Re:Bitcoin Billionaires May Have Found a Way to Cash Out
by drtillberg on Thursday December 21, 2017 @08:48PM
(#15984657)
Wait 2, 10 or 20 years and a pizza may look like a good value again. Think of it like the Hindenburg or the Wright biplane. Yes, it works and demonstrates a principle. That doesn't mean it will keep flying.
Re:Bitcoin Billionaires May Have Found a Way to Cash Out
by grondilu on Thursday December 21, 2017 @09:14PM
(#15984755)
> what is believed to be the first commercial transaction.
I'm pretty sure Alpaca socks were sold before that famous pizza.
Re:Bitcoin Billionaires May Have Found a Way to Cash Out
by cryptodogemoon on Thursday December 21, 2017 @11:09PM
(#15985207)
How foreboding!
https://priceonomics.com/when-the-great-alpaca-bubble-burst/
(1) The asset not the product is the thing being marketed (i.e. live alpacas, not fiber)
(2) investors have unrealistic expectations (alpaca fiber would replace wool, despite the lack of infrastructure; and besides the fact that people don’t really wear that much wool)
(3) information is controlled through industry sources (most of the information the researchers were able to dig up was put out by breeding associations)
The media always tells the story this way: Joe Person traded eg 10,000 bitcoins for some pizza, in what is believed to be the first commercial transaction.
You know what they always miss in the story? Joe Person did that same deal several times, which you can see by reading the forum thread that still exists. Joe Person missed out on a billion dollars in Bitcoin value in exchange for maybe a dozen pizzas.
How did Joe Person get tens of thousands of bitcoins? That's how easy it was to mine back then.