Buttcoin
Reddit spends more money on managing bitcoin transactions than it actually receives
Buttcoin crash, fail, lose, reddit 0 Comment
So much for the Reddit Grand Experiment in bitcoins. Reddit CEO Yishan just announced the monetary stats for accepting payments of Reddit Gold in bitcoins and it’s not good.
So much for that. Reddit is spending more money on people to police the currency than actual bitcoins received. A whopping 2%, what a model for the exploding bitcoin ecosystem.
Grab your popcorn, bitcoin approaches $50 in the middle of a runaway expanding bubble and when it pops it’s going to get ugly.
Buttcoin bitcoin, bubble, crash, idiots, pop, speculation 21 Comments
EDIT: It’s crashing now, watch it live here.
If you haven’t heard, bitcoin surpassed it’s previous high of $32 and is very rapidly approaching $50. There really isn’t any reason for the rally over the past week or so besides Kim Dotcom saying he wants a bitcoin credit card for his illegal file sharing service and some dude from the Pirate Bay saying he expects Bitcoins to reach $100,000.
Look at this crazy graph that’s totally normal and sane for a stable currency.
This is not normal. THIS IS NOT NORMAL YOU IDIOTS.
Here’s the recent bubble overlaid over the last bubble.
We’re a few days away from a repeat of the last crash, and it’s gonna be just as bad this time.
Remember when you were a kid, playing with Lego? And you tried to build a giant Lego tower, but you didn’t build a base for it, just stacked Lego on top of Lego until it was all wobbly and fell over.
Let’s look at the volatility over the past hour as bitcoin reaches it’s unsustainable peak and tumbles down.
Wild spikes of a dollar or more, this is the currency of the future folks.
So grab your popcorn folks, it’s about to get REAL good!
Buttcoin Reader Douche.. er, Mailbag of the Month!
Buttcoin comment, dumb, fedora, holy jesus., libertarian, mailbag, reader 1 Comment
I got a new comment on my “What are Buttcoins?” page that I think needs a little attention.
Congratulations user “random4925” from sunny Cebu City, Philippines, you’re our Buttcoin Reader DoucheMailbag of the Month!
So basically it turns out that a currency backed not by coercion but by voluntary trade is much stronger and valuable. The only reason the dollar is backed by violence is that some people feel they have a right to purchasing stuff even though they don’t produce anything and that the only way they can full fill this wet dream is by forcing the people who produce to use a specific currency. I have a big surprise to you: If the producers had free choice what currency they could sell their produce in they would not chose USD. They would chose a currency free of coercion. Which is exactly why bitcoin is exploding, all sorts of trade and work is nominated in bitcoins and it grows every day. Just like the internet revolutionized communication bitcoins will revolutionize finance. The main reason the internet have been so insanely successful and has grown so fast is because it is literally without any rules or regulation. Bitcoins are the exact same thing for finance. In just two years we have seen a reinvention of forex, stock exchange, futures marked and whatnot done by nerds without filling out a single form. I would prefer anarchy over statism, it is clearly less violent and better organized. There is a major incentive from every productive individual in society to use peaceful currencies.
Congrats again “random4925“, we’ve sent you a libertarian-approved fedora as our “Tip of the Hat” award for your insightful comment.
Lookin’ sharp!
Don’t be this guy
killhamster bitcoin, buttcoin, funny, money, terrible 0 Comment
May he forever get watery, overpriced drinks.
We must secure the existence of Bitcoin
killhamster bitcoin, buttcoin, racism, terrible 2 Comments
It has recently come to my attention that white power hate powerhouse Stormfront.org is running out of cash and has resorted to a sad fundraiser in order to support their odious website and terrible forums. What can we do to help them in their continuing quest to preserve their racial “purity” and live in bunkers full of canned food and ammunition?
Loosen up your wallets, True Believers, let’s gather together and tell Don Black all about Bitcoin! Just imagine, the Currency of the Future
The cargo cult of Bitcoin
killhamster banking, bitcoin, buttcoin, market, scam, security 5 Comments
To understand the phenomena surrounding the illustrious Bitcoin, one has to first understand the original cargo cults that sprang up in post-WWII Melanesia and similar Pacific islands. Essentially, Japanese and Allied soldiers were stationed on the island, bringing with them all manner of supplies, from food to clothes to vehicles and more, and shared a bit of these with the native islanders, who, due to a lack of missionaries present in a warzone, weren’t informed of the reason behind this sudden flurry of wealth.
After the war ended and forces withdrew, cults developed on the islands; leaders promised their followers a return of the wealth and benefactors. People imitated the now-gone soldiers in dress and behavior, and constructed elaborate life-size replicas of things such as planes, Jeeps, air traffic control towers, runways, and more. It was believed that these items and mimicking the troops’ drills and behavior would bring back the planes and materiel, and that the various forces who were stationed on the islands were related to either deities or ancestors, and used this power to bring great wealth.
Bitcoin operates in a similar fashion. Take, for example, institutions like the NYSE, NASDAQ, IPOs, and large banks. Buttcoiners see these systems and want their toy
Known haven for pedophiles, racists, and misogynists now accepting Bitcoin as payment for subscriptions
killhamster buttcoin, fraud, reddit, terrible 33 Comments
Reddit, bastion of free speech (as long as it’s speech with which they agree,) is now accepting payment for their pointless “Reddit Gold” service through Buttcoin processor Coinbase.
Of course, reddit CEO Yishan Wong has clarified that they don’t really accept buttcoins, but instead rely on another company to convert them into real money that a major company can use and report on tax records.
Inquiries on when reddit will be accepting Monopoly bills, chocolate coins, and replica Confederate dollars have gone unanswered.
How to ruin your credit, declare bankruptcy and lose your family’s entire retirement nest egg in one easy step: Bitcoins!
Buttcoin bad, bankrupt, debt, invest, investing, reddit, sad 5 Comments
Ohh boy, sometimes the best things happen outside of the insanity that is the BitcoinTalk forums. Today we’re looking at a very bad and very sad post over on Reddit. Some chump has decided the best course to secure his entire family’s future was to put his entire retirement savings into Bitcoins.
Read this part again and let it sink in how horrible an idea this is:
I am not a wealthy man. I am actually quite poor and have a lot of student loan debt. But I have good credit. I have applied for, and received over $30,000 USD in credit card 0% balance transfer cash, which I have slowly been investing in bitcoin for the past two months. I started when it was $14/BTC. At this second, it is $25.10/BTC. I have invested some of it in satoshidice, and the rest will be stored in an offline wallet.
He’s borrowing from his credit cards in order to “invest” some BTC into an online casino and some into a regular wallet file, hoping the currency increases in value forever.
You have to read the entire post to get the full extent of the tragedy here. It’s not some college kid who got too much credit. This guy is not young, he has a family, and he’s already in debt. He has not only bet everything his family has and more on Bitcoin, but he’s also of the mindset that whatever he put into SatoshiDice is an “investment”.
Some people on Reddit have expressed their concerns over his plan. He promptly waives off all their concerns because since it’s on a credit card, it’s not his money so it’s “not his problem”.
Plenty of people agree with him.
And what happens if the credit card companies won’t be so nice to him? Well, exactly what any true libertarian would say: the government will bail me out!