The Missed $11 Million Bitcoin Pizza Transaction: The Story of Laszlo

On May 18, 2010, a user named Laszlo initiated a special bounty on the Bitcoin forum. He proposed to exchange 10,000 Bitcoins for two large pizzas, which seemed somewhat strange at the time. Laszlo detailed his taste preferences in the post and indicated that the seller could choose to make the pizzas themselves or order takeout.

At that time, Bitcoin had just emerged, and most people were not familiar with this new digital currency and had not formed a clear concept of trading. Therefore, Laszlo's post initially did not attract much attention. It wasn't until four days later, on May 22, that Laszlo finally got his wish and successfully purchased pizza with Bitcoin. He shared this good news on the forum, along with a photo of the pizza. This day later became known as "Bitcoin Pizza Day."

This transaction holds significant historical significance, as it marks the first time Bitcoin was used in an actual transaction, proving that Bitcoin is not just a virtual currency stored on the network, but also has real exchange value. This transaction also had an experimental nature, aimed at testing whether Bitcoin truly possesses the functions of currency.

During the interview, Laszlo explained his motivation for making this transaction. He stated that for him, it was akin to getting free pizza. As a programmer, he earned Bitcoin by writing code and mining, feeling as if he had won the favor of the internet. He viewed this transaction as a reward for his hobby.

Laszlo is one of the earliest people to get involved with Bitcoin and is also the inventor of GPU mining technology. It is reported that he mined tens of thousands of Bitcoins in a short period. Data shows that Laszlo's wallet saw a large influx of funds starting in May 2010, with a maximum balance reaching 20,962 Bitcoins that month. Even after paying 10,000 Bitcoins for pizza, he quickly replenished that amount through mining.

As the value of Bitcoin skyrockets, many people are beginning to pay attention to the real value of this transaction. However, Laszlo himself stated that he does not feel regret or insomnia because of it. He recalled that he was very happy at the time because he could exchange his graphics card for free pizza.

In fact, after completing the first transaction, Laszlo continued to frequently use Bitcoin for payments. It is estimated that he has spent a total of about 100,000 Bitcoins, worth over 4 billion USD at today's prices. The two pizzas he initially bought for 10,000 Bitcoins are now worth more than 260 million USD.

The person who made the deal with Laszlo was 19-year-old Californian Jeremy Sturdivant. Jeremy started getting involved with Bitcoin in 2009 and mined a few thousand coins himself. He was also an early user of Bitcoin, often paying with it online or offline. According to Jeremy, he used those 10,000 Bitcoins to travel with his girlfriend.

In 2018, Jeremy admitted during an interview that he did not anticipate such a huge appreciation potential for Bitcoin at that time. Nevertheless, he does not regret spending those Bitcoins, believing that the transaction brought him an income of $400, which is equivalent to a tenfold return, and is still a profitable deal.

Laszlo has always kept a low profile and has not opened any social media accounts. It is unknown whether he has become wealthy because of Bitcoin. However, he has always maintained a positive attitude towards Bitcoin. Since joining the Bitcoin open-source community in 2010, his approach to Bitcoin has not changed, and he still views it as a hobby rather than a profession.

Laszlo stated that he does not wish to attract too much attention and does not want to be mistaken for Satoshi Nakamoto. He prefers to treat Bitcoin as a hobby rather than a full-time job or responsibility. He is happy to be involved to the extent that he is now.

In addition to the famous pizza transaction, Laszlo also made other significant contributions to the Bitcoin community. He developed the Bitcoin Core client for MacOS and promoted the development of GPU mining technology. Although the pizza transaction may not be his most important or impressive contribution, it has made May 22nd a memorable (and delicious) day for the Bitcoin community.