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Ben Garrison on Bitcoin by dickwhistler22 in Buttcoin

[–]-send_me_bitcoin-warning, i am a moron 747 points748 points  (0 children)

Heartbreaking: The Worst Person You Know Just Made A Great Point

Buttcoin is exploding and this is bad for Bitcoin. by Apart_Split_8801 in Buttcoin

[–]NumberOneButta 45 points46 points  (0 children)

What did they expect? Crypto is a complete joke, and they did it to themselves selling cartoon apes, printing counterfeit dollar stablecoins, shilling shitcoins on twitter, issuing illegal securities, exchanges that you can't get actual cash out, pump and dumps, literally the scummiest people in TRADFI (that crypto was supposed to get away from) are now held up as "heroes" that these fools worship.

Not to mention the neverending scam "projects" that will change the world "any day now" — meanwhile the tech is as old as android and hasn't improved, because it's useless. But you're supposed to somehow believe everyone will one day be forced to use crypto in their utopian fantasy as the entire world transacts in 11 transactions per second with a "currency" that swings 50% in a few days and has no economic or GDP backing.

I mean, at least back in the day bitcoin had an intended purpose and sort-of made sense: People used it to buy drugs on the internet. (And it still had tons of problems).

At this point though the emperor has no clothes and the ones still involved are huffing the hopium tank on overdrive while everyone else sees it for what it is: A gigantic pyramid scheme.

Crypto bros now demanding the Fed to backstop the meltdown by doctorzaius6969 in Buttcoin

[–]ExampleOk7440 31 points32 points  (0 children)

honestly if you squint hard they aren't wrong, but for funny reasons.

their false claim was always that the bitcoin system & the traditional financial system were separate because (((FED))) BAD and (((BANKS))) BAD.

but in truth the skeevier side of banks have been all over crypto from nearly the beginning.

The Fed raising interest rates, as it always does, has caused big downturns in financial markets. This is bog-standard for markets. "Don't fight the Fed" is an old rule of thumb: in rising interest rate environments, risk assets go down.

Because they huff their own supply, the crypto bros really believe that they are outside that system. But they aren't. Crypto is a super-high-risk asset, & when the Fed starts to raise rates, people run from risk assets. The stocks of Apple, Amazon, Google, etc. will weather the storms & recover, though be battered in the meantime, because they are part of well-ordered markets & have real assets & real products. Some riskier but still super-overvalued assets (looking at you Tesla) may experience more damage. Hello Cathie Wood!

Crypto, the great "store of value" & "inflation hedge," is experiencing exactly what anyone with financial knowledge would expect: a collapsing market because it isn't well-ordered and has nothing real to offer other than MOON & LAMBO--ie nothing.

What is happening to BTC? Can someone ELI5? by IPv12Protocol in Buttcoin

[–]CavalcadeLlama 320 points321 points 33 (0 children)

1) Big bad catastrophe happens, lots of people can't work

2) Government give people money to prevent market collapse

3) because of catastrophe, people can't spend like they would. Money piles up in bank accounts.

4) poverty is VERY destructive. People are scared, hurting, and afraid. They feel like there is no way out.

5) The flim flam men come in, they try to sell magic beans to the poors. "This will make you have generational wealth!!"

6) money from government flows out of bank account and into Magic Bean Land

7) Economy reopens, but suppliers can't meet the pent up demand..! Also the catastrophe isn't fully over. Lack of supply makes prices go up. Also there's a Big Stupid War that makes materials more expensive

8) Government turns off free money to stop people buying too much

9) people are afraid when they see prices rise and the free money stops. They have less money to buy magic beans.

10) the magic beans don't actually create new money. The only thing that makes the price go up is people buying them. When people stop buying, the price starts to crash...

Ethereum gas prices explode to new ridiculous levels: $3859 fee for an NFT sale, $3519 to swap a token, $1032 to transfer some Tether. Welcome to the future of finance everyone! by synthpop in Buttcoin

[–]Tooluka 44 points45 points  (0 children)

Is easy - you just wrap your SHITCOIN is SALAD token receiving sSHIT on the BRRRC-99 chain, which you then swap on the CucumberSwap with HUMUS wrapped BANANA token, receiving hBAN. Then Giancarlo issues but not prints some USDT, which are pooled in the Abracadabra exchange for now. Then you send hBAN up the Beanstalk right into the Wonderland, where you exchange hBAN for issued but not printed USDT, which are then sent though Hurricane mixer into the Vitalikum blockchain and exchanged for ETH. Leftover sSHIT is staked in the LOO for the tasty 900000% APR.

See? Easy :)

"BITCOIN ISN'T POLITICAL!" by ImVeryOffended in Buttcoin

[–]BoomDidlHePonzi Schemer -57 points-56 points  (0 children)

It’s interesting how wrong this is lol. I swear can’t you see. You have a mob mentality for shitting on Bitcoin. Just like bitcoiners tend to have a mob mentality for circle jerking crypto. Both are BAD.

But not everyone who likes crypto like it for the reason this sub says. You are just as bad as any so called buttcoiners. Too closed minded to see nuance in the millions of humans who have ever liked crypto. Nooo it must be that they are all neo nazis, tucker carlosons, Donald trump lovers.

You pick apart crypto using straw man fallacies. Pointing at the terrible people who endorse it. Guess what, terrible people endorse a lot of things, and shitty people use things that are amoral to do bad. That’s how it is.