Interview & Compilation: Jaleel, BlockBeats

Last year, Dr. Jingou discovered the Ordinals protocol and quickly participated in it, launching 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 become the only Chinese administrator.

Although this is a voluntary job, Dr. Golden Dog finds joy in it and actively promotes the prosperity of the Ordinals Chinese community. He regularly shares the latest status of the Chinese community with the team and encourages community members to actively organize their own communities. In addition, he also led the translation of the Ordinals protocol white paper and contributed a lot to the promotion of Ordinals.

First from the right: Golden Dog Doctor; second from right: Casey; third from right: Jack Kong

On the first anniversary of the birth of Ordinals No. 0 Inscription, Dr. Golden Dog and Casey conducted an offline meeting in Taipei The party created many sparks. Later, he also helped Bao Erye learn about Bitcoin and the inscription ecology, and shared his deep insights in the industry with him.

In order to have a deeper understanding of Dr.Jinglee Golden Dog Doctor (@ordjingle)’s stories and experiences, BlockBeats had an in-depth exchange with Dr. Golden Dog.

Ordinals first anniversary, trip to Taipei with Casey

BlockBeats: Many community friends and fans don’t know much about Dr. Golden Dog. Could you please introduce yourself first, including resume, story of joining the circle, etc.

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

Around 2013-15, I read a Chinese translation book on the working principles of Bitcoin and blockchain carefully and repeatedly. At that time, I started to compare Bitcoin is starting to gain some understanding. I started to get really close to Bitcoin around 2017. At that time, my friends started mining in China. The price of Bitcoin rose from about a few thousand yuan to about 10,000 yuan. I remember that there were still domestic issuances at that time. BTC physical coins are treated as collectibles.

Starting in 2021, I have officially joined the field of cryptocurrency. I gave myself a name in the virtual world called Dr. Golden Dog. This is because the name is very interesting. Difficult, I happen to have a golden dog at home. His birthday is Christmas and I often hear the song "Jingle Bell", so I named him Jingle, the golden dog. In addition, I also want to discover more through research. Golden Dog, don’t lose a little bit to Earth Dog. So the Chinese name came from Dr. Golden Dog.

The English name came from a meeting with Casey. We were very keen on creating vocabulary. He funnyly said that JingLee is more like a personal name, so I named it in English. Sometimes the ID is Jinglee. Although the name is just a code name, as more people gradually know it, they don't change it casually.

BlockBeats: I believe everyone would like to know how you came into contact with and participated in the construction of the Ordinals protocol. Can you tell us about it? In addition, on Twitter, how do you position yourself as a KOL? Is it a transactional KOL or a KOL with cognitive analysis and influence?

Dr. Golden Dog: I generally position myself as an independent researcher rather than a KOL. This may be my pride and prejudice, Chinese The usage of "KOL" in this context sometimes seems like a curse. I usually mainly do some research, look at some new projects, and publish my research results. In the past, I often released my work earlier than I cast it because I couldn't wait to share it and felt like a reporter collecting live news. Later, I always maintained a relatively independent style. Gradually, people may think that I am more reliable, and my number of fans gradually increased.

I learned about the Ordinals protocol on February 2 last year. At that time, I needed to set up a full node. When I encountered problems, I joined the Discord of the Ordinals protocol to seek help. Later, I found many strangers on it. With the help of others, I was able to successfully complete the node setup. Because I wanted to cast sub10K inscriptions, the long synchronization process and anxious waiting were so impressive that I yelled in Discord after it was finally successfully set up. "mom i made it!", thank you to everyone who helped me answer my questions.

I like the atmosphere of the open source community very much, so I also actively suggested that Casey set up a Chinese section, and I became the only Chinese administrator. This is a voluntary job. At that time, we would have regular weekly meetings, and I would tell them how the Chinese community is, how many people there are, and what kind of voices there are. As the Chinese manager of an open source community, I feel that my mission is also to be able to promote this protocol in the Chinese community. I want to promote it here so that more people can know and use this protocol, so I have always encouraged community members to organize their own communities, in Chinese, Cantonese, region, and project. 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 now has 13 language versions, which should also play some role in promoting the Ordinals protocol.

Unlike most low-key people in the Bitcoin community, I think being influential is a good thing, and if you can build some influence, you can at least make people You think there is useful information that can be seen by more people, and your voice can be heard by more people. After discovering the Ordinals protocol in the early days, I also wrote many heartfelt articles, but at that time few people were willing to listen and study, and they might even be scolded by many people behind their backs. At that time, it was the first time I deeply understood Realize how lonely it is to be a preacher of new things. Later, the number of people gradually increased, and everyone gathered together to keep each other warm and replenish their faith. Now that I think about it, it was a very interesting time.

The content I am sharing now is mainly about the introduction of project opportunities, because I personally feel that there is not much at the Bitcoin protocol level, and now mainstream protocols The moat has also been built, and it is difficult to make major creative breakthroughs. In terms of project introduction, I pay more attention to some foreign projects, especially those projects that are developed on the Bitcoin layer. I hope that through the introduction, more Chinese-speaking users will participate and be able to enjoy the early stage of the ecosystem. Some dividends, such as DeFi on BTC.

BlockBeats: When do you think the promotion of the Ordinals protocol started to make great progress?

Dr. Golden Dog: Including very early on, I asked Jack (Kong Jianping, director of Hong Kong Cyberport) to discuss whether Ordianls had the opportunity to grow and promote. I remember the first time I went to find Jack, I told him that I would give you a poem, which was an inscription engraved on Bitcoin. This was a very tactful way to "CX" him.

Jack is a very smart and confident person. He knew about Ordinals and later met some people from the Ordinals team in the United States in April, and then we sometimes met online We chatted until two or three o'clock late at 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 he was excited about the coming explosion of the Bitcoin ecosystem. Sometimes academic people may always have doubts in their minds, such as technical weaknesses, opposition voices, whether the agreement is possible, etc. At this point, I feel that I have learned a lot from Jack. Wisdom and confidence, the Ordinals protocol is now recognized by everyone, which seems to confirm the power of "belief".

The term Bitcoin ecosystem that I heard was actually first proposed by Jack. In May last year, we were preparing to hold an event about Bitcoin in Cyberport. , I asked Jack what the name of our event was, and later he said it would be called the Bitcoin Ecological Seminar. The English name is BTC ECO BUILDERS CONFERENCE. More than 30 people came at that time, and Cyberport also attached great importance to it. Jack has a great influence in Crypto, which has played a very important role in the rapid promotion of the Ordinals protocol in the Chinese community.

BlockBeats: On the first anniversary of the birth of Ordinals Inscription Zero, do you have anything interesting to share about your dinner party with Casey in Taipei? I remember Casey had delicious pan-fried buns in Taipei and posted a picture on Twitter asking everyone to help find the store.

Golden Dog Doctor:Haha, we had a pretty good chat with Casey that time in Taipei. We tasted more than ten different whiskeys for three hours and talked about many interesting things, including Ordinals, Runes and BRC20. We also talked about the development of communities in the community, especially in Chinese-speaking areas.

Casey celebrates the first anniversary of the birth of Ordinals Inscription Zero

It seems that usually Casey is more focused on the development of the protocol. , don’t know much about these topics. But Casey was interested, and he asked me a lot of questions about the community, and I shared a lot of things with him.

Ordinals Chief Code Maintenance Officer raphjaph had a conversation with OOI CEO erin

I found it very interesting. I said at the time, "Casey, the Ordinals protocol was not invented, but it was chosen by time. And explode. You will be unknown in 2022, become a legend in 2023, and you may become a god in 2024."

He Qian Qian I took a sip of whiskey, looked at me a little tipsy but seemed very determined and said, "I think so too."If the Bitcoin ecosystem really reaches 100 billion or even has an unlimited market value in the future , this conversation may be a very interesting scene.

The currency investment rules of a doctor of economics

BlockBeats: Before January last year, What were you doing in the industry when there was no Bitcoin ecosystem?

Dr. Golden Dog:Before the Bitcoin ecosystem, I was mainly in the fields of Ethereum NFT and DeFi, and also did some popular Crypto Research on concepts, such as organizations like the DAO mentioned above. I first learned about BAYC in Clubhouse at AWSB in the Bay Area in about May 2021. At that time, Clubhouse was very popular and Twitter was not used much. It was also at that time that I started writing some articles about NFT and Crytpo. After that time, everyone hung up and chatted without any worries, and made many friends.

At that time, I was also learning and thinking about what NFT was, so I simply helped some project parties manage Discord and participated in the release of some projects, so that I could get close to it. Observe project and community interactions from a distance. Wherever there are people, there are rivers and lakes. Community is an interesting term in the encryption industry. Later, AWSB's Clubhouse also forked into two or more communities, such as Huaguoshan (BAYC Chinese Community), Baituo Villa (Lingping Investment Research Community), and so on.

This is actually similar to playing BBS in the early 2000s, except that at that time everyone’s common label might be games, such as CS or Diablo, or basketball. Now everyone in the Crypto community has the same The label may be digital nomad.

BlockBeats: Many community friends do not know that Dr. Jingou does have a doctorate, and do not know the investment style of a doctor with a PhD in economics in the encryption industry. Does it have any effect?

Dr. Golden Dog: There are too many different kinds of doctors now, which can be considered a MEME. I remember that after graduation, my supervisor specially congratulated me and said that you can now use the title "Doctor". This aspect is actually quite strict. If you have not graduated, you may only use the introduction "Candidate" as a doctoral candidate. My doctoral thesis studies institutional economics, specifically from the national and industry levels, to empirically study the relationship between institutions and economic globalization.

The current representative of institutional economics is MIT professor Daron Acemoglu. He has two very influential books, "Why Countries Fail" and " "The Narrow Corridor of Freedom", he tried to explain why there is a gap in development between countries. For example, North Korea and South Korea, Mexico and the United States 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 everyone is that it is caused by different systems, and open systems are more likely to develop better.

The originator of new institutional economics is Professor North, who studies 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 Serfdom": "The power of ideas and will has shaped today's world." In his later years, North almost reached the same understanding as Hayek: the ultimate source and driving force of institutional change depend on people's beliefs and concepts. Institutional economics is similar to many economic theories underlying the Crypto industry.

I found that the entire Crypto is actually a cross-disciplinary field. Theoretical research in this field is still relatively lacking, and there are relatively few people studying it, so I'm also trying to promote some basic theories. For example, the concept of DAO was very popular a few years ago. I wrote a literature review about DAO in 2022 to summarize the past research results on an organization like DAO. In the process of such a systematic review, I also It was discovered that the "cooperative organization" theory of Ou Ling, the 2009 Nobel Prize winner in economics, may be the ancestor and bible of the DAO theory.

BlockBeats: What are the evaluation and judgment criteria when you decide whether to invest or invest heavily in a project or target? Are you more inclined to look at people (team members, management) or the technology of the project itself?

Dr. Golden Dog:My investment method is a bit like Proof of Contribution, which seems to be a combination of POW and POS. I will use my background to find potential project parties. I take the initiative to help them and gain a deeper understanding of how they operate. Through close participation, I can better understand what kind of people the project team members are, what is the level of the project's products, etc. I have been doing this for two or three years, and there are some very good projects among them, which benefited from some project management methodologies. During this period, I had the opportunity to contact and manage a large community of tens of thousands of people. My perspective may be different from that of most people. I am both a user and a consultant or operator of the project side. I think in the world of blockchain, most people have three purposes: making money, making friends, and doing something. If you plan around these three purposes, you will often not make big mistakes.

So my investment logic is that after learning about a certain project, I found that their team is very professional and has an in-depth understanding of technical research, and their The concept and goals are also in line with my views on blockchain. If the product can solve small problems, I will actively invest in promoting the development of the project. Through practical actions such as making my own contribution, I can gain a deeper understanding of the inner workings of the project, and it is easier for me to make informed investment decisions.

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

Dr. Golden Dog: I think I was mainly involved in operations-type work. Because before the project is released, everyone usually participates with the mentality of making money, so I mainly focus on the theme of how to successfully release the project, assisting the project party in the entire pre-release management, which involves many aspects, such as emotional management, information management Communicate and understand the ideas and market strategies of the community and project parties, provide timely feedback and solve problems, etc. During this process, I also discovered many market needs. For example, project issuers need to process and filter the behavior of some robots or witches. Such needs will also give rise to solutions, such as user on-chain profiling.

This is very similar to the moderators on BBS in the past. I can see a lot of information that ordinary users cannot see. It is similar in Discord. This allowed me to gain a more complete understanding of the functioning of the entire community and human behavior. I really like to have this kind of observer status in the virtual world, to quietly observe some behaviors of communities and people.

Later, I gradually felt that the emotional interaction between the project party and the users in the NFT project was very much like a PUA game; users hope to make money from it, and the project party may Artificial scarcity or other emotions are deliberately created to guide competition among users, which ultimately turns into a dynamic game process. I have participated in many different types of projects, ranging from well-known to unknown, about a dozen or so. But later I felt that this kind of thing gradually became boring, because the various project types were similar without much innovation and added value, so I gradually stopped doing similar work.

BlockBeats: After no longer participating in community management and operations, where is the focus of your work now?

Dr. Golden Dog: Now I prefer to work as a consultant, serving as a bridge between developers and the entire Ecological development is connected. For example, I had many in-depth discussions with the developers of the Atomics protocol in the early days. I chatted with A, the founder of Atomics. His stuff is indeed very good, but don’t think about doing everything yourself, encourage and welcome more people. Developer participation is the spirit of open source and an effective way to make the ecosystem flourish.

Because the founder of the protocol and the people who develop it are actually a relationship of competition and cooperation. In a state of no trust, developers may have invested a lot of time in a certain protocol, and then the protocol suddenly makes big changes, or fundamentally changes the direction of the protocol, which will make developers feel very uncomfortable. uncomfortable. Just like a tall building rising from the ground, the building is built, and suddenly the foundation needs to be laid again. This is a very chaotic situation. As developers and protocol maintainers, they all want to focus on their work, but in fact, someone needs to be an ecological bystander to give some suggestions to the builders and protocol developers. The ideal state of the open source community is that protocol authors, developers, and market users are in a relatively harmonious resonance state. 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 the Ordinals protocol’s Jubilee was upgraded, there was a lot of controversy. Especially at that time, the main developers invested a lot of resources into the issue of whether the BRC20 index would follow the upgrade. If there are rash changes at the protocol level, it may cause chaos and also affect the security of user assets. I think all these aspects need to be considered comprehensively and dynamically, but no one person can fully understand the development of the entire ecosystem. This may be my advantage as an independent researcher or independent observer, that is, I hope to convey a win-win strategy signal to all parties. Any unilateral decision may bring different consequences, although it also involves different conflict and balance of interests. So I feel that in some cases I played such a role and was able to help different developers find a common optimal solution in the early stages.

BlockBeats: More projects in the Bitcoin ecosystem are community-driven, and there is no so-called project owner concept. So how do you analyze the profitability of the project?

Dr. Golden Dog:The inscription of Bitcoin is indeed different from that of Ethereum. Ethereum usually has project parties and deployment Contracts, community building, and most projects are over after launch. I think it is basically a buying and selling process. There was a saying and narrative in the early days of the inscription that the inscription was launched fairly. I think there is a certain truth to this. Fair launch is more of a process of awakening community consensus.

So I think there are several ways to make money in Crypto investment. One is the information gap. You may have more valuable information; The second is emotional value; you can observe the emotions of the community. For example, the early emotions of RATS are directly proportional to the price. There are more than 10,000 people in the Telegram group. When there is FOMO, the emotions are very high, and the currency price also rises. Keep attracting more people to buy. In the third part, I will look at whether the team is great and whether the project really has some innovation and contribution. A project is mainly evaluated from these different dimensions.

In the inscription section, I actually don’t sell much now, and I basically still hold it. From a macro or big perspective, I am relatively optimistic about the arrival of the Bitcoin bull market, and Inscription is still worth holding for the long term.

BlockBeats: Approximately how many hours a day do you spend browsing cryptocurrency information? Where do you get the information from? Can you recommend some interesting sources of information? In addition to contacting the project parties, how to judge the sentiment of the community?

Dr. Golden Dog: It takes about 3-5 hours of fragmented time just to browse information. Most of the information Sourced from Twitter, WeChat groups and Telegram. There are also some good friends who will introduce me to some pretty good projects, and then we will make an appointment to have a meeting and look at their documents. I also need to spend some time writing tweets, so the day is basically full.

I have always thought about who can develop a fully automatic information push system, which is to push various aggregated information directly to your mobile phone terminal, like the previous BlackBerry-like push information. But I actually enjoy the process of filtering information by myself. For example, I discovered the Ordinals protocol by reading news reports while browsing online. At that time, none of the aggregation platforms mentioned it. So in terms of information channels, I think that on the one hand, it is just a random walk. It is also very interesting to randomly discover some new things on the Internet. On the other hand, I have regular friends to push and write messages, and then I will also carefully read the netizens on Twitter. Project information left, etc.

Bitcoin Layer 2 is booming, but are you more optimistic about the construction of Layer 2?

BlockBeats: We can see that there are more and more Bitcoin l2 projects recently. What do you think of these l2 projects appearing in the market today? In addition, what projects or assets are you currently optimistic about?

Dr. Golden Dog: I am currently more optimistic about the teams and products that are built on the first layer, so some people also call me Fundamentalist of BTC L1. In the early days, the debate about BRC20 was often focused on the technical level and whether its existence was necessary. At that time, many developers, especially those from the West, had a lot of doubts about BRC20 and their attitudes were dismissive. , I feel that BRC20 is indeed technically outdated and the degree of decentralization is not high. But as the market develops, everyone has accepted this fact by default. I see more and more Western developers slowly entering the BRC20 ecosystem.

I currently observe a phenomenon that most of the Chinese community is discussing BTC Layer 2, while foreigners have begun to work intensively on Layer 1 and slowly launched many projects. , such as lending, AMM, Defi, etc. I currently feel that both in terms of narrative and the overall development process of the industry, it is a bit fast to enter the BTC Layer 2 era on a large scale. I personally think that BTC Layer 2 should be a mid- to long-term thing, at least a two-year event. Three-year plan.

But now, no matter the first or second layer, the pledged BTC assets artificially affect the supply and demand relationship between BTC and its assets during the halving cycle, which will further To promote the rise in BTC prices, from the perspective of staking reducing the circulation and supply of BTC, I think it plays a similar role to the halving narrative. What is very interesting is that some people use various projects to exchange their own altcoins for precious Bitcoins, and users exchange their Bitcoins for altcoins in order to get super high returns. . There are some project parties who have made a lot of money in this exchange process. This phenomenon is also worthy of serious consideration by retail investors.

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

Now I am exposed to more foreign projects. Projects that I think are good include ordiswap, ordibank, Liquidium, etc. Liquidium received early investment from Bitcoin Magazine and Bitcoin Frontier Fund. It is a Bitcoin inscription pledge project. They are equivalent to providing a certain degree of liquidity or exit channels. In addition, some people have recently been studying how to issue stablecoins on Bitcoin, such as Makerdao. I think these things are quite interesting, because topics such as stablecoins are currently not available in this ecosystem in the upcoming BTC Defi Summer. But indispensable.

BlockBeats: What signals or standards do you think we can talk about Bitcoin Layer 2 now?

Dr. Golden Dog: My logic is very clear. First of all, I want to talk about why I want to promote Ordinals, because I think there are three important narrative, I also said this in the article. The first is that compared with Ethereum NFT, the data on the Bitcoin chain is permanent and cannot be tampered with, which means that personal digital sovereignty is guaranteed, and Bitcoin has PSBT, even if all the CEXs in the world do not allow you to trade your assets, you can still complete transactions through PSBT, which is currently impossible for any chain. The second is that after the halving, Ordinals will bring additional benefits to miners, which can maintain the Bitcoin security budget, or provide a feasible solution. In the past year, we have seen that the transaction fees brought by BRC20 or inscription can sometimes account for about 20% to 30% of the entire network. This has a certain guarantee for the security budget of Bitcoin after the halving. The third is the transformation of so-called digital gold into a digital gold jewelry market, so that Bitcoin will become more interesting.

Currently, these three narratives are irrelevant to many Layer 2 projects. So I personally think that the ideal state of L2 is that the Bitcoin ecosystem develops to a certain level. For example, miners’ income can account for 20%, and transaction fees can be reduced to between 3% and 5%. At the same time, everyone really I feel that if the security tax is high, more people may switch to Layer 2 and be willing to sacrifice a certain amount of security to save costs. The core problem of Layer 2 is the sacrifice of security. All Layer 2 have more or less reduced the native security of Bitcoin. My original deduction was exactly such a situation. The Bitcoin layer will be busy to a certain extent, and then the income of miners will reach a certain equilibrium. Only when the number of Bitcoin users reaches a certain number will L2 have a chance to take off. This is like more and more people staying in a hotel. Because it is too crowded, some people will choose to stay in the guest house next to it. But what I am talking about is just a deduction. The final evolution line is determined by the market and many people. Determined by user choice.

BlockBeats: Some time ago, the Great Wizard Project promoted the OP CAT soft fork, which caused a lot of discussion in the community, especially in the English area. Of course, everyone still has quite a lot of differences. Big, some people think that although this is not a short-term thing, it is also something worth looking forward to. If it is really completed, it will have a huge impact on Bitcoin expansion, Bitcoin smart contracts, and the second layer of Bitcoin ZK rollup. There will be relatively big progress; however, some people think this is a very dangerous soft fork. What do you think of this OP CAT soft fork?

Dr. Golden Dog: udi from Taproot Wizards sometimes sends me messages, so we have We would chat from time to time, including almost participating in their financing at that time. When it comes to the OP CAT soft fork, I clearly support it. I think there are many development paths for the Bitcoin ecosystem. Promoting the OPCAT upgrade is actually a very smart move, which will help developers develop on BTC. The difficulty improves the scalability of BTC without compromising the security of BTC.

So, I think Bitcoin, as the most secure blockchain, supports some innovations that do not affect security and decentralization, and it can be tried. Yes, we should not be dogmatic. So I think I may be among the most disliked reformists. Most community members either strongly support reform or are very conservative. I am exactly the kind of person who is a little bit left or right of center, but I think this may also be the most realistic path for innovation in Bitcoin.

So I am quite excited about udi’s push for OP CAT’s BIP, and I do support them in doing this. This may It is more meaningful than any other project, and the difficulty is indeed very high. In short, for me, if I can make a little contribution to Bitcoin, or make a little change, I think it is something to be very proud of!

BlockBeats: Can the three criteria of BTC L2 given by overseas media be technically realized? Even if it is realized, will the achievable economic effects and performance be different? Would that be too ideal?

Dr. Golden Dog: I saw the three editorial principles of L2 proposed by Bitcoin Magazine, and also saw the research of Pantera Capital The report also mentioned three similar items. I personally think that the big discussion about L2 is beneficial. At least users start to think about what L2 is, what its consciousness is, and what problems it can solve. This is a kind of progress. Of course, I also think these three standards are theoretical and ideal. Remember that BTC is the least permissionless. The final definition will be left to the market and users to form a consensus, and it seems to be a "convention" that everyone thinks standard. This is my little take on the L2 standard.

The battle between Bitcoin NFT and Long Yi remains unresolved

BlockBeats: You before the Bitcoin ecosystem I have studied NFT a lot, and I have also participated in the Chinese community of BAYC Boring Monkey, so I would also like to know what you think of BAYC now. Because the price of BAYC has been surpassed by Penguin recently, what is the opinion on this matter in the NFT community? There is still a lot of discussion. Will Long Yi still be BAYC in the future?

Dr. Golden Dog: BAYC holders have already made a lot of money, especially those who bought early Enter the holder. In the early days, everyone really didn’t know what this was, and they didn’t know that it could be speculated to 150 ETH. Many people even thought the picture was ugly. But what’s interesting is that when the price of BAYC rose to 30 Ethereum, it even reached the highest level. When it reached more than 100 Ethereum, everyone thought it was beautiful, and it was an honor to have such an avatar. So it can be said that I am both a bystander and a witness. I can feel the changes in emotions. People's aesthetics may change with the changes in prices.

Finally, I observed that NFT is also a kind of social experiment. Social experiments always fail, or people’s continued interest in something is limited. The feeling of fatigue has almost reached a trough after the past two or three years, so I personally don't feel particularly disappointed with BAYC. Instead, I feel a little more fatigued. The assets I hold in Yuga Labs have been held until now. Generally speaking, I think NFTs are more driven by emotions, so price fluctuations actually reflect short- and medium-term behavior. But if you really believe in NFTs, then I think these are assets that should be held in the medium and long term. I think Yuga's assets are still a good choice compared to Pond's and Air assets.

BlockBeats: The leader of Bitcoin NFT is often in a state of contention. Everyone has different ideas about Bitcoin NFT Long Yi. I don’t know about Golden Dog. What does the doctor think of the current form of Bitcoin NFT? Which one do you think is Long Yi? What conditions should the ideal Bitcoin blue-chip NFT meet?

Dr. Golden Dog: This is a very interesting topic. Back then, BAYC and PUNKS used floor price to compete with Longyi. I think Long Yi is a concept that is only relative in time. I remember that some of the earliest evaluation systems for NFT were published, which included many indicators, such as the ability of the project party, the artistic attributes of NFT, community, etc. It is generally applicable to BTC, but I think BTC’s NFT culture is different from ETH in that the narrative of time is stronger. We often hear people say “first is first”. This is There is a great consensus in the BTC community.

Emotions can change, narratives can change, but time is an objective existence that we cannot change. BTC is also a time chain. For example, on the Ordinals protocol, according to the standard of time, there may be two types of NFTs, one is the serial number Sub100, or Sub1000. Such inscriptions symbolize the OG status in the inscription and are the ultimate collection goal of collectors; However, the disadvantage is that early inscriptions are often in few series and the community is small. This may be reflected in the lack of liquidity in the market. However, this type of inscriptions will have the opportunity to be displayed to everyone through auction houses. Their scarcity is directly locked by time.

Bitcoin NFT at the time of posting Market value ranking

Ordinals is a 10K project in the standard sense. NodeMonkes has performed very strongly recently. It is the earliest 10K project in the series and its developers are also very powerful. , the community is also good, so the price has steadily soared, and the market value has gradually increased in all NFT series, showing the king's style. I also spent a lot of time on this project and made a lot of suggestions back and forth with the project team on the distribution method, so I also have an honorary Node Monkey avatar. There are many potential projects on Ordinals, such as Bitcoin Frog, OMB Maxi, Bitcoin Punks, Ninjia, etc. These have their own stories and communities behind them, especially Bitcoin Frog has been the leader for a long time, regardless of transaction Both volume and floor price are far ahead. I think these projects will have the opportunity 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, compared with what happened in 2023? Any new expectations?

Dr. Golden Dog: There should be a fundamental difference. In 2023, several people in the community dug into their own pockets to pool some money. , held many of these activities, purely to generate electricity for love. In fact, in April, we sponsored a lot of hats and airdropped Bitcoin Frog. The Bitcoin community in Hong Kong basically has the same style as the Bitcoin community. It is independent and rarely goes out to socialize or hold parties. Everyone still has the attitude of just watching the excitement.

However, as the price trend of Bitcoin continues to rise, the popularity offline will become better and better, and everyone is in a good mood. At the Bitcoin Conference in Hong Kong in May this year, I also talked with my colleagues from Bitcoin Magazine, and we all felt that bringing Bitcoin to Hong Kong this time was a historic moment worth celebrating. Therefore, many people have been invited to this Ordinals Asia event, such as Udi, the founder of the Great Wizard we just mentioned, and Domo, the founder of BRC20, who have already confirmed that they will come. In addition, my biggest feeling is that this party will be very global, and it will be a great gathering for friends from mainland China, Hong Kong and many overseas.

I am currently working on a Bitcoin-related laboratory with another doctor in Silicon Valley and a friend in Dubai. We wanted to do this in the early days of the Ordinals protocol. An Ordinals Foundation. Later, I found that Foundation was always criticized by everyone. Maybe everyone didn’t like the Ethereum Foundation, so we re-planned the name into Foundals lab. This is the word formed by Foundation plus Ordinals, and also the word Founder and Ordinals. word. We hope to use our knowledge and understanding to help more developers enter the BTC ecosystem and help more users join the BTC ecosystem. We still regard the revival and greatness of the BTC ecosystem as our own task and mission, disseminating knowledge and educating users.

The theme of 2024, we want to enable more exchanges between the Chinese and Western communities of Bitcoin, reduce cultural and other soft barriers, and make Bitcoin truly Become a global movement. I personally don’t think the battle for Bitcoin’s right to speak is meaningful, because Bitcoin itself is a Global Movement, and our common goal should be for everyone to embrace Bitcoin, on the same channel. Obviously, foreigners now also want to understand the Chinese market. BRC20 has already set a demonstration. So the next step in the development and cultivation of the Bitcoin ecosystem, I think more should be to open up the Chinese and Western market users and connect them. This group of people, things and resources who really want to do something innovative have gathered together.

BlockBeats: I remember that when we were in Taiwan at the end of last year, it was you who taught Mr. Bao to get involved in the Bitcoin ecosystem. He also drew an asset map and posted it on Twitter. on, causing a lot of discussion. I noticed that there were many voices in the community at that time, and they did not support you to contact them, nor did they support Mr. Bao’s entry into the Bitcoin ecosystem. I felt that the “big cut” was coming. I don't know what you think of these sounds.

Dr. Golden Dog: I can especially understand their mood. Just like what is often said in the currency circle, "Everyone may have his own butt and sit in a different position." In fact, for me, I think everyone is the same in the face of knowledge. Secondly, I think Bitcoin itself is permissionless. Its spirit is that everyone can come and play. You can’t just say that retail investors can come and play. You are a whale. Large investors and institutions cannot come and play. No one can stop this. .

And even if it’s not me, no one can stop Ordinals from leaving the circle. Anyone can learn it on their own or find someone to teach them. But for me, I think it is a great honor to have such an opportunity. On the one hand, it can give everyone a more accurate understanding of Ordinals and the Bitcoin ecosystem. On the other hand, I have also established contacts with these large investors and institutions. . Many people may not realize that shortly after that, Binance launched $sats. I think this is also inseparable from the promotion of these large investors and institutions. Therefore, I think it is beneficial for the protocol to get out of the circle by allowing influential people with resources to join Ordinals. And because of the fairness of BRC, whales and institutions are allowed to take over orders for retail investors, which also highlights the characteristics of the BTC ecosystem.

So I think most The mood and behavior of friends in the community are not consistent. I don’t know if you still remember the previous conference in Hong Kong. Many people offered a reward of 200,000 yuan online to “slap Brother Sun” and scolded him. Later, at the conference, everyone Seeing Brother Sun, everyone is like, "Brother Sun, Brother Sun, can I take a photo with you?" This is easy to understand. In fact, everyone cannot completely maintain their own consistency. People always have their own emotional vents, and the virtual world Even more so. At first I went to see what everyone was saying, but now I basically just treat it as noise and don’t care much about it. I will try my best to do what I feel is right and practice the principle of no permission required.

BlockBeats: In this bull market cycle, how high will the price of Bitcoin reach? How do you judge it?

Dr. Golden Dog: I often discuss this issue with my friends. My previous prediction was that it would be good to break through the previous high in 2024, and it would be good to reach 70,000 or even 80,000.

I recently saw a relatively convincing calculation method in the Big Idea 2024 report released by Sister Mu’s fund ARK Invest. It calculates the relationship between investable assets and the price of Bitcoin, how much real money has flowed into Bitcoin, how high it can push Bitcoin, and how much should Bitcoin be compared to the market value of gold? And then how much real-world investable assets are used? ETF, for example, at what scale can Bitcoin be pushed up to how much? Using a similar valuation model to estimate it sounds more reliable. Their conclusion is that when 25% of investable funds are 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 community friends have raised a very big question: , I still don’t know much about the basics of Bitcoin, which leads to a generation gap when entering the ecosystem and playing various projects. So I would like to trouble you to recommend a way to obtain basic knowledge about Bitcoin (free), such as how to learn mempool and UTXO for newbie friends?

Dr. Golden Dog:Yes, this aspect really needs to be strengthened, especially the teaching and popularization of videos. There are people in the Bitcoin community There are quite a few related discussions. I originally persisted for a while and cooperated with some educational communities, but later I couldn't take care of it. Making videos took me a long time. So next, we may cooperate with some community and educational projects to record some basic teaching videos. There are also videos related to blockchain and Bitcoin on Youtube, you can also search them.

In fact, the OMB community has done a good job in this regard. They issued a bounty program to allow community members to make instructional videos to let new users understand BTC. Recently, Taproot Wizard and Jan also launched TechnicallyBTC, which explains many basic concepts and can It is recommended that everyone go and take a look. I think it might be a good idea to make their videos into Chinese subtitles. Thank you for reminding me that I should keep trying this. I have cooperation with 0xsea and ALEX Rachel Make a fileBitcoin Three Little Pigs’s Twitter space was actually originally positioned to promote and introduce basic knowledge about BTC. It also invited more active developers in the industry. It can be turned into a podcast in the future to let more people can hear it.

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