The man responsible for Bitcoin Pizza Day is back at it again

in #bitcoin6 years ago

However, this time, he won't be spending 10,000 bitcoins on some pizzas.

Laszlo Hanyecz is the man that famously paid 10,000 bitcoins for two pizzas back in 2010.

At the time, it was said to be the world's first documented bitcoin transaction for a real world item. Bridging the digital world with the real world.

There is some debate as to whether it really was the first, but it certainly was the most famous.

Especially when you factor in that 10,000 bitcoins are worth just under $100 million at current bitcoin prices.

Why is Laszlo again buying pizza with bitcoin?

This time he won't be spending 10,000 on his two pizzas, instead he will be making the transaction using the Lightning Network.

If you are not familiar, the Lightning Network is a second layer built on top of the bitcoin network that will move transactions off chain. The result will be much faster and cheaper transactions.

It is said to be the altcoin killer, at least in terms of the payment altcoins.

However, it has been in the works, and coming shortly, for close to 3 years now.

Though, currently it does actually look like things are getting closer to the Network actually being somewhat close to being ready to use.

Some details:

Laszlo made the purchase by getting his friend in London to "sub contract" out the delivery to a local pizza place in order to use the Lightning Network.

He said he paid .00649 bitcoins for the pizzas, which is about $58 at current prices.

Pizza for bitcoin atomic swap software is not yet available so the transaction will have to be done a little differently than it hopes to in the future.

Laszlo showed the pizza delivery guy the last four characters of the hex string of his Lightning Payments hash preimage in order to match it with his.

If there was a match, the pizza would be delivered.

In this case it was and the pizza was delivered.

Him and his family can be seen here enjoying their pizza:


(Source: https://cointelegraph.com/news/original-pizza-day-purchaser-does-it-again-with-bitcoin-lightning-network)

This was just a rudimentary way of how the Lightning Network can be used to purchase real world items.

The exact process would not be copied, but the fact that it shows the Lightning Network can be used is a huge step in the right direction.

A quote from Laszlo stating as much can be seen here:

"The goal was just to play around with c-lightning and do something more than shuffling a few satoshi back and forth. Maybe eventually pizza shops will have their own lightning nodes and I can open channels to them directly."

"So is there any point to doing this instead of an on chain transaction? For what I described here, probably not."

In Lightning We Trust.

Stay informed my friends.

Follow me: @jrcornel

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I will gladly sell him my best pizza pie for 10,000 BTC
😂🤪👍🤪😂

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Back at it again!! I’m hoping that the small fraction of BTC he used this time will be worth 100 million in 10 years!! Lol Wishful thinking, but who’d have thought BTC would be where it’s at today? The lightning network will help take crypto mainstream!! Thanks for the post! Resteem

I remember dismissing the first pizza day, I'm not dissmising this one! Back then mainstream media treated it as some stupid guy who bought 2 pizzas for worthless internet coins. I should have researched more into Bitcoin back them and not believe the loser journalist who wrote the piece on popular mechanics or popular science, can't remember which one it was.

They cost me several millon dollars, I never listed to the msm or do the opposite of what they say ever since... regards, reestemed!

At that time you were not ready for this kind of information. That's it.

The doubters will always doubt. When the price goes up they say "See it's a bubble!" and when the price goes down they say "See it is worthless!"

The rhetoric follows the sentiment of the market. Even when BTC dropped to under $200 in 2015 I was still using it on nearly a daily basis and never once believed that it would simply go away or that it was a fad. I have been a true believer ever since I discovered BTC in 2013 (thanks to NPR radio).

The media and journalists are stupid.

Wow! Now I see the man behind the famous pizza bought with 10,000 bitcoin. He seems OK and I'm sure he can do a better decision this time. The pizza looks good to eat I'm getting hungry :)

Lightning network is really exciting. This should reduce fees, reduce transaction times and getalky just make BTC more usable again.

What I want to know is what did the pizza shop owner do with the 10,000 bitcoin??? Why hasn't anyone done that story yet? Did he in turn spend it or hold on to it? If he held onto it, is he still making pizzas or did he buy a large chain like Domino's or Pizza Hut? 10,000 Bitcoin would probably be enough to buy Domino's and still have some bitcoin left over...

HA! Good question. He surfed that pizza to the moon...or he forgot where he put them maybe...

It's amazing story. Actually I thought this time buying a pizza more easy than back then :)

I hope and assume he had plenty of bitcoin left after he paid for that pizza. If I were him, I would try to fade into obscurity rather than call attention to the fact that he has crypo assets. If people think he owns a substantial amount of bitcoin, he's putting a big red target on his back for criminals, unfortunately. People rob convenience stores for a lot less than 1 bitcoin.

True, but the fact that bitcoin became worth so much is a testament to how bad of an idea it is to make currencies deflationary. No one wants to spend them. They aren't currencies at all.

The current position of the bitcoin core team is that BTC is now more of a store of value rather than a medium of exchange. Perhaps that position will change if Lightning is successful. A limited, fixed supply is preferable if your objective is to be a store of value. The bitcoin cash team believes it's essential that bitcoin be a readily usable means of exchange accessible to all. Jim Rickards believes bitcoin is doomed to fail in part because it is deflationary.

I honestly think nearly all of the deflationary coins are going to collapse because they're bad at being anything.

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