Bitcoin Pizza Day In Jeopardy

It all started more than nine years ago when a bitcointalk forum user created a thread called ‘Pizza for bitcoins.’ Four days later, it happened: the first Bitcoin transaction ever recorded.

Laszlo Hanyecz sent 10,000 BTC to the user ‘jercos,’ while jercos ordered two larges pizzas for Laszlo. Not your traditional transaction, but still… a great milestone.

As Bitcoin’s legend grew, the community decided to mark that special day. Thus, soon enough, May 22 became Bitcoin Pizza Day, celebrating the first-ever recorded BTC transactions plus the most expensive two pizzas in history.

Was it the first transaction, though? Recently, a Twitter user revealed his findings as he was reading through Satoshi Nakamoto’s writings.

A Newb’s Test – Anyone Want To Buy A Picture For $1?

Some four months before Laszlo’s famous transaction, on January 24, 2010, a bitcointalk user by the name of ‘Sabunir’ created a thread called ‘A newb’s test – anyone want to buy a picture for $1?

The user wanted to ‘give Bitcoin a try’ so he/she offered to sell an image of his/her own creation that could be used as a wallpaper. He/She asked for $1 which was worth around 500 BTC at that time.

The user didn’t know much about the new electronic peer-to-peer cash so he/she thought of a neat system: the buyer would send 500 BTC to the posted BTC address and the seller would send in return a 0-coin payment with a message containing the download link.

Sabunir didn’t know it wasn’t possible to send 0 coins or to attach a message for that matter. Satoshi Nakamoto stepped in and clarified as to why this isn’t possible: technical limitation. There wasn’t an efficient way to actually encrypt messages on the blockchain, and a message that anyone could see had big privacy implications. Satoshi offered some alternatives as seen below:

Satoshi Nakamoto reply on why it isn't possible to send a zero-coin transaction on the Bitcoin Blockchain

On February 9, 2010, Sabunir asked on his own topic why people weren’t interested in his/her image offer. The user never replied on that matter again.

However, a look at the BTC address posted in his/her initial post reveals a 500 BTC transaction made on February 24, 2010.

Bitcoin Address Transaction on February 24, 2010

The Most Expensive Image EVER?

If the transaction is indeed about the image and if Sabunir had confirmed on the thread he/she created just like Laszlo Hanyecz did on May 22, 2010, this actually would have been the first Bitcoin transaction ever recorded online as Matt Lohstroh – the one who discovered the interesting topic – revealed in a Twitter storm:

Furthermore, just like the two pizzas, the image would have undoubtedly become the most expensive one ever. At the current price of around $10,000 per BTC, this would mean the desktop wallpaper would be worth $5 million. At the peak, in December 2017, it would be worth twice as more, around $10 million. Not worthy of the most expensive paintings list, but definitely eclipsing any other desktop wallpaper ever sold online.

What do you think of this finding? Should Bitcoin Image Day be celebrated on February 24, 2010, instead of the current Bitcoin Pizza Day? Let us know your thoughts in the comment section below!

Images courtesy of bitcointalk forum, & Laszlo Hanyecz.

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