As Bitcoin came in 2009, it took some time to gain the current price you see in the financial market. The early days gave the coin a trivial expense, and it continued for years. In those days, we had a software programmer from LA who bought two pizzas worth 10K BTCs, which is huge money in this domain.
Today it is precisely 12 years since this incident occurred when a man from LA known as Laszlo Hanyecz bought two Pizzas from the popular food joint known as Papa John. As this day is celebrated as pizza day, it would be interesting to see how this day is seen. So, is it a day of regret or fantasy? It would be interesting to see here in the following paragraphs, have a look while you can visit the Bitcode-prime cloud for details.
A Day of Regret
We very well know and understand the story of the young man who bought two pizzas using 10K BTC on 22nd May 2010. Today the man could have bought an island near Manhattan with the same amount of Bitcoins. Twelve years before, it was tough to believe the value of the coin you find today. The story has some exciting aspects.
The first transaction using Bitcoin was when the food joint accepted the BTCs for two pizzas at Papa Pizza. Two pizzas cost him 41 USD, and the Bitcoin value was around 0.0041 USD. He did a couple of times, burning his high-end goodies working like a Santa Claus in the market. So, today when he thinks about that, he may regret it by saying that he has no regrets about losing that whopping amount of money. However, he could have regretted doing the same at some point in time.
Rent-Seeking Daydreams
We see everyone fantasizing about the man who was caught buying 10K BTS for around 41 USD. We do not envision the GPU programming expert. Also, many people feel that with Bitcointalk forums, you can offer the option of buying Bitcoin for a few more pizzas. We see Pizza Day bringing out the daydream of being the BTC billionaire from having one good trade option. We also hate taking out the guy who helped make the trade simple, and he wanted to make things the best.
We can see the man as lucky as he got the lottery to enjoy his life and make others happy. The fantasy comes with the fiat mentality, while the hierarchy of values comes from fiat money. It is the desire to feel lucky instead of a good thing. We have found no work and thus allow people to make money instead of giving them the required services and goods to get paid.
BTC Regrets
We have found many more regret stories from Bitcoin. People trading in Bitcoin have their stories to share, wherein many have used their credit cards to procure it. Some used to mine it over Amazon web services, while others talked about solo mining for two big days. They claimed to have started the process in more than a few dollars, got into MT Gox and then decided to establish things right when their price was seen coming close to 0.90 or 1 USD.
Many have bought the coins at this cost, and only a few had some big regrets. Thus it is interesting to see people having different regret stories. There are various ways of losing money in Bitcoin; some shopped on Amazon, while others enjoyed doing something different. We can call Bitcoin regret stories to be appearing like lousy beat stories in Poker. Everyone has their regrets and fantasies regarding the lucky returns.
The Challenges of Holding
Most of the regret stories came when we got the chance to regret the stories, and we saw many more people who have missed them. How you handle the hardship is essential to check. Some diamond hands held around 85 percent drawdowns in 2011 and even in 2018. If you feel that the pizza day story is about losing money to buy some low-cost pizzas to save some bucks in your wallet, you are wrong.
The fact is, it is also about being unable to hold the coin for long. If you can save 10K of Bitcoin, and it remained uncommon in 2010, you also have examples of people holding vast amounts of money for a long. They could wait to see the BTC price going high, and others went on for a bike, car or computer shopping.
