TD₿: What the heck is #Stackchain? by Simon Satoshi
TL;DR Bitcoin plebs will continue to stack relentlessly regardless of Bitcoin's price.
Hey Bitcoiners,
One of the best memes to come along in a long time is the Stackchain, which began organically when AriZonanHODL sent out the tweet below and asked people join him in smash buying some sats.👇
Since that tweet, the Stackchain has taken on a life of its own. With each block (tweet) that’s added to the Stackchain, the dollar amount of the smash buy has to be higher than the previous block. It has continued to grow as Bitcoiners continue to outbid one another to see who can stack the hardest during the bear market.
Recently, the Stackchain hit a milestone. It just hit its 1,000 block, and now Bitcoiners have collectively stacked over $500,000 on the Stackchain. Half a million dollars worth of Bitcoin — Wow!
This meme is so powerful because it creates community around stacking sats when the price is low during this bear market. It makes me bullish because it serves as further proof that Bitcoiners will continue to buy regardless of the price.
It also reminds me of the story of when legendary trader Paul Tudor Jones first got into Bitcoin. He called up billionaire investor Stanley Druckenmiller and asked him,
“Do you know that when Bitcoin went from $17,000 to $3000 that 86% of the people that owned it at $17,000, never sold it?” Druckenmiller replied: Well, this was huge in my mind. So here’s something with a finite supply and 86% of the owners are religious zealots.”
Indeed, Bitcoiners are proud to act as the buyers of last resort and support freedom money.
Simon Satoshi wrote this piece that further explains what the Stackchain is that I enjoyed reading (plus there are some fire memes in it). (07/22/2022)
This is why Bitcoin (and Bitcoiners) will win. The Bitcoin community consists of a relentless group of individuals obsessed with saving in the hardest money known to mankind. A group of people who compete with one another on who can stack the most bitcoin instead of worrying about the short-term price action.
Who in their right mind would try to short this thing?
Tick tock next block,
Cory Klippsten
PS - If anyone is trying to add a block to the Stackchain and has already hit their daily limits on other sites, then Swan has you covered. 🤝
Sign up for Swan and receive $10 in free bitcoin today.
Quote of the Day
“Bitcoin has buyers of last resort, and institutional buyers, hodlets who snatch every cheap coin they can get, buy and cold store off exchange. Bitcoin knows what it is, has clarity of purpose.” - Adam Back, Co-Founder and CEO of Blockstream
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