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 [email protected] to c/[email protected]

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[–] SkyezOpen 8 points 4 months ago* (last edited 4 months ago) (2 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.

[–] [email protected] 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

[–] [email protected] 0 points 4 months ago (1 children)

I'm not saying it greenlights making it crypto, I'm pointing out that the system in place doesn't prevent scams anyway.

The advantage of the blockchain, even if it's centralized, would be the transparency. USDT is centralized, doesn't keep people from using it and it allows the central authority to freeze stolen/criminal assets if they need to, but it's stuff anyone can look into if they want.

I'm not saying decentralized cryptos are more likely to be scams, I'm saying open cryptos are more likely to be used for scams. There's no shitcoins used for pumps and dumps on the Bitcoin network because Bitcoin is the only thing being traded on it. The Ethereum, BNB and Polygon networks are open, anyone can create alternative coins on them in a couple of minutes, that's where the scams happen.

[–] SkyezOpen 1 points 4 months ago* (last edited 4 months ago) (1 children)

Oh, because they're open source and easy to fork. Following now.

The issue is that only decentralized cryptos are actually transparent, centralized ones are just "trust me bro." Look at FTX.

[–] [email protected] 0 points 4 months ago

FTX was an exchange though, they didn't operate a network as far as I know. So on a centralized exchange itself there's no transparency because they take the coins, put them in their own wallet and trades happen internally, but in theory you can still see how much of each give the exchange has in its wallet as the wallet itself is public. There's decentralized exchanges as well that just facilitate the exchange of coins between people but it's all happening on the network.

The way I see it for a stock exchange you would want that second option (decentralized exchange so it's transparent) and the different stocks would be what are called alt coins on the existing networks, but only the central authority could create new ones instead of it being open bar...