This week's most memorable moments

Greetings,

Rizzo, the Bitcoin Historian here, back with the most memorable moments from the week that was.

From a $64 million payday to a legendary economist that predicted Bitcoin —10 years before it was even invented, there’s lots to explore.

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$0.07 l A $64 million payday

Legendary Bitcoin pioneer Jeff Garzik just wanted help to enhance his market-data called Bitcoin Watch. Oh boy did he pay.

The website would give users general statistics about Bitcoin like the number of transactions sent in the past 24 hours, how much was transacted, block information, and how much BTC would be selling for against certain fiat currencies.

What’s interesting, though, isn’t the very 90s feel to the website, or the fact it was offering information about a nascent new financial ecosystem, but rather that Jeff was willing to pay 1200 BTC for the assistance.

The price per coin at the time was $0.07, which means the total work would pay $84 for the day. 

Just a few hours later the job was taken, and if they HODLed, they’d have pocketed $84 million for a days work. 

(Reminder: I posted this on my Reddit where I’m sharing more historical moments than what most are seeing on X.)

$0 | Milton Friedman would have HODL’ed

Milton Friedman is one of the great economists of the 20th century.

Today, he may have shared timeless ideas on inflation, free markets, and taxes, but one prediction stands out from the rest. In this video, filmed more than 25 years ago, he lays the basis for what will eventually be Bitcoin – 10  years before the white paper was even published.

“I think the internet will be one of the major forces in reducing the role of government,” he said, following up with the one missing piece he said he’d like to see: “a reliable e-cash.” 

Friedman reckoned that having a way to send money from point A to point B without an intermediary or knowledge of who sent the money, would “make the internet much easier to use.”

Few.

$500 l CFPB warns users about Bitcoin

Ten years ago, the Consumer Financial Protection Bureau (CFPB) issued a warning for people interested in Bitcoin.

The agency highlighted all the typical FUD we’ve had to listen to over the years: volatility, threat of hacks and scams, and companies that steal customer funds. What began on August 10, 2014 was also the option for users to submit a complaint if consumers ran into trouble with Bitcoin.

Another incredible, yet amusing, complete lack of foresight for what was to come. Those that didn’t listen, are up more than 10,000%. 

Meanwhile, those U.S. dollars the CFPB wanted to protect? Down a paltry 99%.

$9 l The Atlantic Misses the Boat

It’s 2011. Bitcoin was trading under $10, and slowly reaching more people around the world. Once again, the media was there to cast doubt.

The Atlantic has a long history of using Bitcoin as its financial punching bag. At the time, BTC’s price tag was suffering a dizzying drop, shedding nearly 35% of its price. 

Price drops were the order of the day in the second half of 2011, with Bitcoin dropping to as low as $2.50 during the final quarter of the year. 

But too bad for journalist Nicholas Jackson and the rest of the crew at The Atlantic that honey badger doesn’t care, and short-term volatility comes with the territory. Anyone who counter-traded this FUD made out handsomely.

$103 l Hal Finney’s final post

I saved the most important memory for last.

August 9, 2013 will go down in history as the last time we saw cypherpunk and early Bitcoin adopter Hal Finney participate in the Bitcoin Talk forum.

Notably, it wasn’t something entirely technical or philosophical, but instead in response to a question on how people protected purchases pre-credit cards. “We used checks,” Hal wrote, adding that for high value transactions it was usually cashier’s checks. He added, however, “I don’t know how this transfers to a Bitcoin environment.”

And he left the forum, forever.

Hal Finney died a year later, in late August of 2014, after a long battle with ALS. He was a prolific computer scientist, a relentless cypherpunk, a freedom fighter, and one of the earliest Bitcoin adopters.

Revisit my video tribute to Hal and his lasting legacy

Extra posts

• Satoshi on Bitcoin at $0.07 in 2014

• Why Saifadean Ammous is a Bitcoin legend

• Michael Saylor becomes the first CEO to add Bitcoin to its treasury

Have a great week,

Rizzo