Innovator of the Bitcoin Ecosystem: The Story of Jack Liu

Introduction

This article will introduce the notable figure Jack Liu in the Bitcoin ecosystem. As an early participant, Jack has been involved in Bitcoin scaling since 2015. Over the past decade, the Bitcoin ecosystem has undergone significant development, introducing innovations such as ordinals, runes, op_cat, and various Layer 2 and sidechain solutions. Jack will share his unique experiences and insights into the world of Bitcoin and cryptocurrencies.

Jack's Bitcoin Ecosystem Journey

Jack's Bitcoin journey began in 2013 when he discovered the Bitcoin white paper on a website. At that time, the price of Bitcoin was around $175. Coincidentally, he purchased his first Bitcoin while visiting Vancouver. Initially, the Bitcoin industry was small and primarily dominated by tech personnel, which was a challenge for Jack, who had no programming background. However, his passion for Bitcoin drove him to become a blogger in 2013 and 2014.

Jack's career took a significant turn when a founder of a trading platform contacted him after reading his blog post. This led Jack to get involved with the platform and later join another trading platform, where he helped launch the derivatives trading business. He also worked at other well-known cryptocurrency companies, witnessing the developments and debates within the Bitcoin scaling community. Despite the emergence of other cryptocurrencies like Ethereum, Jack remained focused on Bitcoin and contributed to various projects and innovations.

Jack's Investment Philosophy

Jack shared his investment philosophy, emphasizing the importance of simplicity and liquidity in a decentralized economy. He described his method for evaluating cryptocurrency opportunities, using the formula "simple, novel, liquid." He explained that in a decentralized world, the goal is to connect with strangers globally, so investments must be easy to understand and widely accepted. For example, Jack pointed out a token on a Bitcoin that gained market value quickly due to its simplicity and ease of trading across various platforms.

Jack also reflected on missed opportunities and the importance of adjusting investment strategies based on past experiences. He emphasized the need to identify and seize new trends early, even if those trends may seem unconventional or risky at first.

The Concept of BAMK and NUSD

Jack introduced two projects, BAMK and NUSD. BAMK is a meme token, while NUSD is similar to a stablecoin project on Ethereum. The initial allocation of BAMK includes 6.25% allocated to the public, with another 6.25% distributed to NUSD holders. The remaining token supply is reserved for future demand, such as potential venture capital or additional reward distribution. Jack emphasized the importance of sustainable growth and plans to burn tokens based on specific milestones. After its launch, BAMK quickly became one of the top three runes by market capitalization.

NUSD is a synthetic dollar that operates on the Bitcoin mainnet. Jack elaborated on the need for stablecoins like NUSD on the Bitcoin mainnet, providing a decentralized alternative to traditional stablecoins. Although Bitcoin transactions are slower and more expensive, significant on-chain activity proves the value of NUSD's existence.

Unlike traditional stablecoins that are backed by actual dollars in bank accounts, NUSD is an algorithmic stablecoin operating on the Bitcoin mainnet. This decentralized approach attracts Bitcoin holders who wish to avoid centralized exchanges and maintain on-chain transactions.

Build On-chain Attention and Community

Jack emphasized that success in the crypto world does not necessarily come from traditional marketing strategies, but rather from genuine interaction with the on-chain community. Instead of focusing on off-chain attention, such as social media buzz or media exposure, Jack believes more in the power of on-chain presence and activity.

For BAMK and NUSD, this approach means creating real value and engagement within the Bitcoin network. Jack mentioned that the rapid development of these projects is attributed to their organic growth, transparency, and active community participation. By issuing tokens on-chain and nurturing a decentralized economy, they have attracted a dedicated user base that contributes to the success of the project through trading, holding, and building additional tools and applications.

A prominent aspect of BAMK's growth is its strong community engagement. Jack attributes this to a user-centric approach that prioritizes user interests over focusing on investor profits. This philosophy is reflected in the initial distribution strategy: 6.25% of BAMK is free to mint and open to the public, and another 6.25% of BAMK tokens are airdropped to NUSD holders. This inclusive approach has led to a highly engaged community that organically contributes to marketing and content creation, aligning their interests with the project's success.

Jack shared that BAMK's social media group has grown from a small community to several hundred active members, who promote the project through meme creation, referrals, and content. This grassroots approach has played a significant role in the project's development, showcasing the impact of genuine on-chain participation and community building.

Milestones and Goals for the Future

Looking to the future, Jack discussed the upcoming milestones for BAMK and NUSD. These include further growth in Total Value Locked (TVL), potential listings on trading platforms, integration with Layer 2 solutions, and broader adoption within the Bitcoin ecosystem. An important long-term goal is to reduce reliance on centralized exchanges through the automation of on-chain perpetual swap projects.

Jack also talked about the importance of organic growth and addressing any concerns from exchanges before seeking to go public. The ultimate goal is to ensure that BAMK and NUSD are sustainable, transparent, and beneficial to the community in the long term. Notably, an investment institution has invested $1 million in NUSD, indicating that the project has gained a certain level of institutional attention.

Conclusion

BAMK and NUSD are emerging projects that have been online for less than two months, but they have quickly risen to the third highest runes token. Their rapid rise has surprised many, making them noteworthy in the Bitcoin space. It is interesting to observe the infrastructure and necessary tools that developers like Jack need to create Bitcoin finance (BTCFi). Although there are potential risks with synthetic dollars, it will be fascinating to see how Jack and his team tackle these challenges and continue to develop the project. We will closely monitor the progress of BAMK and NUSD.