Bitcoin Pizza Day And The DAO Hack

2SeF...buz7
5 Jan 2024
31

Here's the 2 well known interesting event about Bitcoin and Ethereum.

First one is the Pizza day;

On May 22, 2010, Hanyecz posted on a Bitcoin forum that he was willing to pay 10,000 bitcoins for someone to order him two pizzas. At that time, Bitcoin was still in its infancy, and its value was extremely low. A user named "jercos" took him up on the offer and ordered two pizzas from Papa John's, having them delivered to Hanyecz's address.
The transaction became famous and is now celebrated annually in the cryptocurrency community as "Bitcoin Pizza Day." What makes this story remarkable is the hindsight realization of the value of those 10,000 bitcoins. At the time of the transaction, the value of 10,000 bitcoins was around $41 USD. However, with the tremendous rise in the value of Bitcoin over the years, those 10,000 bitcoins would be worth millions or even tens of millions of dollars today.
As a second one the the famous dao hack;

In 2016, The DAO was launched as a smart contract on the Ethereum blockchain. It aimed to be a decentralized venture capital fund, allowing participants to vote on investment decisions using Ethereum's smart contract functionality. The project raised over $150 million in Ether, making it one of the largest crowdfunding projects at the time.
However, a vulnerability in The DAO's code was exploited by an attacker, resulting in the theft of approximately one-third of the funds raised. This event led to a major crisis within the Ethereum community, as the stolen funds represented a substantial portion of the total Ether in circulation.
In response to the crisis, the Ethereum community faced a difficult decision: whether to accept the situation or to intervene and effectively undo the theft. After much debate and consideration, a controversial hard fork known as Ethereum Classic occurred.
The majority of the Ethereum community decided to create a new version of the blockchain (the one we now know as Ethereum) where the stolen funds were returned to their rightful owners. This decision, while contentious, demonstrated the community's commitment to protecting the principles of trust and integrity within the Ethereum ecosystem.

These events well known by the community but maybe some of you don't know about it, so here go now you know it. I hope you guys enjoyed little article.

Write & Read to Earn with BULB

Learn More

Enjoy this blog? Subscribe to DrunkLizard

1 Comment

B
No comments yet.
Most relevant comments are displayed, so some may have been filtered out.