Meet the $2 Million Bitcoin Pizza

pizzaLaszloAt right, a verified snapshot of 10,000 bitcoins of tomato sauce, peppers, and onions circa mid-2010. These two pizzas are generally acknowledged to be the first tangible goods purchased with bitcoins, the online crypto-currency.

Floridian Laszlo Hanyecz thought it would be "interesting" to be able to say he paid for a pizza in bitcoins. He worked out a deal where he transferred 10,000 of his bitcoins to a guy in England, who ordered him two pizzas from Papa Johns. 

Today, one Redditor notes, those 10,000 bitcoins would be worth about $2.3 million, thanks (in part) to folks fleeing unstable and politically risky state currencies in Cyprus and elsewhere.

Some news outlets are covering this as a "doh!" story. But these pizzas were a huge publicity boon for Bitcoin, contributing to the success of the currency today. If Lazslo had been a hoarder, perhaps his bitcoins would be worth very little now. Cashing in bitcoins for pizza when they were worth a fraction of a cent each is not obviously smarter or stupider than selling now would be, with bitcoins trading at $234. It's a bet on which way the market is headed, that's all.

And we all know there are moments in life when a pizza today is worth more than $2.3 million in a couple years. We don't know Laszlo. (Or the small child looking to nab a slice in the image above.) Maybe this was one of those days.

(Check out the official Bitcoin pizza index ticker, and check out Vice's in-depth coverage of the story from back when the pizzas were only $750,000.)

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  • Enough About Palin||

    "Today, one Redditor notes, those 10,000 bitcoins would be worth about $2.3 million, thanks (in part) to folks fleeing unstable and politically risky state currencies in Cyprus and elsewhere."

    Fucking asset bubbles, how do they work?

  • $park¥||

    Some news outlets are covering this as a "doh!" story

    Shouldn't they be covering it as a "dough" story?

  • ||

    Papa fucking Johns?!?!?!

  • Hugh Akston||

    Chill out. Maybe the guys doesn't have Dominos in his area.

  • AlmightyJB||

    Thats whay they guve you garlic butter to dunk it in.

  • Auric Demonocles||

    That garlic butter makes it worth it. When I was in grad school every event involved Papa Johns as the free food. For some reason, people still ate all of the "meh" pizza, but no one ever took the garlic butter. I had as much of that stuff as I wanted.

  • ||

    So how fat are you at this point? Jabba sized, or just Oprah sized?

  • Auric Demonocles||

    Fortunately grad school ended a couple of years ago, so I'm now down to second-month-of-grad-school fatness.

  • ||

    Ah, so only Seth Rogan sized. Good for you, fatso.

  • ||

    I am upset enough knowing who Seth Rogan is...reminding me of his existence does not help.

  • ||

    I think the real question is, was it thin crust? You eat* at shitty fast food restaurants, Warty, so you can probably answer this question.

    * I use the word "eat" loosely here; it's more like "gorge" or "inhale".

  • ||

    "He eats like a pig!"

    "Nah, pigs tend to chew. I'd say he heats more like a duck."

  • Paul.||

    Abandon thread!

  • ||

    Better Supply. Better Currency. Bitcoin.

  • EDG reppin' LBC||

    Pizza and fiat currency in the same post? I'm outta' here!

  • Auric Demonocles||

    But that sounds like we might soon change to pizza and beer and no currency.

  • Paul.||

    At the lower right, is that the tiny, innocent, unobtrusive hand of government merely trying to get its fair share?

  • AlmightyJB||

    Well he does belong to the government.

  • Paul.||

    Bitcoin, it's for the Children!

    How could a liberal resist!

  • ||

    No, it belongs to the collective.

  • Fatty Bolger||

  • Rasilio||

    But the more important question, was it deep dish or New York Style?

  • AlmightyJB||

    Well it's too thick to be St. Louis style.

  • EDG reppin' LBC||

    That's not even a real thing!

  • AlmightyJB||

    You've probably never heard of Cincinnati style chili either.

  • Pro Libertate||

    I've heard of it. It's some sort of weird art form, right?

  • Rasilio||

    In the rest of the country it is referred to as Spaghetti

  • Scarcity||

    Chicago has recently been graced with the knowledge that there is "Quad Cities-style" pizza. Which sounds even less likely than St. Louis-style, so who knows.

    http://www.rootspizza.com/our-roots

    (It's actually pretty good, if anybody wants to fight about it. Different; malty-sweet dough. They have some really crappy topping combos though, you definitely want to build your own. WTF wants a pizza designed to taste like a Big Mac?)

  • Tulpa (LAOL-PA)||

    Hate to be the wet blanket, but those pizzas were purchased with dollars (presumably converted from pounds), not bitcoin.

  • EDG reppin' LBC||

    Hate to be the wet blanket...

    No you don't.

  • ||

    Yeah, you can be honest with us, Tulpa. You love making comments like that.

  • Tulpa (LAOL-PA)||

    I would stop if I could.

  • some guy||

    Hate to be the wet blanket, but those pizzas were purchased with dollars (presumably converted from pounds)

    And after that they were purchased with Bitcoins. The Brit was just a middleman.

  • some guy||

    So has anyone here started shorting Bitcoins yet?

  • $park¥||

    I thought they were virtual and not actual electronic pieces.

  • phandaal||

    You could still short them with a futures contract.

    Basically you're selling a contract for a set amount of bitcoins for x dollars, then you buy a contract for the same number of bitcoins later to cover the one you already sold, hopefully for fewer dollars than you put in. Bing bang boom, you're rich.

    At least, you have more dollars than when you started.

  • $park¥||

    Yeah, you're right, it was a pretty weak joke using an alternate meaning of the word "short."

  • Fatty Bolger||

    I read it as "snorting" so your comment made sense.

  • phandaal||

    Dang, now I just feel slow. Must have stayed up too late last night.

  • ||

    I sold half of what i got at $100 per bitcoin.

    I will sell another 25% of what i have left at the new $230.

    If by shorting you mean selling at these high prices then yes I have been shorting.

  • WomSom||

    Man that is like one crazy pizza dude. Wow.

    www.SurfinPrivacy.tk

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