How much bitcoin did you spend on pizza

2. The first bitcoin physical trader used more than 10000 bitcoins to buy a pizza in 2010. At that time, it was mainly fun and nothing else

as for why bitcoin is valuable, let me briefly analyze and explain it for reference only:

bitcoin is valuable because it is useful as a form of currency. Bitcoin has the mathematical characteristics of money (persistence, portability, interchangeability, scarcity, separability and identifiability) rather than relying on physical characteristics (such as gold and silver) or the trust of central authorities (such as fiat money). In short, bitcoin is backed by mathematics. With these characteristics, a form of money to have value requires trust and use. In contrast, this can be reflected in its growing base of users, businesses and start-ups. Like all currencies, the value of bitcoin comes directly from people who are willing to accept it as a means of payment, which is the only source

for more information, please refer to the mainstream media bitcoin home.

3. On May 18, 2010, a programmer named Laszlo hanyecz posted in bitcoin forum that he hoped to exchange 10000 bitcoins (then worth $40) for two copies of Papa John's pizza. Then on the 22nd, the cryptography enthusiast "jercos" bought two pizzas for us $25, sent them to Laszlo, and won 10000 bitcoins as promised

since then, the bitcoin community has celebrated May 22 as "bitcoin pizza Festival.". There's even a twitter account that updates the bitcoin value of the two pizzas every day. In addition, every time the price of bitcoin reaches a new high, the deal and Laszlo will be "teased"

based on the current bitcoin price, the two pizzas are worth $76.3 million
kucoin futures is kucoin's digital currency derivatives platform. It is the most open, transparent and trusted contract trading platform in the world, with the largest number of global users and the highest coverage of global contract market. At present, it supports bitcoin perpetual and delivery contracts.

4. It's obviously unreasonable. According to the area calculation, 12x12 = = 144, 8x8 = 64, 4x4 = 16 is only 80, which is a big gap of 64

5. On May 21, 2010, a programmer bought a pizza with 10000 bitcoins. At that time, the price of bitcoin was very low and there were few players. Basically, some gamers, programmers and geeks were playing. At that time, people didn't realize the huge potential of bitcoin. Just like Picasso's painting did not get attention in his life, but became the representative of hazy painting school after his death, which sounds very funny

this paper briefly introces bitcoin and its value source for reference only:

bitcoin is a consensus network, contributing to a new payment system and a fully digital currency. It is the first decentralized peer-to-peer payment network, which is controlled by its users without a central management organization or middleman. From the user's point of view, bitcoin is much like Internet cash. Bitcoin can also be regarded as the most outstanding three style bookkeeping system

bitcoin is valuable because it is useful as a form of currency. Bitcoin has the mathematical characteristics of money (persistence, portability, interchangeability, scarcity, separability and identifiability) rather than relying on physical characteristics (such as gold and silver) or the trust of central authorities (such as fiat money). In short, bitcoin is backed by mathematics. With these characteristics, a form of money to have value requires trust and use. In contrast, this can be reflected in its growing base of users, businesses and start-ups. Like all currencies, the value of bitcoin comes directly from people who are willing to accept it as a means of payment, which is the only source.

6. May 22, 2010, lassler, USA; Laszlo hanyecz exchanged 10000 bitcoins for two $25 pizzas

7. Money is valuable only when it is in circulation. Nobody used this in those days. It would be nice to buy pizza.

8. Ten thousand bitcoins for two pizzas. It's estimated that your bitcoin is your own imagination. How expensive bitcoin is

9. It seems that it took 1300 to transfer to a third person.

10. 1、 The benefits of RMB appreciation:
(1) RMB appreciation may mean the improvement of the status of RMB and China's economy in the world economy
1) the wealth in the hands of the Chinese people is more valuable. As soon as the RMB appreciation, the money in the hands of the people will be more valuable, and the global ranking of China's per capita GDP can also move forward
2) the pressure of China's foreign debt has been reced and its purchasing power has been enhanced
for example, who is paying to maintain the daily operation of the US government, which is known as the "global leader"? The answer, of course, is the vast number of taxpayers in the United States of America. The answer is not all right. Because the current federal government of the United States has a huge fiscal deficit, the contribution of taxpayers alone is not enough to spend, so it has to borrow a lot. And who is the biggest creditor? It's Japan and China. A large part of China's foreign exchange reserves of more than 300 billion US dollars are purchased from US government bonds
China has become one of the biggest creditors of the world's most powerful empire. This fact itself shows China's growing economic strength and international influence. Last year, China's contribution to global economic growth was second only to the United States; Its contribution to Global trade growth is second only to the United States and Japan* It's a good thing that RMB, which has economic strength, naturally has a greater say in international affairs
3) concive to the development of import instry: Shao Jinyang, deputy director of Sinopec, said in an interview: "if RMB appreciation, overseas assets will be cheaper for us." If the RMB appreciates by 5%, Sinopec's oil imports in 2003 will cost more than $100 million less at current prices< (2) the prospect of RMB appreciation is more and more clear
because, as before the policy of overestimating the value of RMB, which was forced to give up before 1994, it is also difficult for people to underestimate the value of the RMB. Because on the issue of exchange rate, policy intervention can take effect temporarily, but ultimately the market has the final say. As long as China can maintain high economic growth and promote the process of RMB's full convertibility, it will not be far before RMB appreciation becomes a regional and even world currency. At present, there is not enough evidence to show that China's economic growth will suddenly stop in the near future; China's monetary authorities have repeatedly said that the RMB will be fully convertible
in fact, the rise of RMB has begun, starting from the sharp depreciation on January 1, 1994. This year, the official exchange rate of RMB was close to the market exchange rate, which was adjusted from 5.80 yuan to 8.70 yuan, a depreciation rate of 33%. From then on to the end of last year, according to the statistics of the State Administration of foreign exchange, the nominal appreciation rates of RMB against the US dollar, the euro (before 1999, it was the German mark) and the Japanese yen were 5.1%, 17.9% and 17% respectively; Considering inflation, the real appreciation was 18.5%, 39.4% and 62.9% respectively. The IMF's results reflect the same trend< However, at present, there are no realistic conditions to ince RMB appreciation< Second, the disadvantages of RMB appreciation:
(1) China's economic growth will slow down e to the influence of RMB appreciation. There are three aspects:
1) RMB appreciation will affect China's foreign trade and export. The appreciation of RMB will raise the price of Chinese procts, increase the cost of capital investment, and bring about the decline of the competitiveness of China's export procts, thus causing the depression of the domestic economy
the appreciation of a country's currency leads to the decline of the competitiveness of its export procts, which leads to the depression of the domestic economy. Japan has learned a bloody lesson on this issue. In 1985, in order to curb the tide of cheap Japanese exports, the financial leaders of the United States, France, Germany and Britain took corresponding measures to force Japan to sign the "Plaza Agreement", thus forcing the yen to appreciate by 30%. Since then, in the 10 years from 1985 to 1996, the ratio of yen to us dollar has risen from 250:1 to 87:1, with an appreciation of nearly three times. The "Plaza Agreement" is recognized as the main cause of Japan's economic recession. Now Japan just wants to pass this tragedy on to China
2) it will also affect the comprehensive competitiveness of Chinese enterprises and many instries. Although "made in China" has become the main proct in the world market, a fatal weakness of Chinese procts is that they have not yet formed their own brand. The current market share mainly depends on the low price of Chinese procts, and they are not in the dominant position in the competition. If the competitiveness is hit, it will be terrible
the biggest finding of the survey of Chinese entrepreneurs is that 82.4% of enterprises believe that the change of RMB exchange rate will have an impact on their business activities. For the enterprises that are active on the stage of China's economy, RMB is just like air and water
for example, Huang Hongsheng, the chairman of the board of directors of Skyworth Group, is worried about the prospect of appreciation. He believes that most of China's exports are low-tech procts and few high-tech procts. If RMB appreciation, China's international status may be improved, but the global competitiveness of manufacturing instry will graally lose. He calculated that if the RMB appreciation is 10%, the export price will increase by 10%, and the profit of domestic manufacturing enterprises is only about 5%. With some financial discount, the average profit level of Chinese enterprises is less than 3%. How can an average profit margin of 3% adjust the appreciation pressure of 10%? There are bound to be large losses
taking Skyworth as an example, Huang Hongsheng outlined the highest psychological bottom line for Chinese enterprises to appreciate the RMB: "it's difficult for us to make a big improvement in the US market now, because the prices of other world factory procts are as low as ours. For example, the color TV sets from Mexico, the procts from Europe and Turkey are very cheap, so it is impossible for us to raise a dollar. We hope to increase sales by 30 million US dollars in the US market this year, but if the RMB appreciation, then this plan will be aborted. "< Another example: compared with manufacturing enterprises, those foreign trade enterprises at the forefront of exchange rate risk are the strongest perceivers of change. For export-oriented enterprises, the volume of export is much larger than that of import. Therefore, Huang Hongsheng said that the appreciation of the RMB will cause a devastating blow
Huang fangning, assistant to the general manager of Oriental Scientific Instruments Import and Export Group, told reporters about an example of loss caused by the appreciation of euro, that is, the depreciation of RMB. At the beginning of 2003, they had a deal. When they signed the contract, the exchange rate between Euro and US dollar was still 1:0.9. When they delivered the goods, it rose to 1:1.1. They did not take measures to lock the exchange rate, so they lost money“ Even if we have 10% or 20% of the intermediate profit, it will not be able to offset the loss of appreciation. We have to make it up by ourselves. "
another example: some multinational enterprises that used to proce in China may transfer their investment to Mexico or Malaysia. In the 1980s, Taiwan also experienced the pressure from China. After the exchange rate of the Taiwan dollar against the US dollar rose from 1:40 to 1:25, some traditional low value-added instries moved to Dongguan one after another. Similarly, some experts have analyzed that if the RMB appreciation, these traditional instries will be transferred from Dongguan to less developed regions such as Central Asia and Vietnam. Originally, there are many areas in China, such as the west, which can accommodate these instries. However, because the monetary adjustment is aimed at all enterprises, China may be forced to experience the process of instrial hollowing out earlier
3) it will also damage the long-term development of China's economy and make China's finance closer to the edge of crisis. The appreciation instry may ruin the good investment environment created by years of hard work in China, while the new overseas investment will be reced, and the driving force of China's economic growth will be greatly reced, because such investment will become relatively expensive. On the other hand, the speculative activities of international hot money may increase, making China's finance closer to the edge of crisis
for example, from the Mexican financial crisis to the Asian financial crisis, it is obvious that the governments of these countries adopt high interest rate monetary policies to absorb domestic funds, but the effect is just the opposite. Due to the lack of internal funds, they also attract a large number of international hot capital flows, resulting in the deviation of capital flows and the contradiction of capital structure, It has buried the hidden danger of currency crisis; At the same time, the contradiction between the inflow of foreign capital and the exchange rate of the local currency has been generated, triggering the exposure of economic structure problems, or the emergence of a bubble economy or economic downturn, thus forcing the implementation of the currency devaluation policy, which directly leads to the transaction risk of money market and securities market, and finally leads to the financial crisis.
what is financial crisis? It's like a poor family with a rich relative who brings them a temporary "affluent" life, so outsiders lend the family a lot of money because of their wealth. Unexpectedly, the rich relative of the family suddenly disappears, leaving the family only a high debt platform, which leads to friends who borrow a lot of money. At one time, there were four crises
it can be seen that if the RMB appreciation, it will lead to: e to the lack of internal capital, it will attract a large amount of international hot money inflows, which will lead to the deviation of capital flow and the formation of capital structure contradictions, which will bury the hidden danger of currency crisis
4) in addition, after the appreciation, it will inevitably lead to the prevalence of speculation: e to the rapid increase in the wealth of the people expressed in US dollars, The stock market and real estate have reached a climax. Some "bubbles" have further expanded or created new "bubbles". Polarization has continued to expand, resulting in the inevitable prevalence of speculation.
for example, many retail investors in the United States have opened RMB savings accounts in the hope that one day changes in the RMB exchange rate system will benefit them. Of course, these retail accounts are not real RMB accounts, because it is illegal to open RMB accounts overseas according to China's non convertible exchange rate system. They open savings accounts denominated in RMB. The deposits in the accounts are US dollars. However, based on the spot exchange rate of RMB, these accounts will appreciate or depreciate e to the fluctuation of spot exchange rate between RMB and US dollars. Frank trotter, everbank's chief executive, said the company's move had a strong impact on some customers. Since the RMB exchange rate began to show signs of imbalance more than a year ago, these customers have been asking for RMB denominated accounts. Everbank launched the new account on July 1 and put more than $6.5 million into it in the following weeks< (5) in addition, RMB appreciation has many disadvantages:
RMB appreciation will bring more pressure on China's deflation; The appreciation of RMB will surely bring down the price, because the price of imports will fall
RMB appreciation increases employment pressure and worsens the current employment situation: foreign invested enterprises are an important channel to attract domestic labor force, especially now, so RMB appreciation will not only affect the attraction of foreign investment, but also aggravate the deterioration of the current employment situation
the fiscal deficit will increase e to the appreciation of RMB exchange rate, and affect the currency