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Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: NotATether on April 25, 2024, 03:03:02 PM

Title: Buy Bitcoin sign sold for 16BTC
Post by: NotATether on April 25, 2024, 03:03:02 PM
(https://imgprxy.stacker.news/QgO_22hsaxOfH95CNRGRN7zIy4aktt19tPgRwIMzQZg/rs:fit:1920:1080/aHR0cHM6Ly9tLnN0YWNrZXIubmV3cy8yODA3NQ)

I mean, who can possibly forget this moment if you have seen it on television.

Clearly the guys on the left and right of the Bitcoin Sign Guy are either smirking or staring disapprovingly at it, which makes it all the more comical.

Well recently, it has been put on auction, and the winning bid was for 16BTC, which is about $1,000,000 in US dollars.

https://www.coindesk.com/business/2024/04/25/buy-bitcoin-sign-sold-for-over-1m-at-auction/

I hope the buyer enjoys his new ownership of this piece of Bitcoin history.
Title: Re: Buy Bitcoin sign sold for 16BTC
Post by: Don Pedro Dinero on April 25, 2024, 03:50:22 PM
Fucking hell! A million quid for that paper? That only happens in the USA, which is quite fond of auctions and people are willing to pay a lot of money for extravagances like in this case.  Although I recognise that it had a certain historical importance, with the sign, I personally wouldn't pay a penny for it.
Title: Re: Buy Bitcoin sign sold for 16BTC
Post by: hugeblack on April 26, 2024, 05:33:39 AM
Quote from: Don Pedro Dinero on April 25, 2024, 03:50:22 PM
Fucking hell! A million quid for that paper? That only happens in the USA, which is quite fond of auctions and people are willing to pay a lot of money for extravagances like in this case.  Although I recognise that it had a certain historical importance, with the sign, I personally wouldn't pay a penny for it.

I don't think the proceeds will go to fund Tirrel Corp's development of the Bitcoin Lightning layer, so the higher purchase price may be to reduce taxes or whatever the reason.
It's a good thing it wasn't sold as an NFT or the photo was sold, otherwise it would be too crazy.


Quote
Proceeds will go to fund the development of Bitcoin layer-2 lightning startup Tirrel Corp.[/font][/size]
Title: Re: Buy Bitcoin sign sold for 16BTC
Post by: ABCbits on April 26, 2024, 11:50:17 AM
Quote from: hugeblack on April 26, 2024, 05:33:39 AM
Quote from: Don Pedro Dinero on April 25, 2024, 03:50:22 PM
Fucking hell! A million quid for that paper? That only happens in the USA, which is quite fond of auctions and people are willing to pay a lot of money for extravagances like in this case.  Although I recognise that it had a certain historical importance, with the sign, I personally wouldn't pay a penny for it.

I don't think the proceeds will go to fund Tirrel Corp's development of the Bitcoin Lightning layer, so the higher purchase price may be to reduce taxes or whatever the reason.
It's a good thing it wasn't sold as an NFT or the photo was sold, otherwise it would be too crazy.


Quote
Proceeds will go to fund the development of Bitcoin layer-2 lightning startup Tirrel Corp.[/font][/size]

But the news also made this statement,

Quote from: https://www.coindesk.com/business/2024/04/25/buy-bitcoin-sign-sold-for-over-1m-at-auction/
In a prior interview with CoinDesk, Christian Langalis, who held up the sign, said the proceeds would go to fund his startup, Tirrel Corp, which is developing a Bitcoin Lightning network wallet on Urbit.

Quote from: https://www.coindesk.com/business/2024/04/11/bitcoin-sign-guy-is-auctioning-his-bitcoin-sign/
In an interview with CoinDesk, Langalis said he would use the proceeds to fund his company, Tirrel Corp. The pre-seed-stage startup is building an implementation and wallet for Bitcoin's layer-2 Lightning network on top of Urbit, an open-source software project that attempts to rewrite the entire internet computing stack from first principles.

While AFAIK it's small amount for business on U.S., do we really need another open source LN wallet/implementation?
Title: Re: Buy Bitcoin sign sold for 16BTC
Post by: Lucius on April 26, 2024, 04:10:51 PM
I'm a bit suspicious about this whole story, considering the pictures that appeared, which show that the original paper was torn and crumpled, while the one that appeared at the auction is part of the notebook and has practically no damage. All kinds of things are sold today, but paying $1 million for a piece of paper still seems a little too much to me, regardless of the fact that that paper definitely has an interesting story.


Quote from: ABCbits on April 26, 2024, 11:50:17 AM
~snip~
While AFAIK it's small amount for business on U.S., do we really need another open source LN wallet/implementation?

I would say that we don't necessarily need something like that, but to the person who came up with the whole idea, it seems genius to first make a million dollars out of a sheet of paper, and then use that to start a business with which he will earn much more.

Title: Re: Buy Bitcoin sign sold for 16BTC
Post by: hugeblack on April 27, 2024, 12:51:07 PM
Quote from: ABCbits on April 26, 2024, 11:50:17 AM

While AFAIK it's small amount for business on U.S., do we really need another open source LN wallet/implementation?
I still see it is related to taxes. Instead of financing a million-dollar project and paying taxes, it is better to buy a piece of art and donate its proceeds to the project. I do not know if this will reduce taxes or not, but it is good that it is not an NFT.