Brazilian businessman reveals that he ‘played’ Bitcoin out and spent about 1200 Bitcoins on the game Warcraft
The Brazilian CEO Bitfy, Lucas Schoch, revealed that he even spent 1200 Bitcoins on items in the World of Warcraft game.
In the current value, the amount would be over R$ 121 million, however Schoch, during the podcast Satoshi Connection #16, highlighted that the Bitcoin Era ‘invested’ in Warcraft were spent by him between 2011 and 2013 when the cryptomeda ‘was not worth anything yet’.
“When I found out that I had spent over 1200 BTC on Warcraft items in 2013, I ended up getting extremely frustrated. That year was very hard for me. But I started to understand how that technology was becoming more valuable”.
Schoch revealed in the podcast that he started mining Bitcoin in 2011 just for use in Warcraft.
“You could buy items from other people using Bitcoin and, in this case, buying with Bitcoins was cheaper than buying with real ones. Because I could leave my computer mining while I worked or did something and when I got home I had 10 Bitcoins and that’s how I started,” he said.
Bitfy’s CEO also revealed other details of Bitcoin’s ‘early days’ stating that at that time there were no wallets or blockchain research and monitoring services.
“Wallet is a very recent business, at that time you ran a script that gave you two hashes, which was your public and private key. Then you used the public key to generate the addresses you could receive [btc] and used the private key to sign the transactions you wanted to transmit later,” Schoch said.
Schoch pointed out that at that time Bitcoin was a ‘nerd’ thing and people didn’t pay much attention to what he could become.
The entrepreneur, for example, revealed that he stored his private keys and addresses in a document on the desktop without any concern about security.
“I would save everything on a Windows notepad and leave everything on my desktop and my keys there, written private key and public key,” he said.
Even, according to him, as there were no services like blockchain.com that allowed to see the status of a transaction many bitcoins ended up being ‘thrown away’.
“At that time you had to create a transaction and have it broadcast and then your node didn’t sync and that transaction ‘disappeared’ and then you thought there was no more bitcoin in that wallet you threw it away. But actually he hadn’t broadcast and his bitcoins were still there. It was all very precarious,” he said.
But although Bitcoin is a ‘bargaining chip’ in games, Schoch revealed that he ended up regretting his spending on Warcraft.
“I read a story saying that Bitcoin had reached $1,000. So I looked at a friend of mine and said: Isn’t that the currency that was used in the game? That was bizarre but it made me understand many things,” he said.
So, with his experience in being one of Bitcoin’s ‘early adopters’ and the problems he faced, he decided to undertake in the crypto market and created Bitfy.
“I saw that I had lost my millions at that time, because if with this difficulty, that only the fat guy from Warcraft can make a transaction, and still loses money to hell on it, Bitcoin was worth US$ 1,000, it’s because this business will be worth a lot of money when he has a decent user experience,” he concluded.