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I dont care what someone buys. Thats their personal decision.
Im only trying to make people aware of interesting things inside Bitcoin.
Especially when theres this spectrum between pure halal Bitcoin and crypto "shitcoins". Most might be junk, but not everything is.
Stacks will likely play a major role in the coming year IMO.
I'd rather let people judge themselves and get roasted for it, then say nothing đ¤ˇ
âIm only here to make people aware of interesting things inside bitcoinâ
If that was true you wouldnât be pushing stacks.
Stacks has absolutely nothing to do with bitcoin. Except to scam people by using its name.
That is the narrative said over and over.
I disagree.
If I understand correctly, to participate in Stacks, users must:
1) Purchase a minimum 1000 STX tokens
2) Lock those tokens for a period-of-time, allowing STX holders to "participate in consensus".
3) Validate transactions on the STX chain.
Only then might you earn some BTC; however, that depends on how much STX you have and how long it's locked for.
I see that Stacks also states that Dapps can be built on that layer, please provide links to three killer dapps currently in use on the Stacks layer, I'd like to check them out.
From the outside looking in, I cannot understand why anyone interested in Bitcoin would entertain Stacks/STX however, I'm willing to approach it with an open mind, and I look forward to your reply.
Good questions Anonomoto. Ill do my best.
In the current model of Stacks, Stackers roll is fairly mild. They loosely signal a chain tip but most of this work is done by miners. Their biggest roll is locking STX for BTC which ideally keeps the STX price more stable, which in turn allows miners to have consistent floor to bid against.
Participating in Stacking has two variants:
Solo stacking - This is a dynamic minimum. Every Stacks block has 2 reward slots. The current minimum is around 100k STX.
Stacking pool - You can delegate your STX (non-custodial) as part of a pool and get a pro-rata share of rewards. A few options exist with minimums as low as 100STX.
A few popular apps:
ALEX (DeFI) - https://app.alexlab.co/swap
Gamma (NFT's and Ordinals): https://gamma.io/
Xverse (Bitcoin/STX wallet with a stacking pool) - https://pool.xverse.app/
Last, Id add the current way Stacks is constructed is less then ideal. Some of the criticism is very valid. In an upcoming release (~6 months) two big changes are coming.
One is a native Bitcoin peg-in/peg-out solution. The token will be called $sBTC and allow you to peg in your Bitcoin, and have a 1:1 derivative on chain to be used across apps.
Second, Stackers will take a more active roll in the network. They will be apart of a threshold-signature wallet that executes peg-out transactions.
So the BTC rewards spent by Stacks miners will flow in an this order (Bitcoin mining TX fees > Peg-out TX fees > Stacking rewards).
Covered a lot đ
Let me know if anything wasnt clear.
Of course you donât. Because you are trying to scam people because you hold a bag.
Well, what I think he is saying is you can apparently earn bitcoin while using/holding STX. Which is eerily similar to a lightning faucet website, or a bitcoin slots website, etc: They aren't bitcoin trading websites, but you can still get bitcoin from them in a different way.
Just so you know I agree with the gist of what you are saying, and i'm not advocating for any shitcoin with this comment
Exactly, you are giving them your money for some dust over a long period of time. Just buy bitcoin. One will end without your money, and a worthless shitcoin; the other you will still have your bitcoin.
You'd be earning native BTC rewards every two weeks from those stacked STX.
At the absolute minimum, You'd have the BTC rewards you earned from each cycle.
So for the cautious you would run a certain number of cycles (~2 weeks each), See what the BTC reward was and what the STX token is doing and make a risk-adjusted decision for yourself.
If you hate it, Sell the STX and you still have the BTC reward.
Obviously this is for the curious. People do as they wish.
Additional context and transparency. I currently stack 15k STX and my last BTC distribution was $18.50 worth of BTC (0.00074708 BTC).
So... $5k to $9k worth of stacks for $20 in BTC every 2 weeks... lmao. Just buy the BTC
I havent heard this comparison and not familiar with a faucet website.
The important nuance here with Bitcoin "yield" products is: Where is the Bitcoin coming from?
Most dont appear to be sustainable. With Stacks and the way mining/stacking work, I would argue its one of the more sustainable options on the market.
Though Eximpius used the word dust below, so part of this is your risk tolerance and future view of an altcoin. $STX in this case.
No wonder you are pushing it. You are trying to get suckers to make your stacks bag go up more before it crashes again. You are like a VC for stacks.