A Reddit forum devoted to skewering cryptocurrency investors and the industry’s neverending scams says it’s “mining comedy gold” instead of Bitcoin, which it prefers to label Buttcoin. Home to 135,00 members, the Buttcoin community arose in 2011, well-ahead of the current bear market in the crypto industry, which has wiped out some people's savings. The subreddit’s emblem is gilded butt-cheeks, according to the Guardian.
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For dark comic relief, Buttcoiners take widely-used crypto catchphrases by Bitcoin boosters like "going to the moon” and derisively supplant them with going “to the floor.” They also ironically label objectively catastrophic events as “good for Bitcoin,” such as when a country levies a nationwide prohibition on crypto or an entire crypto lender goes bankrupt, leaving destitute creditors in their wake. Other gripes with Bitcoin include its lack of utility in the world and the high environmental footprint associated with mining.
In recent months, there’s been an uptick in groups chronicling the failure of decentralized finance and crypto. From Molly White’s "web3 is going just great" to the Cryptic Critics' Corner podcast, these places are seen as an antidote to the often breathless coverage of crypto in some corners of the internet.
According to the Guardian, some subreddit users even get a dopamine hit when the price of Bitcoin plunges. “I definitely get hopeful when it starts seriously dipping or when some stablecoin scheme goes to zero,” a Redditor named Joe told the Guardian.
But even Joe has the self-awareness not to plunge too deeply into schadenfreude: “Even if they are assholes, I don’t relish the idea of the average [investor] losing their life savings even if they should have been able to see the scam for what it is. That unambiguously sucks."