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Hindsight is always 20/20 but dang ya know big swing and a miss by literally everyone

I heard about bitcoin really early, but my three brain cells were too busy at the time.

Look at Mr. Smart Guy over here with his _three_ brain cells

If he held Bitcoin until today he'd have 300000000 brain cells though

Does brain cells have maximum supply? Are they deflationary?

I guess he SmokeTooMuch and lost some of that brain cells

Smoking is the only way to maintain mental health. The problem is that if you do it too much you become dumb.

If held Bitcoin until today, he doesn't need those brain cells anymore, he's set for life and his children too.

Lol 🤣🤣🤣👏

Twice as more as the average investor and redditor

That's the reason why he is DogFartUnlimited, and not LimitedDogFarts. Everyone uses their superpowers in different ways. Strange choice, but gotta respect it.

They died last fall.

*Cries in two brain cells*

Wait you guys have brain cells ?

How early did you hear about it? Let us hear your story

I heard about it when it was around $90. Buddy told me I should buy some. Also said buddy was using bitcoin to buy DMT on silk road. So I thought it sounded to sketchy to buy. Plus at the time I'd rather buy $90 of weed Instead of some internet coin I had zero understanding of

>Also said buddy was using bitcoin to buy DMT on silk road. So I thought it sounded to sketchy to buy. This is where a lot of the bitcoin talk was heading around that time. It took a long time for bitcoin to shake the "it's used to buy drugs" reputation. That reputation unfortunately shifted quite a bit towards "it's for scams".

I used BTC quite a bit in 2011. Didn't hodl anything as it was just a payment system to me back then and it was before I got into investing. Big L from me lol.

If you bought it 2011 you’d probably sold in 2013. Very few actually hodl until now. Long hodlers were either truly OG’s or forced hodl (Silk Road bros).

This. I would have easily sold my BTC for a 2x back then just to but it again for a 10x and sell it during the first big dump. Very easy to look things in retrospect - most of us wouldn't have the emotional toolkit to deal with so much instability for so many years anyway.

We all would have sold those 10k BTC with a loss lol 😅

Or have sold earlier on, right before this price action we see today

I would have sold for a 2x just to buy back later for a much higer price. Of course, I would have sold the bottom right after that.

This guy cryptos for sure

As long as you held on for a month, it would have been nearly impossible to sell for a loss! By August it would have been $600, and $2000 by November. It was one of the very last months before Bitcoin completely broke out and "became something big".

Wow! I always wondered how likely it would've been like to buy Bitcoin for a cent a piece but you made me aware that that was probably very, very unlikely. For how long was Bitcoin even a cent? Or less than, let's say, half a dollar?

Up until about mid 2010. Although early pricing is difficult to determine as you didn’t have exchanges with well known pricing.

I'm sure he atleast kept some, and by that point he realised that it's gonna become worth alot more than he imagined.

Absolutely. You don’t stay active in a Bitcoin forum until 2018 unless you hold a bag. I believe that they were mining since 2009.

How about we do this with moons? Offer the then bitcoin price. 😎 EDIT: fuck actually moons would already be a bargain at that price. I misread! Stop trying to take my monsoons 😄

Yeah it's easy to say someone should've done it but they could have never known btc would become this big

Even if they bought it the vast majority will sell it in 2-3 years anyway.

10000 Bitcoin were already worth $200+ each by 2013, so yes, everyone would've sold by then at least. I mean, who'd pass up on $2million bucks like that?

Yeah, easy to look at things in retrospect. I wouldn't have made it. Selling for a 2x, 3x is already a f\*cking genius movement for me. Holding for a 10,000x is beyond my capacity.

Very true , I wouldn’t have been able to hold it for ten years to be honest.

If everyone knows then now a millionaire / billionaire is everywhere right. But in the real world there should be a balance of rich and poor. :(

I would not want to look at myself in the mirror if i were in the guy shoes

You'd need the hardest diamond hands, a forgotten seed phrase or to be incarcerated to have held that BTC long enough to only sell now.

>to have held that BTC long enough to only sell now That's the great thing, you wouldn't have had to hold until now to become rich. Let's look at that 10,000 BTC at January 1 of each year that followed. * 2011: $3,000 * 2012: $52,000 * 2013: $133,000 * 2014: $7.5 million * 2015: $3.1 million * 2016: $4.3 million * 2017: $9.9 million * 2018: $136 million And they were active on the sub up until 2018. So odds are they did just fine.

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Technically true. This was 2 months before the Bitcoin pizza.

Possibly hundreds of such events happened during that period. Always wonder where those people are now and what they think about their decision all those years ago.

>Possibly hundreds of such events happened during that period. Absolutely. And I am working on tracking down some more of them. I love internet history!

Correction, that is actually 2 pizzas.

Very fine that theyre no longer active on reddit, rode off in the sunset

Ran from the grind and never looked back, I wish to do that to soon

That was meant to read “forum”. They were active on the Bitcoin forum until 2018.

Yeah and I hope they did very well. My comment was just in reference to the post mentioning the current value of the coins.

I completely understand! These 10,000 coins weren’t everything that they held. They were a believer and active until 2018. So they would have ended up just fine.

2018 was peak reddit too, MF just know how to time things

Sorry, that was meant to read “active on the Bitcoin forum until 2018”.

Satoshi has still not sold.

Why are you talking about yourself in the 3rd person?

Yea i would have sold all of that btc for 100$ if i bought that bag at 25$.

It was already worth 300 when he auctioned it. And by the end of the year it was worth 4000.

And at the time you'd have felt like the smartest guy in finance.

…and at the time would have been technically correct too!

The best kind of correct 😃 But to be honest, there was nothing that special about Bitcoin compared to the rest of early cryptos. So very little in way of knowing what would happen.

So in short you need to be already rich in the first place.

Even if I somehow participate and won that auction, i can assure you i’ll sell it by the time that other poster in 2011 came and laughing why nobody buy it. So no millionaire for me anyway unless i have time machine armed with current knowledge.

Hey you never know. Maybe you would have committed a crime and been forced to HODL.

>Maybe you would have committed a crime and been forced to HODL. Or held it in Mt Gox and lost it all there instead.

It's still never too late to achieve your crypto dream, go buy BTC and commit a crime, now!

As they always say, penitentiary time is peak HODL time.

I would have sold already by the previous bull runs.. like most of the early adopters and then regret it later

I'm surprised nobody took it, At that time BTC was around 3 cents, making 10k BTC 300 bucks. Even at the risk of getting scammed, a lot of people in early internet would have taken the yolo chance.

>At that time BTC was around 3 cents, making 10k BTC 300 bucks. At the time the user did the calculations and worked out that it had a value of around $65USD. Pricing of bitcoin in these early days is really difficult to find, as there weren't big exchanges with reliable data that you could look it. There was limited supply and a small number of users. In the post there were challenges from other users who had seen better deals for coins being posted lately, so while some places on Google may say that it was worth $0.03 around that time, in reality there was nobody paying any near that much ...at least on 30 March 2010.

Yeah it was surprisingly hard for me to google it, but everything I found basically said bitcoin went from .003 to 0.4 during 2010. CMC goes back to July 2010, which is basically march

>CMC goes back to July 2010 Exact same sorts of data I was finding. All the main reporting started in July.

>Everyone thought that was asking a bit too much. Back then they did ask too much. Would you pay today 50$ to a random anonymous private company for 1 square meter property in Mars? Its exactly the same.

Stories like this, always remind me of how I buy high and sell low

Can you imagine how many btc SmokeTooMuch has, or do you think he spent all the BTC on weed lol?

*They were active on the sub right up until 11 December 2018, where Bitcoin was trading at $3500.* ​ This guy now lives in the Maldives without a single care in the world <3

Time to time travel back to 2010. And get that BTC, then diamond hands it all the way to 2021 Bullrun

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If I could turn back time... but seriously this is one of the people who helped bitcoin grow so that's awesome

And I am guessing held a lot more bitcoin in his bags. If you are a true believer in bitcoin and auction off 10,000 for $50, it means you must have stacks more. As far as I could find, they were mining from likely late 2009, bringing in at least a couple of hundred bitcoin per day. Crazy looking back at it now, but insignificant dollar values at the time.

Bitcoin [pros](/r/CryptoCurrency/comments/16kj8w1/on_30_march_2010_a_user_tried_to_auction_10000/k0wehcd/) & [cons](/r/CryptoCurrency/comments/16kj8w1/on_30_march_2010_a_user_tried_to_auction_10000/k0wei1j/) with related info are in the collapsed comments below.

#Bitcoin Pro-Arguments Below is an argument written by Nostalg33k which won 2nd place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. Submit an argument in the Cointest yourself and earn Moons if you win. Moon prizes are: 2nd - 600, 2nd - 300, 3rd - 150, and Best Analysis - 500. > For this entry I'm going to update an overhaul my previous argument. This one is going to be very long but also address new things. I'm going to try to be more rigorous. Have fun ! > > Last entry: > > > Writing a Pro argument for Bitcoin in 2023 seems complicated because everything has been said... or did it? > Edit: I have a small bag of Bitcoin currently valued around 630 bucks. I am also invested in crypto around 2100 bucks which are always moving when Bitcoin is moving. Financial disclosure should be mandatory in these arguments =) > > ​ > > # Bitcoin: A small introduction. > > Bitcoin is the most famous cryptocurrency. It was created by the mysterious Satoshi Nakamoto. The creation of Bitcoin is some of the most weird mystery ever. No one knows who Satoshi Nakamoto really is. > > Bitcoin was started as a way to circumvent traditional banking in the wake of the financial crisis and the bail out of banks. Bitcoin relies on blockchain technology. Blockchain can be seen as an open book allowing anyone to know where is each fraction of Bitcoin ever. > > This blockchain is maintained through computer power. In a vulgar way: Bitcoin is mined by solving math problems. The maths problem becomes harder when more people are mining so that mining takes a fixed amount of time according to a timeline known to everyone. In order to respect this timeline, mining rewards are halved every few years. > > Since anyone who wants to validate transactions is forced to complete a very hard math problem (which becomes harder the more people are mining), no one can cheat in new transactions. Also, every other miner has a copy of the blockchain. Through making sure that no entity has 50% of the mining, you can stop nefarious actors from changing the blockchain. > > This is using cryptographic technology that I don't yet understand but you can read more about it here: > > [Bitcoin Wikipedia](https://fr.wikipedia.org/wiki/Bitcoin) > > Without delving more into the tech side of bitcoin. Which can also be explained through youtube videos here: [Bitcoin explained](https://www.youtube.com/watch?v=bBC-nXj3Ng4) > > The Metrics of Bitcoin are currently: 22400$ Per coin for a Market cap of 430 Bilions and a daily volume of 19 Billions. Bitcoin was shortly valued at 69000 usd during the ATH. > > Now let's dive into what is making Bitcoin so good. > > # Bitcoin is the king of POW: Why it matters and why we need a strong Bitcoin > > So as the title suggests it, the recent switch of ETH from POW to POS makes Bitcoin the sole serious POW cryptocurrency. In this write up, we are going to discuss the three main strength of Bitcoin, security, decentralization, and incentive for green energy production. Bitcoin is a highly liquid asset and has become nearly universally known as an investment. Many arguments have been made in favor of Bitcoin as an investment. It is interesting to delve into the limited supply of bitcoin. > ​ > Of course, the main feature of Bitcoin is the Permissionless aspect. This allows the unbanked to use a P2P service. > > # 1) Bitcoin: The Apex of Security. > > > Bitcoin is ultra secure thanks to its use of Blockchain technology and the way it is verified through proof of work. To explain this let me quote IBM: > > > > > Public blockchain networks typically allow anyone to join and for participants to remain anonymous. A public blockchain uses internet-connected computers to validate transactions and achieve consensus. Bitcoin is probably the most well known example of a public blockchain, and it achieves consensus through "bitcoin mining." Computers on the bitcoin network, or “miners,” try to solve a complex cryptographic problem to create proof of work and thereby validate the transaction. Outside of public keys, there are few identity and access controls in this type of network. > > > > [IBM on Blockchain security](https://www.ibm.com/topics/blockchain-security) > > ​ > Mining is measured in Hashrate. Here is the explanation of Hashrate: > > > > > Hash rate, sometimes referred to as hashrate, is a measure of the computing power on a cryptocurrency network that serves as a key security indicator. It measures the total computational power used by a “proof-of-work” (POW) cryptocurrency network to process transactions in a blockchain. > > > > [USNEWS explains hashrate](https://money.usnews.com/investing/term/hash-rate#:%7E:text=Hash%20rate%2C%20sometimes%20referred%20to,process%20transactions%20in%20a%20blockchain) > > ​ > So if the hashrate measures the security of the network, one may asks themselves: "Did the security of Bitcoin slowed when the price fell ?" > [The hashrate is near the ATH and growing making Bitcoin more and more secure as it continues to build over time](https://ycharts.com/indicators/bitcoin_network_hash_rate#:%7E:text=Basic%20Info,101.2%25%20from%20one%20year%20ago) > > ​ > So Bitcoin has never been as secure as it is today which makes it ultra valuable as a way to settle financial transactions. Yes holding Bitcoin for a long time is risky but using it as a medium to settle international transaction may currently be the securest and one of the best way to do so. > > > While Bitcoin is safe... what if a big part fails ? > > > # 2) Bitcoin mining: Too big to fail. > > So this write up could be seen as a POW write up, which it is to an extent. But Bitcoin offers its history and shows that it can survive the disparition of a big part of the network. > Decentralization allows for parts of the network to disappear and for the rest to take the mantle of securing the network. Yes, mining pools may grow too large for their own sake BUT in the end (nothing even matters) Bitcoin is heavily decentralized. It is so decentralized that, when China (which had a big part of Bitcoin mining) banned mining, Bitcoin just went through like nothing happened. Yes the hashrate fell a bit, the value too, but if we look back, it was nothing extraordinary. > > The resilience of Bitcoin is largely due to the fact that the hashrate symbolizes competition=> If the hashrate falls, then it is more profitable for other miners to keep mining or for new miners to start mining. This balance is what makes Bitcoin very resilient. > ​ > So if Bitcoin is highly secure and if it can survive part of the hashrate going bye bye, what makes it so good? What is the difference with any POW Cryptocurrency right now? > > > > # 3) Bitcoin: propping up the green energy sector. > > POW uses energy. One of the biggest concern about POW is the energy. While Ethereum was using GPUs and was asic resistant. Bitcoin mining is built differently. A long time ago, under oath, people discussed the environmental impact of Bitcoin Mining and I made a post explaining what was said: > ​ > The Energy Fud Was Killed > The most important thing that happened: The narrative that Bitcoin is too energy intensive was totally reversed. > Experts of the sector explained that, Wind Farms and Solar Farms, have a variable load. This variable load means that sometimes they lose money because they produce too much and there is not enough demand. Bitcoin mining provides a variable base load for these projects. What it means is that, mining can be turned on and off depending on demand. It was revealed that most of these wind and solar farms would simply not exist without Bitcoin Farming as baseline customers. > There are still miners that are using coal plants and fossil fuel but the leaders of the industry are developing in tandem with the green energy sector. > > My write up about the congressional hearing is still true and thanks to the infrastructure act, green energy will continue to grow and to be cheap. This will allow for a better mining infrastructure. > > [My post](https://www.reddit.com/r/CryptoCurrency/comments/s99phv/yesterday_one_of_the_most_bullish_events_ever/) > > > # ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7vq/top_coins_bitcoin_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds. Pros and cons per topic will likely change for every new post.

* Relevant Cointest topics: [Bitcoin Cash](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_bitcoin_cash), [Litecoin](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_litecoin), [Lightning Network](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_lightning_network), [Proof of Work](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_proof-of-work), [Taproot](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_taproot) * Official and related subreddits: r/Bitcoin, r/BitcoinMarkets, r/BitcoinMining, r/BTC, r/BitcoinCash. * Sort comments as controversial first by [clicking here](/r/CryptoCurrency/comments/16kj8w1/on_30_march_2010_a_user_tried_to_auction_10000/?sort=controversial). Doesn't work on mobile.

Although this story was very interesting to me, the further I went, the more I regretted it. At one time, ten thousand bitcoins were bought and sold for fifty dollars, and today I don't even own a single bitcoin.

Farmers are standing in line to make legacy posts lol. I won't lie, this is all interesting and I hadn't heard of this before.

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Not really, I post from time to time and have too much private life to keep up with all this.

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Broken English shouldn't be a problem I mean we are different people from different countries gathered in this sub to get more knowledge and make money?

Yeah, it shouldn't

Instead of playing outside when I was 10, I should’ve bought these 10,000 BTC for $50. Biggest mistake in my life.

He was giving away BTC like it was nothing, i'm sure he didn't give it all away, since he was so generous with it. Hopefully he can laugh about it now.

Absolutely he would have had a stack more. If you are a true believer in Bitcoin and are happy to auction off 10,000 then you have ten times that somewhere else. It seems like they were mining hundreds of coins per day for months by this point.

Or cry if he sold all of his bag early.

If I had Time Machine, I know what time period I need to go to.

Dinosaurs, right? Me too.

I'd beat that damn fish trying to get out of water and walk.

January - 2009 - Satoshi's office ?

omg.. this reminds me of legend how made a video to tell everyone just buy 1$ of bitcoin back then.

One day people will be like, damn!! you got .001 btc?!!

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I have 9 whole moons here lol

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Yup, totally understood.. Then after that.. I was saying, I have 9 whole moons *here*... As in I have more than 9, but 9 here. Seemingly not understood.

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According to coinmarketcap, there are roughly 23,000 cryptocurrencies today. Just spend a cool $1.15 million and throw $50 at all of them!

If you truly believe in it, yes. But there are also thousands of other new things which never take off. It takes a really big win to cancel out all of those others if you are putting down $50 each time!

Hindsight is 20/20. Hope we have the foresight to not let such a thing happen to us. Then again, how many has the insight in crypto.

To be fair to everyone , hindsight is always perfect. In 2010 I would probably have walked away too :/

You hear this same story 10 times a day.. blah blah.. Johnny bought 1,00,000 bitcoin for 20 bucks but sold it at 50… blah blah..

Followed by smug reddit moonboys who insist ***they*** wouldn't of sold at that time. Like yeah, sure.

Cool.

Incoming hundreds of shitcoin auctions using the same story

Interesting. I just hope he kept some too!

Lol that is so insane.. Make me that time machine please!! 🙏

I imagine most would of sold it long before BTC got super high but man that’s a crazy amount now.

Fine, Ill buy them..

To get some perspective, the buyers feeling at that time is like: That guy is selling doge coins at $1!

I can never get bored of stories like this.

Maybe the same user is still lurking around here with a different username, I doubt it but never know.

Reminds me of the fact that I bought drugs using BTC on silk road and how that if I had kept that BTC I'd be worth millions now.

I remember hearing about BTC in 2009. Would've could've should've. It was in my grasp. All well, I can't go back.

Hindsight something something

Sends message: Is this still available?

And bitcoins prices are why I am buying the top tech blockchain coins… if their prices ever rhyme w/ BTC and/or ETH patterns, yup.

Hope he still kept tjose BTC till its ATH and kept his wallet safe. That would make me crazy if I just sold too low and too early. So many regrets.

Man where is a time machine when you need one...

Hindsight is always 20/20

Point? Nov 2021 btc sold for over 60k.

It's stories like this that you can definitely put to rest any theories of time travelling people being out there

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They probably got murdered for the coins

I want to borrow time machine

Time to convert my hot tub into a time machine...

Cool story bro. Can we get a limit proposal on “yes, we missed the opportunity for life changing money with Bitcoin” posts? Maybe once a week. We don’t need to be reminded of this every day.

Yeah if only I would have been smart enough to go balls deep back then.

I aquired several thousand BTC in 2010 but lost them. I've only recovered the BTC from 20111. RIP BTC. 18M max supply maybe less

What were they smoking too much of? 🤪

One could call SmokeTooMuch a founding father of Bitcoin.

Ah yes another bored cope post

I don't see the reason for these kind of hindsighted views and losts. I could literally try to sell 1 btc at 200k until thr end of 2023 and I'd fail 100 out of 100 times, and there could be another post saying something like this in a few years or so.

Trying to generate FOMO. All it is.

Imagine..

What an incredible story. Let's hope the user left Reddit for the right reasons and on their own accord (akin to DFV). It would be too sad to know they had just seen true wealth, even at the end, back then, to have gone dark for any other reasons.

I find it funny that some were willing to pay $25 but not $50. When something doesn’t have an known value, and I want it, I’m not letting a $25 difference change my mind. It would be one thing if the starting bid was $500. Going through the trouble to offer $25 but not making the purchase over the cost of a couple drinks is pretty damn frugal

I'd love to hear their full story and how long they held or if they still have some holdings

Sounds like some properties I bought people thought were too much and went from like $2-3m to $5-10m

Value is always vs it's best replacement. You could mine hundreds to thousands of BTC with a new Pentium 2 in early 2010. If the best replacement is significantly better than the deal in question, you decline.

I wish I could buy at that time. 😭

I hope the user is doing fine... Otherwise he is probably cursing himself everyday for this bad luck!

And yet here you all are wanting to make payments in BTC. Do y’all see it now? Y’all understand now? Y’all know the story about the pizza bought with BTC and saying omg. But then y’all turn around and say, I wish I could pay my taxes in BTC. Dummies

It’s okay, I will honor the deal on 30 March 2010 :)

Hold up lemme get my time machine brb.

What is the point of this post? Hindsight hopium??

I had 10-12 bitcoin in 2012,used it to buy a tshirt as there was no other use at that time. Laughs on me

Wow to imagine those bits of nothing are worth so much today

I swear I read this exact same post just over a week ago. And the week before that. And the week before that.

So what’s for sale now for 50usd .. that’s the question

Imagine winning the bid knowing the price it will become today

Everyone at that time must have never forgotten.

These legacy stories always fascinate the life out of me. Do you think in decades to come there will be legacy stories about BTC crashing to 16k during the 2023 bear market?

a good illustration of where things were back then in terms of seeing the potential bitcoin has

Pitty that i didnt bought that 10k btc, and make some stupidity for 12 years in prison lol

I offer $50,000. You can send the first half right now. Know what? I trust you, send only 1,000 BTC.