The Bitcoin (BTC) community, or “plebeians” as they are affectionately known, is a force to be reckoned with. They teamed up in less than 7 days to stack over $160,000 (7 BTC) on a “stack chain.”
The so-called stackchain, the combination of blockchain (bitcoin ledger) and satoshi accumulation (buying bitcoin), is a community-driven meme. The investment chain originated from one person’s desire to express the idea that buying bitcoins every day and doing DCA (dollar cost averaging) is necessary to be a bitcoiner.
ArizonanHodle, the bitcoiner in question, told Cryptooshala that he would “eliminate any excuse” by posting a $5 purchase. Here’s the original tweet:
Even on days when I’m broke as hell, I still add up. Feel free to join me. pic.twitter.com/e8TRUXFxi6
— AriZonan Stackchain #5 (@AriZonanHODL) July 18, 2022
Bitcoin buyers from all over the world supported this idea, so they took it by the scruff of the neck. The community began accumulating Satoshi in increments of $1 at a time. $5 turned into $6.7 and so on until the total hit $100,000 over the weekend of July 23rd.
According to a stackchain official Github (because of course there is an official GitHub), Derek Ross explains that stackchain is “just fun and crap with a bit of bitcoin slang thrown in to make it more fun when we post shit when we buy bitcoins.”
However, the “fun” grew exponentially. While Arizonan set a $10,000 target for bear market tomfoolery, in a matter of days, the plebeians had amassed a whole BTC ($22,000).
“At that moment, I thought that people might think that the goal was achieved and lose interest, but the exact opposite happened. Plebeians started FOMO on the stack!”
By Monday, July 25, the stack had topped $150,000. Each “stack” is now well over half a thousand. Additional sums will soon reach four-figure purchases, and the hype around the stack chain has attracted the attention of bitcoiners around the world.
EPIC STACKCHAIN MOMENT:
— MACE ⚡️TACKCHAIN (@macenymity) July 25, 2022
For people with a more modest income:stack mergesor a collaborative effort between bitcoiners working together to achieve large bitcoin purchases. In addition, well-known bitcoiners took part in the promotion, including Cory Clippsten, CEO of Swan Bitcoin:
— Corey Clippsten (@coryklippsten) July 23, 2022
Clippsten told Cryptooshala:
“#stackchain is a classic bitcoin twitter — something fun, exciting, a little bit competitive and great for bitcoin.”
Behind the scenes, the core stack developers (a reference to Bitcoin core developers) control the stack chain. A group of “stackchainers” on Telegram called the Lightstack Network helps the organization and shares memes; “We need fun too,” says ArizonanHODL.
— RUBBINSTEIN #58 (@IwanRabbinstein) July 21, 2022
The Telegram group is also trying to avoid forking the stack. A fork occurs when the stack chain on Twitter splits and the stacker inadvertently “doubles spending”. An unwanted result, a forked stack can disrupt the ordered flow of stacks and therefore must be merged with the stack and checked by “nodes”.
Incidentally, a Twitter thread has become so stack-heavy that Twitter’s servers are reportedly unable to handle the load of 1,000 long threads. ArizonanHODL summarizes this briefly:
“Stackchain is actually quite complex, but these plebeians made it look casual and had fun. It’s just great to be a part of it.”
But why buy Bitcoin at all? Even though the price has plummeted from a meme-worthy $69,000 to $17,000, analysts suggest the macroeconomic backdrop is forming a healthy bottom. Bitcoin as an asset is a savings technology and remains the best-performing asset of the last decade. ArizonanHODL believes that staking Satoshi is not only about money:
“I fold for many reasons. I fold for fun. I stack for my mental health. I’m stacking for my future. I fold for my children. I stack to challenge central authority.”
Indeed, despite the recent bearish price action, the stack chain may rise to higher highs. At the time of writing, the cost of “mining” on the stack chain was approaching $600.
Credit : cointelegraph.com