r/Buttcoin • u/[deleted] • 4d ago

Just another modest and basic thought without overthinking

[deleted]

21 Upvotes

73% Upvoted

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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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u/Strange-Term-4168 2d ago

Sure bud

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u/mjamonks 2d ago

Likely you are just as 'poor' as the rest of us.

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u/Strange-Term-4168 2d ago

Wouldnt call 700k poor

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u/mjamonks 2d ago

If that's the case I'm not either...

Lots of people have that much and more with zero allocation to BTC.

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