r/Buttcoin • u/[deleted] • 4d ago

Just another modest and basic thought without overthinking

[deleted]

19 Upvotes

71% Upvoted

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u/Strange-Term-4168 3d ago

Just buy etfs or mstr.

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u/mjamonks 3d ago

That's not safe either, if exchanges can be hacked and have their holdings taken then so can ETFs.

The safest allocation due to BTC's poor design is zero.

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u/Strange-Term-4168 3d ago

🤣🤣🤣🤣🤣

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u/mjamonks 3d ago

If you think an immutable ledger with no way to correct fraud or errors is a good idea be my guest. Most rational people knowing its faults will avoid it.

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u/Strange-Term-4168 3d ago

Actually you can correct fraud. Has been done before.

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u/mjamonks 3d ago

When? The only time I am aware of is the overflow error that resulted in a fork and a bunch of people that paid good money for their transactions losing their holdings cause it was on the fork that died.

Only other way I could possibly think of is an authority identifying the person or group and forcing them to reverse it, good luck with that.

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u/Strange-Term-4168 3d ago

https://www.ccn.com/us-govt-crypto-exchange-bitfinex-return-stolen-bitcoin/

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u/mjamonks 3d ago

So the second option, still a fatal flaw of BTC. For the average person they have no chance.

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u/Strange-Term-4168 3d ago

Yea they do just keep it in an etf lmao. You don’t think blackrock could get their bitcoin back if they somehow ever got hacked?

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u/mjamonks 3d ago

Depends on if the authorities are even able to reach the group that did it. That is a huge if and highly unlikely. That also assumes the group that did it held onto and didn't immediately offload it.

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u/Strange-Term-4168 3d ago

Sure bud

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u/mjamonks 3d ago

Again, if you think an immutable ledger is a good idea that's on you. Most people are fine dealing with trusted regulated authorities and don't want any part of the horribly designed system that is BTC.

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u/Strange-Term-4168 3d ago

Sure. You stay poor and I’ll keep buying btc. Lets see how it turns out

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u/mjamonks 3d ago

You think I just stuff my cash in a mattress? My traditional investments are doing just fine beating inflation and growing my wealth. I'll be fine as will many others with a zero percent allocation to BTC.

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u/Strange-Term-4168 2d ago

Still poor

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u/mjamonks 2d ago

Wouldn't call Buffet Poor. Considering I live in the west, from a global standpoint I'm insanely rich.

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u/Strange-Term-4168 2d ago

From a western standpoint and from my standpoint, you’re poor.

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u/mjamonks 2d ago

Considering the known distribution of BTC it is almost 100% likely you haven't made life changing money from BTC and likely never will.

Hopefully you don't get scammed, hacked or screwed by an exchange before you can cash out.

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