***WARNING***Don't invest a single penny in Bitcoin | TigerDroppings.com
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Vols&Shaft83
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Member since Dec 2012
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***WARNING***Don't invest a single penny in Bitcoin

before you check out the latest in crytocurrency:

BUTTCOIN It's THE shite.

Buttcoin FAQs

What is a Buttcoin?

Buttcoin is a peer-to-peer butt. Peer-to-peer means that no central authority issues new butts or tracks butts. These tasks are managed collectively by the network. It’s like a bitcoin, but with butts instead.

Why call it Buttcoin?

Because butts are funny. And it kinda sounds like Bitcoin.

So, then what is a Bitcoin?

Here’s a great post by someone in Bitcoin’s very own FORUM

quote:

Bitcoin P2P Crypto-Commodity

OK, so Bitcoin is a medium of exchange. No one can question that. And it seems a very effective medium of exchange.

But is it a currency? Is it money, backed by a store of value to be redeemable from the issuer giving the issuer no option not to accept it to be redeemed? Or is it a secure accounting utility with a user allocated value due to market forces?

Can a Bitcoin site (bitcoin.org) decide individually whether to call Bitcoin a currency or not – because it has a decentralized nature?

Can a Bitcoin site (mtgox.com) decide individually whether to call Bitcoin an internet commodity or not – because it has a decentralized nature?

Can every Bitcoin holder, merchant, trader, etc. decide individually how they interpret Bitcoins?

Does Bitcoin allow for modern day barter transactions between the fairly secure Bitcoin Accounting Utility and a good/service?

See this legal ideas with regards to barter exchange as opposed to virtual currency (Scroll down to the end to Matthew C ‘s answer):

http://www.linkedin.com/answers/law-legal/corporate-law/finance-securities-law/LAW_COR_FSL/46277-12027705

Can Bitcoin be interpreted as an internet utility which can be bartered for any number of goods/services/other?

Is bitcoin.org ‘s blatant misrepresentation of Bitcoin not misleading?

“P2P Virtual Currency
Bitcoin is a peer-to-peer currency. Peer-to-peer means that no central authority issues new money or tracks transactions. These tasks are managed collectively by the network.”

“… no central authority … tracks transactions … ” – Can anyone not track transactions on the blockchain (provided Bitcoin was not laundered – and laundering Bitcoin would be illegal)?

P2P Virtual Currency – Does a currency not require a store of value backing it?

Does Bitcoin’s only value derive from its secure, transferable utility value as an internet commodity described by MtGox? Have we bought an internet commodity that we are bartering for goods/services/other as a medium of exchange? Or have we been issued a virtual currency with a backed store of value – to be redeemed, without option not to accept, from the backing entity on demand?

Would “P2P Crypto Accounting Utility” not be a more aptly description? Would it not be less incriminating to bitcoin.org ‘s author who identifies his Bitcoins as currency – even though it is not backed, or redeemable from an entity, without option not to accept?





And the answer to all those questions is “no”. Therefore all Bitcoins are Buttcoins.

That’s a whole lotta words I’m not going to read, do you have an infograph for me to stare at and furrow my brow in a vain attempt to understand what you’re trying to say?

Sure!
Image: http://i0.wp.com/buttcoin.org/wp-content/uploads/2011/06/buttcoin-infograph.png



I hear what you’re saying, but I’d really like to invest in Buttcoins!

Don't
Image: http://i1.wp.com/i.imgur.com/FAVyM.gif



To learn more about Buttcoin, go to Buttcoin.org

This post was edited on 4/18 at 1:40 pm



OnTheBrink
Alabama Fan
TN
Member since Mar 2012
4603 posts

re: ***WARNING***Don't invest a single penny in Bitcoin


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LSUengineer'12
LSU Fan
The Best Side
Member since Dec 2011
1166 posts

re: ***WARNING***Don't invest a single penny in Bitcoin


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joshnorris14
Florida Fan
Florida
Member since Jan 2009
21480 posts

re: ***WARNING***Don't invest a single penny in Bitcoin
This is stupid, a currency is something used as a medium of exchange.

Definition: Currency- something that is used as a medium of exchange

The satirical FAQ admits that bitcoin is a "very effective" currency.


gizmoflak
Georgetown Fan
Member since May 2007
9356 posts

re: ***WARNING***Don't invest a single penny in Bitcoin
quote:

Vols&Shaft83


wow, your bitcoin butthurt runs deep.


did Satoshi give all 3 inches to your mom and then steal her bitcoins out of her unencrypted e-wallet?







WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: ***WARNING***Don't invest a single penny in Bitcoin
quote:

wow, your bitcoin butthurt runs deep.


for real! I think the bitcoin haters have started more bitcoin threads than I have


gizmoflak
Georgetown Fan
Member since May 2007
9356 posts

re: ***WARNING***Don't invest a single penny in Bitcoin
yeah, he just mad he didn't profit off the bitcoin boom



what other explanation is there



Vols&Shaft83
Tennessee Fan
Throbbing Member
Member since Dec 2012
26975 posts

re: ***WARNING***Don't invest a single penny in Bitcoin
quote:

gizmoflak


quote:

WikiTiger


quote:

JoshNorris14


Why yu no like Buttcoin?


Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
17409 posts

re: ***WARNING***Don't invest a single penny in Bitcoin
quote:

Definition: Currency- something that is used as a medium of exchange The satirical FAQ admits that bitcoin is a "very effective" currency.
Or he could be using satire when he says bitcoin is very effective currency.

We could conduct a test of just how effective bitcoin is as a currency. With $2 of U.S. currency I can buy a loaf of bread in under five minutes by going into the closest store and making the purchase. I will have possession of the bread. How long will it take you to buy a similar loaf of bread using bitcoins? And how long before you gain possession of the bread?


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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
58950 posts

re: ***WARNING***Don't invest a single penny in Bitcoin
Why are they so bent out of shape? This is a funsie thread.


gizmoflak
Georgetown Fan
Member since May 2007
9356 posts

re: ***WARNING***Don't invest a single penny in Bitcoin
How can an irrelevant, doomed-to-fail e-currency generate so much butthurt?


It defies logic


Blakely Bimbo
Alabama Fan
Member since Dec 2010
1183 posts

re: ***WARNING***Don't invest a single penny in Bitcoin
I guess one would need a b&^% plug to control that kind of inflation.



Is it fungible?


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Catman88
LSU Fan
Baton Rouge, LA
Member since Dec 2004
41401 posts

re: ***WARNING***Don't invest a single penny in Bitcoin
Damn only opened this thread to see if or how long it took Wiki to reply.


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LSURussian
LSU Fan
Member since Feb 2005
85160 posts

re: ***WARNING***Don't invest a single penny in Bitcoin


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GFaceKillah
LSU Fan
Welcome to the Third World
Member since Nov 2005
2817 posts

re: ***WARNING***Don't invest a single penny in Bitcoin
I think you made your agenda pretty clear in your other bitcoin thread.

Stop making this like the poli board where everyone just gangs up on and berates people with different opinions.


Vols&Shaft83
Tennessee Fan
Throbbing Member
Member since Dec 2012
26975 posts

re: ***WARNING***Don't invest a single penny in Bitcoin
quote:

How can an irrelevant, doomed-to-fail e-currency generate so much butthurt?


It defies logic



I think you don't understand the term "butthurt". I not upset about bitcoins, I find the frickers hilarious. I hope we have more "discussions" about them.


Buttcoins, on the other hand, are serious bidness. And probably would cause actual butthurt.


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LSURussian
LSU Fan
Member since Feb 2005
85160 posts

re: ***WARNING***Don't invest a single penny in Bitcoin


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Vols&Shaft83
Tennessee Fan
Throbbing Member
Member since Dec 2012
26975 posts

re: ***WARNING***Don't invest a single penny in Bitcoin
quote:

I think you made your agenda pretty clear in your other bitcoin thread.

Stop making this like the poli board where everyone just gangs up on and berates people with different opinions.





My "Agenda"? And this thread was about BUTTCOINS, like bitcoins, but from your butt. Do you not see the value in a currency that has been extricated from a decentralized butt network?


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HeadyMurphey
LSU Fan
Los Santos
Member since Jan 2008
16019 posts

re: ***WARNING***Don't invest a single penny in Bitcoin
Congrats, you and Russian have made this board almost unbearble.


SLafourche07
New Orleans Pelicans Fan
Member since Feb 2008
1513 posts

re: ***WARNING***Don't invest a single penny in Bitcoin
quote:


Congrats, you and Russian have made this board almost unbearble.


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