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.

founded 11 months ago

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dgerard@awful.systems

reminder that bitcoin wealth is about 100 times more centralized than US dollars (www.cbsnews.com)

submitted 1 week ago by underscores@lemmy.dbzer0.com to c/buttcoin@awful.systems

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Those top players represent a mere 0.01% of all bitcoin holders and yet they control 27% of the digital currency, the Wall Street Journal reported. That compares to the old-fashion dollar, where the top 1% controlled 30% of total U.S. household wealth, according to Federal Reserve data.

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[–] YourNetworkIsHaunted@awful.systems 8 points 1 week ago

You know, that 30% figure is already enough to make it hard to express the value and power that the 1% control in terms of money - the numbers just don't seem real. In practice they will never face a financial obstacle and can treat money (or their stuff as valued in money) as worth whatever they want it to be at the time.

In that sense the fact that Bitcoin valuations are basically made-up by whales and exchanges is pretty obvious to understand.