The projective invariants of ordered points on the line

The space of n (ordered) points on the projective line, modulo automorphisms of the line, is one of the most important and classical examples of an invariant theory quotient, and is one of the first examples given in any course. Generators for the ring of invariants have been known since the end of the nineteenth century, but the question of the relations has remained surprisingly open, and it was not even known that the relations have bounded degree. We show that the ideal of relations is generated in degree at most four, and give an explicit description of the generators. The result holds for arbitrary weighting of the points. If all the weights are even (e.g. in the case of equal weight for odd n), we show that the ideal of relations is generated by quadrics. The proof is by degenerating the moduli space to a toric variety, and following an enlarged set of generators through this degeneration.