Bitcoin Forum

I don't get it..a lot of the new comers into Bitcoin are treating Bitcoin as a get rich quick scheme.

I've seen posts here (and other places) going on about how they're going to take out huge, huge loans to buy Bitcoin.

Why? Simply so they can hold, hold, hold, and resell at a higher price....

I also know a couple people personally that are buying to resell...One of them has 2.7 mill invested. He's going to dump as soon as his investment reaches 25%. I know someone else that doesn't even have a job and she put all assets into Bitcoin.

I feel like nowadays every newcomer is acquiring Bitcoins to get rich. They aren't here for anything else. This is a giant greed bubble IMO. Nothing else.

This isn't about currency revolution... It's all about investment/greed speculation now. It isn't about screwing over the banks or government or evolving anything, It's now about buying in and selling at higher prices and selling for a nice paper money increase.

Greedy speculators will be the death of Bitcoin.. If hacks and the government don't kill it first. This whole thing is becoming a joke really due to human greed.
You Idiots taking out a second mortgage on your house and living off ramen (I know several of you personally (4)) I will give you no sympathy when this greed raged currency crashes.

I will keep using Bitcoin if it = 1 cent or 100 bucks, It doesn't matter to me.

You people expecting an infinite price increase so they can sell out and retire, I will be here to laugh at you when it falls through the floor because of speculative greed.

like it or not a higher price helps bitcoin

People are going to speculate. In the late phases of a bubble, people without understanding of the asset are going to speculate wildly.

I've come to terms with that.

No, what really grinds my gears is that people who should know better are selling newcomers on Bitcoin by talking about its speculative upside, and that's a recipe for poisoning the trade ecosystem.

Real, sane money will see that kind of argument, immediately think "HYIP", and stop listening.
Naive optimists will see that kind of argument and buy in without understanding the asset or caring about what it does (and thus, without helping establish the Bitcoin economy, the only long-term driver of price and adoption).
And, worst, con-men will follow the optimists and stay because irreversibility makes their job so much easier, increasing the portion of the foetal economy that is made up of scams and shells and get-rich-quick sepulchers.

I don't think it will kill Bitcoin; if it didn't kill Bitcoin back in 2011, it won't do so easily now. But it's making it harder for the thing to be seen as legitimate by the outside world.

I think the only people who'll make money are those who will get out in time and closest to the bubble.
Lots of people will loose money panic selling their bitcoins.

This is a great opportunity to make or loose lots of money. I don't think BTCs will became mainstream enough (it's too much of a "geek-thing" imho) to sustain this kind of growth, and when it will be clear to everybody that prices aren't increasing anymore, everybody will want to cashout but there will be no "new-geeks" ready to pay a shit-ton of money.

This doesn't mean that the price can't reach very high levels in the next few weeks/months or whatever.

Yes, but people who are taking loans to get bitcoins are going to be dumping coins soon. To pay for the loan.

This has always been the case for many, even when you could buy a Bitcoin for a couple bucks.

Don't matter none to me. Bitcoin-related infrastructure's improving rapidly. Use of these services will increase as number of users increase regardless of an increase in tag-along speculators. Bitcoin's getting press from just about everywhere these days, and so long as more people are becoming aware of it, it's good.

That said, I did like when BTC price could be converted to USD price by just adding a zero. 1BTC = $10. We held around there for a long time, and it was good.

I cant help but agree with you a little.  I'm probably in the same category as the people you mentioned though.  I am living off of about 200 a month and spending the rest of my income on Bitcoin.  but does that really make me greedy, or does that make me smart?  I guess we will find out sooner or later, hopefully later.  But now that i think of it, looking at the people I've managed to coerce into using bitcoin, most of them think of it only as a way to make some money.  But I dont expect them to fully understand how bitcoin works, or what it could do for the world.  For now, It's good enough that they are simply using it.  Lets put it this way...  don't you think its better to have some non tech savvy people using bitcoin for their personal gains than none at all?  I mean if they can find some use in it, then good for them.  All in all, I think more users is a healthy thing, whether they use it for greed or for whatever else it is that floats their boats.   I do my best to teach them as much as i can about bitcoin, but many of them just dont have the capacity to really understand, but I think a broader understanding will come with time.

With bitcoin - only invest an amount you can afford to lose. It may end up $1000 a coin or $1.

A higher price helps adoption, cause of exposure and greed, sure.

However, the massive price explosion we have had in the last couple weeks is not healthy. This whole thing is now induced on the idea of "If i buy now, my coins will be worth double what I paid in a couple weeks"

I know several people that are investing on the basis of this idea. I don't support it in any way, But greed is greed.

I think It's just leading to a major crash where all the weak minded investors that got in to get rich quick will sell everything (My friend with about 150k+ coins is just in to resell from where he bought in) He hasn't panic sold yet because we now have this perma bullish idea that if we crash 15$ dollars we're gonna go right back up 5 minutes later.

Luckily I'm young, and if I lose 4 or 5 thousand dollars its not that big of a deal, I'll recover.  Looking back on my teenage years, I realize I've wasted thousands and thousands of dollars on worthless shits and giggles... If only i had put it into bitcoin.

This is what annoys me. People put money into Bitcoin simply on the idea that it's a good idea cause it's going to make them more money down the road. This whole idealism will be the death of Bitcoin.

You are not supposed to make fiat money off bitcoin, the whole point is bitcoin is supposed to replace fiat.

I don't think the get rich quick crowd is going to kill bitcoin. If anything is going to kill bitcoin it will be the lack of consensus about the scalability enhancements.

I agree that most newcomers are greedy folks who buy BTC in order to sell it later to the next fool. So what? This can't be avoided if lay people try to be traders. We are going to have to deal with the high volatility and huge bubbles.

I'm expecting exponential growth for the medium term. While I'm going to be wrong at several data points along the way, I expect this to be more reasonable scenario than most that are thrown around these days:

end-2011: $5
end-2012: $10
end-2013: $20
end-2014: $40
end-2015: $80
end-2016: $160
end-2017: $320
end-2018: $640

If the scalability enhancements are in place around 2017, the growth can go on for a few years after that. If not, a price above about $400 can't be sustained. While there's no simple correlation between block size and price, there's necessarily some kind of relationship.

No, you got it completely wrong. It's very easy to see from historic data that minimum price of bitcoin so far has been quadrupling yearly. You think it will for some reason stop and start doubling now? No, sorry, that's some totally unbased conclusion. The actual minimal bitcoin price is more like
$1 for 2011
$4 for 2012
$16 for 2013
$64 for 2014
$256 for 2015 etc

the deflationary aspect of bitcoin is absolutely necessary. It's what causes this "greed" and speculation. But it also solves the chicken and egg problem of money. How can money be born from nothing and serve to act as money when nobody uses it? Nobody uses it because it's valueless... and it's valueless because nobody uses it. So why would anybody use it when it is worth nothing? The deflationary aspect gives a first cause to use it... because whoever uses it earlier will be rewarded so in a way that gives it an automatic perceived value to some people... which gets things rolling.

It could scale that high. There's no doubt.

But that all depends on how deep the greed is. If most of the new money coming in is in it only for quick cash..expect it to never even get close. If it's smart money coming in holding for Bitcoin to evolve then expect it to go up quite a bit.

Like I said earlier, Everyone I know personally that's in Bitcoin is in it for the short term to make a quick couple bucks. Obviously my friends are a small sample pool, but judging by this mega friggn' rally I'd say they aren't the only people getting a bit too optimistic.

I don't think a major crash will kill bitcoin. However, I think it's just going to put it another step back from being even close to the level of Paypal or something like it.

Many people in this forum are miners and they'll find lots of arguments to convince you that there'll never be a bubble, but simple because they can get more profit mining if prices go up.

Yes you do get it, Greed will catch up with people.

For all those speculating and coming out with numbers based on trends and what not..  the only reason bitcoin shot to fame was because people became aware of this as a revolution.. hell half of europe and us is rushing in to acquire more and more bitcoins. IMO the most imp factor affecting the prices is the eurozone crisis. Lets slovakia go bankrupt and u will probably see the value spiking again.. another short term factor are the massive DDOS attacks goin on. But since people have faith in the currency they are still buyin in. One big attack on an exchange like mtgox and the peoples trust takes a blow the rates go down.. so there are a lot of factors and it drives me crazy seein people coming out with rates out of thin air not knowin its because of them people are hoardin bitcoins which mite eventually lead to the failure of this revolution.. so stop the next year rates nonsense speculations atleast.. best u can speculate is the rate maybe 2 or 3 weeks from now..

It would literally be impossible for Bitcoin to reach $1/BTC.

Guys, when greed catches up to you just stop and sell him some bitcoins @ -10%... Works everytime.  :) 

He catches on quick tho and starts coming back sooner and sooner.. greedy bastid!!

 ;D

If by "greed" you mean coke & weed, then yes I agree with you.

While I can agree with this as well, I can also ask what defines greed?

Is it purposely buying only planning to dump?

Is it cashing out because you have to use some of the BTC bought or mined to pay bills and things in real life?

Is it just being smart to take your initial investment costs back out - or hold on and only care because said invesetment is say, 2x, 3x the price?

Perhaps a mix of these.  I don't see taking profit being a bad thing (people will do what they will do), but I suppose if you're just in it only to make money, period, then that's not what the currency is about.

It is a good side effect though and the rich had to get that way somehow.  For a change, many of us can ask realistically perhaps "Why not us this time?"

The coming weeks and months ahead will make things clear.

Whoever buys on greed will be punished suitably, it happens for any investment vehicle out there. Price may be trending upwards at a parabolic rate now, but the price changes are still cyclical and people will sell in fear as the prices come down too. Its a natural system to weed out the weak buyers who went all in. In the end the cyclical redistribution process will keep everything chugging along (I say this as a matter of opinion, though, and not fact. I do hope I am right)

How about $2?

I was punished the other day when I did some LTC trades that netted my 14BTC in 10 minutes.

Wow the market knows how to punish me with PROFITS.  :D

That may be true but we all know you're not the kind of weak buyer OP and me are talking about ;D

How Can I not agree with you   ;D

This topic starter is a shill and just jaleous of us making huge profits

Greed is Good.

Nope, we will not see single digits anymore, unless bitcoin completely dies.

Aptly put Mr Gecko

What he said.

People this year are gnashing their teeth about the people who invested in 2010/2011, and by the end of the year they'll be qq'ing about people who invested in 2012/early 2013.

I believe in btc (because I understand the fundementals a LOT and observe global social/political/economical status).

I am what I (and I expect most) would consider a poor person, but ... let's just say your female friend has worked out her maths correctly then she is a smart person ;)

IF I could pay all my bills in btc, I would, but I can't, so I need to change some every so often back into fiat to cover such things that I can't normally cover. As more btc options become available (which they will) I will slowly move my expenses into btc.

I made another thread here - https://bitcointalk.org/index.php?topic=169212.msg1760062#msg1760062 - I would be very interested to hear your views on this OP (and others). No one has posted there yet .. I wonder why ;D

A few others I've talked to (that I know personally) who believe similar to you (and really have no clue about btc, global matters or what bubbles really are, not saying you don't, maybe you do, just saying these people I know don't). But they have stated to me that at £1,000 they'll stop qq'ing about "bubble bubble".

But let me say this here, the 'bubble' is fiat, and it's going to pop sooner than most realise, and when it does .. oh dear ;)

good for you, buddy

All that is happening now is that the real price of bitcoin is being worked out by the market.

Obviously its worth more than a dollar, and its worth more than a average hour of labour.  Its currently worth a day of labour, but will it soon be worth a week of labour?

The OP is focusing far too much on the dollar value, and not on the idea that a free market is all about working out a fair value for the information available.

You will always have greedy people, but the sensible thing to do is focus on what makes your life better, and don't try and manage other people's lives! If they get stung, its their problem! ;)

+1

The OP is naively ignoring the unprecedented global banking situation which has created the black swan event that is bitcoin. Bitcoin is here at the right place and right time. It is a self fulfilling prophecy. It is funny that people like OP dont hold any other commodity, investment or trade to the same standard a bitcoin, greed is acceptable literally everywhe in the world but with bitcoin it's not? Just let it play out.

totally

let the next sucker lose, not me
imo theres still enough suckers in line that will make the price grow further

good times, fu*k them

bitcoin, greed is good

Well the greed of these type of people is still pushing up the price, thus increasing the exposure and liquidity of bitcoin. This allows more legitimate users to get in. At the same time, many of these greedy people are going to come to their senses while holding bitcoin. It may not be part of their plan, but unless you refuse to open your eyes, simply owning bitcoin is a beginning of enlightenment. Finally, for the moment when fiat begins to collapse, the greedy will stay in bitcoin.

For these reasons, I'm not terribly concerned about their buying motives.

What I did was buy btc cheap then cash out as much as I put in. I didn't plan on hoarding them but with the way they've been appreciating it's become fun just to watch them grow
if they bottom out to zero I've lost nothing, If they appreciate to unfathomable amounts, well I'm going to be very happy

In the end, is anyone using BTC for anything other than speculating?

I think that if BTC survives after the bursting of this bubble, then it will truly become an alternative global currency.

If it doesn't- another digital currency will come along and pick up on the lessons learned.

We also do buy stuff with bitcoin. Look in different threads and you'll see.

I think the difference isn't about greed. Everyone expects to get something in return for their investment either their time or their money. The difference is some people understand what Bitcoin is and why it is and some people don't. If you work via the Internet already, and have made money online before, then you are in an excellent position to understand the value of Bitcoin. It's the best form of payment the Internet can offer and if you produce content and currently get paid pennies on the dollar then Bitcoin will be good for you.

I'd love to sell my content for Bitcoin. I'm just waiting for the infrastructure to allow micropayments via Bitcoin instead of dollars and then I'm all in.

Yes, it's cool, just make vast stereotypes about "all the new people coming into bitcoin" based on a few forum posts you've seen from people hoping to get rich quick.

Just make assumptions about everyone's motives, assume that no one cares about the fundamentals or the revolutionary aspects of bitcoin or its potential to take on the crony banksters -

Good luck with that brah ;-) I'm going to go to another thread now.

Exactly. There is a great variety among new adopters.

Regarding using bitcoin as a transactional currecncy; the simple fact is, in order for it to function in a widespread way for a significant fraction of the population, it has to have a much larger valuation than it presently does. The monetary base is on the order of trillions of US dollars. There's simply no way for a fraction of the transactions (business and personal) that occur in the world to take place unless bitcoin has a market cap on the same order of magnitude. So even if there was no one speculating in a get-rich-quick-fashion, the price would still first have to follow a trajectory to much higher $/BTC. It's conceivable BTC is doing that that now substantially on the back of people who want to do money transfers from and to places with capital controls or financial repression. Or it could be that some small fraction of the world is choosing to diversify a small fraction of their savings into this new asset class, not in a speculative manner, but merely for risk management. Are you so sure that's not what's happening, more so than speculation?

Now as for why people don't choose to spend their bitcoins: if one has dollars, and one has bitcoins, and can purchase a good with either one, Gresham's law (or something much like it) will always push people to spend the one that can be debased or seized (a la Cyprus) by the central bankers or sovereigns. Seems natural and expected to me that people don't choose to spend their bitcoins if they don't have to, and thus there's not much consumption transacted in it. I suspect bitcoin is resistant to circulation for the same reason 60% silver US coins don't circulate at face value.

I know some people are buying and holding bitcoins not in a speculative manner, but merely as a means of saving in a currency that can't be inflated away (or inflated away beyond the increase in coins that's already built into the system). I was taught that saving for the future was virtuous. "Hoarding", near as near as I can tell, is merely a pejorative way of saying "saving". If dollars or whatever your favored vehicle for saving, in your judgement, is a good, no one is calling you "Idiot" for doing so. OK some people might. Not me at least. Please allow others to have a different opinion on the matter of whether saving in bitcoin is idiocy.

Overlooking the impossibility of selling at a non-finite price, I think if the price ever got to anything absurdly high, it would probably be because the fiat currencies had failed and were hyperinflating. Such that the price is not due so much to appreciation in real terms, but merely loss of value of fiat currency for which btc can be traded. The last thing someone does at that point is turn their savings into a hyperinflating currency. So I don't think that would be "selling out of bitcoin" as it would be "buying into dollars".  You can read a lot about what happens in a hyperinflation, and the first thing people in that circumstance do is trade their paychecks for something they think or hope will retain value. In post-Soviet Russia during its hyperinflation people traded their earnings for dollars on the black market. No I'm not saying we are hyperinflating now. Obviously not. At least yet. I was describing a possible scenario that would cause a ludicrous valuation.

You and I can agree that is pathological. And putting all or most of one's savings in BTC seems foolish to me, too. There are risks.  An asset class with a rising price does attract speculators. We won't stop them doing it. In the dot com bubble in the 90's people bought tech stocks on margin, and were wiped out in the crash. Same thing with real estate in the real estate bubble. I don't see how we can expect human behavior to be different in this case. Those people are putting the noose around their own neck. Yes, if what's happening now is mere chasing of price momentum by get-rich-quick speculators we could have a spectacular crash. And you can crow over their folly when it happens. I for one will not. But I think it's an open question whether bitcoin is indeed merely a bubble at this point, or is it rather just beginning to approach the valuation that it's merits deserve. But whichever it is, I don't see a crash being the end of bitcoin any more than the blow-off and crash in 2011 was.

Both me and my girlfriend recently invested some of our savings in BTC because currently in the UK you make absolutely nothing on your savings due to how crap the economy is at the moment. Our opinion was if we can make 10% over a year then were happy as that's more than we'd make currently.

I think most likely there are lots of other people in similar positions right now thinking the exact same thing, not necessarily thinking short term, but medium term for investments as they are fed up of the banks making all the profit, taking government bail outs and making nothing on their hard earned savings.

Also, I do use my BTC when I can, I have used them to buy goods online from the few places that currently accept them, it would be nice for adoption to increase over the next year then maybe the money me and my girlfriend invested won't get cashed out but instead used to buy things in BTC instead.

That's why I think bitcoins #1 use will be as a hedge against inflation

To all the people complaining about people spending their Bitcoin, new adopters don't have enough Bitcoins to realistically spend their Bitcoins. If you only have 1BTC then spending it isn't going to be on your mind. If you have 1000 BTC like the last generation of adopters then you should be investing and spending. If you have 100 BTC then you should be investing but not spending. If you have 1 BTC you should be saving.

The problem is it's hard to earn new BTC but easy to spend it all away. This can be changed by allowing content to be sold via BTC. Music, movies, writing, stuff like this which a lot of people can do should generate BTC. If it doesn't then you cannot blame the holders of BTC for not spending it. What can a person with 1 BTC buy with 1mBTC?

Right now not enough can be bought with 1BTC so this person would be wise to save and hold until the market increases the value of 1BTC to the point where thousands of products and services can be bought with it, but would anyone realistically spend their last dollar? And do we call that person greedy for not spending it?

Good point and angreed. The golden rule is: Never invest more than you can afford to lose. Obviously, no matter how good things look, breaking this rule can set you up for disaster.

Same here. My wife and I were just commenting on the prices of food compared to last year. The government seems to blame it on just about everything else when it's obvious inflation is the culprit. Gas prices too.

People are desperate for a solid currency that they can save without its value being stolen through inflation.

the good part is that we don't know the future to anything. anything may happened regarding btc or other altcoins.
personally i love its technology and philosophy over gold and other assets. it can co-exist with fiat as well or replace it, i really don't
care!
i never had much money, i learn to live without it, if btc goes to 4 or 5 figure value i will continue to live exactly the same.
long live internet and its products :)

It's a transfer of wealth to the Bitcoin community, very good.
By voting with their money, people are transfering the power to us.
Once none of use need to have a day job, we can become entirely dedicated making that revolution happen for good.

I bought the first time at 20USD on the way down, and I held down to 1 and up to now. If it crashes again to 1 or 10 USD I think I would buy quite a lot more, and I expect many here and there would do the same. And that's why it won't happen, unless it crashes due to a new, better and more popular cryptocoin.

I like how people speak of greed as if it is a bad thing.

The more people who put their money into Bitcoin, the more people will start to understand Bitcoin and be willing to use their bitcoins to spend.

Why would you go back to dollars once you understand how Bitcoin works?

Your post is the best most accurate post I've read on this thread. You deserve a Bit-tip.

https://www.youtube.com/watch?v=R8y6DJAeolo

Words to live by.

I agree with your post in general but, you know, many things were once 'geek things' and now they are main stream. The internet itself, smart phones, internet banking and playing games spring to mind. Time has a way of doing that.

IMO the question is if the community and infrastructure can mature enough to sustain the growth. Right now I think some people have an idea that services in the Bitcoin world will either get hacked or try to scam you - and their not wrong!

Me.  :)

How is it greedy if someone is holding the same amount of BTC ? Even though BTC to USD has increased almost 18x[for me] it doesn't make any difference I'm still gonna hold.If you don't want to just sell and keep to your own opinions.

this is spot on.

first I thought he was being a dick then I read his posts and feel bad for him. that feeling of being so close must be painful.

I agree with this. When the parabolic rise breaks, it's going to crash hard and for a long time IMO.


This community was the best and the most fun when coins were 6 cents and you had to buy them with cash in the mail. Fun times :)

Bitcoin can be many things to different people.

Of course some will come just to speculate and try to make money.  There is money to be made obviously after all.

Even if we make the assumption that this behavior is "wrong" for Bitcoin it still benefits it in the sense that higher price means more media coverage which leads to higher adoption.  Even if most of the new adoption is for the "wrong" reason it will also attract some adoption of people with the "correct" intentions.  They will behave how you want them to and help justify the higher value of the coins allowing more speculation.

Also the basic premise that "greed will catch up with you" is false.  The only "justice" around is that which we create.  Often times greed works out great for the participant, hell even crime pays quite often.  It's nice to think that people get what's coming to them due to some kind of cosmic justice but that just isn't the case, sorry.

Basically if we start out with X users of Bitcoin that use it for non-speculative only purposes and there is adoption of Y users, even if only a small percentage Y users adopt it for the reason X users use it X plus small fraction of Y is still bigger than X.

If you don't care if bitcoins are 1 cent or $100 then why care what the speculators are doing in the first place?

Let me know when Pirate@40 starts a new investment opportunity!

Who needs pirate's 7%? A Batch 1 Avalon investment is currently returning an uncompounded 270% a week. Too bad you can't compound it ...

This is only an opinion, but even if it turns out to be true, that will just be a [third!] great opportunity to snag some cheap BTC.

How many commodities double bubble?

All of them.

Yep I'm a dumbass because I said bitcoin is going to die. Oh wait, I just read my post again and I never said that. Congratulations on that.

In fact I even said in my post I would still use bitcoin if it was worth 1 penny.

My whole point is too many people are in it for greed/fiat and not in it for Bitcoin and just want quick exponential profits.

If you or anyone else took my OMMMMGGGG CRASSHHH thread seriously, especially when in the same exact thread I said I managed to buy in at the low $50's during that dip , then you would be the dumbass.

Also I'm not actively trading Bitcoin anymore. I do have some cash left in Gox, but I will only use it for dips I manage to be around for. I've cashed out about 50% coins and am holding the rest. Bought myself a new truck, paid off my remaining student loans. I refuse to buy anymore at record high's. The way I figure it if I hold what I have left and if Bitcoin ever becomes a huge success then I'll be millionaire or higher. If it crashes or ceases to exist my life won't be affected.

lol and neither did I ever say you said Bitcoin is going to die dipshit. ;D ;D ;D

Man, I hope my greed catches up with me, because so far price has greatly exceeded my greediest expectations.  :P

Haha, I like how hostile you are. I should post more often. You guys are entertaining.

How is what I HIGHLIGHTED for you "hostile"? I figured you needed a good pair of reading glasses given you were accusing me of something I never accused you of lol.

Please fail harder, that is ENTERTAINMENT to me.

 ;D ;D ;D

Nah I know what I said. You're taking a big one line of what I said highlighting it and ignoring the whole point of my post.

If I assumed Bitcoin was going to die, for whatever reason, I would be 100% cashed out. I don't assume that and I'm holding the rest of my coins long term in the hopes that someday I'll actually be able to use them as a payment everywhere I go, maybe buy a mansion and a yacht  ;D

However, if it fails or crashes, oh well. I already made wayyyyy more then I ever assumed I would and didn't mindlessly buy into this hype train that's happening right now.

Maybe I'm wrong and Bitcoin will keep rising in value forever. I still win, cause I will be rich.

(being entertained by your aura of fail)  ;D ;D ;D

Nothing goes in a straight line. The most important thing that matters is that the protocol is not cracked. Besides that, once a BTC remains a BTC. Just hold it a little longer if you're afraid of swings.

Fucking greed making me filthy rich.

Judging by your presence on the forum, you sold most of your initial bitcoin stash in the $0.10 to $1.00 range?

lol

"stay short or die"

ROFL!

So, we back to greed is good? lol

I think lots of people cannot see the difference between long term greed and short term greed.
The first is good, nothing wrong in having a profit in months or even years.

The things that really worries me is the short term greed. And I think this is what the OP was talking about.
When people accumulate a quite large amount of BTC planning to dump it all in the short-medium term (like in the next month or 2)
That is going to create a bubble now, and a large crash soon, and this will make Bitcoin life difficult for long term adoption.
Those are the kind of people that would not care if Bitcoin dies as soon as they got their gain.

Call me paranoid, but I would not be happy if those people were the majority of the new entrants. I'm here for the idea. I don't even have any coin anymore because I'm waiting for the crash... price doubled in a week, a large correction is due soon.

Greed will save us all.

I believe that believing in bitcoin means you don't need to fear the greed.

It's in it's infancy, and like it or not growing value of bitcoin only increases it's power as a currency.

At anyrate I totally agree with your sentiment and see where you are coming from.

In my opinion anyone with 1 million dollars to invest doesn't need to do so in the first place. I mean, with that much money it really is nothing else but greed.

At the same time the money influx helps the currency.

Its far too early to tell though, I am no expert. Who knows

I'd think it's the opposite. I'd think with a million bucks, Bitcoin would look like a liability of loonitarians, and would *only* be due to pure unadulterated curiosity and boredom from being too wealthy that any investment into it would be made. There are of course people with lots of money who would believe in the tenants of Bitcoin, but bitcoin itself...hmm..that's a tough one.

I agree. If I had a million dollars, and ONLY a million dollars. I would hoard that fiat like a muther fuzzer. Maybe $50K into bitcoin, but no more.

if had a million dollars, and ONLY a million dollars.... i'd keep my day job...

If you're wealthy enough to risk a million and you are only doing so because you are "bored" you're doing this "life" thing all wrong. That being said you bring up a good point.

I harbor no ill towards people looking to grow more wealth, but I have to wonder sometimes. Money is useless, until it is used. What is the point of amassing a fortune if you never intend to use it?

To be fair I'd invest in bitcoin no matter how much money I had, however I was mostly referring to the poeple OP was complaining about. Pure greed, I suppose, brings a sufficient level of disgust to me.

if you had a million dollars, you would be spending your days thinking how not to lose it due to inflation or allocating into bad assets; won't speak for other millionaires but hedging some part of it with bitcoins is one of the best ideas on the market right now, provided you somehow understand what the hell bitcoin is.

A million dollars isn't cool, you know what's cool?

A billion dollars.

A billion dollars isn't cool. You know what's cool?

An ice-cream sandwich.

greed.