Butts by Dre.
Available soon in the Buttcoin store.
Reddit spends more money on managing bitcoin transactions than it actually receives
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.
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!
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
May he forever get watery, overpriced drinks.
We must secure the existence of Bitcoin
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
Even Newegg loves Buttcoin!
Newegg knows their target market, making sure to mention bitcoins in their product specs. They also cater to our readers here at Buttcoin.org by mentioning butts! So build yourself an SLI system and let some coins fall out of your butt today.
The cargo cult of Bitcoin
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.
Works better than most ASIC rigs and all GPU miners
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
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.