Bitcoin Forum

Is greed good or bad for bitcoin, could real greed hurt the market?

https://www.youtube.com/watch?v=PF_iorX_MAw

Greed is good!

The real truth is greed hurts any market. Look at the banks... bitcoin can become that if greed isn't countered.

But how can we stop the human instinct of greed? Is greed the biggest long term threat for bitcoin?

Give greedy people lobotomies? How do you stop human you don't. Yes greed is biggest long term threat to anything that has value.

Thanks for the link it was good to watch again but I've had that shit memorized for years.

American Greed is a good show.  ;D

Well Greed gives you to earn more and more .Greed makes you self centered and you only think about your own growth in terms of wealth

you become in some cases anty social in the greed of being wealthy . I dont  think greed is a good and it is a must avoid

greedy people always lose in the end because in their greed to earn more and more they take high level of risk and finally they are being scammed

by other people

Maybe but that only means that the greedy are being scammed by people even more greedy. It will never end.

What do you mean by, "good for bitcoin"?  If you mean higher prices, then greed will certainly help, until the ensuing crash, anyway.  Greed can also lead to more bitcoin businesses and bitcoin adoption, so it could be beneficial in that way, too.  But if you're looking for market stability, greed will be a hindrance.

no greed cant hurt btc market

only community have that power

Greed is fantastic, it's in our human nature, we can't help.

If I were a banker working for Goldman Sach, I would take extra risk for a larger bonus.

I would manipulate markets to make profit.

If you don't do it, other person will do it. It's that simple.

Make something of your life, you only live once!!!

I think your right its in our nature and we'll find anyway to justify our greed, like first I'll get rich then I'll help others.
ps. I like your starting bid for your signature, any queries yet?

depends

bitcoiners like to gamble

greed makes you bet too much and greed makes you forget when you need to stop, you can't be satisfied with the money you gathered and you lose everything..

today I lost 150 000 dogecoins because I didn't stop on time..

(my initial investment was 100 000)

hopefully I invested 1BTC on PrimeDice and withdrawn 1.1BTC so I'm out of the negative area :D

One may debate if greed is morally good or bad. I'd say it's human nature, hence it's fairly neutral.

But regarding the effects of greed on bitcoin - essentially on the valuation of bitcoin - I'd argue that too much greed may harm bitcoin. That's because greed could drive prices skyhigh out of mere speculation without solid fundamental backing, increasing volatility and as a result of that leading to less actual use of bitcoin as a currency. I think bitcoin should not rise too fast in valuation without solid fundamental underpinning - that means business and customer adoption.

ya.ya.yo!

Unfortunately not, but I'm waiting, and waiting, and waiting  :D

i don't think greed is good. i think more evolved ways of living and viewing the world will develop eventually. :)

Greed is good, its what drives us for capitalism. Its just when the banks fail - they shouldnt get bailed out which is socialism.

A true capitalism system, would be its over when do fail. So if you earned loads of bitcoin, eventually you start creating more business`s as the same.

Think about it, who gives you a check to pay the bills.

I have an idea on how to stop greed on alt coins in general, thats why these coins fail. before the greedy bastards came in there were nothing but geeks having fun with bitcoin and mining for fun, not for profit. 

once bitcoin became worth real money, things done changed.

of course it's good (if it's done in a stable atmosphere, i.e. crack dealers)

I can't believe OP is actually asking this question...

doesn't sound good to me. ???

Greed needs temperance, even in capitalism.  Otherwise, people try to take advantage of each other to get more money, and you end up with a society in which no one cares about anyone else.

even if greed is good for competition, effective economy, there are extremes...

on a personal level? greedy people tend to be jerks...

Stop using money.  Share as a the family humanity is.  Work collectively towards accomplishing things as a species, not against each other.

Greed retards the progression of mankind.  Greed is the cause of depression, war and hunger.  It is the death of our species.

A society based off love would open infinite opportunities for our evolution.

Greed is pretty much a given in any economic system, including one that might theoretically center around cryptocurrencies. It can be managed on an individual level through something called "self-control," but all humans have a certain amount of greed. Yes, even the Occupy Wall Street crowd who bash the greedy 1%. Some greed can be a good thing, as it often propels people to work towards improving their station in life. Then we call it ambition and call that person a self-starter who isn't afraid of hard work. Too much greed is the entire reason you see things like Ponzi schemes and we call those people criminals even when they weasel their way out of jail time through having the right kind of connections. (Karma can be a big help here. The way I see it, justice can take many forms and not just sending someone to prison.)

"Karma".

Yet another primitive superstition.

Greed is not good, that is why every spiritual teaching says you have to overcome it. It is how smart old people teach young to live more satisfied life. Greedy people = unhappy people.

Doesnt make sense to own whole world if you are not happy.

Damn hippies  :D

I agree that some of this sounds great, assuming we're talking about a "let's sit down and fix some things so we can all live better lives" kind of loving society, not a "let's sing kumbaya and hug each other until our arms fall off" loving society.  But I think it's likely that money would still be necessary as it facilitates trade and compensation.  To eliminate money I think you'd probably have to eliminate the idea of personal property, which would not work well for a number of reasons.

yyeah but see what help bitcoin is was it adapted way before the greed factor came in, once a new alt coin is introduced, the whales come in and start mining and dumping, so hence forth the greed factor is introduced before it had time to be adapted.

How can greed ever be good? It's one of the worst things about humans, but sadly I think 99% of us suffer from it.

Overall greed is good for bitcoin since it causes price to go up, which means more popularity for BTC. Greed is not good for other aspects of life for sure.

The only way I can think of greed being beneficial to an individual is if they're able to take advantage of other people's greed, like making money off of market bubbles.  But note that I used the word "beneficial," not "good."

Oh, horseshit!

You have  no idea what you are talking about.

Normal greed is ok but too much greed is not good.

"Science Proves It: Greed Is Good"

http://time.com/41680/greed-is-good-science-proves/

" Wall Street, home of the good guys? Kind of.

Egalitarianism is not all it's cracked up to be. A new study shows that inequality and social hierarchies can be good things—within certain limits.

Let us now stop and praise the plutocrat. Really. Props too to the bailed out, the overprivileged, the exploiters of the little guys, the Machiavellian narcissists who earn way, way too much and are taking advantage of the rest of us to stay that way. Oh, and let’s praise Putin too.

Greed really is good, as are income inequality, bullying across class lines and even the iron fist of the political strongman—in certain contexts, at least. That’s the conclusion of a new study from the University of Oxford, just published in Nature Communications. Using mathematical models of human social groups, the researchers found that when communities are hierarchically structured—meaning that there is a potential for high inequality too—the individuals at the top tend to make more of an effort in the interests of the group than those at the bottom, including competing with outside groups and facing potential danger in the proce

The authors detected that behavior across nearly all cultures, and cite corresponding studies of chimps, blue monkeys and ring-tail lemurs, showing that higher ranking individuals tend to venture closer to the perilous border of the group’s territory during patrols, and high-ranking females will join the males in combat with other groups. In return, the lower ranking members are allowed to become what is known as free-riders, hiding behind the skirts of the big shots and contributing little on their own. The price for this protection? Don’t cross the dominant members of your own group or they’ll direct their power—and ire—at you too.

Studies like this always raise illuminating and troubling questions and are easy to exploit by nearly anyone with a social or political agenda. (See? There really is such a thing as the safety net turning into a hammock; the makers versus the takers really do exist. Or: See? Bully-boy behavior is the stuff of the apes, something egalitarian societies—and homo sapiens as a whole—ought to have left behind by now.)

But, as in nearly all matters of human behavior, the reality is more nuanced than ideology allows for. Throughout history there is a long tradition of powerful people who serve the group in some way being rewarded with more power still. Famous generals become Presidents (Washington, Grant, Eisenhower), not just because everyone knows their names but because they’ve proven their fortitude in battle and can prove it again if dangerous outsiders come calling. If you’re confused about Vladimir Putin’s stratospheric approval numbers at home even as he has made Russia an international pariah—at least in the eyes of the West—be confused no more.

We tolerate too the enormous wealth some inventors and industrialists accumulate because at least part of the time, they make our lives better too. (Thank you for the cars, Mr. Ford, and for the iPod, Mr. Jobs.) Admittedly, we’re a lot less tolerant when wealthy and powerful people create things that benefit only other wealthy and powerful people—(Thank you for, um, the $25 million condo that nobody I know will ever remotely be able to live in, Mr. Trump)—but we’d rather have an economy that rewards ambition than one that smothers it.

Free-riding is more complex than it seems as well. There’s truth to the fact that in the past, at least, welfare could be a disincentive to work, especially when the work that was on offer was unappealing (you try working a deep frier all day) and paid little more than the free money the government was giving you. But there’s a limit to that—especially when it comes to arguments against extending long-term unemployment benefits.

Under federal formulae, a weekly unemployment check tops out at 40-50% of your last paycheck. If you were grossing only $400 a week to begin with—and plenty of hourly workers don’t make even that much—that’s a cool $200 in benefits. How long could you lounge about in that hammock? On the other hand, health insurance free-riders—people who wait until they’re sick to sign up—do represent a real risk. So the only way to make sure everybody gets a fair shake is—oh, what do you call it again? Ah, yes: a mandate.

The behaviors we share with the lower apes are there for a reason: they worked when we were lower apes, and they still do. The plutocrats, the pampered, are necessary members of a complex economy, and calls for pure egalitarianism have always been nonsense. But so is the tough-love, pull-yourself-up, no free lunch even if you’re starving ethos of the people who have forgotten—or never knew—what that kind of desperation feels like. There’s not a thing wrong with the rich and powerful, provided that they remember what wealth and power are for. Blue-tailed monkeys and lemurs do—so how hard can it be?"

Greed Is Good: A 300-Year History of a Dangerous Idea
Not long ago, the pursuit of commercial self-interest was largely reviled. How did we come to accept it?
John Paul Rollert Apr 7 2014, 11:32 AM ET

http://www.theatlantic.com/business/archive/2014/04/greed-is-good-a-300-year-history-of-a-dangerous-idea/360265/

Whats normal greed? lol.

but I get your point of view, meaning dont become the banks where the ceo earns crazy amounts of money then average worker would hit in a life time. 

Greed is good for yourself but others may hate you for it.  :)

Horseshit.

The basic premise of this article seems to be that greed is what motivates a lot of people to better society and to protect it and its citizens.  Now, I do agree that this works fairly well as a stronger society/economy tends to lift all boats, especially those of the rich.  And, practically speaking, this is probably about the best we can do in the world in which we live.  But shouldn't it be possible (theoretically, anyway) to build a strong(er) society without greed?  Where people are motivated to work hard, not just for their own sake, but for the good of their neighbors, too?  Where the rich use their wealth to reach out to the poor, not to give them a hand out but a hand up?

I'm curious what you mean by this.  Could you elaborate a little more?  How do you figure that we need nothing external?  Don't we need food, clothing, etc.?