this post was submitted on 06 Feb 2025
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Buttcoin

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Buttcoin is the future of online butts. Buttcoin is a peer-to-peer butt. Peer-to-peer means that no central authority issues new butts or tracks butts.

A community for hurling ordure at cryptocurrency/blockchain dweebs of all sorts. We are only here for debate as long as it amuses us. Meme stocks are also on topic.

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Did you know anyone can freeze your account on an exchange with one unblockable trick? (universeodon.com)
submitted 1 week ago by [email protected] to c/[email protected]
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This week on "Unexpected Downsides To #Cryptocurrency":

Did you realize that you can't reject #blockchain transactions and therefore anyone who wants to harass you can more or less freeze your "bank account" at an exchange like #Coinbase instantly just by either:

a) sending a euro through a sanctioned mixer service like #TornadoCash before sending it to you or

b) sending a few cents to a sanctioned terrorist wallet before sending you a single cent

The automated systems used by Coinbase will immediately notice that you have interacted with suspicious or sanctioned wallets and Coinbase, which, like all crypto companies, spends as little as possible on customer support, will lock your account until you produce a passport for the person who sent you that tiny amount of money (often for months).

These so called "dust attacks" constitute revolutionary new vectors in harassment.

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[โ€“] [email protected] 2 points 6 days ago (1 children)

the least informed and most vulnerable group of retail users, who are also the most likely ones to use these exchange platforms and thereby not hold their own keys.

While that's true, I think that group of users are mainly speculators, not people interested in using it as a currency. And most criticism I've seen about crypto (at least when comparing it to fiat) is that it's too volatile to be a useful currency, and the volatility is driven by speculation. So I don't think they're as innocent as you said, even if they are uninformed.

[โ€“] [email protected] 4 points 6 days ago

Not at all innocent, no. But I'd rather see the exchanges suffer than the small fry retail speculators (though I can still laugh at them).