1/
Time for #nftarthistory to contextualise the historic @MekaVerse raffle
In 2012 @yoniassia put forth the fundamental idea of having 🪄distinct assets🧬 "on top of the Bitcoin network." The proposed key value of these #ColoredBitcoin was COMMUNITY!
#NFTcommunity #NFTmania
Time for #nftarthistory to contextualise the historic @MekaVerse raffle
In 2012 @yoniassia put forth the fundamental idea of having 🪄distinct assets🧬 "on top of the Bitcoin network." The proposed key value of these #ColoredBitcoin was COMMUNITY!
#NFTcommunity #NFTmania
2/
"Bitcoin 2.x is an idea to separate the bitcoin network (technology) from the value of a currency (community) using the bitcoin network..."
from the original whitepaper:
yoniassia.com/coloredbitcoin/
"Bitcoin 2.x is an idea to separate the bitcoin network (technology) from the value of a currency (community) using the bitcoin network..."
from the original whitepaper:
yoniassia.com/coloredbitcoin/
3/
So the idea was essentially to use some ordinary BTC to create a different breed of "rare coins". 1st BTC would be allocated into a "Genesis Transaction" & then it'd be distributed among clients.
This way BTC that went thru the Genesis Tx would be different from the rest.
So the idea was essentially to use some ordinary BTC to create a different breed of "rare coins". 1st BTC would be allocated into a "Genesis Transaction" & then it'd be distributed among clients.
This way BTC that went thru the Genesis Tx would be different from the rest.
4/
Why Colored BTC? Because COMMUNITY:
"... to build the new framework on top of the BTC network, thus creating an economy of BTC 2.x, multiple currencies easily created by any community and deriving its value from the community and protected and secured by all communities."
Why Colored BTC? Because COMMUNITY:
"... to build the new framework on top of the BTC network, thus creating an economy of BTC 2.x, multiple currencies easily created by any community and deriving its value from the community and protected and secured by all communities."
5/
All this talk about COMMUNITY stems in my humble opinion from 2 factors:
1) BTC's origins in the #cypherpunk movement
2) Human beings' need for belongingness (tribalism)
All this talk about COMMUNITY stems in my humble opinion from 2 factors:
1) BTC's origins in the #cypherpunk movement
2) Human beings' need for belongingness (tribalism)
6/
1) the cypherpunk COMMUNITY:
It was/is a counter-cultural grassroots movement dedicated to building a more equitable online environment of decentralization, sharing & open-sourcing. BTC's peer-to-peer structure mirrors their efforts to promote social causes & accessibility.
1) the cypherpunk COMMUNITY:
It was/is a counter-cultural grassroots movement dedicated to building a more equitable online environment of decentralization, sharing & open-sourcing. BTC's peer-to-peer structure mirrors their efforts to promote social causes & accessibility.
7/
cypherpunks continued
With such a strong, but distinct shared culture & ideological foundation, it only makes sense that eventually they'd have an idea of how to show this association in an appropriate way.
That idea was Colored BTC & it lives on in things like #MEKAGANG
cypherpunks continued
With such a strong, but distinct shared culture & ideological foundation, it only makes sense that eventually they'd have an idea of how to show this association in an appropriate way.
That idea was Colored BTC & it lives on in things like #MEKAGANG
8/
2) Human beings' need for belongingness (tribalism)
BTC is unable to serve the COMMUNITY's need to distinguish themselves from everyone else with BTC. This is because BTC mixes with all other BTC in the wallet. Self-mined "old BTC" is the same as recently bought BTC.
2) Human beings' need for belongingness (tribalism)
BTC is unable to serve the COMMUNITY's need to distinguish themselves from everyone else with BTC. This is because BTC mixes with all other BTC in the wallet. Self-mined "old BTC" is the same as recently bought BTC.
9/
As a result, pre-NFTs there couldn't be any clear social hierarchy amongst crypto owners.
This human need for social hierarchy is why we are kind of arbitrarily focused on when ppl bought their 1st BTC/crypto, but now we have NFTs for that.
As a result, pre-NFTs there couldn't be any clear social hierarchy amongst crypto owners.
This human need for social hierarchy is why we are kind of arbitrarily focused on when ppl bought their 1st BTC/crypto, but now we have NFTs for that.
10/
In conclusion:
For a COMMUNITY to exist in the first place, there needs to be an in-group & an out-group.
The members of the in-group are identified by way of some symbol – a feature they have or an artefact they own.
BTC was once like this, but now everyone can have it.
In conclusion:
For a COMMUNITY to exist in the first place, there needs to be an in-group & an out-group.
The members of the in-group are identified by way of some symbol – a feature they have or an artefact they own.
BTC was once like this, but now everyone can have it.
11/
These symbols that create COMMUNITIES carry prestige. Marx calls it "social value" and the art world sometimes refers to it as "cultural premium".
The crypto COMMUNITY needed a symbol of prestige that functions on the blockchain to make itself real.
That's what NFTs are 💎
These symbols that create COMMUNITIES carry prestige. Marx calls it "social value" and the art world sometimes refers to it as "cultural premium".
The crypto COMMUNITY needed a symbol of prestige that functions on the blockchain to make itself real.
That's what NFTs are 💎
12/
credits & thanks:
@MLOdotArt for the groundwork of #nftarthistory
@AdilMouja for a fantastic NFT-guide w/ some crypto history
@punk6529 for continually informing my understanding of the cultural macro of NFTs
@IsabelleGraw 's book "High Price" about the art market
credits & thanks:
@MLOdotArt for the groundwork of #nftarthistory
@AdilMouja for a fantastic NFT-guide w/ some crypto history
@punk6529 for continually informing my understanding of the cultural macro of NFTs
@IsabelleGraw 's book "High Price" about the art market
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