This is an opinion editor by Mason Price, a budding number cruncher, meme maker, and aspiring writer.
This was the article originally published here.
Stack height 1762
About two months before he deleted his account, @ArizonanHODL tweeted a simple screenshot of a $5 bitcoin purchase. Any normal person—and by “normal” I mean psychopathic, dark tetrad Bitcoin fanatic—wouldn’t bat an eye, but those of us familiar with Bitcoin Twitter know that, like Bitcoin itself, the community is unstoppable. even power through a bear market. It happened in a tweet by @ArizonanHODL, from which a new Bitcoin subculture was born, complete with sats and memes.
What is Stackchain?
Stackchain is a gamification of stacking sats with other Bitcoin plebs. All of this takes place in a single Twitter thread consisting of screenshots of bitcoin purchases called “blocks”. Each block costs $1 more than the previous one, and the most recent block, known as a “tip”, can be found by searching for the #stackchaintip hashtag and sorting by the last one.
Here’s the story: @ArizonanHodl posts a $5 bitcoin buy, @Happyclowntime, also known as Bob, follows up with a $6 buy, and Satskeeper follows Bob with a $7 buy. You can see where this is going, and so did Bitcoin Twitter. Within a few weeks, Stackchain attracted 400 unique plebs to accumulate on Stackchain. The $1 incremental purchases have continued with no end in sight.
Many plebs assumed that Stackchain was the single biggest topic on Twitter, and that Stackchain wasn’t the only crazy statistic. Over the course of eight weeks, Stackchain participants went from buying just $5 worth of bitcoins to a cumulative $1.5 million worth of bitcoins, or in bitcoin terms, from a few thousand purchases to over 7.5 bitcoins. billion sats (75 bitcoins).
Stackchainers not only have the undeniable goal of growing their stacks, but also aim for further adoption of Bitcoin. Linking fundraisers for Bitcoin-related initiatives is well suited to this purpose. A few projects that Stackchain has donated:
- Stacks For Bitcoin Beach: An initiative where Stackchainers raised over $6,000 to help fund Bitcoin education in El Salvador.
- The Flashstack For Bitcoin Ekasi: Donations funded the purchase of ~30 phones for children in an African town so they could learn about Bitcoin by working on it and earning rewards.
- Flashstack for Hodlonaut: Stackchainers raised several thousand dollars using the tag #Stacks4Hodlonaut Helping fund Hodlonaut in his legal battle with Craig Wright, aka Faketoshi.
Rules and Stackchain Improvement Proposals (SIPs)
Stackchain’s ruleset continues to grow. For a more in-depth look at the ruleset and Stackchain implementations, check out GitHub here.
Three important Stackchain components to remember:
A stackjoin is when multiple plebs combine their Bitcoin purchases so that the sum of all purchases equals the stack height. As an example, let’s say the stack height is $500. 5 people can collect $100 each and include all purchases in the block collected as a link and/or photo. Mention your Bitcoin buy #stackjoin tag and it will be added to the stackjoin mempool. It can be as low as $1.
- Solo Blocks
This is when someone buys a common block. To do this, find the Stackchain tip and comment the amount of the previous purchase +$1 directly to the Tip.
This happens when two or more people stack the same block, creating a chain split. These forks can last for several blocks as Stackers fight over which fork wins. This was the case for many blocks, including blocks 888, 1492, and the three currently resolved forks.
Stackchain whales have been a great help in increasing stack height, and leaderboards have been a fun way to gamify stackchains. From the leaderboards, we can see that stackjoins have become a growing contributor to stack height. They are consistently becoming the biggest place on the leaderboards and are expected to continue to do so as blocks become more expensive.
Stackjoins is third on the blocks leaderboard and cuckbucks is fourth on the burned leaderboard.
In memory of our beloved @ArizonanHODL’s Twitter account.
This is a guest post by Mason Price. The opinions expressed are entirely their own and those of BTC Inc. or Bitcoin magazine.