Some choice readings from the writeup, thanks to SA‘s terrifying Bitcoin robot,�…!, followed by translations for us regular folk:

As the Sponsor and its management have no history of operating an investment vehicle like the Trust, their experience may be inadequate or unsuitable to manage the Trust.

Translation: We, the absurdly named Winklevoss twins, have no idea what the fuck we are doing here.

The loss or destruction of a private key required to access a Bitcoin may be irreversible. The Trust�s loss of access to its private keys or its experience of a data loss relating to the Trust�s Bitcoins could adversely affect an investment in the Shares.

Translation: Oops we deleted our wallet.dat/reset the Amazon servers/forgot our password!

Political or economic crises may motivate large-scale sales of Bitcoins, which could result in a reduction in the Blended Bitcoin Price and adversely affect an investment in the Shares.

Translation: Some idiot will shout “Cyprus!” and the price will swing wildly.

It may be illegal now, or in the future, to acquire, own, hold, sell or use Bitcoins in one or more countries, and ownership of, holding or trading in Shares may also be considered illegal and subject to sanction.

Translation: The US government is cracking down on Bitcoin because all it’s really used for is to buy drugs and underage porn.

Shareholders cannot be assured of the Sponsor�s continued services, the discontinuance of which may be detrimental to the Trust.

Translation: We very well may just take the money and run.

The reviews thus far are mixed. Wait, no they aren’t:

http://twitter.com/SSVa_Raven/status/352135242380873728

Goons are mostly amused

Redditors are suspicious

Sneak knows what’s actually going on

It is, of course, reddit, so this guy is totally wrong.

Even some of the True Believers at Bitcointalk are not so thrilled:

Not pictured: the worthless bits stuck to the toilet paper

Even actual money news people are critical and skeptical.

Do not give your money to anybody named “Winklevoss,” especially if they’re offering you Bitcoins in return.

The post The Winklevoss Bitcoin Trust appeared first on Buttcoin Foundation.

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

The post The cargo cult of Bitcoin appeared first on Buttcoin Foundation.

The thread in question is here on MetaFilter, wherein a Bitcoiner posts a link to the Bitcoiner blog inexplicably hosted on Forbes’ website. And we’re sure “FreeToEvolve” would gladly pay to join in the discussion if they accepted his favorite Ron Paul Funbux instead of filthy fiat Dollars.

The post Bitcoin: Why do you hate freedom? appeared first on Buttcoin Foundation.

The post Bruce Wagner ADMITS to the hacking of MyBitcoin.com appeared first on Buttcoin Foundation.

From: David

Subject: mt.gox hack 2day

Message Body:

i know the guys who hacked into mt.gox and dumped the data today. they released about 60k usernames/passes (hashed), but say they are hanging on to the good stuff for now, preparing for another major crash (without correction this time they say)

these guys aren’t lulsec or anon, think bigger picture, esp. in an unreg market like bitcoins

He sent me a link to a manafesto from Lionhat Security, who taunts the lead developer storing US customer info overseas and who’s previous experience includes iPhone applications.

Text version:

Another release from lionhat security

bitcoin sure has come a long way lately? people moving their life savings around, putting it all in mtgox. well you saw what happened the other day what we were able to acquire from them. maybe you shouldn’t have trusted an 18 year old whose credentials include an iphone soundboard app with your offsite servers. also, shouldn’t he have been paying attention to transactions instead of attending anime conventions?

well, good luck with the mining and all, we’re halfway there with the next black fridayQQ
so throw a few coins our way and we’ll give you a little preview of what we have in store next in addition to some more goodies we got from the last hack

1A35CqoJwzsBAa8ytyEQk7592avWKuBeJ
— lionhat security –�in kimshe we trust

They included a bitcoin block link so maybe they’re looking to cash in on the same penny BTC action from today, who knows.

Remember, if you have any tips feel free to contact me

The post Lionhat Security takes claim for Mt. Gox hack and user dump, taunts owners and promises next black friday. appeared first on Buttcoin Foundation.

It’s 1929 but in a nanosecond.

The post Holy shit look at this bitcoin crash graph appeared first on Buttcoin Foundation.

Actually, we didn’t do jack shit, we’re just a humorous blog on the internet.

His point about telling me that oil didn’t crash and then showing a graph where oil crashed is just ripe to be explored further, but unfortunately the bitcoin site has limited discussion of anything bitcoin related to the “old miners” now. Newbies are no longer welcome in the world of buttcoin.

EDIT: I just noticed he’s trying to prove oil didin’t crash in the 80’s by showing me a graph of oil dropping in 2008. What a useless bag of hot air. How about a new graph you sack of shit.

Does that giant spike look like anything to you? IT’S A FUCKING BUBBLE AND CRASH

The post We did it guys, we caused the bitcoin crash! appeared first on Buttcoin Foundation.

Someone decides they want to be an internet million, sells off 135k of bitcoins, becoming a millionaire off the backs of broke nerds.

What happens when you place a sell order that large in a market that volitile? It drops like a fucking rock.

Woah, nelly. And it seems to be dropping and dropping more and more every minute.

The currency of the future!

BTW Mt. Gox stands for “Magic the Gathering online exchange”. That is the larget bitcoin marketplace, a discarded MtG site.

The post The buttcoin crash begins appeared first on Buttcoin Foundation.