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Bitcoin, as any other coin has two sides to it – on one side are Bitcoin proponents, people who go as far as to say that crypto will save the world, bring everyone financial freedom and even world peace (Jack Dorsey), and on the other side you have people whose stomach turns whenever someone in their midst starts talking about crypto.
They are sick and tired of always having to hear about Bitcoin and new trending altcoins – and they believe it is all one big Ponzi scheme – scheme that will end up with a few getting rich and many left impoverished.
Very large number of these people has gathered online in the contrarian Reddit community under the banner of Buttcoin and every day they articulate their scepticism towards crypto, especially Bitcoin.
„Some geniuses are paying more than $50K for a buttcoin this morning. And they are guaranteed to make lots of money because number will always go up, forever and ever. Buttcoins are a perpetual money machine! People will always pay more for them tomorrow than today, because the day after tomorrow they can sell them for even more! We just need to stop asking questions and FOMO into the pyramid scheme“, commented one of them ironically when Bitcoin price jumped past $50k this month.
They see Bitcoin as a game of musical chairs where someone must be left behind holding the bag, often expressing their view that the main purpose of buying Bitcoin is to sell it to someone else at a higher price.
They are also not impressed by the technology behind crypto.
„I was looking at MySQL benchmarks for a couple minutes and saw 50,000 transactions per second. Blockchain is slow as fu*k“, argues one of them.
Whenever crypto market crashes, they cheer it on.
"I'm having an orgasm watching the prices dropping - upvote if you're a sick degenerate like me," one posts reads.
They love to shit on most popular crypto catchphrases – like the one „We are still early“.
„BTC has been around for 12 years now. As a comparison, Android and iPhones came out in 2007. Using the same 12 year timeframe, how many people were using IPhones and Androids in 2019? Not that many. It takes time. We are still early“, joked another Redditor mocking the cryptocurrency faithful's rallying cry.
One of them blames social media for the crypto craze.
„I have spent a lot of time on YouTube, Twitter, and sometimes Reddit, listening to the discussions and opinions of crypto influencers and their fans. I am now recommended crypto related content nonstop. I see their videos on the frontpage of YouTube, and their tweets show up at the top of my timeline/searches even if their content is not directly related to what I'm searching. This is how extreme belief-systems are created. These people are being brought together extremely efficiently. It's no wonder that their worldview is so warped when they are being force-fed the crypto narrative by social media algorithms. The experts have relatively little opportunity to interject. I feel like this could get much worse in the future if something isn't done“, he wrote.
They see Bitcoin believers as cultists.
„Crypto gambling preys on addictive personalities, low self esteem, and diminished critical thinking. Just like religion. Just like cults“, commented one of them.
„I'd say that crypto-currency already meets all the requirements for a religious belief structure. We got us a mysterious central figure who's attained near mystical status in the community ala, Satoshi. We have had many religious schism events of the earliest big names in crypto splitting off and forming their own blockchain companies. On the grounds of different interpretations of what blockchain technology can and should achieve. We have definitely a couple million nigh on zealots of different coin Armies like your XRPArmy and DogeArmy and what have you“, argues another.
In the subreddit they share news about latest rug pulls and crazy NFT prices.
„So if you buy an NFT of a piece of art, the binary is hosted off-chain, right? Can someone just ... replace the art at that URL with goatse or something? (Or do they store the hash of the binary file on-chain?)“ asked one crypto sceptic, to which another replied; „You've already put more thought into this then the people who buy NFTs. Stop.“
They believe that crypto makes intelligent people dumb and greedy and often discuss sustainability of high crypto prices.
As one of them puts it: "I find it hard to believe the market can sustain $50k or more for an extended period of time. The amount of wealth that is currently unrecognized gains is insane. Even if only a quarter, if the miners are selling what they mine that's an insane draw of capital. I expect it will take one whale to get cold feet and drop this quickly below $50k that would set off the panic selling“.
When a tweet from Elon Musk crashed crypto market earlier this year, one sceptic was quick to gloat.
„It’s so decentralized! All it takes is a single influential billionaire that the general public has no ability to reign in to make the price rise or fall! Currency of the future!“
