{"p":"brc-20","op":"transfer","tick":"TDTB","amt":"1000"} This thread looks a bit deeper into Rune #1: Z•Z•Z•Z•Z•FEHU•Z•Z•Z•Z•Z (called ZZZZZ.fehu.ZZZZZ in the following) and a potential genius play behind it. Introduction: Before Bitcoin Asia, I'd closely watched the Bitcoin halving and the introduction of the Rune protocol. Although it was widely used to create "meme coins" on the bitcoin blockchain, some of the etched Runes caught my attention. Certainly, Dog•goes•to•Moon or Dentralized were on the radar as they were marketed by the creator before and after the halving. During the halving, the transaction fees on the blockchain skyrocketed. So being under the first ever etched Runes was expensive and not certain. Even if the creator of the Rune wanted it to be the "first" #1 Rune. Hence, I was surprised that there was little to nothing about the #1 Rune: ZZZZZ.fehu.ZZZZZ. Then I"ve read the thread from Nighguy (X Account: @thenighguy) that talks about a potential link to zk_shark, the supply and the story behind the numbers: https://x.com/thenighguy/status/1787288418738680076 Also, I've read another thread from Rune Alpha (X account: @AltCoinSpec) that talks about different scenarios for this Rune: https://x.com/AltCoinSpec/status/1784795137203220681 [at this point I would recommend to read both threads first before continuing here] A mysterious case! So I started to do some research on my own: There was only an X account and homepage that claimed to be owner of the Rune: In my opinion, the X account and the homepage that RUNE ALPHA links to the Rune, do not belong together. The X account and homepage are real scammers. Using the narrative of Rune #1. The account joined X in April 2024. Made their first post on April 21st (one day after the halving). So one day after the etching. Weird right? Also the homepage was created only on April 23rd. The X account of RuneFehu (I don't link it here on purpose) is posting airdrops and trying to drain wallets. Why I am so sure: they posted several airdrops with a fake Luminex link, where even the real Luminex account warned the people in the comments to not follow the link. So please be careful here. Analyse of the name of the “ZZZZZ.fehu.ZZZZZ” Rune: A RUNE is a letter in a set of related alphabets known as runic alphabets native to the Germanic peoples (source: wikipedia). FEHU ⟨ᚠ⟩ means wealth. And if you consider that the creator of Rune #1 seems to have put some thought into the name of the rune, then also the 10 Z have meaning. Z is also a letter in the Rune alphabet: (ᛉ). It symbolizes protection. Fehu being embedded in several layers of protection. So a perfect narrative for the first rune in the Bitcoin ecosystem, don't you think? So why putting so much thought into the creation of the first Rune and the way it was distributed to just scam people until now. No, there must be more to it. As Rune Alpha already pointed out: to secure Rune #1 you need to be clever and need to know how the blockchain works. So I was intrigued and wanted to know more about it. Let's forget about these scammers on X for now. And focus on the Rune itself: During Bitcoin Asia, I've asked several OGs that are heavily involved in Runes now about the potential story of #1. Nearly nobody had it on the radar or gave the narrative a second thought. After all, Runes are just new. People try to handle (e.g. market places) and play around with them. So I was curious and did some more digging: Rune etching and distribution: Follow the money, people say, right? So I tried to do that: First, I followed the etching of the ZZZZZ.fehu.ZZZZZ rune. After etching, 99% of the supply was sent to several wallets before ending up in a wallet, where also a lot of other Runes are currently held. There is also a full supply of Runes with similar names, like ZZZZZ.fehu.ZZZZZ (6 Zs in the end) and some Runes that are literally called "Meme". So I first thought: Scam. But checking all other coins, the etching of some of them just cost small money ($20). For somebody who moved 21 BTC for the etching process of Rune #1: pennies. And if you are a Bitcoin OG and outrun cyberkongz to be Rune #1 then you also probably play around with this new way of etching Runes. So I guess somebody had fun playing around with names and distracting the community a bit. In the wallet, I also found a weird Rune with the name: RUNE•MAXIMALIST. First, I gave this Rune no second thought. I kept in mind that Rune Alpha suggested that maybe the actors behind ZZZZZ.fehu.ZZZZZ bought slowly and quietly some of the existing 1% of the supply from the market. The supply that was up for mint. And was minted out fast and sold on official market places later. So I checked the current top holders. Top Holders of ZZZZZ.fehu.ZZZZZ and their potential connection: [For the following, keep in mind that the Rune price dropped from max $150 on April 20th (day of Bitcoin halving) to $12 on April 22nd] After the holder of 99% of the supply: 110,000,00, there are the first three following holders (wallets) that stand out: Wallet no 2.: holds 12,916 Runes (about 0.01% of the current supply) (at $20 market price abt. $250,000.-) - bought slowly starting from April 26th Wallet no 3.: holds 11,506 Runes - bought most of it in one go on May 7th Wallet no 4.: holds 10,800 Runes - bought starting from April 23rd in many transactions I noticed something strange in all these wallets: all of them are holding either 1k or 2k of the Rune that I have never heard of before: RUNE•MAXIMALIST. So the same Rune that also the 99% holder holds. [for the record: top wallet 5 (7k) and 6 (7k) don't hold it] RUNE•MAXIMALIST It's weird isn't it? - the wallet holder of 99% of the supply of ZZZZZ.fehu.ZZZZZ holds an unknown Rune, same as the following top 3 holders? So I checked RUNE•MAXIMALIST a bit closer. This Rune was etched on April 25th. A max supply of 3.6m. Only below 4% have been minted so far. Actually, this Rune was only minted two times yet. All from only two wallets/holders. But this Rune has 45 holders! Again: weird. I took a closer look at the wallet that etched this Rune. And voila: the person who etched the Rune has actually sent the Rune to the top 3 wallets (pre-mine) and 29 other wallets. To add the icing on the cake: from these 30 wallets, six wallets bought ZZZZZ.Fehu.ZZZZZ (200, 16, 1878, 3160, 2975, 6234) after Bitcoin halving. Some of these Runix Maximalist holders also hold: "Caseys Mom has got it going" and many other Runes that make it clear: Conclusion: 1. the 99% supply holder and the top 3 holders know each other or are the same person (latter, I doubt due to the different buying behavior) 2. they are probably a group of BTC OGs from USA 3. have a weird sense of humor like me and like a good narrative 4. potentially know Casey Rodarmor on a good level So I believe that the real story about Rune #1 is about to begin in a short time. From the presented scenarios from Rune Alpha, only scenario 1 makes sense: 99% of the outstanding supply will be burned soon. Leaving only 1% of the initial supply left in the market. By doing that, they would build up a perfect story that could help this Rune to become the future gold standard of all Runes. I personally believe, this strategy is actually for the greater good of all future Rune projects and vital for the future of Runes in the blockchain ecosystem. Being more than just a Meme Token on the BTC blockchain. On top, the three top holders would hold around 1% of the future total supply, which is healthy for the long-term health of the Rune itself because it does not give one person ultimate power (often the issue with Meme Coins) sharing the original idea of Satoshi Nakamoto. Another sweet side effect: with ETH and SOL tokens, CEX like Binance and Coinbase are holding a major supply of the coins. So far, none of the CEX has made it officially into Rune trading. If that plays out, the majority of Runes would be in the hands of early adopters. Also a perfect narrative for OGs. So chapeau to the creators. I like a good narrative, so I took the time to go through all of it. But before you all jump on this Rune. Please consider the risks involved and also prepare for the other scenarios that were described by Nighguy and Rune Alpha that would highly reduce the current market value of the Rune. Thanks to @thenighguy and @AltCoinSpec for firing up my curiosity. I have the feeling that we will be enlightened about the story behind this Rune soon. Wouldn’t be shocked if the creator choses May 20th or 22nd as the perfect date for that. I am still young in the market, so that I couldn't exclude zk_shark on this. Having been on the Bitcoin Asia and Ordinals, I listened to some people that would fit to all the criteria to pull off this stunt. I won't share the names because I still believe that I should not reveal the whole magic trick. At least I hope so. It likely takes some time until these findings will be seen by the majority. Until then, I am certain that we will be part of something great. I love the play. Because it's not purely about making money. It's about building a legacy. A story that can last for centuries and helps the whole blockchain in the long run. Again chapeau, guys. - None of this is Financial Advice / Do your own research / Good Luck - Wallet address of the holder of 99% of the supply: bc1qvkgqw3lvl53ehlulq6sv2tmds2yhdtvvqf3k57 Top three holders after that: No. 1: bc1pdmsh20st6xlzclyl9tu7agzyh940k93jxuzg0dq9cgzvj9knzf2s40crp9 No. 2: bc1pz07zqse500cdgxjj0hgtdan7l0xsee5w9n3e2sual5kyncszqhyqvt9f6u No. 3: bc1ph0057nc25ka94z8ydg43j8tnnp38u3hxpadutnt4n3jyfrmjzmcqw99mk2 Rune transaction history Rune Maximalist: https://ordiscan.com/rune/RUNEMAXIMALIST >>data based on May 16th 2024 If the Ordinal holding this information will be bought by somebody, all earning will be donated to Open Ordinals Institute (@ordinalsorg). A non-profit organization that helps people using the Ordinal protocol. I was lucky to meet Erin (@realizingerin) at Oridnals Asia, who is part of the team. She was the only person that mentioned a non-profit organization during Bitcoin Asia and Ordinals Asia. It impressed me since the majority of attendees was mostly interested in the money making aspect of Bitcoin. Only a few had a higher technical focus or pointed out the core values of this blockchain. Something that I’d expected to hear more prior coming to the event. On top, I believe that this institute helps many people to use this wonderful, not yet fully explored, protocol on the Bitcoin blockchain. So I am more than happy to support this project. Copyright @ faxaver