this post was submitted on 14 Aug 2024
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Buttcoin

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Buttcoin is the future of online butts. Buttcoin is a peer-to-peer butt. Peer-to-peer means that no central authority issues new butts or tracks butts.

A community for hurling ordure at cryptocurrency/blockchain dweebs of all sorts. We are only here for debate as long as it amuses us. Meme stocks are also on topic.

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use a blockchain, they said. Fabulous efficiency, they said. Will revolutionise stock trading in Australia, they said. (www.ft.com)
submitted 4 months ago by dgerard@awful.systems to c/buttcoin@awful.systems
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[โ€“] SkyezOpen@lemmy.world 8 points 4 months ago* (last edited 4 months ago) (1 children)

So the system would be centralized...

Also the fact that scams already exist on the stock market doesn't automatically greenlight crypto-ing the whole thing. Though I don't think that's exactly what they were trying to do, is it? Sounds like they just wanted to slap a trade ledger on a block chain? Centralizing that would defeat the whole purpose of a blockchain.

Also I just caught that you said decentralized cryptos are more likely to be scams? I'm not following that line of thought.

[โ€“] dgerard@awful.systems 7 points 4 months ago

I wrote about this previously https://awful.systems/post/1695710

yeah it was literally to use it as the back-end database for the settlement system

tl;dr not even crypto exchanges do things this arse-backwards