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Honestly, the more I read into buttcoin the more sketchy and brilliant it comes across. The points have already been stated here (wanna buy some 1s and 0s with no intrinsic value, not protected by any financial institution, not backed by any government?) so I won't dwell on that. What I wanted to post about was how it's such an ingenious scam: a perpetual, decentralized, headless, slow-boil pyramid scheme.submitted by robanglican to Buttcoin [link] [comments]
A few frenzied libertarians and nerds sniffing their own farts put money into a genuine (if unscalable and inefficient) technology. This makes news, which attracts some speculators. Amount of money going in generates hype, more news, and brings in normies and more speculators. Value begins to go up, larger entities (companies/wealthy entrepreneurs) invest. Value goes up further. Pyramid reaches final stage as last wave of suckers buy bitcoin at ridiculous prices, convinced this slow, insecure, power-hungry, uninsured, volatile, awkward, unregulated digibuck is gonna replace existing financial systems that answer all bitcoin's shortcomings. The faster and savvy companies and entrepreneurs pull the rug out from the rest of the userbase and the pyramid collapses. Digibuck loses nearly all its value.
But, a few frenzied libertarians and nerds sniffing their own farts put money into...
Aaaaand on and on.
If you look back at the first time the pyramid collapsed, there was a decent progression until around September 2017 when things went fucking crazy leading to the massive price in December 2017, at which point the pyramid scheme winners took their cash and run. So, around three months.
People bought into the pyramid scheme again around March 2019, but were a bit more conservative - the price didn't shoot up nearly as high or as fast. Three months later, the pyramid started to topple again, but more slowly and not as devastatingly. It fluctuated after that until a low in March this year.
Since then people have been pumping money into the scheme. People are anticipating a big spike, I guess soon we will start to see a big influx of people because it's been "relatively stable" lately, with the pyramid people patiently waiting for a payoff rather than chipping away at the foundation. Of course, as soon as the spike happens it will be a massive plunge down as the pyramid collapses, similar to what we saw in Dec 2017.
But, it seems to be an unkillable scam. Even though there's nothing of actual value behind this con, it seems to have really good staying power because it is really hitting some powerful buttons in people's brains:
I mean, anyone could start their own super-duper-coupon company that will only ever produce 21 million coupons. Ok, so the coupons are actually worthless, but if I tell people that one day everyone will use the coupons then suddenly they must have value right? Sounds ridiculous, but if I then say that the super-duper-coupon will be using revolutionary new digital protection, and be supported by a distributed database all over the world, and no government can forge or steal your coupons because of this new zipity-zoop-21 protocol I just developed, suddenly it sounds slightly more appealing.
Could just as easily be the ideology though that keeps this con running even after each blow. The amount of purple prose bullshit about freedom and brave new worlds and unlimited prosperity is just crazy.
Anyway, I've rambled enough, but wanted to get some thoughts out there after bitcoin enthusiast friends were encouraging me to invest and I did the research.
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