In 22nd of May 2010 Laszlo Hanyecz bought 2 Papa John pizzas for 25$. Well he paid with Bitcoin, he paid 10,000 BTC which was then equal to 25$.
Now it's worth 27,000,000 $, so this is the famous story of 2 pizzas that ended up costing him 27 m $. It was a very foolish mistake.
You can still read the entire event here, it's well archived:
Bitcoin at current price is 2748.20, back then it was pennies, so this just show how people should be careful how they spend their money, they never know when they miss a golden opportunity of becoming rich for just an immediate pleasure.
Although it's very unlikely that Bitcoin will go up to 1 million $, so people who have 1 BTC now, should not be as careful as back then. But I can totally see it happening with other currencies.
Examples
- For example Steem, people who hold 10,000 Steem now have 21500$, if the Steem market cap would go up to 450 BN$ like Facebook, then that would be a 889.32x increase, essentially making you 19,120,553 $. Well well, you could just become a millionaire that easily.
- Synereo is another example, and upcoming social media "amplifier" platform, holding 10,000 AMP tokens now is just 6566.21$, but if it were to go up only to 100 billion market cap like any large app platform could, then that would mean a 1851.85x multiplier, essentially turning the 6 grand into 12,159,648 $
..... AND THE POSSIBILITIES ARE ENDLESS
This is not an investment advice, just keep in mind that sometimes spending money makes you give up fortunes. In fact the mere fact of spending is already draining you away your money.
Buying 2 pizzas? That will end up in the toilet a day later, even if not eaten, it expires in a few days. But holding onto a cryptocurrency for 3-4 years is the way to become rich. Stop spending, start saving and finding ways to make money in cryptocurrencies!
If I were you I would just buy all hot new cryptocurrencies, I have already did:
- Steem
- Synereo (AMP)
- Edgeless
.... and more
You can follow my personal blog about my investments to see where I put my money at: #becomingrich
Disclaimer: The information provided on this page might be incorrect. I am not responsible if you lose money using the information on this page! This is not an investment advice, just my opinion and analysis for educational or entertainment purposes.
Sources:
https://pixabay.com
You motivate me!
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Thanks for the post! I see the price of Bitcoin go to one million dollar (over a longer time frame), Segwit will almost finally been implemented, and this will cause HUGE innovation, because it is the base for 2nd layers.
LN can replace all anonymous and fast coins. Micro payments / money streaming will be possible again and things like smart contracts and many other applications too. I expect a lot of money and projects to go back to Bitcoin, The oldest and most robust / secure blockchain.
I been thinking about the pizza story many times if I spend BTC or other crypto's, but finally you have to pay for living and as long as it is a small part of your wealth that you spend it doesn't matter. If this pizza buyer owned a million bitcoins for example, even these millions that he lost was nothing compare to its wealth.
The best thing to do is always change the same amount of fiat into BTC when you make a BTC payment (or other crypto)
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Well I don't agree, I used to believe irrationally in the hype too, but now I am more rational and I think the 1 million $ bitcoin hype is rubbish.
In best case scenario maybe 50,000-100,000, but by then Bitcoin will be as great as a national currency. And government will never adopt it, in fact they will just probably create their own coins, because why not?
Plus I don't think BTC in it's current form is competitive, I disagree with the Segwit thing, I think there are problems there.
So at this point I have serious doubts about BTC, so I have to wait 1 more year to change my opinion if I see what comes out of this.
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The best way to avoid this catastrophe is to just not spend cryptos. I don't . I just use them for investing only.
I fact I don't even spend that much money at all, my biggest spending so far was my house which I bought a year ago, and my recent wedding. But those were necessary.
Other than that I barely spend. I just keep it and grow it.
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Wow interesting. I will consider it, never doubt the power of crpytocurrency :)
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I don't, just what information I posted on Steemit, you could have made 9000% ROI from it easily:
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We need pizza coin .
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Yep. This is why I consider cryptocurrencies to be an investment vehicle rather than money...
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It's both. Anything that has value,especially deflationary value and qualifies the properties of money is money.
https://wiki.mises.org/wiki/Money
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That is one of my all time favorite stories. Poor guy, but at least he is famous! :)
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Yes like what good does that fame do? Basically the entire society is laughing at him what a loser he was for doing that.
It's more like infamy or a shame, I definitely don't want to be the guy who loses a private key worth 1 trillion $.
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Sounds like we'll have to wait a hundred years to be sure! ;)
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You responded to the wrong post. Well I don't agree with, sounds like a stupid statement. But in general Austrian Economics is solid.
In cryptocurrencies Bitcoin used to be the closest it can get to money, obviously altcoins are too speculation driven and not much usecase.
Bitcoin does have a large userbase and many merchants, so that is a good step and it fulfills almost all requirements of money except fungibility, which could be a big problem.
Plus the recent UASF fiasco, and corruption allegations, it makes me very skeptical about bitcoin.
Perhaps Monero or other anonymous cryptocurrencies will be the solution to the fungibility problem.
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Really sad to hear that story lol, but I guess you learn from it!
Great investing tips @profitgenerator!
FOLLOWED!
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why do you say it was a very foolish mistake
tell ya what...what will (name a crypto coin here)...but worth is seven years?
hindsite is 20/20...
reading the future...not so much.
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I could probably forecast their worth with more or less accuracy.
I haven't known about Bitcoin back in 2009, but if I would have, I would have not missed out that chance, just like I am now here in Steemit, Synereo, Edgeless and others.
Back then I wasn't that much information aware as now I am, now I am like a walking encyclopedia, where I have researched many subjects from history to economics to math and so on....
It really pays to be aware of good informations, a lot of money can be made that way.
I have always known what is good and what is not, it's just that I wasn't aware of Bitcoin back then, I was my mistake of being ignorant then.
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bitcoin was a new thing.
there hasn't been anything like it before...ever.
kinda hard to forecast what it would do.
of course in hindsite...
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Steemit is also the first one of it's kind, that didn't stopped me from making 500% ROI here :D...
You only need an open mind and good information, I always had an open mind, and now I have the information too.
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nope..steemit is a variation on bitcoin..
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Not true. A variation of it would be things like Litecoin, Doge, Peercoin, Feathercoin, and others....
And look where those coins are, forgotten. So you can't just randomly put your money in any random coin that spawns in the hopes that all of them could make huge ROI, it's doesn't work like that.
I don't do that, I look for value in the currencies that I invest in, I don't just randomly put money anywhere.
Although it makes you wonder, somebody recently put out an investment strategy, supposedly if you had invested in the top 20 cryptocoins by market cap in the past 3 years, it would have been profitable.
But I usually invest in low marketcap coins so there you have to separate the crap from the good ones, and that takes skill.
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