More importantly, he claims that he has no regrets over the turn of events and that he was content with the fact he inadvertently played a pioneering role in our collective history. He doesn't appear to have a verifiable social media account which makes it almost impossible to check on his current whereabouts or on what he's been up to over the last several years.
Just like Sturdivant, Haynecz had also faded into obscurity from the public view on the internet, but his name pops up almost religiously every year around Bitcoin Pizza Day. His last interaction with a reliable outlet was an interview with CoinDesk , which mentioned that he was employed by a company named GORUCK that makes rucking gear and also happens to accept bitcoin as a form of payment.
But Hanyecz is more than just another bloke who threw away a fortune worth hundreds of millions of dollars worth of cryptocurrency. In fact, he was one of the earliest adopters of Bitcoin and is credited with devising the system for mining cryptocurrency using the added firepower of a computer's GPU. In fact, Hanyecz reportedly exchanged notes about the underlying software and bugs with none other Bitcoin's enigmatic creator Satoshi Nakamoto.
In his book Digital Gold, author Nathaniel Popper shared an email that was allegedly written by Satoshi and addressed to Hanyecz, in which the former expressed displeasure over creating a GPU-fueled system for mining Bitcoins. Satoshi was of the opinion that a GPU-powered system gives an unfair advantage to people who can afford expensive graphics cards. Hanyecz appears to have a Twitter account where he is soliciting Bitcoin donations now that he's "poor," but the last tweet from the account is dated One can argue that Hanyecz's innovation has added to the woes of gamers across the world, who must now pay a significant premium for new graphics cards as they join the fight for purchase with cryptocurrency miners and scalpers alike.
The cruel turn of events is enough to give life-long trauma to any sane human being, and Hanyecz is no different. When asked about the toll it took on him during the popular 60 Minutes interview with Anderson Cooper, Hanyecz remarked that reminiscing about losing hundreds of millions over pizzas was "not really good" for him.
It is the first physical item purchased with the first decentralized digital currency. This is how the pizzas looked like at the time they were ordered in Bitcoin Magazine. The value of the crypto has grown rapidly over time.
Obviously, the value of these same bitcoins increased significantly during the subsequent decade. Indeed, it did for me. On the same anniversary of the first Bitcoin pizza order, festivities continue for what has become a staple of crypto culture.
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We have the halving. Mining power is at an all-time high. Things are set up. I still dabble in it. I think Bitcoin is a great idea and it keeps appreciating in value, which is nice. People are predicting it one way or the other, but nobody really knows. Because with things like stock — people treat this as a stock. They gamble, they bet up or down, but in stocks, there are people in power who know things and they can influence things.
Some of that is true with Bitcoin. But in the end, the properties of Bitcoin are still true. It really is distributed. Anybody can mess with it. I can show up and add a ton of mining power to it overnight. I have no routines. Finance stuff aside, I think that my experience has been positive, emotionally. Does it still interest you in that way? My work revolves around e-commerce. Guys my age, guys like us, we were tinkering with Linux, Perl, all the stuff early on.
We kind of built the first websites. Just some more fake internet money? Before Bitcoin, I had e-gold, and then something else before that. All those middlemen and all the reassignment of responsibility that happens with credit cards is a mess. I think that for merchants, if there was a better choice, [they would take it]. They take advantage of the merchant more than anyone. The way they give people rewards and guarantees is they just claw it back from the merchant. I think that for merchants, if there was a better choice, [they would take it] Do you think payment is still an important use case for Bitcoin?
All those things sound really appealing. You have to establish some special trusted account. And then if I want my money back, they just take it back from you. But, yes, I do still think that that payment is an interesting use case for e-commerce especially. We need to somehow figure out how to make it worth it. I know I get this money, and this money is fine. Whereas with credit cards, retailers sell stuff and then three months later they get it clawed back from them because somebody reported fraud on their card.
After working so long in e-commerce with all of its payment problems then, do you think that we are getting closer to wider adoption in terms of Bitcoin payments? In the same way that Bitcoin is solving the Byzantine Generals Problem, Lightning Network is simply riding on top of the Bitcoin solution.
I keep up with that. But I do play with it, and I do track it and I hope to see some good stuff come out of that. Those kinds of things, unfortunately, tend to encourage centralization, which is sort of the enemy of this whole thing. We still have plenty of time to work on it. But if a merchant can get Bitcoin instead of an IOU for a credit card — if that was the only option you had — you could simplify your whole workflow, your whole fraud holding and capturing payments and all this other stuff.
People have to be their own people. I used the Wasabi Wallet, it was just a shirt or something. I make my own transaction, I set my mining fee, I could see it on the blockchain. I could even mine my own transaction, if I get lucky, right? Have you heard about those people, Bitcoin carnivores? That section of the Bitcoin population that only eats steak?
The joke is also a parable, illustrating the competition and interplay between three potential uses of bitcoin. The first is speculation. Bitcoin's nosebleed-inducing decade of upward price movement is what drives CNBC headlines and motivates participation: People see it as a way to get rich. It's greed that underpins the delicate balance of incentives that keeps bitcoin running. It is, and it has been, an important part of bitcoin's DNA from birth.
Even U. Federal Reserve Chair Jerome Powell has spoken respectfully of bitcoin's role as a "speculative store of value. Hanyecz's solid-gold pizzas show us that if CoinDesk paid me in bitcoin, one of us would likely get rekt. Or would we? Hanyecz works for apparel brand GORUCK as a developer and, partly because he is internet-famous, the e-commerce company is one of a handful that accepts bitcoin.
It's a small volume, about two or three orders per week over the past two years, Hanyecz told me. But it's working out. The dollar cost averaging people talk about, it works really well.
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