There is also this alleged purchase of a JPG in January 2010 for 500 BTC. This is the Bitcointalk thread.

[stompix]

~

But bro, Jeremy paid for pizza, but what did he receive in return? He received BTC, so how is it any different? I am a bit surprised to read this line haha.

Bro, now imagine if I buy a laptop using BTC. Does it matter if the shop owner buys laptops or anything else by paying in fiat? Would you say I did not buy the laptop using BTC? Well, I gave my coins for it, and it does not matter what the other person does with them.

So...You can buy a Ferrari with shit!
I get paid by a farmer to deliver 20 tons of shit on his fields (it's an actual thing, I'm not making this up), I tell him to wire the money to my car dealership cause I'm late with my payments, so you can buy a Ferrari with shit!

There is a difference between a direct purchase and a barter for goods.

But afaik there are no records of transactions that really took place here. Anyway it may be an interesting rabbit hole for those wanting to track down these users' addresses from back then ...

Well, you could technically start digging for all coin movements that are not full mining rewards moving to a new address in batches so a single transaction from a miner going somewhere just once in that period and check if that is mentioned anywhere and so on but it's a detective work thing that will not lead to anything major.
But what's the point?

[Renampun]

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.  

Yes, he would probably make a lot of money if he could sell now.. but at that time people didn't really think about holding Bitcoin, so when they had the opportunity to sell, they would do so.. remember that Bitcoin wasn't really known as an "investment" at that time. Also what he did was something really great, because directly with that sale he set the first price for Bitcoin.. something we should appreciate because he played an important role in Bitcoin's early years.

[Smartvirus]

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.  

You know, when we tend to imagine these things, we end up hurting ourselves, we hurt our emotions and question why we ever sold at all.

5,050 BTC didn’t look like much back then, it’s value being $5 was a good value for worth, thats just how 0.0001 BTC wouldn’t mean much to a lot of persons today and we still manage to sell them without flinching. BYC might not gallop in price as it did in the past but, for those that would live for many years, we might still come to this conclusion on how we could have hodl and have more value from it.

[EluguHcman]

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.

All to begin with, congratulations to him for all that of his technical efforts and resources put together that had encouraged the usability of how Bitcoin or crypto currency can be bought or spent through the Centralized systems you can swap your coin for fiats as means ot exchange.

For the crying out why the Bitcoin history will be incomplete without acknowledgement of the Sirius might make some senses but one thing for sure is that there is definitely not going to be any historical data about Bitcoin that would contain of of the comprehensive historical datas about Bitcoin.

Bitcoin is censorship resistance that the white paper has the details for the Bitcoin core, if we also its extinct exhibitions, there is always going to be those in one way of the other contributing to the cryptography networks and as well those influencing the monetary system and market in their own respective fields or efforts.

Perhaps the invention of the Sirius has really been a great one that really had added a more convenient which we can use our Bitcoins.