This was the purpose of Bitcoin (aside from buying pizzas). You could buy drugs with Bitcoin on The Silk Road.
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Bitcoin was how you bought drugs on the Internet, full stop. The cultural zeitgeist of 20 is that Bitcoin was a way to buy drugs on the Internet. Supporters of Bitcoin will say it was an interesting technology built by some very smart people, and maybe a few entrepreneurs got into the game before cashing out in Puerto Rico. The first popular use of Bitcoin, outside weird forums based out of Neckbeardistan, was as a way to buy drugs. While supporters of Bitcoin say it’s an experiment in economics, the solution to the Byzantine General’s problem, an innovative new technology this isn’t what the majority of people thought in 2011. The guy that sent him the pizzas? He bought a house with his pizza bitcoins.
Your GPU miners, especially the ones running on OS X (however rare that may be) can trace their origin back to the guy who bought a million dollar pizza. He mined all his coins on an nVidia 9800 GTX+ / hackintosh rig, later moving on to a 2x Radeon 5970 rig. He was one of the first to release a GPU miner, simply as a fun project while learning OpenCL. Laszlo is famous in the Bitcoin community, and not just because he spent a million dollars on two pizzas. At the heights of the Bitcoin bubble, these pizzas would be worth $1.5 Million USD. In this exchange, one Bitcoin was equal to 0.3 cents. Before, people were giving each other Bitcoins for a few cents each, but Laszlo’s pizzas are the first time Bitcoin could be assigned a value in a real currency. The pizzas were reportedly a large ‘works’ and a large ‘garden fresh’, and cost the buyer between $30 and $40 USD. Laszlo would give 10,000 BTC to another forum member for two Papa Johns pizzas. Over on the bitcointalk forums, Laszlo came upon an agreement with another member. People were giving away Bitcoins for free, just to watch them move around the blockchain. People were collecting Bitcoins, because it was something to do. Your Bitcoin program just generated these ‘coins’. In the early days of Bitcoin, back in early 2010, the community surrounding Bitcoin was a lot like Dogecoin community of 2014. It’s a tautology, but Bitcoin is only worth something if it’s worth something. One Point Five Million Dollar Pizza At one point, this Papa John’s pizza was worth $750,000.
That’s what Bitcoin collectors are asking for a copy of this newspaper. In any event, if you ever find a copy of The Times from January 3, 2009, you’ve just found half a million dollars. It could be a comment on a fractional reserve banking system. It could be that Satoshi simply picked up a copy of The London Times and wrote down the headline, just like you would hold up a picture of a newspaper to timestamp a photograph. There are different interpretations on why this data exists.
The text, “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” is embedded in the raw block data. Here it is, Block #0, or Block #1, there was an off-by-one error in the early days, ‘doncha know.Īpart from being the foundation upon which the entire Bitcoin blockchain is built, there is a bit more data in the Genesis Block. Because of this, we can trace Bitcoin back to the very beginning. That’s pretty much the only solution a blockchain solves, and that’s straight from the mouth of the National Institute of Standards and Technology. The entire idea of a blockchain is to record each and every transaction. No, ten years is a lot of stories to tell. It’s time for a retrospective, and not just because I wanted to see some art based on the covers of Now That’s What I Call Music albums. Every coin spent and every satoshi scrupled has been recorded for all to see. In the decade since, we’ve seen the astonishing rise and meteoric descent of Bitcoin, and then it happened again after the bubble was re-inflated.ĭue to the nature of Bitcoins, blockchains, and ledgers, the entire history of Bitcoin has been recorded. The Genesis Block was created by Satoshi, a person or persons we know nothing about. This is where Bitcoin began, almost exactly ten years ago. Because of the nature of Bitcoin, all transactions lead back to this block. This was the first entry on the Bitcoin blockchain. On January 3rd, 2009, the Genesis Block was created.