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What is this place? (self.Buttcoin)

traderj0n が 投稿

Is this like r/wallstreetbets ?

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[–]zom-ponks 20 ポイント21 ポイント  (0子コメント)

No, it's more like Las Vegas where the slot machines pay out Comedy GoldTM at the slightest provocation.

Welcome to the funhouse!

[–]clubberin 16 ポイント17 ポイント  (7子コメント)

Hey there. Welcome. Can we get you anything? Sally, please bring our friend a tonic, would you? Thanks.

We're glad you could stop by. You may have heard the kids today talking about "hodling crypto" and "going moon". It's all the result of an amazing new get-rich-quick scheme called Bitcoin.

You see, a few years ago, this visionary who may or may not have been Satoshi theorized a way to essentially rip-off a bunch of people by getting them hooked on a completely unregulated and unused currency. And it worked. There are now hundreds of people and companies mining Bitcoin, trading Bitcoin, exchanging Bitcoin, holding Bitcoin, swapping the Bitcoin for other Bitcoin, moving that Bitcoin from one place to another to disassociate it from illegal actives. Really, all of the money laundering tactics you can think of. Oh, and some guy used it for gum or something. Really paranoid about the government knowing he bought gum. Oh, and drugs. Lots of drugs.

So we analyze the data of the Bitcoin market, its crypto-brethren, and provide reports as to market shifts, changes in value, and even the Satoshi Fun Youth League (SFYL). It's a wonderful group, all playing an incredibly stupid game, and unlike most public schools, nobody gets a trophy or a hug.

I hope you stick around. Enjoy the tonic.

[–]sietemeles 8 ポイント9 ポイント  (3子コメント)

What? NO CANAPES! This place sure has gone downhill since we gave Skully an executive key.

[–]clubberin 4 ポイント5 ポイント  (2子コメント)

He has been refusing to relinquish the hors d'oeuvres. Something about a new store of value.

[–]chrico031 5 ポイント6 ポイント  (0子コメント)

It's his new (PoS) Proof of Steak coin.

[–]zom-ponks 2 ポイント3 ポイント  (0子コメント)

Ooh, will it replace MackerelCoin?

[–]traderj0n[S] 5 ポイント6 ポイント  (0子コメント)

(👁 ͜ʖ👁)

[–]AltF 1 ポイント2 ポイント  (1子コメント)

Happy cake day!

[–]coinaday 13 ポイント14 ポイント  (1子コメント)

It's the other side of the coin. Anyone who isn't an absolute cultist for cryptocurrency is here, because they got banned from /r/bitcoin, or downvoted to hell, or just sick of the circlejerk.

There are people here who were miners back in the day and are cashing out into filthy fiat now while diversifying into comedy gold and popcorn; there's our resident academic uberskeptic; there are cultists trying to save the unconverted; and there are even altshills in deep cover.

It's like /r/cryptocurrency without the spam and with a sense of humor.

[–]traderj0n[S] 2 ポイント3 ポイント  (13子コメント)

I think I get this place. So what's the best crypto to buy?

[–]clubberin 8 ポイント9 ポイント  (0子コメント)

Legitimate answer: none, really. Especially with news of recent exchanges completely locking out customers.

Edit: To expand on that, there have been a lot of great write-ups about why crypto, in its current state, should be avoided. Quite a few of them are in thus forum alone, contributed by /u/jstolfi who also wrote a great response to the Winklevoss crypto ETF.

It also depends on your belief. If you see crypto as a true alternative currency, none of them are really accepted anywhere. And if you're looking for quick returns, the entry level has become so high that its hardly realistic.

[–]zom-ponks 7 ポイント8 ポイント  (4子コメント)

Honest answer here as well, in addition to /u/clubberin:

Doesn't matter which one, you can't trust the exchanges, you can't trust the software, you can't trust the community. So: none of them.

Suggestion: stay here for a while, be on the lookout for the acronym SFYL, which you'll see a lot, and see for yourself just how ridiculously easy it is to lose your cryptos.

Look up the sagas of Bitfinex, Bitstamp, Mt. Gox and Cryptsy (among countless others) just to see how "professional" these outfits are.

[–]clubberin 6 ポイント7 ポイント  (3子コメント)

Add to that, Coinbase has now been allegedly locking people out. As has Kraken.

The reality seems to be as soon as more than one person attempts to realize their gains and cash out, something happens. A system error. Invalid identification. With no regulation and no accountability there's no reason for the exchanges to not simply say "these are mine" and sell them.

Investing in crypto is easy. Cashing out, that'll cost you.

[–]zom-ponks 3 ポイント4 ポイント  (2子コメント)

Coinbase has now been allegedly locking people out. As has Kraken.

I'm hearing rumors (but just that, only rumors) that they have liquidity problems due to the bubble and people trying to cash out.

[–]clubberin 2 ポイント3 ポイント  (1子コメント)

That's what I'd assume it to be.

Someone has to buy in order for you to sell. I doubt the exchange is going to buy at $2500/btc. Or whatever it is today.

[–]JakeArrietaGrande 5 ポイント6 ポイント  (0子コメント)

It's like the quote- "If you watch the story of bitcoin in fast forward, it's a bunch of libertarians learning why financial regulations exist."

You can't really call it an exchange if you'll only sell bitcoin at that price.

[–]dgerard 4 ポイント5 ポイント  (0子コメント)

If you actually have a track record of success in e.g. daytrading, you may make it alive out of cryptos. If you don't, you'll be the guy the first guys make their money from.

All cryptos are terrible. The exchanges are largely crooks.

This appears to be a bubble, so you get to guess when it'll pop! All cryptos are bubbling in tandem.

You can probably get ActualMoney out of Coinbase if you give them vial-of-blood level ID. Eventually. Others are actually worse, and Bitfinex hasn't been able to send ActualMoney out since April (this being what started the present bubble).

[–]shortbitcoin 5 ポイント6 ポイント  (2子コメント)

Instead of buying crypto, just write a check and mail it to me, and I promise (Scout's honor) to send you back 50% of your money in two years.

That way you'll have more money than you'd have investing in crypto, and can learn a valuable life lesson in the process.

[–]traderj0n[S] 10 ポイント11 ポイント  (1子コメント)

Ok! I'm going to need your​ routing and account number, billing address, SSN, and full name. Thanks!

[–]Silly_Balls 10 ポイント11 ポイント  (0子コメント)

You will fit in just fine here.

[–]coinaday 2 ポイント3 ポイント  (1子コメント)

Chiming in with the rest: even though I'm one of the "true believers" in a way, in that I seriously believe that cryptocurrency will rise over time and that the core concept has merit and am leader of a tiny coin myself, I think this is a very risky time to think about buying in.

As pointed out, there are a lot of reasons not to trust the major outfits. Coinbase was one of the major leaders for trading filthy fiat for Bitcoin, but there have been a disturbing number of stories recently of people who had two-factor authentication getting their coins stolen from their account. And they're the regulated, trustworthy one.

You can also choose to meet random people and give them money, or just show up at a bank and put money into a stranger's account with no recourse and hope you get your coins. But it should be self-explanatory why that's not a great option.

But let's assume you had an easy, trustworthy way to convert your gambling $$$ into BTC. It's at an all-time high, and so are basically all of them. Is it a bubble or will it keep going up? No one knows, but many will claim to.

And once you have your coins, and even if it goes up, and glossing over the many ways to lose your coins by hodling incorrectly, there are stories of people not being able to cash out from what otherwise seem like the most reputable exchanges because they cannot document non-trading income to justify their gains. It doesn't matter that they can justify the income they used to purchase it and show trading gains; unlike gains in the stock market, apparently the banking system doesn't consider cryptocurrency gains legitimate money.

With all that said, the right answer is clearly to buy my particular off-off-brand. ;-p So here's a small sample to get you hooked!

+/u/tipnyan 1000 nyan

Risks disclosure document in case you're actually serious. And another reminder that if you are going to gamble on it, don't put in anything you cannot afford, comfortably, to lose. And to think of it as gambling rather than investing.

Cheers!

Edit: Just wanted to emphasize again: in USD terms, the prices of basically all the coins are at the highest they have ever been. That sure looks like a bubble. Now, there have certainly been times where the price "corrects" and still is better than before the rise but keep in mind that if you were to buy in now, there's certainly a possibility you would be "underwater" for years, and would be lucky to even get out even ever.

[–]tipnyan 1 ポイント2 ポイント  (0子コメント)

[verifiednyan]: /u/coinaday -> /u/traderj0n Ɲ1000.000000 Nyancoin(s) [help]

[–]happyscrappyIT Specialist 1 ポイント2 ポイント  (0子コメント)

Only buy the wankiest, most hyped eth pseudo-ICOs. You're not looking to make 3% on your money, right? You want to strike it rich.

And don't be afraid to consider using leverage.

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[–]moremolotovs 0 ポイント1 ポイント  (7子コメント)

This sub is a bit bizarre. If you don't like crypto currencies, why make a whole sub about it? Is this full of people who lost money in crypto? Serious question.

[–]coinaday 5 ポイント6 ポイント  (0子コメント)

If you don't like crypto currencies, why make a whole sub about it?

Comedy gold. And not all of us don't like them. I rather like them. But I find the circlejerking incredibly inappropriate on anything which is being pitched as a serious financial instrument. I like hearing about what's going wrong and the main subreddits will downvote anything negative as "FUD".

Is this full of people who lost money in crypto?

No, I'd say the majority have either not lost money, because they never put any in, or have actually made money off of it. There's just a combination of a disdain for bullshit and an appreciation for comedy.

[–]bitawareaustralia 5 ポイント6 ポイント  (1子コメント)

I lost some money, then I made some money. All up I'm ahead.

A friend of mine took out a $20,000 loan to buy butts when they were only a few dollars, the price went up drastically and he decided to keep HODLing. He ended off losing all his butts to a hacker. He is not on /r/buttcoin, everyone told him it was his fault that butts are so easily stolen and he is still a true believer.

It was then when I realised Bitcoin is fucking dumb. Or, more kindly, simply has unacceptable risks.

[–]harpyeaglelove 1 ポイント2 ポイント  (0子コメント)

Jesus fucking Christ that's the most fucked up story I've heard yet. Can you elaborate on how his coins were hacked precisely?

[–]Silly_Balls 1 ポイント2 ポイント  (0子コメント)

No actually I didn't do too bad. During the last run up I placed a 5 coin buy with Coinbase when the price was 300. I thought the company was a scam because they said it would take 5 days to deliver the coins. This was back when Coinbase was so small they didn't consider themselves an exchange. I cancelled that buy and went to CampBX, fuck that noise. So back to Coinbase price was 500. Bought 2 and sold them when I doubled my money. Ain't touched it sense.

[–]geriksonI'm only in it for the lols 1 ポイント2 ポイント  (0子コメント)

Hi, welcome to Reddit! You must be new here.

[–]Essexalsold car to buy in @ $1,000 per butt 3 ポイント4 ポイント  (1子コメント)

Imagine being so clever that you know about this shitty scheme right, called Buttcoins.

Imagine being so clever you woudn't touch them with a bargepole at $5.

Now imagine being so clever and watching them got to be worth nearly $3000 a piece.

Now imagine all you have is your 'clever'.

That is /r/Buttcoin.

[–]biglambdaI AM VERY SMART! 2 ポイント3 ポイント  (0子コメント)

Not all heroes wear capes.