Buttcoin

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Buttcoin is the future of online butts. Buttcoin is a peer-to-peer butt. Peer-to-peer means that no central authority issues new butts or tracks butts.

A community for hurling ordure at cryptocurrency/blockchain dweebs of all sorts. We are only here for debate as long as it amuses us. Meme stocks are also on topic.

founded 11 months ago

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dgerard@awful.systems

Bitcoin goes up, so it must come down. What goes into the price of BTC? (amycastor.com)

submitted 8 months ago by dgerard@awful.systems to c/buttcoin@awful.systems

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[–] mii@awful.systems 9 points 8 months ago* (last edited 8 months ago) (1 children)

Meanwhile, Tether has printed 11 billion tethers just since the start of 2024. It’s at 103 billion tethers and counting.

We suspect the tethers are being printed out of thin air and accounted as loans — the fresh USDT is “backed” by the loan itself.

I am not a financial expert by any means, so maybe I'm totally missing something here, but I really do not understand how Tether isn't the most obvious scam of all time.

It feels like the type of scheme a high schooler would come up with and call it an "infinite money glitch" while patting themselves on the back for just outsmarting Warren Buffett.

[–] self@awful.systems 9 points 8 months ago

It feels like the type of scheme a high schooler would come up with and call it an “infinite money glitch” while patting themselves on the back for just outsmarting Warren Buffett.

having met far too many bitcoiners: yes, it’s exactly this

[–] swlabr@awful.systems 8 points 8 months ago

Remember that after Binance got hit with the compliance hammer, traders’ details are no longer safe from US anti-money-laundering agencies.

What I like about this is that it contains multitudes. Specifically I like the multitude where libertarians thought BTC would deliver them from government scrutiny/taxes but failed to understand, well, everything.

[–] corbin@awful.systems 6 points 8 months ago

This is part of why I never got into mining BTC. Even if I have a decent business plan and I can afford all of the externalities, I'd still be profiting almost entirely from the bad choices of retail investors. (And isn't "retail investor" such a nasty euphemism?)