TFW you spent a billion dollars on two shitty pizzas from Papa John’s.
Discussion
Also tfw when you invent GPU mining
I love Laszlo’s story. Fookin’ legend.
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What no one mentions is that it was easy to restack the amount he spent back then.
He mined way more than 10K until Satoshi asked him to stop. His act of spending it was how a lot of early coins got redistributed.
Thats the normie way of thinking. By buying the pizzas for Bitcoin, he jumpstarted giving value to Bitcoin.
Thanks, Captain Obvious!
Does the story stop after his purchase? What I want to know is what Papa John’s did with it…
Laszlo sent to another pleb and the other pleb ordered the pies to deliver to Laszlo's house using fiat. Papa Johns never saw a sat.
Ah! So other pleb still have it I wonder?
No, he took his girlfriend on a trip and spent it all. Those were the early days.
Yep, as many I know did…
the 1st exchange 🤙
No, that was technically nostr:npub1g53mukxnjkcmr94fhryzkqutdz2ukq4ks0gvy5af25rgmwsl4ngq43drvk when he sold over 5K bitcoin for around $5. But the pizza was the first sale for a physical good.
I'm still traumatized by the pizza I bought with Bitcoin. It was back in 2011, and had I just paid cash, I'd have an extra $400k in my stash today.
My friend, it hurts to talk about all the coffee and sandwiches and t-shirts and even a laptop I spent sats on in the past.
And just yesterday I did it again. It never ends!
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I'm usually able to forget about it, but then someone will mention buying a pizza with Bitcoin and it all comes rushing back. Lol
On Bitcoin Pizza Day in 2015 I crowdfunded and spent an entire bitcoin on pizzas (ten whole pies!) that were donated to a homeless shelter. For me it was just another way of honoring Laszlo and Satoshi by giving back.
#NoRagrets
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The happiest smile
Love it
I did replace with more purchases. But that doesn't cancel out what I spent on pizza. No matter what I did, I would be $400k richer today had I not bought the pizza.
Your Bitcoin balance is X
You spend Y Bitcoin on pizza
You buy Y Bitcoin with USD
Your Bitcoin balance is back to X
Your USD balance is down Y
You effectively only spent USD on the pizza.
So whether or not you bought the pizza, your Bitcoin balance would be X going forward, and you would not be richer had you not bought the pizza.
It's only true that you would be (Y * Bitcoin price increase) richer if rather than buy pizza, you bought Y Bitcoin at that time instead. But that was never in the cards - you needed dinner.
This is getting into some serious mental gymnastics. I had bitcoin that was worth $25 at the time. I spent that bitcoin to buy a pizza. I no longer had that bitcoin. That bitcoin is worth $400k today. Had I not spent that bitcoin, my stack today would be worth $399,975 more that it's worth today. That's really the bottom line.
But if you bought the pizza AND bought more Bitcoin to replace the pizza transaction you would be back to the same balance.
It's really not complicated.
I would still be short the bitcoin I spent on pizza.
I’m not here to count anyone’s money but if you have a six figure dollar amount of bitcoin (or more) at this moment you are fucking crushing it.
I don't like talking about the specifics of my holdings, but I got in back in 2011, and though I sold off a good chunk when it hit $10k, I still have a significant stash that's earmarked for my retirement. I currently make relatively small, regular purchases which I use for zaps and other small transactions, but the bulk is kept in cold storage.
But that’s why (IMHO) there’s no need to feel bad about what you’ve spent in the past. You’ve still made a solid plan for your future that will outperform most people alive on this planet.
It's not something that plagues my thoughts, or causes me regular distress. It's just something I look back at with regret. No matter what you have, I think it's kinda hard not to feel some sorta way about a decision that cost you $400k. Especially if you didn't grow up with money.
I've never been cavalier with money, and no matter what I have, I don't think I'll ever be one of those people who wastes money for the sake of wasting it. I'll never be someone who lights $100 bills on fire as a way of showing off. Even if I could afford it. The way I grew up, and what I was taught about money in my youth is still with me. And I think that's a good thing.
The be clear, I understand what you're saying. The issue isn't my comprehension. I don't agree with your perspective. If I had 100 btc, and I spent 50 btc, even if I obtained 50 additional btc to "replace" what I spent, the end result is that I'm still down 50 btc that I would have had if I hadn't spent it. You can replace the instrument, but you can't replace the value. Even if I got 1000 btc, I would still be down the 50 btc I spent on pizza.
Okay now I'm absolutely sure one of us is retarded, but I'm not absolutely sure which. (Though I do have a guess 😉)
I don't think you're retarded. You just have a different perspective, which is totally fine. This is really a matter of viewing the glass as half-empty, or half-full.
If you buy anything with bitcoin, just buy 10x the amount of bitcoin you spent to replace it. That way, you get paid in generational wealth every time you eat a pizza.
this require to have MUCH fiat
Even 2x or 1.5x should be plenty.
agree, even if still require to own and think in fiat... The ideal would be to have 100% bitcoin in every moment, so to spend bitcoin everytime we need to buy goods and services. At this point is easier to solve the "hodl or spend-and-replace?" dilemma, cause is just a matter of time preferences and monthly income/expenses.
A softer and most applicable version of this solution is to own just a little amount of fiat specifically for expenses that would be to inefficient to be conducted in bitcoin, with merchants that want fiat.
xapo bank makes that pretty smooth, holding in bitcoin and only selling for fiat when you pay in fiat, and if the merchant accepts LN you can do that as well, and of course SWIFT/SEPA and on-chain bitcoin
they are the first neobank to go full bitcoin and i'm so glad to finally have this option... i first had a "crypto" card back in 2016 and their service was awful (wirex) and i got robbed by them again, with the cooperation of a bulgarian bank who i had an account with back in 2013, refusing to verify my identity to the bank and the bank refusing to give me back the card their "eject money first" ATM swallowed while i was busy paying immigration fees
wow didnt know xapo was pioneering on this, will give it a look!
ok, too expensive for me, maybe in 1 or 2 cycles, who knows...
yeah, i was almost not gonna do this year because of that fee
but because i can, i will, even if i have to live a bit poorer
out in the boondocks here anyway there's not a lot to spend it on, and ecom is a pain... i have to walk an hour to go collect my deliveries so i'm not keen on doing that much of it
and speaking of which, the insanity of portuguese post strikes again
supposedly they tried to deliver it but failed, according to their bullshit
but probably some other shit happened because they never are clear about anything
i'm just gonna go to the place where it's expected to arrive in a couple of days, a nice 2 hour out-and-back and my 2.5kg of hydrolysed beef powder will be there, almost certainly
i have had a very consistently bad experience with european postal systems... bulgaria was only good when it was one of the several private courier companies, they were brilliant, had collection points everywhere and always called you on the spot when they arrived
portugal everything goes through the government monopoly post office and it's a joke, they are so incompetent and slow
rich west european country vs "corrupt" poor east european country, who will win
bulgaria is sliding downwards though, every year i was there it got steadily worse
i bet it wasn't actually much worse when it was communist, it's probably now worse than the typical communist days of the 80s.. they destroyed their money in the 90s and then it was reset and everything was cool for another decade and by 2020 it was already reverting to communist grade bullshit
annual fee is steep tho, really you have to have stacked to be able to use it now, was 150 euro a year now 1k... so far they have been pretty solid, only complaint in months last week the payment card was misbehaving, but most of the time zero problems
Bitcoin is $0.02. you started with 100 btc, spent 50 Bitcoin and immediately replaced your 50 btc right away with a cash purchase. You're out one DOLLAR. The US Dollar you spent to replace the 50 Bitcoin.
But you still have 100 btc!
If you presume that IF you HADN'T bought the $1 pizza then you WOULD HAVE spent that US Dollar on MORE bitcoin, then sure - in that world you would have had 150 btc. but if you instead just BOUGHT ZERO PIZZA and did nothing else, you'd still have 100 Bitcoin. Not 150!
Where am I wrong here?
By the way I'm not yelling. It's emphasis.
First, just to make this known, I'm not arguing that I'm out $400k because I bought the pizza.
I'm arguing that had I not bought the pizza, the coins I retained by not spending them at that time would have made my current stack value $400k more than what it is. Because the only two things I have actually purchased with Bitcoin in my whole life are that pizza, and some gold bullion. Otherwise, I still have all the bitcoin I've purchased from 2011 thru the present.
That means my current stack today would have been worth +4 BTC had I not purchased the pizza. Whether I bought more to replace the 4 BTC is irrelevant.
The bottom line is that my stack is currently 4 BTC less than what it would have been had I not bought the pizza, and that translates to $400k less in value at current prices. That is the totality of my claim, and perspective.
You can't just say "whether or not I replaced the Bitcoin is irrelevant" - that is *specifically* the topic we're talking about...Namely, IF spend and replace would have kept your stack unchanged.
And the answer is very clearly "yes, it would have been unchanged" as you can see in my directly above illustration.
The only way that would not hold is if you were, back then, planning on buying Bitcoin INSTEAD of pizza (as opposed to **in addition to** - which is the definition of spend and replace) with those same dollars that went to the pizza (the timing of the dollars is highly relevant, of couse).
And this is exactly where it's about a difference in perspective. I my view, whether or not you replace what you spent, the value of your current holdings will always be minus whatever you have spent.
But in your perspective, if you replace what you spent, you're in the same position that you would have been had you not spent it.
Its two equally valid ways to look at the situation, and the difference in perspective isn't a basis for an oppositional argument, because both can be seen to be factually correct.
We don't need continue arguing about it because what we are arguing is a matter subjective perspective.
That means you didn't replace.
Lol no it doesn't no matter if you replace it or not, you no longer have the resource you spent. If I spend $50 on something, and I later add $50 to my wallet, the fact remains that I would have ended up with $100 had I not spent the $50.
This goes to extremes that are unhealthy. Follow that logic all the way and you are left wondering why you need a second chair if you only have 1 butt.
It is unhealthy to give up all happiness today in search of an uncertain future. It is unhealthy to fixate on every paste decision and what might have been. I know I did the best I could back then. Time to focus on doing the best I can today.
I think maybe you don't know what the word "replace" means.
Great pizza though. Love the garlic butter and pepperoncini.
Papa John’s is many things but it is not by any standard great pizza.
I like my NY slice, I like my seafood pizza from Taiwan, and I like Papa John's. What can I say, I like pizza 😋
A billion dollars? Why are you applying today's value to yesterday's value transfers? Bitcoin is going to one day be worth more than $1,000,000,000 each in maybe like 100 years if the dollar even exists at that point. Are you going to say then "Imagine spending $10,000,000,000,000 on 2 pizzas when merrier could've just hodled lol" when the guy is long dead? These posts are so dumb. This was the FIRST ever Bitcoin transaction. Nobody had ever accepted Bitcoin for anything prior to this, they were worthless. It was a milestone that Bitcoin needed to cross in order to gain any sort of legitimacy.
People looking back at zaps worth $1 today. "Imagine zapping 1000 Sats worth $10,000 for someone's cat picks! lol!" 🙄