Interview with Dr. Golden Dog: How to find Golden Dog Alpha in the Bitcoin ecosystem?

Exclusive first disclosureOrdinalsOn the first anniversary, precious moments and wonderful details of Casey's trip to Taipei.

Original article by Jaleel

Last year, Dr. Golden Dog discovered the Ordinals Protocol and quickly participated in it, starting his own new exploration by building a full node. Out of his love for the open source community, he proposed to Casey to establish the Ordinals Chinese Community and was honored to be the only Chinese administrator.

Although it was a volunteer job, Dr. Golden Dog found joy in it and actively promoted the prosperity of the Ordinals Chinese community. He regularly shares the latest state of the Chinese community with the team, and encourages community members to actively organize their own communities. Additionally, he led the translation of the Ordinals Agreement white paper and contributed a great deal to the promotion of Ordinals.

First from right: Dr. Golden Dog; second from right: Casey; third from right: Jack Kong

On the first anniversary of the birth of the Ordinals Zero inscription, Dr. Golden Dog and Casey had an offline party in Taipei, where many sparks collided. Afterwards, he also helped Grandpa Bao learn about Bitcoin and the inscription ecosystem, and shared his deep insights in the industry with him.

To learn more about Dr. Jinglee, Dr. Golden Dog (@ordjingle), BlockBeats had an in-depth exchange with Dr. Golden Dog about the story and experience.

First anniversary of the Ordinals, a trip to Taipei with CaseyBlockBeats: Many friends in the community and fans don't know Dr. Golden Dog in particular. Could you please introduce yourself first, including your resume, entry story, etc.

Dr. Golden Dog:My professional background is project management, but my personal hobbies and interests have always been in new technologies such as IT and the Internet. As early as the beginning of 2000, I published research papers on virtual technology (such as VRML, VR3D, etc.) and artificial intelligence MAS in industry applications in Chinese academic journals. My love for new technology also introduced me to P2P technology around 2002. At that time, it was mainly used for breakpoint transmission in narrow bandwidth scenarios, such as the famous Ant, Flashget, and Bittorrent. This made it easier for me to understand the design ideas for the Bitcoin network that followed.

Around 2013-15, I carefully read a book translated into Chinese about how Bitcoin and blockchain work, and that's when I began to have some understanding of Bitcoin. I almost started getting really close to Bitcoin around 2017. At that time, my friends started mining domestically, and the price of Bitcoin rose from about a few thousand yuan to about 10,000 yuan. I remember that at the time, physical coins that issued BTC were also used as collectibles.

Beginning in 2021, I considered myself officially involved in the cryptocurrency field and named myself Dr. Golden Dog in the virtual world. This is because it's very difficult to name my family. His birthday is Christmas, and I often hear the song Jingle Bell, so I named him Jingle, Golden Dog; I also wanted to discover more golden dogs and lose a little less local dogs through research. Therefore, the Chinese name is Dr. Golden Dog.

As for the English name, I had a meeting with Casey once, and we were very passionate about creating vocabulary. He hilariously said that JingLee is more like a personal name, so I sometimes use Jinglee for my English ID. Although the name is just a code name, many people slowly get to know it, so they don't change it casually.

BlockBeats: I'm sure everyone would like to know how you came into contact with and participated in the construction of the Ordinals Agreement. Can you talk to us about it? Also, on Twitter, how do you position your identity, is it a transactional KOL or a KOL with cognitive analysis influence?

Dr. Golden Dog:I generally position myself as an independent researcher rather than a KOL. This is probably my arrogance and prejudice. The use of “KOL” in the Chinese context sometimes seems like cursing people. I usually do some research, watch some new projects, and publish my research results. In the past, I often posted earlier than I created it myself because I couldn't wait to share it, and I felt like a reporter collecting live news. Since then, I have maintained a relatively independent style. Slowly, people may think that I am more reliable, and my number of fans has gradually increased.

I learned about the Ordinals Agreement on February 2 of last year. When I had a problem, I joined the Ordianls Protocol Discord to get help. Later, with the help of many strangers, I was able to successfully complete the construction of the node. Because I wanted to cast the Sub10k inscription, I was so impressed by the lengthy synchronization process and anxious waiting mentality, that kind of lengthy synchronization process and anxious waiting mentality, so after finally successfully setting it up, I shouted “mom I made it!” on Discord Thanks to everyone who helped me answer my questions.

I love the open source community atmosphere, so I took the initiative to suggest Casey set up a Chinese section, and I became the only Chinese-speaking administrator. This is a volunteer job. At that time, we would have regular weekly meetings. I would tell them about the Chinese community, how many people, and what kind of voices it has. As an open source community, I think my mission is also to be able to promote this agreement in the Chinese community so that more people can know and use this agreement, so I always encourage community members to organize their own communities, Chinese, Cantonese, regional, and projects. Later, I also promoted the translation of the Ordinals Protocol white paper. The Bitcoin white paper has a total of 45 language versions, and the Ordinals manual is now available in 13 languages, which should also have played a role in promoting the Ordianls Protocol.

Unlike most low-key people in the Bitcoin community, I think being influential is a good thing. If you can build some influence, at least you can think that useful information can be seen by more people, and your voice can be heard by more people. After I discovered the Ordinals Agreement in the early days, I also wrote a lot of heartfelt articles, but at that time few people wanted to listen to it, do research, and might even be scolded by many people. That was the first time I had a deep sense of how lonely a evangelist of something new was. Later, the number of people slowly increased, and everyone gathered together to keep warm and recharge their faith. Now it's also a very interesting time to think about it.

What I'm sharing now is mainly an introduction to project opportunities, because I myself feel that there aren't many things at the Bitcoin protocol level, and now that a moat for mainstream agreements has been built, it's hard to make a big creative breakthrough. In terms of project introduction, I pay more attention to some foreign projects, especially those developed on the Bitcoin level. I hope that through the introduction, more Chinese-speaking users will participate and enjoy some of the early benefits of the ecosystem, such as BTC on BTCDeFiSuch a racetrack.

BlockBeats: When do you think the promotion of the Ordinals Agreement has progressed a lot since then?

Dr. Golden Dog:Early on, I asked Jack (Hong Kong Cyberport Director Kong Jianping) to discuss whether Ordianls had an opportunity to grow and promote. I remember looking for Jack the first time. I told him I was sending you a poem, an inscription engraved on Bitcoin, so I went to “CX” him in a very polite way.

Jack is a very wise and confident person. After learning about the Ordinals, he met some members of the Ordinals team in the US in April, and then we sometimes chatted online until two or three o'clock in the middle of the night. Then he was also very excited and determined. He firmly believed that the Ordinals Protocol had a chance to come out, and at the same time excited about the upcoming explosion of the Bitcoin ecosystem. Sometimes the minds of academics may always have constant doubts, such as technical weaknesses, voices of opposition, whether an agreement is likely to come out, etc. At this point, I think I learned a lot of wisdom and confidence from Jack. Today, the Ordinals Agreement is recognized by everyone, which also seems to confirm the power of “trust.”

What I've heardBitcoinThe term ecology was first proposed by Jack. In May of last year, we were preparing to host an event about Bitcoin at Cyberport. I asked Jack what the name of our event was. Later, he said it was called the Bitcoin Ecology Symposium. The English name was BTC ECO Builders Conference. There were more than 30 people there at the time, and Cyberport also took it very seriously. Jack has a great influence in Crypto, and this played a huge role in the rapid promotion of the Ordinals Agreement in the Chinese community.

On the first anniversary of the birth of the BlockBeats: Ordinals Zero inscription, were there any interesting things you could share about your dinner with Casey in Taipei? I remember Casey eating delicious fried buns in Taipei, and she also tweeted pictures to help people find out which restaurant.

Dr. Golden Dog:Haha, we had a great conversation with Casey that time in Taipei. We tasted over 10 different whiskeys for 3 hours, and also talked about many interesting things, including topics such as Ordinals, Runes, and BRC20, as well as the development of the community, especially in the Chinese-speaking community.

Casey Celebrates the First Anniversary of the Ordinals Zero Inscription

It seems like Casey usually focuses more on protocol development matters, and doesn't know much about these topics. But Casey was very interested; he asked me a lot about the community, and I shared many things with him.

Raphjaph, Chief Code Maintenance Officer at Ordinals and Erin, CEO of OOI

There was a conversation I found very interesting, and I said, “Casey, the Ordinals Protocol wasn't invented, but it was chosen by time to explode. You went unheard in 2022, became a legend in 2023, and maybe you'll be crowned in 2024.”

He took a light sip of whiskey and looked at me slightly intoxicated but seemed very determined and said, “I think so too.”If the Bitcoin ecosystem actually reaches 100 billion dollars or even uncapped market capitalization in the future, this conversation may be a very interesting scene.

Doctor of Economics's rules for investing in the cryptocurrency industryBlockBeats: Before January of last year, when there was no Bitcoin ecosystem, what were you doing in the industry?

Dr. Golden Dog:Prior to the Bitcoin ecosystem, I mainly worked in the field of Ethereum NFTs and DeFi, and also did research on popular Crypto concepts, such as the DAO mentioned above. I first learned about BAYC in the AWSB Clubhouse in the Bay Area around May 2021. Clubhouse was very popular at the time, and Twitter wasn't used much. It was also at that time that I started writing some articles about NFTs and Crytpo. After that, everyone hung up and chatted, carefree, and met a lot of friends.

At that time, I was also learning and thinking about what an NFT actually is, so I simply helped some project parties manage Discord and participate in the distribution of some projects, so I was able to observe the interaction between the project and the community up close. Where there are people, there are rivers and lakes. Community is a very interesting term in the crypto industry. Later, AWSB's Clubhouse also split into two or more communities, such as Huaguoshan (BAYC Chinese Community), Baituo Mountain (Liangping Investment Research Community), etc.

This is actually about the same as playing BBS at the beginning of 2000, except that back then everyone's common label was probably games, like CS or Diablo, or basketball, and the common label of everyone in the crypto community today is probably digital nomads.

BlockBeats: Many friends in the community don't know. Dr. Golden Dog does have a doctorate degree. I wonder if reading a PhD in economics affects the PhD's investment style in the crypto industry?

Dr. Golden Dog:There are so many different kinds of PhDs now, which is comparable to MEME. I remember that after graduation, my mentor specifically congratulated me and said that you can use the title “Doctor” from now on. This aspect is actually quite strict. If you haven't graduated, you can probably only use an introduction like Candidate as a doctoral student. My doctoral dissertation studies institutional economics, specifically studying the relationship between systems and economic globalization at the national and industry levels.

The current representative figure of institutional economics is MIT professor Daron Acemoglu. He has two very influential books, “Why Countries Fail” and “The Narrow Corridor of Freedom,” where he tries to explain why there is a gap between countries and national development. For example, North Korea and South Korea, Mexico and the United States, these places all have similar geographical locations, similar weather, and similar people, but why is the gap between rich and poor so big? What Professor Daron Acemoglu wants to explain to you is that it is caused by different systems, and an open system is more likely to develop better.

The founder of the new institutional economics was Professor North, who studied the theory of institutional change. He won the Nobel Prize in Economics the year after Hayek's death. The great Hayek once said this in his book “The Road to Slavery”: “The power of ideas and will has shaped the world today.” In his later years, Norse also reached almost the same understanding as Hayek: the ultimate source and driving force of institutional change depends on people's beliefs and ideas. The institutional economy is similar to many of the economic theories at the bottom of the crypto industry.

I discovered that in fact, Crypto as a whole is a multidisciplinary field. Theoretical research in this field is still lacking, and there are relatively few people doing it, so I'm also trying to promote some basic theories. For example, the DAO concept was very popular a few years ago. I wrote a literature review on DAO in 2022 to summarize people's research results on organizations such as DAO in the past. In the process of systematic sorting, I also discovered that the 2009 Nobel Prize winner Oling's “cooperative organization” theory is probably the ancestor and bible of DAO theory.

BlockBeats: What are your criteria for judging whether to invest or invest in a project or target? Do you prefer to look at people (team members, investors) or the technology of the project itself?

Dr. Golden Dog:My investment approach is a bit like Proof of Contribution; it seems like a combination of POW and POS. I will use my background to find potential project partners. I'll take the initiative to help them and learn more about how they work. Through close participation, I can better understand what kind of people the project team members are, the extent of the project's products, etc. I've been working on this for two or three years, and I've also had some very good projects, thanks to some project management methodologies. During this period, I had the opportunity to meet and manage a large community of tens of thousands of people. My perspective is probably different from most people. I am both a user and a consultant or operator for the project. I think in the blockchain world, most people have three goals: make money, make friends, and do something. Planning around these three goals often doesn't make a big mistake.

Therefore, my investment logic is that after learning about a project, I discovered that their team is very professional, has a deep understanding of technical research, and their ideas and goals are in line with my views on blockchain. If the product can solve small problems, I will actively invest in the development of the project. Through practical actions such as making my own contributions, I can gain a deeper understanding of the internal workings of the project and make informed investment decisions more easily.

BlockBeats: In the process of participating in the construction of these projects, what specific tasks do you usually do?

Dr. Golden Dog:I think I was mainly involved in jobs that were probably in the form of operations before. Because before the project is released, everyone usually participates with the mentality of making money, I mainly focus on the topic of how to successfully launch the project to help the project party carry out the entire pre-release management, which involves many aspects, such as emotional management, communication of information, understanding the ideas and market strategies of the community and project parties, timely feedback and problem solving, etc. In the midst of this, I also discovered many market requirements. For example, project publishers need to process and filter the behavior of some robots or witches. This demand can also spawn solutions, such as user on-chain portraits.

This is very similar to the previous BBS moderator. I can see a lot of information that regular users can't see, and the same is true on Discord. It gave me a more comprehensive understanding of the operation and human behavior of the entire community. I love having this kind of observer status in the virtual world to quietly observe some of the actions of communities and people.

Later, slowly, I felt that the emotional interaction between the project party and the user in the NFT project was very much like a PUA game; users wanted to make money from it, and the project party might artificially create scarcity or other emotions, guide competition among users, and eventually become a dynamic game process. I have participated in many different types of projects, from well-known to unknown, about a dozen. But then I felt that this kind of thing gradually became uninteresting, because all types of projects were similar, and there wasn't much innovation or added value, so I slowly stopped doing similar work.

BlockBeats: After not participating in community management and operation, where is the focus of work now?

Dr. Golden Dog:Now I prefer to work as a consultant, which acts as a bridge, connecting developers to the development of the entire ecosystem. For example, I had many in-depth discussions with the developers of the Atomicals agreement in the early days. I had a conversation with A, the founder of Atomicals. His stuff is really good, but don't think about doing everything yourself; you should encourage and welcome more developers to participate. This is the spirit of open source, and it is also an effective way for the ecosystem to flourish.

Because the founder of the agreement and the person developing it is actually a kind of competition and partnership. In a state of no trust, developers may have invested a lot of time in a certain agreement, then the agreement suddenly changed a lot, or fundamentally changed the direction of the agreement, which would make the developer feel very uncomfortable. It's like when thousands of tall buildings are leveled, the building is ready, and suddenly they say that the foundation will have to be rebuilt. This is a very chaotic situation. As developers and agreement maintainers, they all want to focus on their work, but they actually need someone as an ecosystem bystander to give suggestions to the builders and developers of the agreement. The ideal state of the open source community is that agreement authors, developers, and market users are in a relatively harmonious state of resonance. In the early stages of an ecosystem, the interests of the participants are basically the same, so cooperation is still the main tone.

In fact, when Jubilee of the Ordinals Agreement was upgraded, there was a lot of controversy. In particular, at the time, the question of whether the BRC20 index followed the upgrade, several major developers invested a lot of resources. If changes are made rashly at the agreement level, it may cause confusion and also affect the security of user assets. I think all of these aspects need to be considered in a comprehensive dynamic manner, but no one can fully understand the development of the entire ecosystem. This is probably my advantage as an independent researcher or independent observer, that is, I want to send a signal of a win-win strategy to all parties. Any one-sided decision may have different consequences, although this also involves conflict and balance of different interests. So I feel like there were times when I played some of these roles to help different developers find common optimal solutions in the early stages.

BlockBeats: More projects in the Bitcoin ecosystem are community-driven, and there is no such thing as a project-side concept, so how can you analyze the projects to make a profit?

Dr. Golden Dog:Bitcoin's inscription is really not the same as Ethereum. Ethereum usually has, for example, a project party, deploys a contract, builds a community, and then most of the projects are completed after the launch is completed. I think it's still basically a kind of trading process. Well, in the early days of the inscription, there was a saying and narrative that the inscription was launched fairly. I think this also has some truth. Fair launch is more of a process of community consensus awakening.

So I think in fact, in crypto investments, there are roughly a few ways to make money. One is poor information, you may have more valuable news; the second is emotional value; you can observe community sentiment, such as RATS's early sentiment is directly proportional to the price. There are more than 10,000 people in the Telegram group. The mood is very high during FOMO, and the currency price also rises, continuously attracting more people to buy. In the third part, I'll look at whether the team is strong and whether the project is really a bit innovative and contributing. A project is mainly evaluated from these different dimensions.

In the inscriptions section, I don't actually sell much right now; basically, I still hold them all the time. From a macro or broad perspective, I'm quite optimistic about the arrival of the Bitcoin bull market, and the inscriptions are still worth holding for a long time.

BlockBeats: How many hours a day do you spend browsing cryptocurrency information? And where do they get their information? Can you recommend some very interesting sources of information channels? In addition to engaging with project parties, how to judge community sentiment?

Dr. Golden Dog:Just browsing the information takes about 3-5 hours to be fragmented. Most of the information comes from Twitter, WeChat groups, and Telegram. There are also some good friends who will help me introduce some pretty good projects, and then we'll schedule a meeting to read their documentation. It also takes about a while to write a tweet, so the day is mostly full.

I've always wanted to know who could develop a fully automated information push system, that is, push all kinds of aggregated information directly to your mobile terminal, just like previous BlackBerry phones. But I actually really enjoyed the process of screening the information myself. For example, the Ordinals Agreement was discovered by myself while browsing the internet and read news reports. None of the aggregation platforms mentioned this at the time. So in terms of information channels, I think it's fun to just walk around randomly. On the one hand, it's also fun to randomly find new stuff on the internet. On the other hand, I also have regular friends posting and writing information, and then I also carefully read project information left by netizens on Twitter, etc.

Bitcoin Layer 2 is surging, but are you more optimistic about one-tier construction?BlockBeats: We can see that recently there are more and more Bitcoin l2 projects. What do you think of these l2 projects appearing in the market today? Other than that, what projects or assets are you currently optimistic about?

Dr. Golden Dog:I'm currently more optimistic about teams and products that build on one floor, so some people also call me a BTC L1 fundamentalist. In the early days, everyone's debates about BRC20 often focused on the technical level, and discussions about whether it was necessary. At that time, in particular, many developers from the West had many voices questioning BRC20, and their attitudes were all dismissive. They felt that BRC20 was indeed technically quite old, and the degree of decentralization was not very high. However, with the launch of this market, everyone has accepted this fact by default, and I've seen more and more Western developers slowly enter the BRC20 ecosystem.

What I have observed so far is that most of the Chinese community is discussing BTC Layer 2. Instead, foreigners are starting to work hard on Layer 1 and slowly launch many projects, such as lending, AMM, Defi, etc. I currently feel that, whether in terms of narrative or in terms of the overall development process of the industry, entering the BTC Layer 2 era on a large scale is a bit fast. I myself think BTC Layer 2 should be a medium- to long-term thing, at least a two- to three-year plan.

But now, regardless of tier 1 or tier 2, staking BTC assets artificially affects the supply and demand relationship between BTC and its assets during the halving cycle, which will further drive the rise in BTC prices. From the perspective of staking reducing the circulation and supply of BTC, I think the role of staking is similar to the halving narrative. What is very interesting is that people use various projects to exchange their own copyrights for valuable bitcoins, while users exchange their bitcoins for altcoins in order to get a huge return. Some of them all have earned a lot of money in this exchange process, and this phenomenon is also worth serious consideration by retail investors.

(Data source:https://bitvm.gitbook.io/cn/btc-layer2/overview/detail）

Now I'm exposed to more foreign projects. I think there are good projects such as ordiswap, ordibank, Liquidium, etc. Liquidium was initially invested by Bitcoin Magazine and Bitcoin Frontier Fund. It is a Bitcoin inscription pledge project. They are equivalent to providing a certain level of liquidity or exit channel. Also, recently, there are people studying how to issue stablecoins on Bitcoin, such as Makerdao. I think these things are all quite interesting, because topics such as stablecoins do not currently exist but are indispensable for the upcoming BTC Defi Summer.

BlockBeats: What signal or standard do you think we can talk about Bitcoin Layer 2 again now?

Dr. Golden Dog:My logic is very clear. First, I want to talk about why I'm promoting Ordinals, because I think there are three important stories. The first one is compared to Ethernet NFTs. The data on the Bitcoin chain is permanently immutable, which means that personal digital sovereignty is guaranteed, and Bitcoin has PSBT. Even if all CEXs in the world don't let you trade your assets, you can still complete transactions through PSBT. This is something that no chain or can do at present. Second, after being halved, Ordinals brings additional revenue to miners, which allows Bitcoin to maintain a secure budget, or provide a viable solution. Over the past year, we have seen that transaction fees due to BRC20 or inscriptions can sometimes account for 20% to 30% of the entire network, which guarantees Bitcoin's security budget after being halved. The third is the transformation of so-called digital gold into a digital gold jewelry market, so Bitcoin will become more interesting.

Looking at these three narratives so far, many Layer 2 projects are unrelated. So I personally think the ideal state of L2 is for the Bitcoin ecosystem to develop to a certain extent. For example, miners can account for 20% of their income, and transaction fees can be reduced to between 3% and 5%. At the same time, people really think that this security tax is high. Maybe more people will move to Layer 2 and are willing to sacrifice a certain amount of security to save costs. The core problem with Layer 2 is that it sacrifices security. All Layer 2 more or less reduces Bitcoin's native security. My original deduction was exactly this situation. Bitcoin's first layer was busy to a certain extent, then miner income reached a certain balance, and Bitcoin users reached a certain number of conditions before L2 had a chance to take off. This is like a hotel where more and more people are staying. Because it's too crowded, some people will choose to stay at the guest house next door, but what I'm saying is just a deduction. The final evolution route is determined by the choices of the market and many users.

BlockBeats: Some time ago, the Big Wizard Project promoted the OP CAT soft fork and caused quite a bit of discussion in the community, especially in the English area. Of course, everyone's differences are quite large. Some people think that although this is not a short-term thing, it is also something very worth looking forward to. If it is actually completed, there will be significant progress on Bitcoin expansion, Bitcoin smart contracts, and Bitcoin ZK rollup level 2; however, some think this is a very dangerous soft fork. I don't know what you think of this What about the OP CAT soft fork?

Dr. Golden Dog:Udi from the Grand Wizard Taproot Wizards also sometimes messaged me, so we sometimes talked, including almost being involved in their financing at the time. Speaking of the OP CAT soft fork, I clearly support it. I think there are many development paths in the Bitcoin ecosystem. Promoting the OPCAT upgrade is actually a very smart move. This will help developers develop on BTC more difficult, increase the scalability of BTC, and not damage the security of BTC.

Therefore, I think Bitcoin, as the most secure blockchain, supports some innovations that do not affect security and the degree of decentralization. It can be tried; it should not be dogmatic. So I think I'm probably one of the least viewed reformists. Most community members either strongly support reform or are very conservative. I'm just the kind of person who is a little bit left-right or left-leaning in the middle, but I think this is probably the most realistic path to innovating on Bitcoin.

So I'm very excited about Udi and they are promoting OP CAT's BIP, and I'm really supporting them in doing this. It's probably more meaningful than doing any project, and it's really difficult. All in all, for me, if I could contribute a little bit to Bitcoin, or make this change a little bit, I think it would be something I would be very proud of!

BlockBeats: Are the three BTC L2 guidelines given by overseas media technically achievable, and even if achieved, wouldn't the achievable economic effects and performance be ideal?

Dr. Golden Dog:I saw three editorial principles on L2 proposed by Bitcoin magazine, and I also saw three similar ones mentioned in PanteraCapital's research report. I personally think the big discussion about L2 is beneficial. At least users are starting to think about what L2 is, what is its consciousness, and what problems it can solve. This is a kind of progress. Of course, I also feel that these three standards are theoretical and idealized. Remember that BTC requires no permission. The final definition will be left to the market and users to reach consensus, and it seems that “agreed upon” has become what everyone thinks of as a standard. Here's my take on the L2 standard.

Bitcoin's NFT Dragon One dispute is still unresolved

BlockBeats: Before the Bitcoin ecosystem, you did a lot of research on NFTs, and also participated in the BAYC Bored Ape Chinese community, so I also want to know what you think about BAYC now, because recently the price of BAYC has been surpassed by penguins, and there is still a lot of discussion about this in the NFT community. Will Longichi still be BAYC in the future?

Dr. Golden Dog:BAYC holders have already made a lot of money, especially those that bought in the early days. In the early days, no one really knew what it was, or that it could be hyped up to 150 ETH. Many people even thought the chart was ugly, but what is very interesting is that when the price of BAYC rises to 30 ethers, or even up to more than 100 ethers, everyone thought it was beautiful, and it was a great honor to have such an avatar. Therefore, it can be said that I am both a bystander and an experienced person. I can feel this change in mood. People's aesthetics may change as prices change.

Finally, I observed that NFTs are also a kind of social experiment. Social experiments always fail, or people feel tired of being continuously interested in something. After two or three years, it almost reached a plateau, so I personally don't have much disappointment with BAYC; on the contrary, there is a little more fatigue inside. I have also kept my Yuga Labs assets until now. Overall, I think NFTs are more driven by emotions, so price fluctuations actually reflect short- to medium-term behavior, but if you really believe in NFTs, then I think these are all assets you should hold in the medium to long term. Compared to Ponzi and Air assets, I think Yuga's asset return is still a good choice.

BlockBeats: The leader of Bitcoin NFTs is often in a state of contention. Everyone's ideas about Bitcoin NFT Dragon One are quite different. I don't know what Dr. Golden Dog thinks of the current Bitcoin NFT format. Which one do you think is Dragon One, and what conditions should an ideal Bitcoin blue chip NFT meet?

Dr. Golden Dog:This is a very interesting topic. Initially, BAYC and PUNKS competed for the top spot using Floor Price (Floor Price). I think Ryuichi is a concept that is only relative in time. I remember that in the early days, there were some evaluation systems for NFTs, which included many indicators, such as the ability of the project party, the artistic attributes of the NFTs, the community, etc. It generally applies to BTC, but I think BTC's NFT culture is a bit different from ETH, that is, the narrative in terms of time is stronger. We often hear people talk about “first is first,” and there is a lot of consensus within the BTC community.

Emotions can change, narratives can change, but time is an objective entity that we cannot change. BTC is also a time chain. For example, in the Ordinals agreement, according to time standards, there may be two types of NFTs. One type is an inscription with a serial number higher than Sub100, or Sub1000. They symbolize this OG status in the inscription, which is the ultimate collection goal for collectors; however, the downside is that early inscriptions also often have very few series, and the community is small. This may indicate that the liquidity in the market is not good enough, but this type of inscription will have the opportunity to be displayed to everyone through an auction house. Their scarcity is directly locked in time.

Bitcoin NFT market capitalization ranking at the time of publication

A 10K project in the sense of Ordinals standards. Recently, NodeMonkes' performance was very strong. It was the first 10K project in the series. The developers are also very powerful, and the community is also very good, so the price has soared steadily, and the market value has gradually risen step by step in all NFT series, showing the style of king. I also spent a lot of time on this project and made lots of suggestions back and forth with the project party on how to distribute it, so I also have an honorary node monkey avatar. There are many promising projects on Ordinals, such as Bitcoin Frog, OMB Maxi, Bitcoin Punks, Ninjia, etc., all of which have their own stories and communities. In particular, Bitcoin Frog has been a leader for a long time and is far ahead in terms of volume and floor price. I think these projects will also have a chance to become leaders in the future.

BlockBeats: What interesting things do you think will happen at the Bitcoin Conference and Ordinals HK event in Hong Kong in May this year, and are there any new expectations compared to 23?

Dr. Golden Dog:There must be a fundamental difference. In 2023, a few people in the community collected some money from their own pockets and started a lot of these activities, just to generate electricity. In fact, in April, they also sponsored a lot of hats at the time, as well as airdrop Bitcoin Frog. The Bitcoin community in Hong Kong is basically still in the style of the Bitcoin community. They are mavericks, seldom go out to social or party, and everyone still has a lively attitude.

However, as the price trend of Bitcoin continues to rise, the offline popularity will also get better and better, and everyone is in a good mood. At the Bitcoin conference in Hong Kong in May of this year, I also talked with my colleagues at Bitcoin Magazine. They all felt that bringing Bitcoin to Hong Kong this time was still a historic moment worth celebrating. Therefore, many people were invited to host the Ordinals Asia event. Like Udi, the founder of The Witcher we just mentioned, Domo, the founder of BRC20, has already confirmed that they will attend. Also, my biggest feeling is that this party should be very global, and it will be a great party for friends in mainland China, Hong Kong, and many foreign countries.

I personally now work in a Bitcoin-related lab with another Ph.D. in Silicon Valley and a friend in Dubai. At the beginning of the Ordinals agreement, we wanted to do an Ordinals Foundation. Later, we discovered that Foundation was always criticized by everyone, and probably didn't like the Ethereum Foundation, so we re-planned the name to Foundinals Lab. This is a word that combines Foundation with Ordinals, and Founder and Founder A word synthesized by Ordinals. We hope to use our knowledge and knowledge to help more developers enter the BTC ecosystem and help more users join the BTC ecosystem. We are still treating the revival and greatness of the BTC ecosystem as one of our tasks and missions to spread knowledge and do a good job in educating users.

As for the 2024 theme, we want Bitcoin's Chinese and Western communities to be able to communicate more, reduce cultural and other soft barriers, and make Bitcoin truly a global movement. I personally don't think the dispute over Bitcoin's voice is meaningful, because Bitcoin itself is a Global Movement, and we should let everyone embrace Bitcoin as our common goal, on the same channel. Obviously now foreigners also want to learn about the Chinese market. BRC20 has already set a model, so I think the next step in developing and cultivating the Bitcoin ecosystem is to open up users in the Chinese and Western markets and gather this group of people, things, and resources that want to innovate.

BlockBeats: I remember when I was in Taiwan at the end of last year, you taught Grandpa Bao to join the Bitcoin ecosystem. He also drew an asset map and posted it on Twitter, which caused quite a bit of discussion. I noticed that there were many voices in the community at the time, and they didn't really support you getting in touch with them, nor did they support Grandpa Baoer entering the Bitcoin ecosystem. I felt that the “big discount” was coming. I don't know what you think of these sounds.

Dr. Golden Dog:I can really understand their feelings. As is often said in the coin industry, “Everyone probably has their own butt and sits in a different position.” Actually, for me, I think in terms of knowledge, everyone is the same. Second, I think Bitcoin itself is permissionless. Its spirit is that everyone can play; you can't say that it's a retail trader can play; if you're a whale, big players and institutions can't play; no one can stop this.

Also, no one can stop the Ordinals from leaving the circle, even if it's not me; anyone can learn for themselves or find someone else to teach. However, for me, I feel very honored to have this opportunity. On the one hand, it allows everyone to have a more accurate understanding of Ordinals and the Bitcoin ecosystem, and on the other hand, I have established links with these big players and organizations. Many people may not realize it. Shortly after that, Binance launched $sats, and I think it is inseparable from the impetus of these large players and institutions. So I think it would be beneficial to let resourceful influencers join the Ordinals and get out of the agreement. Also, because of BRC's fairness, giant whales and institutions take over the market for retail investors, which also highlights the characteristics of the BTC ecosystem.

So I think most community friends don't have the same feelings and behavior. I don't know if you remember the conference in Hong Kong before. Many people offered 200,000 online rewards to “slap Brother Sun” and curse Brother Sun; as a result, at the conference, everyone saw that “Brother Sun, Brother Sun, can I take a photo with you?” It's easy to understand. In fact, no one can fully maintain their own consistency; people always have their own emotions to vent for a while, and even more so in the virtual world. At first, I went to see what people said, but now I basically don't care much about the noise. If I think it's right, I'll do my best to implement the principle that no permission is required.

BlockBeats: How do you determine how high the price of Bitcoin will rise to during this bull market cycle?

Dr. Golden Dog:I also often discuss this with my friends. My previous prediction was that breaking through the previous high in 2024 would be good; reaching 70,000 or even 80,000 would be great.

I recently saw a relatively persuasive calculation method in the Big Idea 2024 report published by Ark Invest, Mu Tou's fund. It calculates the relationship between investable assets and the price of Bitcoin, how much actual capital has flowed into Bitcoin, how high can it push Bitcoin, and how much should Bitcoin be compared to the market value of gold? Then how much money can you invest in real-world assets? ETF, for example, how much can Bitcoin be boosted to? Using a similar valuation model for estimation sounds more reliable. Their conclusion is that when 25% of the capital can be invested in Bitcoin, Bitcoin can rise to 120,000 to 150,000 US dollars.

BlockBeats: From the beginning of the Bitcoin ecosystem to the current prosperity of the Bitcoin ecosystem, many users and friends in the community raised a very big question that they still don't know much about Bitcoin, which has led to a generation gap when entering the ecosystem and playing with various projects. So I'd like to recommend a way to get basic Bitcoin knowledge (free), such as how do new friends learn how to view mempool and UTXO?

Dr. Golden Dog:Yes, it is true that this area needs to be strengthened, especially video teaching and popularization work. There are quite a few related discussions in the Bitcoin community. I used to stick with it for a while, and I also collaborated with some education communities, but then I couldn't take care of the time, and it took me quite a while to make videos. So next, I might collaborate with some community and educational projects to record some basic teaching videos. There are also blockchain and bitcoin-related videos on YouTube, so you can check them out.

In fact, the OMB community is doing a good job in this regard. They are offering a bounty program for community members to create instructional videos to let new users learn about BTC. Recently Taproot Wizard and Jan also launchedTechnicallyBTCIt explains a lot of basic concepts, and I can recommend everyone to check it out. I think it might be a good idea to subtitle their video in Chinese. Thanks for reminding me that I should keep trying this stuff. I have and0xseaCo-created with ALEXRachelMake a fileBitcoin's three little pigsIn fact, the Twitter space was initially positioned to promote and introduce basic knowledge related to BTC, and invited developers who are more active in the industry. In the future, it can be made into a podcast so that more people can listen to it.