Topic: The buttcoin reddit (Read 386 times)

Ah that freakin sub. I was looking for anti-bitcoin communities in the past just to read about the views of skeptics on bitcoin, but everytime I read some replies on that subreddit I get triggered. So much false information on that sub. I mean, I get it that some people are skeptical about bitcoin, and there's definitely nothing wrong with that. People on that sub though? Yikes. Just straight-off hate.

Valid criticisms on that subreddit is very rare in my opinion.

It started with buttcoin.org:

https://web.archive.org/web/20110608015104/http://buttcoin.org:80/
https://web.archive.org/web/20111220225308/http://buttcoin.org:80/
https://web.archive.org/web/20140924154048/http://buttcoin.org/

There's some valid criticism on their subreddit, which can serve as a counterpoint to the overhype that is so prevalent in cryptoland, and then there are butthurt statists, who can't bear having missed out.

I agree. They want to get in.
Bitcoin is the asset with the biggest valuation in the last years, with almost no correlation to stocks or any other traditional investment.  
As it has no correlation, bitcoin can even reduce the risk of a portfolio, in small amounts.

As soon ETF  comes up, they are going to buy.

Anyone who ever said that Bitcoin can replace investment institutions doesn't even understand the most basic facts. Hedge funds, for instance, might be uniquely placed to kick off the first serious blow in a cryptocurrency financial "war": if a serious economic depression left such institutions as the only ones surviving with any capital, they could protect their assets (and their shareholders) by keeping substantial amounts of BTC as reserves, then simply refusing any asset appropriation orders made by courts or statutes.

The fact is that whether it's official or not, trade in Bitcoin by financial institutions will be the beginning of the end for central bank currencies. These institutions are the living embodiment of private sovereignty, and if given he opportunity to take more sovereignty, they will take it. We can safely assume that they're pushing pretty hard for a legal argument to be legally able to hold and trade BTC, and that they're determined to get the timing just right so that they can accumulate as much as possible before that happens (as that event will of course send BTC very high in the short term)

None of the above alters the fact that banks and governments will be screwed in such a situation, which is what anyone sensible has been saying will be the most significant effect of a cryptocurrency dominant world. Stocks, shares and property are valuable assets in just about any economic climate. Debt and currency issuance are very precarious when an entire monetary system is changed.

I disagree. This meme points out a very strong contradiction in the bitcoin community.

ETF approval will bring institutional money (Banks, pension funds, hedge funds, etc... ) to bitcoin.
Once it is approved the price will reach new highs. We are talking about trillions of dollars.

Everyone knows that.

Most of the investors out there want it to be approved, because they just want to make money.

However, most of these same investors say that bankers are dying, that they failed, that we don´t need them, blablabla (like you just did).

but you would sell your BTC for 100.000 to a "useless institution"? In fact, pension funds, hedge funds, etc are not useless, but whatever...

I really liked that meme, as I can feel this contradiction.

The underlying message of this "meme" is bullshit.

And to top it off, it's not even funny.

I don't care about institutional money, our whole business is cutting out these rent-seeking, monopoly forming useless institutions.

In fact I hope they never get to buy one cent of bitcoin before mass adoption.

I want them left out to the extent that their purchase power is so low, that they never enter the market and slowly die away.


Edit:

Ironically the biggest joke on the buttcoin subreddit are the posters themselves.

Their last project is trying to make a nocoiner coin to make fun of cryptocurrency.

Their entire intellectual capacity is not enough to launch an altcoin. These people never understood computer code. They are all pseudo intellectuals and their arguments are usually not worth as much as a copper plated zinc penny that is covered in dog turds inside a dirty sewer grate.

Lovely title "When you run out of stock pictures already used by other scam ICOs..."

I am really surprised that people fall for scams that are so cheap. There is no art, no professionalism... victim cannot even have the satisfaction of having been cheated with mastery.

It's always important to make sure you don't get caught up in the echochamber. People who spent some time looking at the information on /r/Buttcoin wouldn't have gotten caught up in the many scams that have taken place, Bitconnect or otherwise. Also good to know what the most passionate skeptics think.

Buttcoin has changed dramatically over the years...

In early years (think MtGox shutdown and prior) Bitcoin had plenty more issues and insecurity as to legal and societal standing. There was plenty more "bashing"  and rightfully so. Nowadays most of legitimate Buttcoin discussion revolves around exposing scammy practices and ICO shitcoins. Nothing wrong with that IMO, even a decent source for research.

Lol I liked this buttcoin

No offense but why are you visiting a low brow site like reddit?  They are like intellectual cro-magnons if you ask me, and if they want bitcoin to fail they've reinforced that fact.

There are a lot of skeptics of bitcoin who see it as a weird internet currency used by nerds and because it isn't backed by gold or some such thing, it has no value.  These people are looking at the market, waiting for a steep enough dip, to prove themselves correct.  And yeah, I have no doubt that a great number of them are jelly that they didn't get in in 2014 or earlier.  This goes with the territory.  Let them balk.

Buttcoin is fantastic, always entertaining. I don't care if they want Bitcoin to fail or just want to laugh at it. There is a lot of ridiculous shit in and around Bitcoin and they're doing a great job pointing it out.

Some got cheated and some where robbed.

Imagine being the poor son of a bitch that paid 20.000 usd for a bitcoin.

Anyways. If they predict bitcoins to zero then it will go to zero. Predictions always has some truth to it.

Ok this topic is a bit odd but I came across this subreddit called "buttcoin"  I've never seen  such a pessimistic view on bitcoin and cryptocurrency  like this. I don't know what their deal is but these people want bitcoin to fail BADLY  I think most of this stems from jealousy.  They are angry that they didn't invest before so now they want to see it fail.

Has anyone else been on this subreddit before and what are your thoughts?

https://www.reddit.com/r/Buttcoin/