AMA - Danny Diekroeger Founder of Deezy Labs - Ordinals, Lightning, and More \ stacker news ~AMA

AMA - Danny Diekroeger Founder of Deezy Labs - Ordinals, Lightning, and More

31.2k sats \ 107 comments \ @dannydeezy 12 Mar AMA

Hi everyone, my name is Danny Diekroeger and I am the founder and CEO of Deezy Labs - here for an hour to answer any questions you might have.

Deezy Labs is a software company building in the ordinals ecosystem. Our main product is our automated rare sat hunter which helps you use your bitcoin to hunt for satoshis that have a high market value, sell them, and earn pretty safe passive yield from doing so. In the past we have also built lightning liquidity products and we still run a large lightning node. Over the last year we have focused more on ordinals due to the opportunity and popularity and have done various experiments exploring a decentralized nostr-based psbt marketplace, a lightning-powered ordinals launchpad, and more.

Ask me anything!

view all related items

1626 sats \ 5 replies \ @rijndael 12 Mar

If memory serves, you started working full time on Deezy a few months before Ordinals really blew up. I remember you were focused on lightning liquidity services, and then when Ordinals hit, started experimenting with lightning minting and transfer services before really focusing on rare sat hunting. Can you talk a bit about that pivot? I think a lot of people outside the ordinals ecosystem might have been confused/oblivious to that shift. I hear (as I'm sure you do) a lot of people say "why are you working on ordinals? why not work on X???" where X is whatever that person thinks is most important to Bitcoin. I think there's a lot to be learned from people who are actually building stuff talking about where they decided to spend their time and why.

465 sats \ 4 replies \ @dannydeezy OP 12 Mar

Thanks for the question @rijndael. If you remember, I made a tweet asking if anyone was doing NFTs on nostr, and you replied suggesting I look at ordinals. Thank you for that!

When I noticed the buzz around ordinals, I knew something big was happening and wanted to get involved. In the early days there were two issues: no launchpads and no wallets, so I tried building both using the lightning and nostr tools that bitcoiners were using. I felt it was worth the time because growth for my lightning business was stagnating as we were already the top lightning node, so I was looking for things to expand into.

I thought there would be more uptake of lightning and nostr among ordinals, but that hasn't really happened. Instead, lots of great on-chain tooling has been built, which is awesome.

And finally, when running a business, you need to make money. If I were a volunteer or running a charity, then we could make our decisions based on what is best for Bitcoin. But since I'm running a company, we need to be receptive to market feedback, and we can only sustainably build things if people are going to pay for them. In the ordinals world, people are willing to pay for a lot of things, so it's a great place to build.

195 sats \ 3 replies \ @dannydeezy OP 12 Mar

And why did we land on rare sat hunting? It ended up being the most sustainably profitable thing out of our various experiments

500 sats \ 2 replies \ @badabing 12 Mar

Have you tried prostitution?

1093 sats \ 1 reply \ @dannydeezy OP 12 Mar

Only once, as a client, where I met your mother

81 sats \ 0 replies \ @badabing 13 Mar

So even then you ended up losing money.

Probably best to give up on your "entrepreneur" dream, and realize you've become just another scammer.

343 sats \ 6 replies \ @mattcrv 12 Mar

if ordinals died today and you had to switch focus inside the Bitcoin space, what would you work on instead?

247 sats \ 5 replies \ @dannydeezy OP 12 Mar

Probably chaumian mints like cashu/fedimint, as I think they are good scaling solution

109 sats \ 2 replies \ @030a29f333 12 Mar

Would be awesome if y'all put resources towards ecash protocols. The space needs all the intelligent minds it can get!

10 sats \ 1 reply \ @dannydeezy OP 12 Mar

the best way to get more resources allocated to them is to be a paying customer to companies and projects who are building them

0 sats \ 0 replies \ @badabing 12 Mar

Yes, so definitely do not support ordinal scammers.

0 sats \ 0 replies \ @badabing 12 Mar

So instead, you decided to build "special sats" scams. Someone lost the plot.

0 sats \ 0 replies \ @TNStacker 12 Mar

Good answer!

541 sats \ 5 replies \ @dk 12 Mar

have you learned anything from your work in the Ordinals ecosystem that might suggest a solution to creating a decentralized namespace?

I was just asking this on it's own thread separately (#461828), but I think there's something to learn from Ordinals that might influence the solution space to explore.

440 sats \ 4 replies \ @dannydeezy OP 12 Mar

Ordinals have a decentralized namespace built in - each satoshi actually has a name, and the owner of the satoshi can inscribe information onto their sat. The ordinals software indexes every sat, allowing for easy lookup. Sats can also easily be traded trustlessly, so its a great fit.

I've done some experiments with this, checkout https://satslash.com (search "gobuildshit")

The one challenge with using sats as domains is that the naming scheme for sats is constrained to 10-11 letters for now. Shorter names will not be mined until the future.

21 sats \ 0 replies \ @dk 12 Mar

@maciek check this! 👀

21 sats \ 1 reply \ @dk 12 Mar

"satslash" is a cool idea, thanks for building/sharing!

147 sats \ 0 replies \ @dannydeezy OP 12 Mar

I also made a browser extension for it. So with the extension installed you can literally just type into your browser directly: "sat/gobuildshit" and it will work https://github.com/deezy-inc/satslash-browser-extension

(the code is a fork of go-links with minor modifications to do DNS resolution in browser by calling a public ordinals server)

20 sats \ 0 replies \ @badabing 12 Mar

Been a while since I saw such a steaming pile of horseshit.

1050 sats \ 9 replies \ @BitByBit21 12 Mar

For the newbies and those who don't fall for scams like this, I recommend listening to this episode by Guy Swann @TheGuySwann:

Ordinals Are Fiat, Inscriptions Aren't Rare

Nothing in the ordinal logic requires inscriptions to be linked to the “first” sat. So why is it the first sat of the first output? Why not the second sat of the first output? Why not the last, or one of the other hundreds, thousands, or millions of other satoshis which were also present in that same transaction? The answer is, well, because we are pretending that it is so. In other words, we say a sat is inscribed by fiat.

https://fountain.fm/episode/RRvB5Te4a1P8eXOO3LY6

121 sats \ 5 replies \ @dannydeezy OP 12 Mar

Bitcoin itself is entirely made up. Therefore Bitcoin is fiat too.

31 sats \ 4 replies \ @badabing 12 Mar

You run a business?

Ah right, the only way you can run a profitable business is by scamming people.

0 sats \ 3 replies \ @dannydeezy OP 13 Mar

Can you explain the scam? Who is being misled?

21 sats \ 2 replies \ @badabing 13 Mar

Read the articles below. They answer your weak arguments.

https://medium.com/@southern_hands

26 sats \ 1 reply \ @dannydeezy OP 13 Mar

There are no arguments - just software, opinions, and human action

Everything about ordinals is very transparent and we are not misleading anybody in any way

0 sats \ 0 replies \ @badabing 13 Mar

You are misleading people. Read the article again.

250 sats \ 2 replies \ @ek 12 Mar

Why does bitcoin have value? Because people believe in it? So bitcoin is fiat?

Did I summarize the depth of your logic well enough?

Nothing in the ordinal logic requires inscriptions to be linked to the “first” sat. So why is it the first sat of the first output?

The answer would be obvious if you wouldn't want to label everything you don't like as fiat. Being the first of something is unique and special. Everything else feels too arbitrary.

Fiat lives rent-free in the head of a lot of bitcoiners.

21 sats \ 0 replies \ @anon 9 Apr

I explain the difference in the episode very simply. With or without the "belief" of those around you, your control of a bitcoin balance via the keys remains absolute. It isn't make believe or pretend. Your control (ownership) over that entry in the ledger isn't affected by the group's opinions. It's as certain as cryptography. Whether someone values it is the only part that is subjective (which all value is anyway).

With ordinals there is nothing consequential about any of it. It's subjective value on top of subjective ownership. It is only consequential to the little club of people who arbitrarily decide to point at this particular place in the blockchain and say, "this means you own it" and there is nothing else at all to defend this claim.

Now, if you WANT to do that, it is fine. But to claim it's the same as Bitcoin ownership is not at all true. It's either dishonest, or ignorant, imo.

21 sats \ 0 replies \ @DarthCoin 13 Mar

https://fee.org/articles/what-gave-bitcoin-its-value/

104 sats \ 5 replies \ @BitcoinIsTheFuture 12 Mar

It will be interesting to see how this plays out. I’m indifferent to Ordinals. But with Freedom tech we should allow exploration like this. Keep us posted.

0 sats \ 4 replies \ @badabing 12 Mar

Someone has been succesfully gaslit.

70 sats \ 0 replies \ @ek 12 Mar

Someone got touched by Ordinals somewhere

0 sats \ 2 replies \ @BitcoinIsTheFuture 13 Mar

lol I have like 50 UTXO’s I need to consolidate, so I’m not liking the higher on chain fees. 3 years in the space and I’ve never consolidated before, but it sounds prudent and past due. Gonna monitor for a few days. It’s also a bit intimidating moving basically my whole stack and for a cheaper fee it can take up to 6 blocks to go through. Not gonna lie, gonna be a bit nervous…

21 sats \ 1 reply \ @dannydeezy OP 13 Mar

High on-chain fees are inevitable if bitcoin succeeds

0 sats \ 0 replies \ @BitcoinIsTheFuture 13 Mar

Thanks, yeah. Coming to that realization and the need to get ahead of it before the fees outweigh the value of my on chain Bitcoin

69 sats \ 0 replies \ @anon 12 Mar

Be cool if people knew about the ~Ordinals_Inscriptions_Runes territory 🤙

102 sats \ 2 replies \ @0xbitcoiner 12 Mar

Some people, such as Giacomo Zucco, argue that it is impossible to classify individual satoshis. What can you tell us about the possibility of identifying individual satoshis?

282 sats \ 1 reply \ @dannydeezy OP 12 Mar

Ordinals are an entirely opt-in system that you can safely choose to ignore. Bitcoin Core has no concept of individual sats and never will. Kind of like 1 oz of gold will always equal 1 oz of gold, and nobody can tell you otherwise.

However, for those who like the idea of ordinals, ordinals introduce a numbering and tracking system for satoshis, which you can choose to subscribe to or not. What we have seen is some people like this system and choose to value certain sats higher than others, and an ecosystem has developed around this concept, similar to how an ecosystem exists around rare gold coin collecting. The 1oz=1oz maxis can always just melt down a rare gold coin to its gold value, but you may find that some people would pay you more than 1oz for your particular gold coin

0 sats \ 0 replies \ @badabing 12 Mar

The mental gymnastics here are wonderful.

62 sats \ 2 replies \ @026180d3a3 12 Mar

Not really a question as such, but this ordinals stuff reminds me of the ole "It's turtle shells all the way down." I guess a good question would be what keeps one from nesting ordinal worth into a secondary tier of ordinal worth and so on?

196 sats \ 1 reply \ @dannydeezy OP 12 Mar

I'm not really sure what you mean. I'm not aware of any "nesting" of ordinals like that. There are some really dumb protocols people are trying to build on top of ordinals, but I think those will mostly die and not be respected by the market.

Ordinals are a very simple system, and any value that is ascribed to a particular satoshi is entirely subjective and determined by market forces

72 sats \ 0 replies \ @026180d3a3 12 Mar

Yeah, you basically hit on it with the "dumb protocols". I was just using the nested ordinals as an example of something I'd view as silly. I find it interesting people are valuing sats on the basis of perceived number order.

62 sats \ 2 replies \ @Coinsreporter 12 Mar

A quick question. ARC-20 or BRC-20? Which do you think is more suitable and sustainable for developers? Which is your preferred way of interacting with ordinals?

106 sats \ 1 reply \ @dannydeezy OP 12 Mar

I'm not aware of ARC-20. And I think BRC-20 is a poorly designed protocol that will die. I think Runes (launching in ~1 month) will become the winning protocol for fungible tokens

0 sats \ 0 replies \ @Coinsreporter 12 Mar

Atomicals (ARC-20) are designed to complement and synergize with existing protocols like Ordinals and Nostr. One fundamental advancement is the capacity to store multiple files upon minting, a stark contrast to the BRC-20 protocol’s limitation to handling only a single file.

1015 sats \ 8 replies \ @DarthCoin 12 Mar

Our main product is our automated rare sat hunter which helps you use your bitcoin to hunt for satoshis that have a high market value, sell them, and earn pretty safe passive yield from doing so.

Godzilla died reading that garbage.

557 sats \ 7 replies \ @dannydeezy OP 12 Mar

Godzilla sounds poor

302 sats \ 6 replies \ @eduardopro 12 Mar

You sound scammy.

0 sats \ 5 replies \ @BitByBit21 12 Mar

21 sats \ 4 replies \ @dannydeezy OP 12 Mar

Still here, not dead, and happy to answer any questions even if you guys want to resort to insults

121 sats \ 2 replies \ @DarthCoin 12 Mar

Sorry but we do not negotiate with traitors. NO REMORSE FOR SHITCOINERS.

150 sats \ 1 reply \ @dannydeezy OP 12 Mar

Not asking to negotiate anything. I have little interest in being accepted into your strange money cult

143 sats \ 0 replies \ @DarthCoin 12 Mar

reply on another page

0 sats \ 0 replies \ @BitByBit21 12 Mar

Answer to @TheGuySwann in my post #462214

100 sats \ 3 replies \ @thebitcoinbugle 12 Mar

Do you think a prerequisite for being a good CEO is being a psychopath? David Bailey told me it was the only way he could do his job. Seems like that's the general consensus around being a CEO from all the smart people I talk to.

As a journalist, you can't be full psychopath, but just have psychopathic tendencies. A lot of journalists share symptoms with psychopaths like compulsive lying, but are not diagnosable.

10 sats \ 2 replies \ @dannydeezy OP 12 Mar

No I don't think you need to be a psychopath at all. I'm still learning what it takes to be a good CEO but I think you just need to be well balanced, be able to convey a vision, inspire people, lead by example, delegate work, and make good decisions

0 sats \ 1 reply \ @thebitcoinbugle 12 Mar

Do you believe HR is a benefit to society, or peak fiat?

10 sats \ 0 replies \ @dannydeezy OP 12 Mar

HR is fairly fiat in my opinion, but I've also never had to deal with managing more than 6 people, so maybe I could see how it has become a thing

1093 sats \ 6 replies \ @DudeJLebowski 13 Mar

Why do you think that scamming people is ok just because it's on the Bitcoin blockchain now and not some shitcoin?

21 sats \ 4 replies \ @dannydeezy OP 13 Mar

Scamming people is never ok, are you accusing me of scamming people?

0 sats \ 0 replies \ @DudeJLebowski 14 Mar

Ordinals are scams, it's very simple for anybody not shamelessly bound by their incentives. VC-backed pump-and-dump retail-wreckers at best, and at worst bad-actor-funded attacks on the best money we've ever discovered and the last chance humanity has to avoid eternal monetary slavery.

So, yes.

0 sats \ 2 replies \ @badabing 13 Mar

Yes.

0 sats \ 1 reply \ @dannydeezy OP 13 Mar

Study the boy who cried wolf, and understand why nobody takes your cult seriously anymore

0 sats \ 0 replies \ @DudeJLebowski 15 Mar

This is an interesting take - for a jpeg shiller to say that nobody takes another group of people seriously any more is, quite frankly, hilarious.

Only fellow scammers give a shit about ordinals, the vast majority of Bitcoiners think you're all fucking idiots.

0 sats \ 0 replies \ @badgerr 13 Mar

deleted by author

65 sats \ 1 reply \ @rodpalmer 12 Mar

Full disclosure, although I am not strictly speaking "anti ordinals", I am still not convinced that Ordinals are something worth spending MY money or resources on. I don't necessarily think Ordinals are a scam or that you are a scammer but I do think scamming is CURRENTLY the primary use case after money laundering (which I do support lol)

In that context, my question for you is what do you see as being the long term value or long term use case for Ordinals? Specifically, I am curious if you have a long term vision or a deeper understanding of Ordinals either as a scaling solution, as a type of abstract, open source layer two which allows anyone to build software based on a ordinal number theory, a burgeoning file storage solution, or a new use case for Bitcoin altogether which I haven't considered?

OR.. are you agnostic about all of that? Do you simply see Ordinals as a business opportunity that may or may not be sustainable?

21 sats \ 0 replies \ @dannydeezy OP 12 Mar

I am still not convinced that Ordinals are something worth spending MY money or resources on

If you're not an art collector, a meme-coin speculator, or a rare coin collector, you're right that ordinals are probably not for you

what do you see as being the long term value or long term use case for Ordinals?

The value they bring is simply entertainment in the form of art, collectibles, and meme-coins. It's not very important in the grand scheme of things, but it is fun and it has the potential to get more people in the door of learning about bitcoin

1110 sats \ 4 replies \ @ZezzebbulTheMysterious 12 Mar

Please stop yourself before you wreck yourself. Ordinals are a scourge, and anyone promoting this trash is a vandal.

221 sats \ 3 replies \ @dannydeezy OP 12 Mar

You have a right to think that, but I disagree

100 sats \ 2 replies \ @ZezzebbulTheMysterious 12 Mar

Can you please justify why using the Bitcoin blockchain for non-monetary purposes (a peer to peer electronic cash system) is

a) good for bitcoin b) good for humanity?

To extend an analogy, you are selling paint pens to deface Federal Reserve Notes, with the full knowledge that doing so causes friction in the payment system for all that use it -- from the people getting paint on their hands to the shops that have to take the notes out of circulation because they are unusable. This is called "being the asshole".

An asshole likes to defecate all over the public spaces, because fuck you, Satoshi isn't here to stop me.

Bitcoin is a public good. It is being abused by non-monetary use cases. They will all fail in the long run.

So far, others like omni and counterparty failed. veriblock failed when they spammed the chain for a while too. Ordinals will get priced out too.

In the mean time everyone has to deal with this trash until the next phase kicks in and ruins this stupid business model.

So please stop. Stack your sats. Add value to the ecosystem by building useful products and services. Spam is always negative value to an ecosystem.

0 sats \ 1 reply \ @dannydeezy OP 13 Mar

The purpose of a system is what it does. Bitcoin is more than peer to peer electronic cash now. Sorry if that offends you, but it's the reality.

a) good for bitcoin

Ordinals are attracting lots of capital and developers into the bitcoin ecosystem

b) good for humanity

Art and culture can now be engraved into our historical records forever, and people are having fun while learning about using bitcoin

If you don't like what's happening, you can try to stop it. Good luck

0 sats \ 0 replies \ @ZezzebbulTheMysterious 14 Mar

It’s does kind of offend me, yes. In the same way society is offended by vandalism and destruction of the commons. It’s this willful attitude — can’t stop us. Good luck. Fuck you for wanting something good like an immutable ledger of money — I want to piss over it. Enjoy my art.

I would rather we protected the commons from grifters and vandals.

I agree with both points you make for a and b on principal - if this was what was happening in reality. It isn’t! Art and history can be engraved into immutable data structures — it’s just we discovered a long time ago it’s really brain dead stupid to do it on the Bitcoin blockchain, in fact, any Nakamoto chain is hopelessly bad at data storage efficiently.

Nobody remembers “Datacoin”. Larimer even did that steem PoS blockchain for eternal document storage and then Sun took over. It forked to Hive. Blah. Blah shitcoin data storage blah. There are much better ways to achieve eternal storage objectives than encoding out of protocol junk in the Bitcoin ledger.

You act like “now we can store data forever” it’s a new thing. There is rarely anything “new” in this space that isn’t a warmed up grift from previous cycles. Storing arbitrary data in the Bitcoin blockchain is highly discouraged and offers no guarantees of future retrieveability. Beyond simple pruning, it may be possible to discard full block data, such as dropping spent or mostly spent blocks or using tx inclusion proofs as substitutes. Beyond this, it degrades performance in the short term, and leads to large loss of capital for those involved in the long term.

Go bring capital into this space. We always need good in-protocol devs too, and should discourage people making out-of-protocol spam generating code in Bitcoin.

165 sats \ 9 replies \ @kr 12 Mar

what do most bitcoiners misunderstand about ordinals?

are old bitcoiners opening up to the idea of ordinals over time or is most of the ordinals activity coming from new bitcoiners?

260 sats \ 8 replies \ @dannydeezy OP 12 Mar

Most bitcoiners don't understand:

there's a significant artistic movement happening
lots of ordinals folks hate the BRC-20 spam too

In my experience, most old bitcoiners are just ordinals-neutral or don't really care. I have seen a ton of people migrate back to bitcoin from other chains, because bitcoin allows them to have the fun they want to have now, and they always wanted to be on bitcoin in the first place

31 sats \ 6 replies \ @eduardopro 12 Mar

Sure, sure.

Just like there was a "significant artistic movement happening" in NFTs, right?

Geez, man.

I hope you find God.

1008 sats \ 5 replies \ @dannydeezy OP 12 Mar

If you're actually interested in the facts...

Beyond the cartoon jpegs, many generative artists around the world have found a home with NFTs. It doesn't take much to see: look at platforms like ArtBlocks or talk to any generative artist and you'll see that many are thrilled to finally have a platform to publish their digital art.

As for finding God, I do my best to live a godly life. I pray every day and meditate for 2+ hours each day. Walking with God is the rock that gives me confidence to continue in the face of hostile people online who try to insult and bring me down for challenging their assumptions about what bitcoin can be. I am not perfect and I have made mistakes, but I firmly believe there is nothing wrong with building on ordinals, despite what your cult(ure) may lead you to believe.

Additionally, our team has pioneered an art project specifically aimed to bring degens to God - it's called Mystic Pepe. You can see the original here (no it is not for sale): https://www.ord.io/34595802

777 sats \ 4 replies \ @eduardopro 13 Mar

I said it before and I'll say it again,

At least NFT promoters were dumb enough to believe that they were offering something valuable.

Ordinal promoters like Udi KNOW that what they're selling is worthless. That is perverse. They're scammers of the highest order.

If what you're saying about yourself is true, I sincerely hope you're in the dumb group.

I wish you the best and I hope you eventually see the light.

0 sats \ 3 replies \ @dannydeezy OP 13 Mar

Value is subjective, who are you to call something "worthless" when it has a market price?

Why is it so hard to understand that there's a market for digital collectibles and digital art?

Who hurt you?

0 sats \ 2 replies \ @eduardopro 14 Mar

Look man, it seems like you don't understand why Ordinals and "digital collectibles" are a scam. That's good. It seems like you're not a scammer. That's also good. It seems like you're being scammed, which is not terrible.

However, remember this: Udi and his minions DO understand why "digital collectibles" are a scam. They DO KNOW that what they're selling is worthless.

Read this and hopefully you'll get it. It's not long --> https://dergigi.com/threads/memes-vs-the-world

0 sats \ 1 reply \ @dannydeezy OP 16 Mar

you are in a cult. i know because i used to be in your cult. the maxi cult. its a sad place. you can still escape.

view replies

0 sats \ 0 replies \ @badabing 12 Mar

"there's a significant artistic movement happening"

🤣🤣🤣

144 sats \ 13 replies \ @kr 12 Mar

what kind of revenue are people earning from hunting rare sats?

i guess a related question is how rare does a sat have to be for it to be worth significantly more than a typical sat?

257 sats \ 11 replies \ @dannydeezy OP 12 Mar

Regarding rarities:

The ordinals protocol introduced some suggested rarities, which the market has respected - first sat of each block reward ("uncommon"), first sat of a difficulty adjustment ("rare"), first sat of a halving ("epic"), etc (https://docs.ordinals.com/overview.html#rarity)

Additionally, the open market has valued all kind of things, like the "Block9" (the sats from the first transaction satoshi ever made) "Black Uncommon" (last sat of each block), "2-digit Palindromes", etc. Here you can explore: https://magisat.io/

Regarding revenue: With every 100 BTC scanned, you can find about $150 worth of rare sats. With our software, you can deposit and withdraw from an exchange about 70 round-trips per day. So with say, 50 BTC, you can get 3500 BTC worth of coverage in a day, finding about ~$5000 worth of sats. However there are also fees, you may pay like $1000 in on-chain and withdrawal fees in the day. Will let you do the math from there.

21 sats \ 7 replies \ @kr 12 Mar

interesting, that’s much higher than i would have thought!

why aren’t exchanges doing this sat hunting themselves?

359 sats \ 5 replies \ @dannydeezy OP 12 Mar

some exchanges have expressed interest, but the big exchanges just move slowly and nobody on their teams are really looking for extra revenue opportunities.

a large exchange could probably make $10 million per year from sequestering the rare sats flowing through their platforms, but for them that apparently isn't enough to mobilize anyone to do anything.

our software is ready for them when they are ready lol

42 sats \ 4 replies \ @kr 12 Mar

👀

250 sats \ 3 replies \ @dannydeezy OP 12 Mar

yeah, so right now all that value is getting gobbled up by hunters like us and our customers

63 sats \ 2 replies \ @kr 12 Mar

what percentage of all rare sats have been discovered by this service to date?

if you can’t explicitly answer that question i’d love to get a better understanding of the rare sat market dynamics… are there 2-3 big players buying up all the rare sats? or are there lots of small players doing this too? has the value of a rare sat changed much since this sat hunting has begun?

627 sats \ 1 reply \ @dannydeezy OP 12 Mar

Around 5% of circulating rare sats have been sequestered to date. The rate of sequestering has increased over the last year as hunters have become more advanced. Additionally, new sats are always getting mined, so there is a constant stream of new sats.

The price of an uncommon sat is a good benchmark. Early last year, they were selling for over $1000, when sequestered supply was very low - there were almost no hunters. By the summer, this price came down to below $100. As ordinals came back late summer, the price of uncommons climbed as high as $350 or so, and now it is back down to about $140.

The demand comes from two groups:

collectors who are buying to hold or speculate
project founders who are launching a collectibles or art project, and want to inscribe their content on special sats to give it more weight in the market

view replies

31 sats \ 0 replies \ @0xbitcoiner 12 Mar

These prices are subject to supply and demand. It's like numismatics.

126 sats \ 2 replies \ @dk 12 Mar

do you open the software to any 3rd parties who want to run it or do you only work with exchanges?

what are the privacy and security tradeoffs to sat hunting?

261 sats \ 1 reply \ @dannydeezy OP 12 Mar

We work with individuals and investment funds who want to run the hunting strategy. They run our software on their server, and hook it up to their account on Coinbase or Kraken or another exchange. Then they load it up with their coins and the funds move between their server's wallet and their exchange account, and the software spits out rare sats. We basically are providing the tooling for anyone to run this arbitrage. The exchanges are just kind of sleeping and not capturing any of value except for the withdrawal fees they charge.

Security risks are:

Coins are in hot wallets all the time
Exposed to a potential advanced attack through our software: https://github.com/deezy-inc/sat-hunter
Risk of the exchange you're using going FTX and losing your coins

Privacy:

People can kinda see that your coins are hunting, and we can see your balance

21 sats \ 0 replies \ @anon 12 Mar

sounds like casinos can be built on anything and human nature likes novelty and to play games and to populate new domains with such activities

and where there is demand, entrepreneurs will build stuff and vc will look for anything that can make them gains or new ways to exit

10 sats \ 0 replies \ @anon 12 Mar

@kr is looking to invest, lol

21 sats \ 1 reply \ @doofus 13 Mar

Can you do a podcast!? @BTCsessions

0 sats \ 0 replies \ @dannydeezy OP 13 Mar

Unlikely that traditional podcasters will put me on their platform because ordinals are controversial

10 sats \ 1 reply \ @south_korea_ln 12 Mar

Can't find the source for now, but i remember you saying one day that "thinking about money all the time is stupid" when referring to Bitcoin, your goal is to "make lots of money" and "retire soon so that you can focus of meditation".

Do you still stand by this?

Would you agree such a mindset shows a high level of financial privilege?

Genuinely asking.

21 sats \ 0 replies \ @dannydeezy OP 12 Mar

I'd love to make lots of money and retire. I think that's a pretty common thing for people independent of their socioeconomic status. I'm not sure I see the connection between such ambition and financial privilege

21 sats \ 1 reply \ @Coinsreporter 12 Mar

Runes, that you said launching in one month, how is it distinct from other projects and why you think it would be a winnerr?

106 sats \ 0 replies \ @dannydeezy OP 12 Mar

Runes uses the utxo model nicely, whereas BRC-20 tries to build on top of inscriptions and inscription numbers which are inherently flimsy and relies on awkward interactions

0 sats \ 2 replies \ @IamSINGLE 12 Mar

Nostr-based psbt marketplace? What's that? I like shopping but I never heard anything about psbt before.

105 sats \ 1 reply \ @dannydeezy OP 12 Mar

The link is https://deezy.place, but we have not done the best job of maintaining it.

Basically ordinals work very well with decentralized marketplaces because you can simply sign a partial transaction in order to list something for sale. Then by publishing it over nostr with a distinct tag, any marketplace can read the listing and anybody can purchase the item. It's pretty neat

0 sats \ 0 replies \ @IamSINGLE 12 Mar

Nice to hear that you're accepting any possible flaws and shortcomings. Now this seems quite interesting. I am a gal with lot of technical knowledge but I M learning and will try n understand the whole idea. Thanks

1110 sats \ 1 reply \ @BITC0IN 12 Mar outlawed

stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.