Innovator of the Bitcoin Ecosystem: Jack Liu's Journey and Insights

Introduction

This episode's special guest is the well-known figure in the Bitcoin ecosystem, Jack Liu. Jack has been involved in Bitcoin scaling since 2015/2016. Over the past decade, the Bitcoin ecosystem has significantly developed, introducing innovations such as ordinals, runes, op_cat, and various Layer 2 and sidechain solutions. Jack shared his unique journey 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 financial news website. At that time, the price of Bitcoin was around $175. Coincidentally, while visiting Vancouver, he came across a news story about a Bitcoin ATM and purchased his first Bitcoin.

Initially, the Bitcoin industry was small and mainly led by technicians, which posed a challenge for Jack, who had no programming background. However, his passion for Bitcoin motivated him to become a blogger in 2013 and 2014.

Jack's career took a significant turn when the founder of a trading platform contacted him after reading Jack's blog posts. This led to Jack's involvement in several well-known cryptocurrency projects, and he witnessed 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 the decentralized economy. He uses the formula "simple, novel, liquid" to evaluate cryptocurrency opportunities. 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.

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 seem unconventional or risky at first.

The Concepts of BAMK and NUSD

Jack introduced the operational mechanisms of BAMK and NUSD. BAMK is a meme token, while NUSD is similar to a synthetic dollar project on Ethereum. The initial distribution of BAMK includes 6.25% allocated to the public, and another 6.25% allocated to NUSD holders. The remaining token supply is reserved for future demand, such as potential venture capital or additional reward distribution.

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

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 on-chain communities. He believes more in the power of on-chain presence and activity, rather than focusing on social media hype or media exposure.

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 participation from the community. By issuing tokens on-chain and fostering a decentralized economy, they have attracted a dedicated user base that contributes to the success of the projects through trading, holding, and building additional tools and applications.

Future Milestones and Goals

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

Jack also discussed the importance of organic growth and addressing relevant concerns 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 institution has invested $1 million into 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 become the third highest runes token. Their rapid rise has surprised many, making them a noteworthy presence 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 keep a close eye on the progress of BAMK and NUSD.