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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U.S. Housing Agency Considers Launching Crypto Experiment (www.propublica.org)

submitted 1 week ago by [email protected] to c/[email protected]

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introducing speculative assets into the housing market has caused some problems before.

it's for corrupt purposes, of course:

The blockchain idea is being pushed, a HUD official told colleagues, by Irving Dennis. Dennis, the agency’s new principal deputy chief financial officer, is a former partner at the global consulting giant EY, also commonly known by its original name, Ernst & Young. EY itself is involved in the proposal as well: An executive of the firm discussed the idea with HUD officials last month.

a followup story: https://www.propublica.org/article/hud-cryptocurrency-blockchain-democrats-maxine-waters

archive link: https://web.archive.org/web/20250329193844/https://www.propublica.org/article/hud-considers-crypto-blockchain-stablecoin-housing-urban-development

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[–] [email protected] 5 points 6 days ago* (last edited 6 days ago)

In what world is crypto free and open? Never mind the fact that the public ledger is undercut by the difficulty of tying a wallet (or wallets) to specific people, which is possible enough to make transactions traceable for the average person while letting sufficiently motivated bad actors hide their behavior from observation in a way physical cash doesn't, the entire infrastructure is controlled by either whoever happens to have the biggest share of the crypto token or whoever has the most real money to buy server hardware and electricity.

Unless you want to talk about actual private block chains like they seem to be suggesting here, in which case you're literally dealing with a wildly inefficient but otherwise unremarkable database. If you think that replicating the ledger across multiple servers at different HUD locations is somehow more secure or open then I've got bad news for you about how modern IT infrastructure is already set up.