It is not only good but necessary that something like r/buttcoin exists. (A serious take from a crypto enthusiast)

Look, before you clutch your pearls, I'm in on crypto. I believe in its use cases and I have money invested to back my claim.

That said, I think the existence of Buttcoin is necessary as it offers all kinds of interesting insights that one might not get here.

If we're honest, I think we all know r/CryptoCurrency is often hivemind-y and a bit of an echo chamber. We've all seen the same tired old tropes over and over again and the feeling that things will be alright always is prevalent here, even if we always joke about loss and "buying high selling low."

I argue that Buttcoin serves an inverse purpose. It sheds some light into what the hivemind on the other side thinks. It is the ultimate Inverse r/Cyptocurrency ETF and I think that can be enlightening in some ways.

The first one is that, just as we can catch a glimpse on what drives positive sentiment here, we can also catch a glimpse over there on what moves the negative sentiment. That is extremely important if we want to truly understand crypto currencies. Some of the criticism there is written by people who understand the tech and directed at the absurd levels of greed-fueled blindness by some crypto enthusiasts (we all know them) that will take the most ludicrous stances with the most obnoxious attitudes. This is valid criticism that often sheds light on some of the excesses of crypto enthusiasts and we should not be deaf to it. The best analysts in the space will try to balance both pros and cons in their analysis and, since buttcoin is cons paradise, it is often a decent starting place to get the other perspective.

A second aspect of buttcoin that makes it an interesting place to keep an eye on are the objectively wrong takes. For instance, you'll often hear over there that crypto is a Ponzi. Even if you think crypto is worthless, it is not a Ponzi or a Pyramid scheme. Those are specific types of scams that, more often than not, are incorrectly applied to crypto. Even if it is technically wrong, this type of venting shows what are some of the issues people have with crypto and allows enthusiasts to tackle this perception bias. Many crypto influencers are too caught up promising never ending gains and not taking the time to explain market dynamics. This is why people decide that crypto must be a Ponzi scheme because the advertisement is very similar: just gains, no downsides, trust me bro.

I think there is also a third component that is worth paying attention there. Many buttcoiners lost money in crypto. I don't really want to delve into whether they were gamblers, scammed or merely unlucky but sensible investors. What I find interesting is that it shows just how much one's perspective on crypto can change depending on which side of the transaction they are. I'm sure many began hopeful of gains but got burned and had to deal with the loss, deciding to hate crypto and latching on to every piece of criticism, regardless of its soundness, probably losing more money by disregarding some legitimate opportunities. There is a cautionary tale there that is worth listening to. It is easy to get lost in a sentiment bubble and miss opportunities to get out or to get in.

Markets move on sentiment, good or bad, and it pays to be attentive to both sides of the equation. A subreddit like Buttcoin is the necessary counterpoint bubble to our own optimistic bubble.