![]() ![]() There’s a “shared enjoyment of watching things go up in flames”, said M, a Buttcoin user and a tech industry worker, but he still has “sympathy for those drawn into crypto by family members or by the promise of a better life … Times are tough for most.” He pointed to the victims of Celsius, an unlicensed crypto “bank” that offered massive returns to over a million investors in an alleged ponzi scheme that collapsed earlier this summer. “Even if they are assholes, I don’t relish the idea of the average losing their life savings even if they should have been able to see the scam for what it is. This also isn’t a support group to help console people who lost all of their money on ElonDogPoop Coin.” Not all Buttcoin users agree. “They can go fuck themselves,” read one post in late June, with more than 1,500 upvotes: “Criticizing scams is not being mean. Some highly rated posts on the subreddit argue that there should be no sympathy for victims. “There’s a kind of thrill to the validation of it, right? Especially since the crypto bro stereotypes are so obnoxious whenever it goes up in a new bubble.”īut the more controversial posts mock crypto investors themselves for losing money – though there’s disagreement over how far to go. ![]() “I definitely get hopeful when it starts seriously dipping or when some stablecoin scheme goes to zero,” said Joe, a systems engineer who browses Buttcoin every day. The subreddit invariably celebrates when bitcoin, the largest cryptocurrency, dips below symbolic price levels – which to many Buttcoin users, proves that the scam is unraveling. The biggest posts on Buttcoin are shot through with schadenfreude. ![]() so many people are having their lives ruined by this damn thing!’” that’s so silly!’ And certainly that element is still present, but nowadays there’s an increasingly tragic element of ‘Ugghh. “Originally the tone was almost entirely ‘Haha. “This is good for Toyota,” a third chimes in.)īuttcoin’s most senior moderator, an IT worker who goes by spookmann, told the Guardian that the 11-year-old forum has “changed as crypto itself as grown and festered. “Every 2003 Camry has a unique VIN and you can drive it to the supermarket too … Few understand,” another replies. (For example: a Buttcoin user jokes that a 2003 Toyota Camry’s rising price amid the crypto crash makes the Camry a superior “store of value”. Someone lost their life savings to a bitcoin scam? You guessed it… good for bitcoin.)Īnother crypto catchphrase smugly referencing the technology’s complexity, “Few understand,” has been become a Buttcoin meme in its own right. Bitcoin’s price is plummeting? Good for bitcoin. (Bitcoin’s been banned in a major country? Good for bitcoin. To skewer crypto promoters’ habit of spinning negative news, Buttcoin users comment “This is good for bitcoin” under stories of cryptocurrency catastrophes. But Buttcoin’s most popular jokes take pro-crypto logic and push them to sarcastic extremes. Instead of baying for token prices to rise “to the moon”, Buttcoin users chant “to the floor”. Just like the crypto culture it mocks, Buttcoin has its own set of memes. As Buttcoin members say, instead of mining useless digital coins – they’re “mining comedy gold”. Though they may not have the power to destroy crypto, they can make jokes when it stumbles. But frequent contributors to the community – whose logo replaces bitcoin’s golden “B” with a pair of golden buttcheeks – describe it as a kind of digital support group, laced through with dark humor, for people who are horrified by the proliferation of crypto scams and pyramid schemes. With about 135,000 members, the subreddit is tiny compared with the millions of people who chat on Reddit’s many pro-cryptocurrency forums. The cryptocurrency flirted with its two-year low again this week, which meant a festive mood at Buttcoin. “I know this may sound pathetic but I get a dopamine hit when I see the bitcoin price going down. One tech industry worker who frequents Buttcoin told the Guardian they stayed up until 3am one night to watch the crash unfold. ![]()
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