For the average person, the mention of a pizza priced at a million dollars is sure to stir up imaginations of a gold-wrapper, diamond encrusted pizza made with the rarest caviar. However, ask any enthusiast, and he is sure to point you towards the story of Laszlo Hanyecz.
The Multi-million Dollar Pizza
On May 18, 2010, Hanyecz, a Florida-based computer programmer, set out to prove the world that can be used as a real transfer-of-value, and is not mere magic internet money.
For the task, Hanyecz on the Bitcointalk forum and offered 10,000 bitcoins, worth around $40 in May 2010, in exchange for two pizzas:
“I’ll pay 10,000 bitcoins for a couple of pizzas. Maybe 2 large ones so I have some left over for the next day. I like having left over pizza to nibble on later.”
With the current near $8,000, the amount paid for two pizzas now totals to more than $80 million.
A 4-day Wait to Trade bitcoin for Pizza
While the post rapidly drew attention from bitcoin enthusiasts, developers, and forum members, several of the currency’s disbelievers considered the Bitcointalk entry as a bid to get a free meal, in turn of digital pennies which was unknown beyond a minuscule set of “cyberpunks.” Others pointed out that they might not be able to pay from outside the U.S. with their credit card.
A slice of bitcoin history. Source:
At one point on May 21, Hanyecz wrote on the forum “So nobody wants to buy me pizza? Is the bitcoin amount I’m offering too low?”
However, Hanyecz proved the digital currency’s newfound role as a medium of exchange on May 22, 2010, with a comment stating that he had “successfully traded 10,000 bitcoins to acquire them,” along with a picture.
The 10,000 bitcoin pizzas. Source:
At the time of writing, the two pizzas are valued at approximately $80 million, which proves the massive augmentation of bitcoin’s rise in value, stepping out of obscurity in 2009, to an emergent digital asset in 2018.
The transaction remains historic and is the earliest known example of using bitcoins to purchase an everyday sustenance. For these reasons, May 22 of each year is remembered as the “bitcoin Pizza Day.”
Hanyecz Reveals His bitcoin Story
Speaking to The New York Times in 2013, when the pizzas were worth $6 million, Hanyecz :
“It wasn’t like bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool. No one knew it was going to get so big.”
At the time, bitcoin was not easily available on exchanges and had to be mined to be possessed. To this effect, the programmer made a custom-built mining rig that used his personal computing power to solve the network’s complex puzzles, in turn of receiving units of the cryptocurrency upon the successful mining of a block.
Furthermore, Hanyecz does not lament over the purported lost wealth, instead of considering the transaction as a historical use-case which proved its capabilities as an obscure technology. However, he reveals that he bought a computer for $4,000, when the value of his bitcoins reached $1.
The computer programmer ardently follows the bitcoin protocol, and was instrumental in replicating the experiment after the network’s Lightning upgrade, which introduced fast transactions speeds to an oft-criticized slow network.
As reported by BTCManager, Hanyecz 0.00649 bitcoin for two pizzas to test the on February 27, 2018, equivalent to $53 at the time. The bitcoin pioneer has not stopped there, he has also his employer to start accepting the cryptocurrency.
Bitrefill Commemorates ‘bitcoin Pizza Day’
In celebration of bitcoin Pizza Day on May 22, Bitrefill a surprise feature. Those based in the U.S. can now pay with bitcoin to buy a gift card for Italian restaurants Bertucci’s and Buca Di Beppo. Bitcoiners in the States can also use the online delivery service to order their own ‘bitcoin Pizza.’
Cryptocurrency hardware wallet providers also offered promotions; Ledger a Ledger Nano S – Pizza Day edition while Trezor a ten percent sale on all of its products.
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is seemingly propagating several warnings over different mediums for protecting the cryptocurrency investors’ interests. After the recent issuance of a statement which trifurcated fraudulent cryptocurrency platforms into broad groups, the China Central TV () carried out a similar agenda.
Largest TV Outlet Warns Investors
With a viewership of 1.2 billion people, the CCTV is undeniably a major source of communication for citizens, with any broadcasted information reaching at least a few hundred million viewers.
According to , the media mammoth ran an investigative news report on May 21, 2018, pertaining to the perils of investing in cryptocurrencies and their related products. Interestingly, the channel issued a warning that “a bubble continues to brew,” with regards to all cryptographic forms of money.
Titled “Blockchain Cryptocurrency Bubble Accumulates,” the news reported that 2017’s blanket ban on did little to deter Chinese citizens from investing in the volatile asset class. Additionally, it cited the example of a distraught investor, who reportedly lost over tens of millions of yuans in 2018, as a means of proving its agenda.
Yang Chao, a citizen of China, made “mistimed bets” on since the start of 2018, with the report stating:
“In actuality, this isn’t the first time that Yang Chao has speculated on coins. Prior to the banning of ICO’s and cryptocurrency trading platforms, his losses already exceeded two million yuan ($314,030).”
CCTV’s $750 million office building. Source:
Investor Blames Government for Losses
For Chao, the government has failed to protect the investments of investors like himself, adding that the ban made little effect on the cryptocurrency market in China. However, Chao believes that cryptocurrency investors are few in number, owing to the inherent volatilities of the digital asset class.
Chao added:
“In the less than ten years since their emergence, the has exceeded 120,000 yuan ($18,838). Given such a mad increase, the allure of becoming rich overnight has attracted a large volume of investors.”
Interestingly, the news made no comments on Chao’s trading skills or expertise, solely focussing on showing cryptocurrencies in a bad light.
Cryptocurrency Scams ‘Easy to Conduct’
The report ends with a stern warning issued on the many perils related to investing in virtual currencies.
As stated:
“Even if there are no projects backing coins made of air, as long as capital is willing, there is still the possibility of large-scale gains in prices.”
Furthermore, the state-owned TV network pointed out a lack of regulations and legal structures for the cryptocurrency space as being an integral factor in deceitful promoters “readily making off with the funds of small investors.”
The report concluded:
“The lack of openness, the lack of transparency, the instability of prices, as well as the expectation amongst investors that they will become rich overnight, has magnified risk on the virtual currency market.”
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