November 7, 2023•486 words
A friend came to me and said "what if we celebrated the halving like a global holiday?" I said "yeah totally!" Well that dude came back to me a while later with a plan that I initially thought was crazy, then went ALL IN.
If you don't know what the halving is, here are the nuts and bolts:
- Bitcoin is hard money due to it's supply cap and planned issuance
- That issuance is currently 6.25 BTC (currently worth $218k) every 10 minutes
- This is reduced 50% every 210,000 blocks (~ 4 years)
- Currently, the annualized issuance (1.7%) is on par with gold (1.8%) and much less than USD (lol%)
- The next halving is expected April 2024, where the issuance will be ~0.8%.
To have confidence in the predictability of this process requires voluntary coordination of everyone using the network. And anyone can participate in the network. That's insane. This is such a huge change from the status quo that it's worth celebrating. So this friend of mine (and a meetup organizer himself) put together a plan leveraging the growing value of bitcoin and started recruiting the most enthusiastic people he knew (myself included). The charter (yes, there's a charter) is still being finalized, but there's enough info there to have recruited a significant sum to pay for it all.
The budget goes like this: with a 0.01 BTC (1,000,000 sats) buy in per party for 5 parties (preferably paid in advance) you attain Member status and access to all amenities such as travel (the 0.1 BTC Founder level covers more guests, though). Funds are held in a multisig wallet with founders each having a key. We may open this up to more people once the tech expands possible key holders. The party is all you can eat/drink, catered. There will be themed games (instead of Pin the Tail on the Donkey, we'll probably have Rugpull the Shitcoiner). It will be family friendly (think bounce house and petting zoo). Certain status levels will have voting rights, so use your imagination because we have to use all the money!
No matter date/time the actual halving is we will be targeting the moment that block is mined. It could be 2am on a Tuesday, or a major holiday and we will be partying. The goal of collecting funds now is so the budget and scope of the party will grow with bitcoin's value, since we'll be spending every sat. The first party will be the most modest, with each subsequent one likely growing immensely (imagine a $50k budget). But we won't be throwing our money away, we will be providing a "relentless f***ing experience" with priority given to bitcoin-accepting vendors. This is just the tip of the iceberg!
Oh, and the budget is already 0.14 BTC per party ($4900 at the current price), and will only grow larger. Are you in?