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This is funny. Our resident crank /u/biglambda goes on and on about how the term "butter" is part of "othering language" (a phrase I believe he learned in his time in college socialist indoctrination camps).
I've always equated the concept of a Butter to the English/Irish "punter". I googled trying to find a definition but couldn't find a satisfactory one, so I'll offer my own. The punter is a middle aged man with limited skills and education, but who sporadically finds himself with a bit of spendable cash. He spends his time at the pub betting on horses and playing the lottery. He knows that he will never be a wealthy man through hard work and ingenuity so he hopes for one big score that will propel him to the big leagues. Typically he is left somewhat broke at the end of the month but soldiers on, year after year, until bankruptcy or death, yet sometimes lightning strikes and the punter wins more wealth than he can possibly imagine or use, so he spends his newfound wealth at the pub betting on horses.
The butter is the younger and blockchain-enabled equivalent.
My girl bought us some scratch off tickets, the bingo kind, to play while we watched the season finale of Nathan for You. She was pissed because I won $9. (I think she spent like $6). I said "Honey, I must double down now. It is my destiny as a scratch off gambler to double down." I went back to the store and bought more tickets with the winnings. We did not win any more. How could I have known!!
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In the case of buying and holding Bitcoin in 2014-2015, that turned out to just be a fact of history now.
If you and /u/n0t_5hure are now moving the goalposts to mean that "butters" are just the Bitcoiners who day-trade. Then I'll just point out that the Bitcoiners of /r/bitcoin will tell you to HODL bro, it's good advice especially in terms of taxes. It turned out to be much better advice then what you did, which was to get your financial advice from far left activists who pose as experts.
Post 1: "Many of my friends made millions from Bitcoin from 2014"
Post 2: "You just HODL, Bro, its good advise"
That you dont care to see the inconsistency of these statements is your own business: but to expect others to simply gloss over them is where your delusion lies.
Well to be fair, I mean millions in terms of the fiat value of their total portfolio. If you want to say that those aren't real gains because you predict the fiat value of Bitcoin will decline, that's your prerogative.
Defining "butters" as people who bought and held butts in 2014-2015 is a prime example of moving goalposts.
People bought and held butts since 2009 to this day and the vast majority of them has lost / will inevitably lose money
That’s incorrect sorry. Most of them, including myself have sold back their principle. So no, they won’t lose money. If you were here calling people "butters" in 2014 and patting yourself on the back for "doing it right", then you subsequently suffered an opportunity cost that rivals any in human history. SFYL.
> then you subsequently suffered an opportunity cost that rivals any in human history.
Huh. So by extension your purchase of butts was the single greatest achievement of your life. That’s kinda tragic.
Apart from my girlfriend, my siblings, my parents, and a few people back in NYC, nobody has a clue that I even know about Bitcoin. I've even had people explain it to me and suggest that I look into it and I just changed the subject.
Watching you trying to convince yourself and your fellow butters of that is like watching a small child trying to fit a cube through a round hole, hilarious.
You are even funnier since in contrast to a 1.5 y.o. you are resistant to learning.
Although it's so simple.
The moment your butter friends sold back their *principal* the buyers became bag holders. And if it wasn't your buddies who realized a loss, someone down the road at some point did or will do.
Since butts don't generate revenue, trading and hodling butts is always a negative sum game, because running nodes and mining costs money that needs to be paid to the world outside.
There is no scenario where the majority gets out of butts with a profit.
Speaking of opportunity cost, for me it's completely virtual in contrast to someone who has seen the *cash value of his portfolio* drop to a third of what he could've sold it for less than a year ago :D
> There is no scenario where the majority gets out of butts with a profit.
No one said their was. My estimate is that the number of people who saw significant gains from cryptocurrency is under 10,000.
We are talking about your membership in a hate cult focused on a specific small group of people and that small group of people subsequently used your face as a mop for the floor. That's what happened. And now, because you didn't learn from that, you are still here trying to find ways to rewrite history so that you won something. You didn't. You lost. And you are likely to lose again because you learned nothing.
Yes it was you who implied *there* was. My assertion was that the vast majority of butters has or will incur losses from peddling in butts, you called that incorrect.
Judging from the kind and number of orthographic errors in your posts, I assume you're on junior high level. Your way of reasoning reinforces this assumption.
Therefore if you don't know what "implying" means, ask an adult. If you're - God forbid - an adult, ask a more educated person.
It seems I hit a weak spot with my last paragraph. I could of course rub some more salt into that wound and ask you about the amount of your *opportunity cost* since ATH, but I don't kick people while they're lying on the floor :D
You used to be the laughing stock of this sub, but now you're just depressing.
Yeah sorry I don't think in terms of short term gains. If you are interested in managing generational wealth, and at this point, I have to be, then you aren't going to dump all of an asset because the spot price hits an all time high for the first time. Apparently you did well in junior high, so I'm sure you can grasp this. It isn't hard.
Let me offer another explanation.
The punter is a desperate figure. He desires material wealth but does not have the means to achieve it on his own through reliable methods of wealth building. That's why he spends what little cash he has on desperate bets that usually do not pay off. Yet in the offhand chance that he does achieve wealth he typically does not know what to do with it. Since the wealth came so easily and without work he listlessly patters around town looking for ways to spend his cash. Rich punters sadly often end up drinking themselves to death.
In the same way that the vast majority of butters do not achieve wealth but the ones who do (like yourself, no doubt) apparently have no idea of what to do with their newfound riches except to aimlessly hang out on Reddit.
The top Buttcoiner @Bitfinexed tried to make a career out of EVE online (I had to google it) and looks like he needs to swap the Mountain Dew for water and go for a jog. #2 David Gerard his author-glamour-shot looks like Uncle Fester and retired to buttcoining from a previously failed carreer as a "rock blogger" and guy who removes malware from office computers.
I see a slightly different pattern than you do sorry :)
I just can't believe that after all this time you still can't figure out that weird generalizations don't amount to reality. So it is an "othering term" because it allows you to turn off your brain and divide the world into categories that don't match up at all with actual people.
> yet sometimes lightning strikes and the punter wins more wealth than he can possibly imagine or use, so he spends his newfound wealth at the pub betting on horses.