• BTC Dominance: %
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Community-initiated ‘Bitcoin Stackchain’ exceeds $160K in one week

Jon Hartney by Jon Hartney
July 26, 2022
in Bitcoin, Blockchain, Business, Market
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

How one tweet about being “broke as hell” created a chain of community Bitcoin buys that exceeded six figures and counting.

The Bitcoin (BTC) community, or “plebs” as they are affectionately known, are a force to be reckoned with. They banded together in less than 7 days to stack over $160,000 (7 BTC) in a “stackchain.”

The so-called stackchain, a portmanteau of the blockchain (Bitcoin’s ledger) and stacking Sats (buying BTC), is a community-driven meme. The investment chain derived from one man’s desire to express the idea that buying Bitcoin every day and doing DCA (dollar-cost averaging) is essential to being a Bitcoiner.

Related articles

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

ArizonanHodl, the Bitcoiner in question, told Cointelegraph contained that he would “eliminate any excuses” by posting a $5 purchase. Here is the original tweet:

Even on days when I’m broke as hell I still stack. Feel free to join me. pic.twitter.com/e8TRUXFxi6

— AriZonan Stackchain #5 (@AriZonanHODL) July 18, 2022

Bitcoin buyers from around the world supported the idea, so they took the idea by the scruff of the neck. The community began stacking sats in increasing increments of $1 at a time. $5 became $6, $7, etc until the cumulative total passed the $100,000 mark over the July 23 weekend.

According to the stackchain’s official GitHub (because, of course, there is an official GitHub), Derek Ross explains that the stackchain is “just fun and shitposting with a little bit of Bitcoin lingo thrown in to make it more fun as we shitpost as we buy Bitcoin.”

However, the “bit of fun” grew exponentially. While Arizonan had set a goal of $10,000 for the bear market tomfoolery, in a matter of days, the plebs had stacked a whole BTC ($22,000).

“At that point, I thought people might think the goal had been reached and lose interest, but the exact opposite happened. Plebs started to FOMO into the stackchain!”

By Monday 25th July, the stackchain passed $150,000. Each “stack” is now well over half a grand. The incremental amounts will soon approach four-figure purchases, and the hype around the stack chain has caught the eye of Bitcoiners around the world. 

EPIC STACKCHAIN MOMENT:

-Money invested in the #Stackchain surpasses $150,000 with 548 incremental #Bitcoin purchases. pic.twitter.com/M3xQGFEEQG

— MACE ⚡️TACKCHAIN (@macenymity) July 25, 2022

For those of humbler means, “stack joins” or combined efforts from Bitcoiners working together to reach large Bitcoin buys are possible. Plus, well-known Bitcoiners in the space, including Cory Klippsten, CEO of Swan Bitcoin have got in on the action:

#stackchaintip $475@swanbitcoin represent!#stackchain pic.twitter.com/tMiPtWj8qx

— Cory Klippsten (@coryklippsten) July 23, 2022

Klippsten told Cointelegraph:

“The #stackchain is classic Bitcoin Twitter — something fun, exciting, just a tad competitive, and great for Bitcoin.”

Behind the scenes, the stackchain core developers (a riff on the Bitcoin core developers) keep the stackchain in check. A Telegram group of ‘stackchainers,’ called the Lightstack Network aid the organization and shares memes; “We need fun too,” says ArizonanHODL.

#stackchain https://t.co/KUMIA8WKJy pic.twitter.com/6q08WsxRo4

— RABBINSTEIN #58 (@IwanRabbinstein) July 21, 2022

The Telegram group also endeavors to avoid stackchain forking. A fork occurs when the stackchain Twitter thread splits off and a stacker inadvertently “double spends.” An unwanted outcome, the forked stack can disrupt the orderly flow of stacks and must therefore be merged into the stack and validated by “nodes.” 

Incidentally, the Twitter thread has become so congested by stacks that reportedly, Twitter servers are buckling under the 1000-long thread load. ArizonanHODL sums it up succinctly:

“The stackchain is actually quite complicated, but these plebs made it look effortless and had fun while doing it. It’s just such a cool thing to be a part of.”

But why buy Bitcoin at all? Despite the price plummeting from the meme-worthy $69,000 to $17,000, analysts would suggest the macro backdrop is forming a healthy bottom. Bitcoin the asset is a savings technology and remains the best-performing asset of the past decade. ArizonanHODL that stacking sats is not just about money, though:  

 “I stack for so many reasons. I stack for fun. I stack for my mental health. I stack for my future. I stack for my kids. I stack to defy central authority.”

Indeed, undeterred by recent bearish price action, the stackchain may surge to greater highs. At the time of writing, the cost to “mine” on the stackchain approaches $600.

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Bitcoin derivatives data shows room for BTC price to move higher this week

by Jon Hartney
January 23, 2023
0

BTC options data suggest that the Bitcoin price rally still has legs, even with wider economic concerns growing and the

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

by Jon Hartney
January 22, 2023
0

BTC could take a break from its sharp rally and if BTC price bounces off underlying support, APE, MANA, AAVE...

Genesis bankruptcy case scheduled for first hearing

by Jon Hartney
January 22, 2023
0

The first hearing in Genesis Capital's bankruptcy case will be held on January 23, according to court filings

Terra lending protocol Mars to launch mainnet

by Jon Hartney
January 22, 2023
0

The Mars Hub will launch an independent Cosmos application chain and issue MARS to users who hold the token during...

Central African Republic eyes legal framework for crypto adoption

by Jon Hartney
January 22, 2023
0

A 15-member committee is tasked with working on a legal framework that will allow cryptocurrencies to operate in

Load More
  • Trending
  • Comments
  • Latest

Ethereum Classic gets ‘endorsement’ from Vitalik Buterin, but ETC price still risks 50% crash

July 27, 2022

Critique on Helium’s $6.5K monthly revenue causes a stir

July 28, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022

Cardano Vasil hard fork hit with another delay for several weeks

July 29, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0

Crypto owners banned from working on US Government crypto policies

0

Korean startup Uprise lost $20M shorting LUNC

0

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

Genesis bankruptcy case scheduled for first hearing

January 22, 2023

Terra lending protocol Mars to launch mainnet

January 22, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Bitcoin derivatives data shows room for BTC price to move higher this week January 23, 2023
  • Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher January 22, 2023
  • Genesis bankruptcy case scheduled for first hearing January 22, 2023
  • Terra lending protocol Mars to launch mainnet January 22, 2023
  • Central African Republic eyes legal framework for crypto adoption January 22, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$22,956.00-1.42%
  • ethereumEthereum(ETH)$1,654.09-1.04%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.02%
  • binancecoinBNB(BNB)$328.08-1.63%
  • usd-coinUSD Coin(USDC)$1.000.14%
  • rippleXRP(XRP)$0.399367-1.43%
  • Binance USDBinance USD(BUSD)$1.00-0.08%
  • cardanoCardano(ADA)$0.394930-1.09%
  • dogecoinDogecoin(DOGE)$0.090321-2.60%
  • matic-networkPolygon(MATIC)$1.323.97%
  • OKBOKB(OKB)$44.33-1.17%
  • SolanaSolana(SOL)$23.21-2.73%
  • Lido Staked EtherLido Staked Ether(STETH)$1,651.13-0.88%
  • polkadotPolkadot(DOT)$6.75-2.48%
  • Shiba InuShiba Inu(SHIB)$0.000014-5.24%
  • litecoinLitecoin(LTC)$99.08-1.83%
  • AvalancheAvalanche(AVAX)$20.07-3.52%
  • tronTRON(TRX)$0.0670411.82%
  • UniswapUniswap(UNI)$6.80-2.63%
  • daiDai(DAI)$1.00-0.04%
  • cosmosCosmos Hub(ATOM)$15.060.93%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,993.00-1.12%
  • chainlinkChainlink(LINK)$7.12-1.08%
  • ToncoinToncoin(TON)$2.29-3.07%
  • ethereum-classicEthereum Classic(ETC)$22.63-2.78%
  • leo-tokenLEO Token(LEO)$3.380.57%
  • moneroMonero(XMR)$166.05-1.11%
  • bitcoin-cashBitcoin Cash(BCH)$131.50-3.40%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.09%
  • AptosAptos(APT)$15.12-5.98%
  • stellarStellar(XLM)$0.091148-0.94%
  • NEAR ProtocolNEAR Protocol(NEAR)$2.687.43%
  • ApeCoinApeCoin(APE)$5.78-2.94%
  • CronosCronos(CRO)$0.0841000.61%
  • algorandAlgorand(ALGO)$0.2904683.87%
  • filecoinFilecoin(FIL)$5.46-1.57%
  • Lido DAOLido DAO(LDO)$2.44-7.07%
  • QuantQuant(QNT)$139.43-2.15%
  • HederaHedera(HBAR)$0.075003-0.35%
  • vechainVeChain(VET)$0.025807-0.88%
  • Internet ComputerInternet Computer(ICP)$5.69-3.38%
  • The GraphThe Graph(GRT)$0.177395-13.70%
  • The SandboxThe Sandbox(SAND)$0.85-5.33%
  • FantomFantom(FTM)$0.53-8.13%
  • Axie InfinityAxie Infinity(AXS)$12.053.43%
  • decentralandDecentraland(MANA)$0.76-4.84%
  • AaveAave(AAVE)$86.76-2.36%
  • eosEOS(EOS)$1.09-2.72%
  • FlowFlow(FLOW)$1.15-0.38%
  • MultiversXMultiversX(EGLD)$46.29-1.52%
  • theta-tokenTheta Network(THETA)$1.14-4.71%
  • tezosTezos(XTZ)$1.231.42%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000180-3.47%
  • FraxFrax(FRAX)$1.00-0.16%
  • paxos-standardPax Dollar(USDP)$1.000.11%
  • true-usdTrueUSD(TUSD)$1.000.11%
  • huobi-tokenHuobi(HT)$5.38-3.13%
  • Frax ShareFrax Share(FXS)$11.63-8.74%
  • kucoin-sharesKuCoin(KCS)$8.73-0.04%
  • Curve DAOCurve DAO(CRV)$1.143.72%
  • ChilizChiliz(CHZ)$0.158387-1.61%
  • havvenSynthetix Network(SNX)$2.66-9.08%
  • bitcoin-cash-svBitcoin SV(BSV)$42.75-2.11%
  • ImmutableXImmutableX(IMX)$1.01-4.12%
  • Rocket PoolRocket Pool(RPL)$40.59-4.82%
  • PancakeSwapPancakeSwap(CAKE)$4.671.80%
  • eCasheCash(XEC)$0.000038-0.22%
  • USDDUSDD(USDD)$0.99-0.11%
  • dashDash(DASH)$64.18-2.10%
  • BitTorrentBitTorrent(BTT)$0.0000010.58%
  • makerMaker(MKR)$784.74-0.59%
  • BitDAOBitDAO(BIT)$0.600.76%
  • Mina ProtocolMina Protocol(MINA)$0.82-4.28%
  • iotaIOTA(MIOTA)$0.244945-2.07%
  • KlaytnKlaytn(KLAY)$0.209731-1.35%
  • neoNEO(NEO)$9.170.83%
  • GateGate(GT)$4.44-0.03%
  • Trust WalletTrust Wallet(TWT)$1.54-4.29%
  • ArweaveArweave(AR)$11.78-6.92%
  • OptimismOptimism(OP)$2.74-9.05%
  • OKCOKC(OKT)$32.922.59%
  • OsmosisOsmosis(OSMO)$1.111.49%
  • zcashZcash(ZEC)$45.28-3.73%
  • cUSDCcUSDC(CUSDC)$0.0227640.33%
  • gemini-dollarGemini Dollar(GUSD)$1.00-0.79%
  • singularitynetSingularityNET(AGIX)$0.474539-15.14%
  • GMXGMX(GMX)$67.44-6.19%
  • THORChainTHORChain(RUNE)$1.89-2.78%
  • cDAIcDAI(CDAI)$0.022172-0.08%
  • Baby Doge CoinBaby Doge Coin(BABYDOGE)$0.0000006.22%
  • Tokenize XchangeTokenize Xchange(TKX)$6.801.07%
  • RenderRender(RNDR)$1.74-19.70%
  • RadixRadix(XRD)$0.050243-0.29%
  • PAX GoldPAX Gold(PAXG)$1,864.16-0.05%
  • enjincoinEnjin Coin(ENJ)$0.50-0.88%
  • zilliqaZilliqa(ZIL)$0.030696-0.53%
  • Fetch.aiFetch.ai(FET)$0.472449-9.91%
  • Convex FinanceConvex Finance(CVX)$6.40-4.16%
  • cETHcETH(CETH)$33.21-1.10%