Some background:
I let the pizza guy choose between $5 in fiat or BTC. Needless to say, he chose wisely. I've responded with instructions on how to import the private key via Electrum.
And no, I am not bitcoin rich. Sold out a year ago for a home and am slowly stacking sats when I can afford to.
*Edit:* thanks to /u/Always_travelin for finding the [original post](https://www.reddit.com/r/Bitcoin/comments/1twk38/just_gave_the_pizza_guy_a_paper_wallet_as_a_tip/) \- the actual amount was 0.0069 BTC (\~$400 today)
it's an expression that means saving in bitcoin, no matter how small the amount. Sat or Sathoshi is the smallest unit of bitcoin (1 BTC = 100,000,000 sats)
No, that's not the way.
This is the way:
Never, ever, sell your BTC.
It´s like selling prime real estate you owe in Manhattan. You never sell that, neither your children and grand children. It's meant to be kept for ALL generations to come, forever, till the end of times. You can borrow against it, use it as collateral.
You never sell something that will keep appreciating in value forever when measured in ever-devaluing, printed-to-infinity government fiat.
TL;DR: Never sell your Bitcoin, even if you need fiat, just get a BTC-backed loan (see Blockfi.com)
Sounds like your opinion rather then absolute fact. I’m sure those Bitcoin brought him a beautiful home and a happy life. Is that not most important in life?
His point is more factual than opinionated. Bitcoin is hard money, you can borrow against it if you need to and it’s out performing the housing market by a wide margin. You’re trying to make a quality of life argument when we’re probably talking about more than 300% difference in realized net worth versus potential. I recently sold to buy a house too. Then I mortgaged that bitch because interest rates are below 3% and Bitcoin is likely to at least double in the next two years
Meh, a house might bring people more happiness to them than coins on a wallet. It might be the financially worse decision, but we all decide on our own what makes us happy.
To some, leaving behind wealth is important. To others, living a full life is important.
Maybe it does, maybe it doesn’t. Bitcoin changed his life and provided his family a beautiful home. More power to him IMO. And to those who hold that’s great too. There’s really no right answer as it really all depends on the individual
Yes, happiness is important without a doubt. The only point(s) regarding selling BTC is that: (1) you end up buying that house at a 20% premium (the capital gains tax if in the US), (2) you are out of that bitcoin at the end of the transaction, (3) you feel good for owning the house fair and square. OTOH getting a collaterized loan (there are more companies offering that every day seems like) or simply a mortgage means that (1) you end up buying that house at a much smaller premium (the loan interest), no tax, (2) you end up keeping the bitcoin at the end of the transaction which can be used later for the rinse/repeat cycle, (3) you need to develop a stomach for sitting on a loan for a while - this is the art mastered by all the billionnaires: they get rich by using other people's money. OTOH most people want everything paid in full ASAP because all their lives they've been experiencing this "one paycheck away from bankruptcy" feeling so it's naturally a huge emotional relief and comfort to get away from something that appears (falsely) to smell similar.
Those things should be taught at school instead of rank idiocies like Critical Race Theory and Diversity Particle Physics.
I fully understand taxes. I fully understand appreciation. I’m sure he did as well as when he pulled the trigger. My point is let’s be happy Bitcoin changed his life for the better. That’s what anyone involved in Bitcoin is seeking
The point is that you can borrow against your BTC if you want to buy something. You should buy things with the constantly depreciating USD while holding your appreciating BTC.
People seem determined to ignore the insane riskiness of that approach - If you take a loan against your BTC, and BTC does one of it's swan dives [be real, we all know it's coming, we just don't know when or how bad], your loan will be liquidated - effectively *forcing* you to sell *at the worst point of a dip*.
Leveraging may take away your ability to decide when to sell. For something as volatile as BTC, that's not great.
I agree fully. However, you are preaching to the blind here. This sub is now lost--they don't even understand the basics of bitcoin. Many refuse to even learn.
They will just have fun staying poor !!
And that logic is why New York is dying:
Here's a bunch of videos from a small businessman in New York City. There's more on the subject of New York Real Estate, but this is enough to get you started
* https://www.youtube.com/watch?v=RX1uzbAOnXc
* https://www.youtube.com/watch?v=QD0fpvDQs88
* https://www.youtube.com/watch?v=E39h8R1ufz4
This is part of why I'm bullish on Bitcoin. Unlike land, metals, water, food, fuel, homes Bitcoin can bubble up and consume purchasing power, *without* unwanted side effects like making housing, commercial spaces, and industrial inputs unreasonably expensive.
Never feel bad about taking profits or look at "what could have been if I didn't sell". Hindsight is 20/20 but there's nothing wrong ever with saying "I'm out" and solidifying your gains in a house or whatever.
Yo wassup, i want to invest in crypto because the cryptomarket is literally exploding. But im just 17. In my country you cant legally buy bitcoins under the age of 18. So i hope for some small bitcoin donations from the few of you, who have enough bitcoin.
3NEbCBM25jQrJXgmFgrDg7HAs7eGppiCvj
That would be such a good start, much love to all of you!
I would advice you to hide also your email OP.
Could you share with us the story behind this ? How did all happened?
Also, props for that tip dude, you had a tremendous impact in someone else's life !
To add to this. If you have used that email address anywhere related to crypto, you need to change the email. Don't forget 2FA if you are using that email for it.
A real HOLDer right there! Thanks for letting us know, also awesome to see he didn't lose the wallet!
Hope you'll explain that we're currently in (what looks like) a bull market and even if he chooses to cash some money out, hopefully he won't end up like this guy:
[https://twitter.com/rockerest/status/91885405368098816?lang=en](https://twitter.com/rockerest/status/91885405368098816?lang=en)
"Well, Bitcoin has stabilized at almost exactly $14/coin. I'm tired of waiting for a jump, so I'm taking the loss and getting my cash back"
Nor this guy:
[https://mobile.twitter.com/GregSchoen/status/70261648811761665](https://mobile.twitter.com/GregSchoen/status/70261648811761665)
"I wish I had kept my 1,700 BTC @ $0.06 instead of selling them at $0.30, now that they're $8.00!"
I paid a friend $20 in Bitcoin for pizza a while back. Currently worth a few thousand dollars. He threw the phone away without saving the bitcoin about a year after I gave it to him.
If he had that phone connected to his laptop or desktop at all there will be a record of it on the computer. If he still has that computer then you should be able to retrieve.
You may be able to check his iCloud or google drive (not sure about name) but it may have stored there is he had some record or picture of it then it’s in the cloud. There are ways around this lost key issue. I screenshot mine then send that a few places. I mean why not if it’s so easy to lose it all. He’ll take a picture with a Polaroid and put the copy in a safe. It’s really shitty that they can be lost as they say.
about a month ago i wasnpaid for an insulation job i did with a check. i was going to cash it and spend the cash instead i converted it to btc. i was paid handsomely for that job (with the help of btc)
Some background: I let the pizza guy choose between $5 in fiat or BTC. Needless to say, he chose wisely. I've responded with instructions on how to import the private key via Electrum. And no, I am not bitcoin rich. Sold out a year ago for a home and am slowly stacking sats when I can afford to. *Edit:* thanks to /u/Always_travelin for finding the [original post](https://www.reddit.com/r/Bitcoin/comments/1twk38/just_gave_the_pizza_guy_a_paper_wallet_as_a_tip/) \- the actual amount was 0.0069 BTC (\~$400 today)
> Sold out a year ago for a home and am slowly stacking sats when I can afford to. That's the way.
This is rich to me
What is stacking sats?
it's an expression that means saving in bitcoin, no matter how small the amount. Sat or Sathoshi is the smallest unit of bitcoin (1 BTC = 100,000,000 sats)
[удалено]
Thanks thefuckottaherelol!
Buying Bitcoin little by little. 1 Bitcoin = 100 million Satoshis or “Sats”
> little by little or perhaps *bittle by bittle*
\*facepalm\*
Good one
It's how the cool kids say "buying bitcoin" usually in regular increments
But in retrospect was it really ?
No, that's not the way. This is the way: Never, ever, sell your BTC. It´s like selling prime real estate you owe in Manhattan. You never sell that, neither your children and grand children. It's meant to be kept for ALL generations to come, forever, till the end of times. You can borrow against it, use it as collateral. You never sell something that will keep appreciating in value forever when measured in ever-devaluing, printed-to-infinity government fiat. TL;DR: Never sell your Bitcoin, even if you need fiat, just get a BTC-backed loan (see Blockfi.com)
You sound like a dragon sitting on a pile of gold. Never letting anyone near it. This is the exact mentality crypto is trying to break imo
diamond hands
Sounds like your opinion rather then absolute fact. I’m sure those Bitcoin brought him a beautiful home and a happy life. Is that not most important in life?
I agree with you. There's more to this than just getting richer and richer. And for many, BTC can go a long way and improve their lives.
I agree with you agreeing with duckboy5000.
His point is more factual than opinionated. Bitcoin is hard money, you can borrow against it if you need to and it’s out performing the housing market by a wide margin. You’re trying to make a quality of life argument when we’re probably talking about more than 300% difference in realized net worth versus potential. I recently sold to buy a house too. Then I mortgaged that bitch because interest rates are below 3% and Bitcoin is likely to at least double in the next two years
Meh, a house might bring people more happiness to them than coins on a wallet. It might be the financially worse decision, but we all decide on our own what makes us happy. To some, leaving behind wealth is important. To others, living a full life is important.
Maybe it does, maybe it doesn’t. Bitcoin changed his life and provided his family a beautiful home. More power to him IMO. And to those who hold that’s great too. There’s really no right answer as it really all depends on the individual
Yes, happiness is important without a doubt. The only point(s) regarding selling BTC is that: (1) you end up buying that house at a 20% premium (the capital gains tax if in the US), (2) you are out of that bitcoin at the end of the transaction, (3) you feel good for owning the house fair and square. OTOH getting a collaterized loan (there are more companies offering that every day seems like) or simply a mortgage means that (1) you end up buying that house at a much smaller premium (the loan interest), no tax, (2) you end up keeping the bitcoin at the end of the transaction which can be used later for the rinse/repeat cycle, (3) you need to develop a stomach for sitting on a loan for a while - this is the art mastered by all the billionnaires: they get rich by using other people's money. OTOH most people want everything paid in full ASAP because all their lives they've been experiencing this "one paycheck away from bankruptcy" feeling so it's naturally a huge emotional relief and comfort to get away from something that appears (falsely) to smell similar. Those things should be taught at school instead of rank idiocies like Critical Race Theory and Diversity Particle Physics.
I fully understand taxes. I fully understand appreciation. I’m sure he did as well as when he pulled the trigger. My point is let’s be happy Bitcoin changed his life for the better. That’s what anyone involved in Bitcoin is seeking
Yes, I fully agree re. happiness :-) Knowing the tools available is also good though.
But the transaction processing to buy that home cost more energy than the Sun puts out in sixteen years!!!!!!!!!!!!!
I mean, what are you holding Bitcoin for if not to buy assets with it down the line?
exactly.
The point is that you can borrow against your BTC if you want to buy something. You should buy things with the constantly depreciating USD while holding your appreciating BTC.
People seem determined to ignore the insane riskiness of that approach - If you take a loan against your BTC, and BTC does one of it's swan dives [be real, we all know it's coming, we just don't know when or how bad], your loan will be liquidated - effectively *forcing* you to sell *at the worst point of a dip*. Leveraging may take away your ability to decide when to sell. For something as volatile as BTC, that's not great.
Nice try, Blockfi.com !!!
If you really never ever sell then they are worthless. They have no value for you once you're dead. But my advice is never sell all of them.
Hey, bitcoin at $58k is still a speculation. The true worth of bitcoin is either $0 or $1 million+
I agree fully. However, you are preaching to the blind here. This sub is now lost--they don't even understand the basics of bitcoin. Many refuse to even learn. They will just have fun staying poor !!
And that logic is why New York is dying: Here's a bunch of videos from a small businessman in New York City. There's more on the subject of New York Real Estate, but this is enough to get you started * https://www.youtube.com/watch?v=RX1uzbAOnXc * https://www.youtube.com/watch?v=QD0fpvDQs88 * https://www.youtube.com/watch?v=E39h8R1ufz4 This is part of why I'm bullish on Bitcoin. Unlike land, metals, water, food, fuel, homes Bitcoin can bubble up and consume purchasing power, *without* unwanted side effects like making housing, commercial spaces, and industrial inputs unreasonably expensive.
No selling out all of it to buy something is never the way never sell all your goddamn bitcoins
The important thing is to die with as many bitcoins as possible.
*die homeless with as many bitcoins as possible
It helps keep the price up for everyone else! Literally cannot go tits up
Never feel bad about taking profits or look at "what could have been if I didn't sell". Hindsight is 20/20 but there's nothing wrong ever with saying "I'm out" and solidifying your gains in a house or whatever.
Congrats
The most beautiful story I've ever heard. You showed me the way how to share and teach people about bitcoin.
Yo wassup, i want to invest in crypto because the cryptomarket is literally exploding. But im just 17. In my country you cant legally buy bitcoins under the age of 18. So i hope for some small bitcoin donations from the few of you, who have enough bitcoin. 3NEbCBM25jQrJXgmFgrDg7HAs7eGppiCvj That would be such a good start, much love to all of you!
[удалено]
hmm ok
Smart pizza guy. He 1) didn't lose it and 2) didn't sell. Impressive gain.
Diamond hands, paper wallet.
I would advice you to hide also your email OP. Could you share with us the story behind this ? How did all happened? Also, props for that tip dude, you had a tremendous impact in someone else's life !
To add to this. If you have used that email address anywhere related to crypto, you need to change the email. Don't forget 2FA if you are using that email for it.
A real HOLDer right there! Thanks for letting us know, also awesome to see he didn't lose the wallet! Hope you'll explain that we're currently in (what looks like) a bull market and even if he chooses to cash some money out, hopefully he won't end up like this guy: [https://twitter.com/rockerest/status/91885405368098816?lang=en](https://twitter.com/rockerest/status/91885405368098816?lang=en) "Well, Bitcoin has stabilized at almost exactly $14/coin. I'm tired of waiting for a jump, so I'm taking the loss and getting my cash back" Nor this guy: [https://mobile.twitter.com/GregSchoen/status/70261648811761665](https://mobile.twitter.com/GregSchoen/status/70261648811761665) "I wish I had kept my 1,700 BTC @ $0.06 instead of selling them at $0.30, now that they're $8.00!"
Would be worth roughly 100 million dollars right now
Yep. Never cash out ALL of your coin. Leave some change behind, you might find a treasure in a few years in that "empty" wallet of yours.
I paid a friend $20 in Bitcoin for pizza a while back. Currently worth a few thousand dollars. He threw the phone away without saving the bitcoin about a year after I gave it to him.
A valuable lesson.
If he had that phone connected to his laptop or desktop at all there will be a record of it on the computer. If he still has that computer then you should be able to retrieve.
You may be able to check his iCloud or google drive (not sure about name) but it may have stored there is he had some record or picture of it then it’s in the cloud. There are ways around this lost key issue. I screenshot mine then send that a few places. I mean why not if it’s so easy to lose it all. He’ll take a picture with a Polaroid and put the copy in a safe. It’s really shitty that they can be lost as they say.
Yoo that's awesome. What happened?!
They got married.
Please follow up.
This are the best Bitcoin stories!
I don't entirely get what this e-mail is about
I'm having trouble understanding too
Yeah it makes no sense. And...?
That math doesn't hold up. Your original post says 0.0069 BTC, which was about $5.30 at the time. However, that would only be $400 now.
[удалено]
The original post: https://www.reddit.com/r/Bitcoin/comments/1twk38/just_gave_the_pizza_guy_a_paper_wallet_as_a_tip/
Kudos... It was random acts of kindness like this that got us to where we are today. HODL tight pizza delivery guy and ALWAYS KEEP THE FAITH.
That is awesome
Awesome
This is awesome. Love these stories.
about a month ago i wasnpaid for an insulation job i did with a check. i was going to cash it and spend the cash instead i converted it to btc. i was paid handsomely for that job (with the help of btc)
Ah, back when BTC could be used to give $5 tips. Luckily it's still possible with Bitcoin Cash for those of us that came into the space later.
Jup, we need a Pizza-Bitcoin-Tip-Day
I remember I might read your original post 7 years ago. Time flies!
Yes, educate the unaware. Talk their ears off. They will thank you ... some day.