How A $5 Bitcoin Purchase Cascaded Into A $1.5 Million Viral Movement

4 months ago 79

A little statement of the founding and consequent purchases wrong Stackchain, a Bitcoin-stacking subculture.

This is an sentiment editorial by StackchainQuant, an emerging fig cruncher, meme shaper and aspiring writer.

This nonfiction was originally published here.

Stackheight 1762

Almost 2 months earlier helium deleted his account, @ArizonanHODL tweeted an unassuming screenshot of a $5 Bitcoin purchase. Any regular idiosyncratic — and by “regular” I mean not a psychopathic, acheronian tetrad Bitcoin fanatic — wouldn’t person batted an eye, but those of america that are acquainted with Bitcoin Twitter cognize that the community, similar Bitcoin itself, is an unstoppable unit adjacent done a carnivore market. This was the lawsuit for @ArizonanHODL’s tweet, from which a caller Bitcoin subculture afloat of stacking sats and making memes was born.

@ArizonanHODL terminated his relationship erstwhile the Stackchain genesis artifact deed 669 likes. A bitter-sweet conclusion.

What Is The Stackchain?

The Stackchain is the gamification of stacking sats with your chap Bitcoin plebs. It each takes spot connected a azygous Twitter thread which consists of screenshots of bitcoin buys called “blocks.” Each artifact is $1 much than the erstwhile and the latest block, known arsenic the “tip,” tin beryllium recovered by searching the hashtag #stackchaintip and sorting by latest.

@7noBodywins (formerly @satskeeper)

The communicative goes similar this: @ArizonanHodl posts his $5 bitcoin buy, @Happyclowntime, besides known arsenic Bob, followed it up with a $6 bargain and Satskeeper followed Bob’s with a $7 buy. You tin spot wherever this is going and truthful did Bitcoin twitter. In a substance of weeks, the Stackchain had drawn successful 400 unsocial plebs into stacking connected the Stackchain. The $1 incremental purchases person continued and there’s nary extremity successful sight.

Stackchain Accomplishments

Many plebs person speculated that the Stackchain is the azygous largest thread connected Twitter and that isn’t the lone brainsick Stackchain statistic. In 8 weeks those participating successful the Stackchain went from having bought a specified $5 of bitcoin to a whopping $1.5 cardinal of bitcoin cumulatively, oregon successful bitcoin terms, from accumulating a fewer 1000 sats to implicit 7.5 billion sats (75 bitcoin).

Stackchainers not lone person an undeniable extremity of increasing their stacks but they besides purpose to further Bitcoin adoption. Coordinating fundraisers for Bitcoin-related initiatives is precise overmuch aligned with that goal. Here are a fewer projects the Stackchain has donated to:

  • Stacks For Bitcoin Beach: An inaugural wherever Stackchainers raised implicit $6,000 to assistance money Bitcoin acquisition successful El Salvador.

Link to embedded Tweets one and two.

  • The Flashstack For Bitcoin Ekasi: The donations funded the acquisition of ~30 phones for kids successful an African township truthful that they could person the accidental to larn astir Bitcoin by moving for and earning rewards successful Bitcoin.

Link to embedded Tweet.

  • Flashstack For Hodlonaut: Stackchainers raised respective 1000 dollars utilizing the tag #Stacks4Hodlonaut to assistance money Hodlonaut successful his ineligible conflict against Craig Wright, aka Faketoshi.

Link to embedded Tweet.

Rules And Stackchain Improvement Proposals (SIPs)

Stackchain’s ruleset continues to grow. For a deeper dive into the ruleset and Stackchain apps cheque retired our GitHub here.

Three Important Stackchain Components To Remember:

  1. Stackjoins
    A stackjoin is erstwhile aggregate plebs harvester their Bitcoin purchases truthful that the sum of each the purchases equals the stack height. As an example, let’s accidental the stackheight is $500. 5 radical tin each stack $100 and see each of the buys successful nexus and/or photograph signifier successful the stackjoined block. Tag your Bitcoin bargain #stackjoin and it volition beryllium added to the stackjoin mempool. It tin beryllium arsenic small arsenic $1.
  2. Solo Blocks
    This is erstwhile idiosyncratic purchases the full block. To bash truthful find the Stackchain extremity and remark the magnitude of the erstwhile bargain +$1 straight to the Tip.
  3. Forks
    This occurs erstwhile 2 oregon much radical stack the aforesaid artifact creating a concatenation split. These forks tin proceed for aggregate blocks arsenic Stackers combat implicit which fork should win. This was the lawsuit for galore blocks including blocks 888, 1492, and the 3 forks that are presently being resolved.

Stackchain whales person been a immense assistance successful expanding the stack tallness and leaderboards person been a amusive mode to gamify stacking sats. From the leaderboards, we tin spot that stackjoins person go an ever-increasing contributor to increasing the stack height. They person been steadily increasing into the largest spot connected the leaderboards and are expected to proceed to bash truthful arsenic blocks get much expensive.

Stackjoins are tied for 3rd connected the artifact number leaderboard and are 4th spot connected the cuckbucks burned leaderboard

The Stackchain Timeline

Blocks Stacked Per Day & Bitcoin Bought Per Day

In representation of our beloved @ArizonanHODL’s Twitter account.

This is simply a impermanent station by StackchainQuant. Opinions expressed are wholly their ain and bash not needfully bespeak those of BTC Inc. oregon Bitcoin Magazine.

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