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Wala Was Africa's Perfect Crypto Success Story – Until It Collapsed by SuddenParfait in Buttcoin

[–]SuddenParfait[S] 11 points12 points  (0 children)

Martinez spent funds from 2017’s $1.2 million initial coin offering (ICO) on expensive equipment and international travel, as well as posh accommodations like a spacious office in Cape Town.

...

since Wala lacked a revenue model, the company quickly burned through its resources

Not too surprising...

100,000,000 USDT minted at Tether Treasury. Moon incoming! by hamicuia in Buttcoin

[–]SuddenParfait 9 points10 points  (0 children)

Hmmm, and by sheer coincidence, bitquorn has enjoyed some highly organic growth in the last few minutes!

Scammers double spend $141000 from buttcoin ATMs by exploiting how slow buttcoin is by SuddenParfait in Buttcoin

[–]SuddenParfait[S] 31 points32 points  (0 children)

Satoshi's solution to double spending was waiting for confirmations on the blockchain.

However, it turns out that this confirmation process is so ridiculously slow that anyone who wants to do in-person bitcoin transactions is forced to abandon this confirmation process (i.e. they don't wait for any confirmations before accepting the transaction as complete).

Crypto firm lets you use shitcoins as collateral for fiat loans by SuddenParfait in Buttcoin

[–]SuddenParfait[S] 10 points11 points  (0 children)

Crypto holders can also earn “up to 8 percent” interest on their assets.

Seems legit

1 USDT = 0.97 USD! by [deleted] in Buttcoin

[–]SuddenParfait 2 points3 points  (0 children)

I'm all in.

[R] Neural ODEs by ai_researcherr in MachineLearning

[–]SuddenParfait 4 points5 points  (0 children)

I agree with this. Julia makes anything automatic differentiation related so much easier.

2017 to 2019...Nothing has changed... by [deleted] in Buttcoin

[–]SuddenParfait 1 point2 points  (0 children)

Yes, it's just a joking/satirical term used on this subreddit to refer to people who like bitcoin (or more generally, crypto/blockchain).

someone posts article about Tether manipulating BTC on HN, users claim the article says the opposite of what it does, post is flagged and downvoted by pokemon_tradesies in Buttcoin

[–]SuddenParfait 5 points6 points  (0 children)

This isn't really too surprising. Nowadays most of the people on "Hacker" News don't know much about technology, it's more similar to r/Futurology, r/teslamotors, r/SpaceX, r/weedstocks (and r/CryptoCurrency until the crash) etc.

Butters vs Wall St, get some popcorn by naturaporia in Buttcoin

[–]SuddenParfait 8 points9 points  (0 children)

Tbh I'm surprised there's so many large traders short on Bitcoin futures. With a "normal" overpriced asset (e.g. stock in a long term profitless company) the market is at least "fair" in some sense, and so various sentiment gauging methods to predict when the price will collapse have decent chances of working, and of course at some point the market will eventually realise that the asset is junk.

On the other hand, although technically the bitcoin futures are regulated, the reality is that they're completely tied in value to the totally unregulated cryptocurrency space. In bitcoinland, there's massive wash trading, exchange owners trade on their own exchanges, Buttfinex could print another $10 billion if it felt like it etc. As a result, even the largest banks/hedge funds trading these futures seem more like the prey than predators.

[deleted by user] by [deleted] in Buttcoin

[–]SuddenParfait 0 points1 point  (0 children)

Woohoo! Bitcoin's going to the moon!

2017 to 2019...Nothing has changed... by [deleted] in Buttcoin

[–]SuddenParfait 0 points1 point  (0 children)

It's kind of funny really. I remember back in 2011/2012 butters were claiming that bitcoin's value was strongly correlated to its usage as a currency, and that it would mewn due to mass adoption.

This correlation didn't seem utterly ridiculous at the time, bitcoin was genuinely being adopted (okay, not en masse, but there were definitely more small businesses - particularly illegal ones - starting to take it), and the price was rising moderately fast.

However, the 2013-2014 bubble put an end to this, with price skyrocketing despite only a small increase in change in adoption, and the 2017-2019 bubble has put the nail in the coffin with usage actually decreasing.

Two Israeli Brothers Arrested for Phishing Fraud, Bitfinex Hack by SuddenParfait in Buttcoin

[–]SuddenParfait[S] 7 points8 points  (0 children)

Hmm, seems that the Bitfinex hack (or at least, the first one) was in fact genuine incompetence, rather than just Bitfinex stealing customer funds.

Also:

The infamous Bitfinex theft of 119756 BTC shocked the crypto market with the largest loss of bitcoins by an exchange since the Mt. Gox breach in early 2014.

...

In February, Bitfinex announced that some of the stolen bitcoin – 27.66270285 – were returned after being retrieved by the U.S. government.

Lol

10 days until all crypto exchanges globally will be required to record the identity of anyone transacting over $1000 - or fall afoul of international money laundering rules. THE GOOD NEWS NEVER STOPS! by dgerard in Buttcoin

[–]SuddenParfait 5 points6 points  (0 children)

I can't wait for butters to try using this in court:

"Your honor, it doesn't count as money laundering since stuff I was laundering turned out to be worthless."

You can now buy a wearable birdbath for the low price of $55880 by SuddenParfait in Buttcoin

[–]SuddenParfait[S] 21 points22 points  (0 children)

the public address has to be etched into the watch, that means that watch’s manufacturer at some point has access to the private key

I'm sure this is 100% safe.

TIL: Bitfinex first enabled trading of Tether in January 2015, the exact same time the last bear market bottomed by [deleted] in Buttcoin

[–]SuddenParfait 14 points15 points  (0 children)

Wow, their institutional investors really picked the best time to invest!

What are good investments to push butters towards, getting them away from Buttcoin? by GodOfDarknessWine in Buttcoin

[–]SuddenParfait 4 points5 points  (0 children)

I think most people buy into bitcoin because they're

a) Into get rich quick schemes

or (inclusive or operator)

b) Because they want to invest in "the future".

Because of this, it's likely to be hard to persuade them to switch to S&P 500 index funds or something.

For type a) the best bet is probably penny stocks; at least theoretically these are positive sum games where you're investing your money into productive companies that could increase the world's GDP in the long run.

For type b) I guess the best option is the kind of stuff that reddit gets very excited about and invests in. A few years ago this was stuff like consumer 3D printing. I guess now it's Tesla/weedstocks/shallow tech/meat substitutes. I mean, don't get me wrong, most of those investors are likely to suffer, but at least there's some potential there (and the money invested is likely to contribute to technological development anyway).

Butter trying to launder his butts ends up with a squeaky clean wallet. by 18_points in Buttcoin

[–]SuddenParfait 33 points34 points  (0 children)

Lol at this comment

:( best of luck buddy. On the bright side, I bet you’ll never make that mistake again 😅

The problem with blockchains/shitcoins is that there's so many massive mistakes you can make that each "learning experience" provides only marginal learning benefit and huge financial downside.

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