What would you do? There are a lot of good options. You could save lives, change the course of history, set right past wrongs. Save the world, from something at least.
Now imagine that, by some quirk of fate or short-sighted design, this time machine can ONLY take you back to 2010. To be more precise, to May 22 2010.
This time machine is sounding less and less useful all the time. But wait, not only is it stuck on May 22 2010, but it seems determined to take you to a Papa John’s pizzeria in Florida. . .
OG Bitcoin IRL Transaction
I suspect many of you are familiar with the first recorded use of bitcoin to purchase a good, when Laszlo Hanyecz paid 10,000 bitcoin for two Papa John’s pizzas on May 22 2010. On that day the value of 10,000 bitcoin was around $41. It turns out the person selling the pizza got something of a special bargain, as the pizzas only cost around $25. With 10,000 bitcoin now being worth $580,000,000 this trade has gone 23,200,000x over the past 11 years. Assuming the pizza seller HODLd his coins, and I really hope they did.
Back to our time machine. If I were to jump into this contraption with these very specific settings I think I would look to outbid our historic pizza seller. I’d take 9,000 bitcoin for the pizzas. Maybe throw in a garlic bread. Maybe.
What does this mean for BitDiamond?
This imagined scenario has guided a lot of our thinking on BitDiamond. With the surging popularity of Binance Smart Chain there’s a genuine opportunity for a novel store of value on BSC, one that rewards long-term holders. And we wanted to recreate that bitcoin experience, give people the chance to experience their own May 22 2010 moment, and get in on the ground floor of something with huge potential.
We also think it gives us the prospect of a unique pricing dynamic. We can talk not only about where the price is at, but also WHEN the price is at. As BitDiamond grows we can chart against bitcoin and see how we compare. In the pizza purchase on May 22 2010 one bitcoin was valued at $0.0025. We’ve launched BitDiamond around this value, so when we talk about when we are, let’s say we are starting at May 22 2010. From time to time we will check in here and update you on when we are at. How do you think we will do compared to bitcoin?