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Henri Arslanian Profile picture
@HenriArslanian
May 25, 2022 • 11 tweets • 9 min read • Read on X
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1/ This past weekend was the 12-year anniversary of Bitcoin Pizza Day, which marked the first time that Bitcoin was exchanged for physical goods.

But what exactly happened on that date 12 years ago? And how did the transaction take place?

Time for a thread 🧵 👇
2/ On May 22, 2010, Bitcoin enthusiast Laszlo Hanyecz posted online a receipt of the first documented purchase of goods in Bitcoin: two pizzas for 10,000 Bitcoin, the equivalent of US$41 at the time.

But 12 years later, those 10,000 Bitcoins are worth over $304 million!
3/ His original message said: Image
4/ And after no offer for three days, he even proposed to raise the price, writing: Image
5/ But a transaction was finally made: Image
6/ This is the picture of those two famous pizzas (from @PapaJohns), along with one posted by Laszlo himself enjoying his purchase. ImageImage
@PapaJohns 7/ May 22 is now celebrated by many in the global crypto community as “Bitcoin Pizza Day.”

@binance recently offered free pizza for a year to five random winners, with participants tasked with making their own versions of “Binance pizza.” ImageImage
@PapaJohns @binance 8/ And @cz_binance even made a surprise appearance in a pop-up pizzeria in Cannes last week to kick off the competition. Image
@PapaJohns @binance @cz_binance 9/ @coinbase also launched their own pizza-themed campaign to celebrate the occasion, offering new users $10 in Bitcoin to go spend on a slice! Image
@PapaJohns @binance @cz_binance @coinbase 10/ In any event, if you ever feel bad or regretful about certain financial decisions you've made, Bitcoin Pizza Day is ultimately a reminder that things could be a whole lot worse!
@PapaJohns @binance @cz_binance @coinbase 11/ Hope this was a useful thread. If you enjoyed this content, make sure to subscribe to my newsletter, where I break down all of the latest major developments in the crypto ecosystem:

linkedin.com/newsletters/th…

#crypto #Bitcoin #BTC #BitcoinPizzaDay #money #finance #blockchain

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More from @HenriArslanian

Henri Arslanian Profile picture
Jun 17, 2023
1/The BIS and the Bank of England shared the results of a very impressive retail #CBDC pilot called Project Rosalind. 

#Bitcoin maximalists will have a heart attack but central banks will rejoice. 

Too busy to read the 35+ pages of the report? Here are the key takeaways:

🧵👇 Image
2/ The project is named after British scientist Rosalind Franklin, whose work was key on DNA sequencing.

The goal was to explore practical features of a retail CBDC and how APIs could enable to interact with private sector providers to safely provide retail payments. Image
3/ There are various type of retail CBDC and the BIS chose a two-tier CBDC model. 

As I explain in my last book, there are also various types of two-tier retail CBDC models.

To simplify, it comes to whether the central bank has identifiable record of all transactions or not. Image
Read 16 tweets
Henri Arslanian Profile picture
Jun 6, 2023
Just read the 130+ pages of the SEC‘s 13 charges against Binance. 

Here are the 10 observations that I found interesting and that can be insightful. 

🧵👇
1/ SEC alleges that Binance did not conduct any KYC for any withdrawal of up to 2 BTC a day until Aug 2021. 

Biggest risk is the AML or sanctions risk as all is needed is one transaction with a sanctioned entity. Image
2/ Binance and its advisors allegedly devised the Tai Chi plan to try to delay any U.S. regulatory action and insulate their international business. 

This included the set-up of a Binance entity in the US and ensuring that key Binance staff does not operate from the US. Image
Read 16 tweets
Henri Arslanian Profile picture
Mar 27, 2023
Just read the #CFTC legal complaint against #Binance.

If you are too busy to read the 70 pages+ legal filing, here are some key takeaways you need to know: 

🧵
1/ the @CFTC states that #Bitcoin, #Ethereum and #Litecoin are commodities. This is interesting considering that SEC chair @GaryGensler said only a couple of days ago that he believes Ethereum is a security.
2/ the CFCT alleges that CZ is personally involved in details of @binance’s day-to-day (even approving a $60 office expense). The CFTC explicitly mentions that “(CZ) answers to none but himself. Binance has no board of directors.”
Read 22 tweets
Henri Arslanian Profile picture
Aug 24, 2022
1/ Five things you need to know about the Ethereum #Merge.

Time for a 🧵 👇
2/ The Ethereum network is currently undergoing a massive and exciting new revamp called the Merge (originally called Ethereum 2.0), which is officially scheduled to take place on September 19.

But why are these upgrades necessary in the first place?
3/ Launched in 2015, the Ethereum network quickly became a victim of its own success and began to suffer from a variety of scalability issues as well as from high gas (or transaction) fees.
Read 42 tweets
Henri Arslanian Profile picture
May 27, 2022
1/ Is Bitcoin mining making a comeback in China despite the ban? How did the U.S. state of Georgia overtake Texas as America’s Bitcoin mining hub? And what is happening with Bitcoin mining in Russia and Kazakhstan?

Time for a thread 🧵 👇
2/ As recently as May 2021, China was the uncontested global leader in Bitcoin mining, with over 65% of the global Bitcoin hashrate.
3/ But that drastically changed the next month when China banned Bitcoin mining. In a matter of weeks, China’s share of global Bitcoin mining plummeted from 65% to 0%. Other countries, notably the U.S., took advantage of this and rapidly increased their share of global mining.
Read 27 tweets
Henri Arslanian Profile picture
May 12, 2022
1/ Ever wonder how the invention of coinage gave rise to two of humanity's biggest vices?

Time for a thread! 🧵👇
2/ Based on texts from the Greek writer Herodotus, it is now commonly accepted that the Lydians, who ruled over a vast kingdom located in what is today western Turkey, minted the first coins sometime around 630 BC.
3/ Many of the most innovative concepts in today's digital assets space - like fractionalization and tokenization - were actually introduced by the Lydians, who would mint their coins in various weights.
Read 12 tweets

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