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

One tweet about being "broke as hell" started a chain of local Bitcoin purchases that cost over six figures and are still going strong

By Shashank Bhardwaj

Image: Shutterstock

The Bitcoin (BTC) community, or as we affectionately know them as ‘plebs’, came together to collect more than $160,000, or 7 BTC, in a ‘stackchain’. The community effort displayed by the plebs is a commendable initiative.

The term stackchain is a combination of the words blockchain, which is the ledger used by Bitcoin, and "stacking Sats”, which refers to buying BTC. The desire of one man to convey the idea that daily Bitcoin purchases and dollar-cost averaging (DCA) are necessary for Bitcoiners led to the creation of this investment chain.

The tweet that started this movement was from Arizonan Hodl, the Bitcoiner who tweeted his $5 Bitcoin purchase, “Even on days when I am broke as hell, I still stack. Feel free to join me.”

The gesture received support from Bitcoin buyers all over the world. They grabbed the notion by the throat and turned it into a movement. The group started to stack sats, adding $1 amounts at a time. $5 was followed by $6, then $7 until the sum reached $100,000 during the weekend.

Derek Ross, a Bitcoin Hodler, miner, and node runner, describes the stackchain as "just fun and shitposting with a bit of Bitcoin language added in to make it more fun as we shitpost as we buy Bitcoin" in the official GitHub of stackchain.

The "bit of fun" developed dramatically, though. Arizonan had set a target of $10,000 for hosting some tomfoolery during the bear market, but in just a few days, the commoners had amassed an entire BTC or $22,000. Arizonan said, “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!”

The stackchain had reached $150,000 by Monday. Each "stack" now costs significantly more than $500. The incremental sums are rapidly approaching four-figure acquisitions, and Bitcoiners worldwide are paying attention to the excitement around the stack chain.

For the uninitiated, Stack joins or coordinated attempts from Bitcoiners working together to achieve huge Bitcoin buys are conceivable for individuals with fewer means. The stackchain is controlled by the stackchain core developers, a parody of the Bitcoin core developers. The organisation receives assistance from the Lightstack Network, a Telegram community of stackchain users.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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