Cryptocurrency markets have always been a subject of polarizing opinions. With a total market value of around $1.4 trillion, digital currencies like Bitcoin have made many early investors incredibly wealthy. Tech moguls such as Elon Musk have also jumped on the bandwagon, with Tesla investing $1.5 billion in Bitcoin earlier this year. However, not everyone is sold on the concept.
One staunch critic of cryptocurrencies is David Gerard, a 54-year-old IT administrator who refers to them as “dumb nerd money that nerds use to try to rip each other off.” Gerard has even written books on the subject, such as Attack of the 50 Foot Blockchain and Libra Shrugged: How Facebook Tried To Take Over the Money.
A popular destination for skeptics like Gerard is a Reddit forum called Buttcoin, which pokes fun at cryptocurrencies and the idealism that often surrounds them. One major source of criticism is the lack of value tied to a physical object; critics argue that its value is purely speculative and mostly driven by hype. Another problem is the extreme volatility of cryptocurrencies, with Bitcoin, for example, experiencing wild swings between $60,000 and $30,000 within a single year.
The Buttcoin community highlights the dominance of PR in the world of crypto. As one anonymous moderator, AmericanScream, says, “Once you hold Bitcoin, PR is all you’ve got.” The group is not afraid to confront the opposing side, often playing pranks on pro-crypto forums to test their reactions to outlandish claims, such as the nonexistent “Iron Gremlin” movement on Bitcoin’s stock chart. Interestingly, some of the moderators have admitted to dabbling in short-term crypto trades, but they remain skeptical about long-term investments.
As the schism between crypto enthusiasts and skeptics continues, the Buttcoin forum emphasizes the need for critical thinking in the face of market volatility and hype. While some people may continue to profit from cryptocurrencies, the existence of communities like Buttcoin is a reminder to approach new financial systems with caution and a healthy dose of skepticism.