A bunch of MIT students got $100 of free bitcoin in 2014 – some got rich, some wasted it on sushi. KenzieSigalos reports.
, say that 1 in 10 cashed out in the first two weeks. By the end of the experiment in 2017, 1 in 4 had cashed out. The experiment creators stopped tracking transactions among the cohort after that.
"It was the only restaurant in Cambridge that was accepting bitcoin at the time, and it was a pretty popular spot," he said. The restaurant has since changed its name and retired its bitcoin payment policy.Rubin was halfway through a protracted legal battle with the New Jersey attorney general when he first got the idea for the bitcoin giveaway.
"I thought, 'This is MIT. I thought everyone was super cutting-edge.' And I realized that no, it really wasn't something that was all that widespread at that point," said Rubin.In late October 2014, Rubin and fellow project leader Dan Elitzer, then an MBA student at Sloan, opened up enrollment. Students who wanted the $100 worth of bitcoin had to complete a few questionnaires and review educational materials.
"A lot of the students would pay the other students half of the bitcoin if they would set it up on their behalf," explained Phu. He says he helped somewhere between 10 and 12 people set up crypto wallets in exchange for a commission paid in bitcoin. It's somewhat taken the sting out of the fact that he spent $100 worth of bitcoin — worth more than $14,000 today — on two sushi dinners.
But already having a crypto wallet did lower the barrier to entry to the cryptosphere later in life. Trabucco now runs Alameda Research, whichand trades up to $10 billion per day across thousands of products, including all major coins and altcoins, as well as their derivatives.
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