Quote from: JayJuanGee on June 27, 2024, 05:14:26 PM

Quote from: Wind_FURY on June 27, 2024, 12:38:58 AM

Quote from: JayJuanGee on June 26, 2024, 05:38:00 PM

[edited out]

Ser JJG, I have a question for you and your valued opinion is truly needed.

There's a project called "Bamk" that utilizes the Runes protocol on top of Bitcoin to build a Synthetic Dollar - a stablecoin. Everything will be onchain, and it could be traded without the need to deposit your Bitcoins to a centralized party, like exchanges.

What are your opinions on such a project? Is it good, or bad, or neutral?

[b)I believe that it is not good to talk about those kinds of things in this thread unless we are merely attempting to relate the ideas to the topic of the thread[/b], such as if such projects might contribute towards BTC price movements in either direction that might affect our ability to accumulate BTC or something like that.

Of course, for me, the more something relates to building on bitcoin, then the more that I am o.k. with getting involved with those projects, whether it is investment or promoting them, and yeah of course, many of us likely know that ordinals, inscriptions and runes are controversial, but they are structured in such a way that they end up being built upon bitcoin.. Yet surely some of the controversy in regards to those various projects (even though built on bitcoin) concerns the extent to which new tokens might be being created through such efforts, even though they might be pegged to satoshis.... so yeah, if there is not already a thread out there in regards to the specific project that you mention, then maybe a thread can be created.

I understand that there have been various kinds of attempts at decentralized exchanges or ways that folks can attempt to interact with one another and perhaps being able to facilitate exchanges of bitcoin because they are able to interact directly and without anyone being able to stop them, such as Nostr being one of those kinds of communication mechanisms... so for sure, we continue to be in need of places to communicate without being able to be stopped (whether informational exchanges or monetary exchanges).. and yeah, bitcoin largely is a kind of information exchange that contains value, too.. .so systems built upon bitcoin and up having similar unstoppable qualities/characteristics, and so it would be difficult to be completely against any such thing that is claiming to be built upon bitcoin, even though we still might need to link over to some other topic or even to create a topic, if one does not already exist.

Actually, it could be related to the discussions in this topic. Because with Bamk's "Nakamoto Dollar", users can hold their Dollars in Bitcoin on-chain, and they could use it to buy the DIP or DCA to Bitcoin without leaving the Bitcoin blockchain. It's probably one of the more important uses of the Runes Protocol, and one that could definitely add value to the Bitcoin network.