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Curiosity concepts from Buttcoin for thought

I got here throughout a put up in Buttcoin (as a result of I like studying all sides of debates in something I put money into) and located this. Actually fascinating perspective.

FTX chapter destroy butters core assumptions:

1. Butters like to clarify that individuals demand “decentralization”. But, the business success of the hypercentralized FTX earlier than its fall exhibits that individuals could not care much less about decentralization.

This level is clearly exaggerated, however holds some water as nicely. Folks, get your crypto off exchanges! Decentralization actually is without doubt one of the founding ideas of crypto. It’s been enjoyable to see the mass exodus of late from CEXs.

2. Butters preserve speaking about insane “market cap” of this new “asset class”. But, tokens with billions {dollars} of “market cap” are literally nugatory as proven by FTT plumetting from 3+Bn “market cap” to zero in a single week.

Clearly one other exaggeration, however I don’t fairly see what the core argument is right here both? That we use market caps? Dunno what OP was which means right here. Be happy to remark!

3. Butters promote a free-for-all unregulated setting. But, they’re begging the SEC to ship SBF to jail.

That is additionally an fascinating level. This sub is at all times calling for SBF’s and Kwon’s heads, counting on centralized figures to implement legal guidelines or the like. Whereas that is utilizing centralization of regulation enforcement to debunk crypto, crypto isn’t about whole decentralization: that’s anarchy and we all know that doesn’t work. Crypto requires decentralization of finance, solely a sector of life, not life in its entirety.

Thanks for studying, share your ideas!

16 thoughts on “Curiosity concepts from Buttcoin for thought”

  1. I don’t give a fuck about buttcoiner’s opinions anymore.
    They are mostly wrong than right because they are blinded by hate.
    People want a balance of good defi and good cefi.
    FTT was overleveraged making it very risky but it wasn’t worthless.
    FTX was regulated but the regulators didn’t regulate.

    Reply
  2. I’m not sure how point 1 and point 2 are supposed to be negatives. I do agree with them that we need to stick more to decentralization. But the crypto ecosystem has become so big, that there is always gonna be a side with centralization.

    And yes, there are some shitcoins that could be pumped to big market caps and that crap can go to pennies. Not sure what the point is there.

    Point 3- I think they are missing the point that we want decentralization to be more hands off. But keep centralized exchanges, that are basically traditional finance and not crypto, to be accountable like any traditional financial company.

    The fraud of FTX was committed by traditional finance and centralized actors, on the centralized part of their traditional exchange.

    Reply
  3. Some of the comments there are describing newcomers to crypto. But none of it applies to an experienced investor.

    It’s kind of a nothing post, opinions presented as fact like everything is in that sub. I used to read it hoping for some balance but they’re just so blinded by their hate that I bet next to none of them will buy a small amount this bear to hedge their investments with. Even though big players are doing it rn.

    Reply
  4. They’re assuming that everyone in the crypto community is the same. Not everyone is screaming for jail and regulation. Plenty of us are pissed and annoyed that we keep turning to centralized shit products which *is* against crypto core principals. So yeah they do have some good points but the community who is in it for the right tech, products, future etc are drowned out by all the screaming and panic and bad players trying to exploit crypto the same way fiat has been exploited. We just gotta find our way back to basics, and not use crypto as a solution created by itself.

    As for the market cap, it’s just a metric calculated by outstanding “shares” x current price. Anything can basically go to zero if the company/stock loses value.

    Reply
  5. Imagine creating a community where all you do is hate on something that you can live your day to day existence without ever becoming aware of.

    It’s not like hating potholes or snowstorms. You have to deal with those. It’s like starting an entire group to say “fuck cilantro!” and occupying your day with rage.

    Reply
  6. IMO Point 2 is talking about Market Cap vs Liquidity and is valid, lots of coins are illiquid so if enough of the holders want to cash out, there aren’t going to be enough buyers. If they use that Market cap to get loans/issue stablecoins, that’s where it leads to problems like FTX/Alameda has (I assume).

    Reply
  7. Buttcoin has been around since the VERY early days of bitcoin.

    Imagine it, imagine knowing about bitcoin when it cost literally cents per coin, wasting your time posting negatively on an internet forum, and then seeing it climb to five figures $$$$$.

    I can’t fathom how those early buttcoiners must feel.

    Reply
  8. Ya no. I just browsed it for a bit and had some good laughs.

    – no intrinsic value (Warren B said so)
    -greater fool theory
    -tulip mania
    -only used for kidnapping and money laundering
    -created a solution to a problem that doesn’t exist
    -any famous person or money manager that endorses it is an idiot.

    Let me know if I missed anything

    Reply

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