Innovator of the Bitcoin Ecosystem: The Story of Jack Liu

Introduction

This article introduces the prominent figure Jack Liu in the Bitcoin ecosystem. As an early participant, Jack began engaging in Bitcoin scaling since 2015/2016. 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 shares his unique experiences and insights into the world of Bitcoin and cryptocurrencies.

Jack's Bitcoin 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 bought his first Bitcoin in Vancouver. Initially, the Bitcoin industry was small and primarily dominated by techies, which was a challenge for Jack, who had no coding background. However, his enthusiasm drove him to become a blogger.

Jack's career took a significant turn when a founder of a well-known trading platform contacted him through his blog. This led to Jack's involvement in multiple cryptocurrency projects and his witnessing of the development 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 emphasized the importance of simplicity and liquidity in a decentralized economy. He used the formula "simple, novel, fluid" to evaluate cryptocurrency opportunities. In a decentralized world, the goal is to connect with strangers globally, so investments must be easy to understand and widely accepted. For example, Ordi, as the first BRC20 token on Bitcoin, gained market value quickly due to its simplicity and ease of trading.

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 these trends may seem unconventional or risky at first.

Concepts of BAMK and NUSD

Jack introduced the operation mechanisms of BAMK and NUSD. BAMK is a meme coin, while NUSD is similar to certain projects on Ethereum. The initial distribution of BAMK includes portions for the public and NUSD holders. The remaining token supply is reserved for future demand. Jack emphasized the importance of sustainable growth and plans to burn tokens according to specific milestones. BAMK quickly became one of the top three runes by market capitalization after its launch.

NUSD is a synthetic dollar that operates on the Bitcoin mainnet. Jack explained the need for stablecoins like NUSD on the Bitcoin mainnet, which provide a decentralized alternative. Although Bitcoin transactions are slower and more expensive, significant on-chain activity demonstrates the existence value of NUSD.

Unlike traditional stablecoins, NUSD is an algorithmic stablecoin that operates 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 the success of the crypto world comes from genuine interaction with the on-chain community, rather than traditional marketing strategies. For BAMK and NUSD, this means creating real value and engagement within the Bitcoin network. The rapid development of these projects is attributed to their organic growth, transparency, and active community participation.

The growth of BAMK is attributed to strong community engagement. Jack attributes this to a user-centered approach that prioritizes user interests. This inclusive approach has led to a highly engaged community that organically contributes to marketing and content creation.

The BAMK community has grown from a small group to hundreds of active members who raise awareness of the project through meme creation, referrals, and content. This grassroots approach has played an important role in the project's development, demonstrating the impact of genuine on-chain participation and community building.

Future Milestones and Goals

Jack discussed the future plans for BAMK and NUSD, including the growth of total locked value, potential exchange listings, integration with Layer 2 solutions, and broader adoption in the Bitcoin ecosystem. An important long-term goal is to automate on-chain perpetual swap projects to reduce reliance on centralized exchanges.

Jack emphasized 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 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 become noteworthy presences in the Bitcoin space. It is interesting to observe developers like Jack create the infrastructure and tools necessary for Bitcoin finance. Although there are potential risks associated with synthetic dollars, how Jack and his team address these challenges and continue to develop the project will be a focal point of interest.