this post was submitted on 12 Dec 2023
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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.
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I have not understood the purpoted purpose of the so-called stablecoins. I thought the whole point was to have an ostensible foundation of value separate from state power and central banks.
Check out the fiatcucks using a currency subject to the tyranny of the European Central Bank. Well not me, I use this shitcoin that's pegged 1:1 with the same currency they're using except hardly anyone accepts it and when they do I pay exorbitant transaction fees. Freedom, baby!
Some claim that stablecoins are intended to pull people into the cryptocoin ecosystem or facilitate transactions between real money and buttcoins but I don't get that one either. Why would I rather buy 100 stablebutts for 100 dollars and the trade that for so-and-so many speculasses than just trade the speculasses for dollars from the get-go?
Most people fucking around with buttcoins are just wishing for another surge of hyperdeflation like the Bitcoin bubbles in 2012 and 2017. What's the appeal of a shitcoin that definitionally can't do that, at least relative to its backing currency?
Stablecoins are just a giant unsecured credit scheme to facilitate high crypto valuations.
The usual reason is because you are too dodgy to be allowed to deal in actual dollars so you need Tether or similar.
USDC does much the same job as "programmable money" for DeFi and is a bit more likely to be worth a solid $1.00 at least as long as everything's fine at Circle.
EURCV is too restricted even for that job. A zero-interest SocGen deposit account but on the blockchain!!