genjix



Offline



Activity: 1232

Merit: 1000







LegendaryActivity: 1232Merit: 1000 Re: Pizza for bitcoins? December 16, 2010, 01:53:28 AM #21 >I can't generate thousands of coins a day anymore



laszlo printing $100 everyday



and... 10k btc (!) for a pizza. more like 160 btc now.

SmokeTooMuch



Offline



Activity: 875

Merit: 1014







LegendaryActivity: 875Merit: 1014 Re: Pizza for bitcoins? April 25, 2011, 12:51:30 AM #33 Well, back in the days Bitcoins were a very risky thing and nobody knew what could happen to the project.

The pizza thing was one of the very first attempts to trade bitcoins with real goods.

Everybody could generate thousands of bitcoins per months so they didn't have a real value back then. 2009-12-10 | I'm using GPG, Date Registered:| I'm using GPG, pm me for my public key. | Bitcoin on Reddit: https://www.reddit.com/r/btc

marcus_of_augustus



Offline



Activity: 3290

Merit: 1485









LegendaryActivity: 3290Merit: 1485 Re: Pizza for bitcoins? April 25, 2011, 01:08:52 AM #34 Quote from: SmokeTooMuch on April 25, 2011, 12:51:30 AM Well, back in the days Bitcoins were a very risky thing and nobody knew what could happen to the project.

The pizza thing was one of the very first attempts to trade bitcoins with real goods.

Everybody could generate thousands of bitcoins per months so they didn't have a real value back then.



I think you, or someone else who was around at that time, should write up an essay or similar to how things were, i.e, what was going through your minds and what kinds of things you were doing .... just for a historical perspective. Another yeah of smoking-too-much and it'll all become a blur and future generations will never know what it was like to be a bitcoin miner in the clean, fresh open fields of bitcoin paradise with your solo CPU rig doing 1MHash dragging in what would turn out to small fortunes in value from the ether ... it'll make a good narrative, imo. I think you, or someone else who was around at that time, should write up an essay or similar to how things were, i.e, what was going through your minds and what kinds of things you were doing .... just for a historical perspective. Another yeah of smoking-too-much and it'll all become a blur and future generations will never know what it was like to be a bitcoin miner in the clean, fresh open fields of bitcoin paradise with your solo CPU rig doing 1MHash dragging in what would turn out to small fortunes in value from the ether ... it'll make a good narrative, imo. Monetary Freedom - an inalienable right

Per aspera ad astra Per aspera ad astra

theymos

Legendary



Offline



Activity: 3878

Merit: 7917







AdministratorLegendaryActivity: 3878Merit: 7917 Re: Pizza for bitcoins? April 25, 2011, 02:53:46 AM #35



I sold 15,000 BTC on Bitcoin Market for ~0.003 USD: the all-time low on any market, AFAIK. I had measured my power consumption and determined that it only cost me ~0.001 BTC to make one BTC, so I thought 0.003 was a good profit margin. I knew the price would rise over time due to the deflationary nature of Bitcoin, but I didn't think it would happen so suddenly.



I thought it was pretty cool how I was able to generate so much BTC when I first started using Bitcoin. It was fun and unique. A few times I generated two blocks in a row with my 3000 khash/s. My CPU was pretty fast compared to others on the network.I sold 15,000 BTC on Bitcoin Market for ~0.003 USD: the all-time low on any market, AFAIK. I had measured my power consumption and determined that it only cost me ~0.001 BTC to make one BTC, so I thought 0.003 was a good profit margin. I knew the price would rise over time due to the deflationary nature of Bitcoin, but I didn't think it would happen so suddenly. 1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD

marcus_of_augustus



Offline



Activity: 3290

Merit: 1485









LegendaryActivity: 3290Merit: 1485 Re: Pizza for bitcoins? April 25, 2011, 04:31:47 AM #36

Quote I sold 15,000 BTC on Bitcoin Market for ~0.003 USD: the all-time low on any market, AFAIK. I had measured my power consumption and determined that it only cost me ~0.001 BTC to make one BTC, so I thought 0.003 was a good profit margin. I knew the price would rise over time due to the deflationary nature of Bitcoin, but I didn't think it would happen so suddenly.

Neat story. What I find really interesting that even at that low of an exchange rate you were still able to be profitable. Obviously, the machines that are doing the mining have got a lot more powerful but I wonder if the margin has changed dramatically? Must be that law of price driving difficulty driving hardware selection driving profitability and energy/resources expended was in effect from the earliest days.



Maybe we should change the title of the thread to "2 Pizza for 10,000 bitcoins? It really happened. Neat story. What I find really interesting that even at that low of an exchange rate you were still able to be profitable. Obviously, the machines that are doing the mining have got a lot more powerful but I wonder if the margin has changed dramatically? Must be that law of price driving difficulty driving hardware selection driving profitability and energy/resources expended was in effect from the earliest days.Maybe we should change the title of the thread to "2 Pizza for 10,000 bitcoins? It really happened. Monetary Freedom - an inalienable right

Per aspera ad astra Per aspera ad astra

xc



Offline



Activity: 40

Merit: 2







Jr. MemberActivity: 40Merit: 2 Re: Pizza for bitcoins? April 25, 2011, 02:40:54 PM Merited by yussuf89 (1) #37



I had spent a lot of time up to then thinking about the e-gold fiasco and the problems of centralization. Loom.cc was an intriguing possibility, but still relied on trust in loom-asset issuing organizations and a central Loom server to keep track of everything.



I surreptitiously stumbled on Bitcoin after relentlessly searching google for topics on agorism and crypto-anarchy. Information was hard to come by. There were zero mainstream references. The FAQ was very limited, but the careful eye would have been able to glean the key pieces that made the system genius: decentralization, open source, voluntary, pseudo-anonymity, predefined supply... The wikipedia page then was very basic (this was prior to the first deletion crisis). The only technical documentation was of course the white paper. Satoshi had just transitioned to the SMF forum.



Satoshi walked freely amongst us then and answered our questions directly. I felt like I had discovered some secret club of cryptoanarchists. Posts were more like a few a day and it was easy to keep up with all the chatter. There must have been less than 100 members on the forum then. After having just read Alongside Night, one of my favorite posts from back then:



Mining was easy. All you had to do was download the client and hit generate. No modifications necessary. Because Bitcoin Market had not yet been created, we were without an accessible valuation discovery mechanism. The only exchanger was NewLibertyStandard. He had this really simple ad-plagued website were he offered to exchange BTC for paypal. There was no bitcoind yet, so everything was done manually through email. I think he was exchanging for less than $.0005 per BTC and based his pricing on how much it cost him to generate. He later started selling stickers for BTC, but I don't know if anyone actually traded for them.



It's funny though. When it came to the economics and vulnerabilities of the system, we pretty much debated all the same 'fatal flaws' that newbies bring up now. Watching the Bitcoin economy grow and develop feels like watching a planet being born. Economic growth really is bottom-up and organic. I discovered Bitcoin in late 2009. It really was a totally different time. I guess that in the world of software one year feels like 5 in the real world.I had spent a lot of time up to then thinking about the e-gold fiasco and the problems of centralization. Loom.cc was an intriguing possibility, but still relied on trust in loom-asset issuing organizations and a central Loom server to keep track of everything.I surreptitiously stumbled on Bitcoin after relentlessly searching google for topics on agorism and crypto-anarchy. Information was hard to come by. There were zero mainstream references. The FAQ was very limited, but the careful eye would have been able to glean the key pieces that made the system genius: decentralization, open source, voluntary, pseudo-anonymity, predefined supply... The wikipedia page then was very basic (this was prior to the first deletion crisis). The only technical documentation was of course the white paper. Satoshi had just transitioned to the SMF forum.Satoshi walked freely amongst us then and answered our questions directly. I felt like I had discovered some secret club of cryptoanarchists. Posts were more like a few a day and it was easy to keep up with all the chatter. There must have been less than 100 members on the forum then. After having just read Alongside Night, one of my favorite posts from back then: http://bitcointalk.org/index.php?topic=39.msg345#msg345 Mining was easy. All you had to do was download the client and hit generate. No modifications necessary. Because Bitcoin Market had not yet been created, we were without an accessible valuation discovery mechanism. The only exchanger was NewLibertyStandard. He had this really simple ad-plagued website were he offered to exchange BTC for paypal. There was no bitcoind yet, so everything was done manually through email. I think he was exchanging for less than $.0005 per BTC and based his pricing on how much it cost him to generate. He later started selling stickers for BTC, but I don't know if anyone actually traded for them.It's funny though. When it came to the economics and vulnerabilities of the system, we pretty much debated all the same 'fatal flaws' that newbies bring up now. Watching the Bitcoin economy grow and develop feels like watching a planet being born. Economic growth really is bottom-up and organic.

bitjet



Offline



Activity: 698

Merit: 500









Hero MemberActivity: 698Merit: 500 Re: Pizza for bitcoins? April 26, 2011, 12:47:54 AM

Last edit: April 26, 2011, 03:20:44 AM by bitjet #38 this thread makes me wish I discovered bitcoin prior to the slashdot article. I'll never get social security, I've never had a bank account, I've got a little silver and not much in usd. Im hoping to put away a little bitcoin to help me in the future. So many coulda, shoulda, woulda's!



Now who wants me to buy them a pizza?