/r/Buttcoin
ButtCoin. It's a scam. At least we're honest about it!
Join this discord to chat: https://discord.gg/sEKCFCegp7
This is not /r/Bitcoin. This is /r/Buttcoin!
Buttcoin is a peer-to-peer butt. Peer-to-peer means that no central authority issues new butts or tracks butts. These tasks are managed collectively by the network. It’s like a bitcoin, but with butts instead.
Also consider joining us at these places:
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Mastodon: List of crypto-critical influencers to follow
Kbin: https://kbin.social/m/Buttcoin
Squabbles: https://squabbles.io/s/Buttcoin
Beehaw: https://beehaw.org/c/Buttcoin@kbin.social
Additional Rational Resources on Crypto/Tech:
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See also: Why was I banned from r/buttcoin - (Hint: not because we disagree)
/r/Buttcoin
Few.
Have any of you tried deploying your own node? Or looking into the sha 256 algorithm? Or just looked deeper into why bitcoin might just be more than a Ponzi scheme and a valuable piece of technology? Or do you just enjoy being ignorant. I’m taking about bitcoin not the rest of scammy crypto
I've been trying to understand why do we have a sudden Bitcoin price raise in 2024 and I can't find any good basis for it.
1) Retail and general crowd doesn't seem to be interested in Crypto after previous bull run.
While Binance has slightly increased traffic, the amount is incomparable to a previous bull run
2) Exchanges inflow / outflow is declining
In comparison to a previous bull run, when there was clear increase in Exchanges BTC in and out flows.
This cycle I can only see a steady decline in both flows with no correlation to BTC price.
3) BTC On-Chain token transfer flow is all time low
Since previous market crash, the amount of daily transferred tokens is very low and has no correlation with BTC price. Which can be treated as an indication that people don't transfer BTC anymore
4) BTC ETFs volume had an increase, but the size is incomparable to increased BTC Market Cap
While we do see some institutional interest in BTC, total managed ETF size has increased from $30B to $60B since January, which is incomparable to $400B -> $1.3T BTC Market Cap increase
While we see a steady decline in public interest, we also see a huge increase in BTC Market Cap since the last year. Personally, I can only see 2 reasons why BTC had a big rally this year.
Possible explanation #1 - futures gambling
BTC has lost its utility and became a gambling instrument for short term futures traders. While the amount of transferred tokens is low, we can see a significant increase in Open Interest on BTC Futures market, and BTC price has significant correlation with futures trading volume
Possible explanation #2 - new USDT is printed every day to buy and be backed by BTC
BTC is mostly traded against USDT. While we see a steady increase of USDT Market Cap over this year, we don't see same increase in USDT daily transferred amount.
We also see a decline in USDC Market Cap since previous bull run
Additionally to that, we can see that Bitfinex (a sister company to USDT) exchange has a very large pool of BTC in the exchange, which is incomparable to their daily traded volume
Conclusion
While we see a steady decline in crypto interest in retail market, but we also see a new ATH and a very large Market Capitalization.
One possible explanation could be a switch from Spot to Futures market, where average crypto investor can gamble away their capital utilizing the power of margin.
Another possible explanation is USDT to USD 1:1 rate is a myth, new USDT is being printed to both buy and elevate BTC price to eventually use new investors attracted by high returns as exit liquidity, increasing negative outlook of crypto in general.
Very curious what do you guys think about it?
Hey guys,
First time posting here, but I just saw something interesting.
So my country confiscated 200,000+ Bitcoins from fraudsters/criminals in 2017 (it was from a single organization as far as I know lol). It was a massive sum back then as well but today it is worth around $14bn which is an out of this world amount for Bulgaria, our whole country GDP is barely $90bn. Currently, there’s news of talks in the government that they want to use it to cover our f*ckin’ budget deficit! Imagine using this thing… as far as I know them they would probably be scammed themselves some how having in mind how shady this thing is or lose them somehow.
However, my question is if that amount suddenly floods and is sold, how will that affect markets?
I found that whole offer is totally fake ! Some of the photos are stolen from various sites offering a real cars. In case there was some kind of name/brand of auto dealer they cut the photo or blur it to not be recognized. So I can assume ... no Rolls Royce for buttcoins today ...
I found a site bitcars eu ... They claim they can sell luxury cars for bitcoins... I've decided to check this out. I contacted them TWICE in longer time period and claimed that i was insterested in some of their cars... Nobody never even responded to me... Is everything related to buttcoin fake ?
Imagine waking up in the middle of the night and seeing your shitcoins are down 70%
So after 5 years of crypto investing I've finally exited all my positions.
I got in early when my mate introduced me when the price was sub 10k and we'd often chat about the price breaking 10k and would have a lot of banter and meme based chat about it.
This led to me investing for years into the industry and to be honest I brainwashed myself into thinking that this tech had genuine utility - for a while it looked like this might be the case and I genuinely thought that at one point I might be able to buy a house/ car with my bitcoin.
However, as we have all realised there is absolute 0 utility for this technology. Truly useful technology doesn't need to hunt for a problem to solve - it just solves a problem, and frankly by this point if crypto isn't being used it proves (after decades) its just a Ponzi (as people in this sub have realised).
I felt compelled to make a post as I actually feel bad for the people I sold to - the greater fool theory rings true as perhaps at the other end of my transaction there will be someone with hopes and dreams of turning that bitcoin into a house or car, which of course it won't.
I decided at the current price after the bull run, the difference in my life would be minimal even if it reached 100k, 200k and even at 1 mill it be a soulless lottery win (pure greed and speculation). I hope someone else in a similar situation might see this and understand that cold hard profits landing in your account taste a lot better than the fake dream money that crypto promises.
I feel lucky to be on the right side of this, but damn there will be tonne of people on the wrong side when it all comes crashing down (I predict a Tether capitulation to be the catalyst) which I truly feel for.
Stay safe!
where the leprechaun?
I like art gallery exhibitions, especially openings as they give you free booze while you're walking round.
In this one, you just get a link to a jpeg of a glass of wine!
This is in Bermuda where some people are still desperately trying to cling to this whole shitshow as being a valid leg of our economy. It's still 2021 here!
Bitcoin has no purpose, has no value in the real world, bla bla bla...
Well...
pension funds started invest bitcoin, corporations started invest in bitcoin, in few month, bitcoin will probably be legal tender in Surinam... ho do you guys cope here?
Here’s my theory: Tether is in fact (as Paolo says) cooperating with multinational law enforcement, and multiple large governments are supporting the ongoing printing of unbacked tethers with a goal of creating an entire monetary ecosystem for international criminal enterprises.
In the short term this is obviously bad as many people get scammed and lose a lot of money, and the crime lords thrive. However, in the long run if crime runs almost solely on tethers with minimal USD or Yuan or other currency exchanges for everyday operations, etc., the bad guys get complacent thinking Tether is the crime currency of the future, then there’s an opening to seriously damage their financial standing.
International governments, working together, can step in, prove that tether is unbacked, and crash the entire crypto ecosystem, simultaneously screwing over cryptobros, instantaneously depleting criminal war chests, and generally making the world a happier place to live in.
Sadly, I don’t think any of this is actually happening, but I would love to see this whole disaster have a noble purpose in the end.
Has anyone here considered how “real” the “new” Bitcoin ETF money was that hit in Q1? For example with Millennium’s 13F filing showing 2B in spot Bitcoin ETFs, that’s a massive number. Is it possible that whales simply bought their own Bitcoin through the ETFs (for example they would be new limited partners in a Millennium fund dedicated to buying spot ETFs) to show traction / volume? Not possible for the Wisconsin pension fund but the 2B figure is quite staggering and surprising.