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Author Topic: Greed makes the world go round  (Read 3660 times)
flyhouse
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April 09, 2013, 07:19:06 PM
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As I have seen on many other markets, greed is the driving factor behind every bubble.
When will some people here see that it's their greed telling them that BTC will hit $1K by next week/month/year?

BTC is different from other markets in many ways, but it IS after all a MARKET- buy and sell.
I think that after greed and burst bubbles, comes the fundamentals and the real development of BTC. Does anyone agree with me?
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April 09, 2013, 07:25:16 PM
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Tough call, from even the slightest conventional point of view.

The bitcoin market is a market like any other - yes.

But bitcoin itself is a new thing.

I think nobody knows.  We're flying on guts here - you got 'em or you don't...

Dankedan: price seems low, time to sell I think...
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April 09, 2013, 07:27:20 PM
 #3

We don't know what the price of bitcoin is going to be, so how come you think the current price is greed?

Its like the price of any other commodity - the price is what the market decides it is - its just because we don't have historical data that everyone is in shock at the current price!


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flyhouse
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April 09, 2013, 07:28:52 PM
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It's new- yes.
It's got future- I couldn't agree more.
But some people should stop being greedy and look at how BTC can benefit them and the people around them in the long run. That way we'll get a stable currency and escape from the grips of government and greedy bankers.
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April 09, 2013, 07:29:47 PM
 #5

As I have seen on many other markets, greed is the driving factor behind every bubble.
When will some people here see that it's their greed telling them that BTC will hit $1K by next week/month/year?

BTC is different from other markets in many ways, but it IS after all a MARKET- buy and sell.
I think that after greed and burst bubbles, comes the fundamentals and the real development of BTC. Does anyone agree with me?

Agreed.
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April 09, 2013, 07:30:44 PM
 #6

We don't know what the price of bitcoin is going to be, so how come you think the current price is greed?

Its like the price of any other commodity - the price is what the market decides it is - its just because we don't have historical data that everyone is in shock at the current price!



Yeah.  What if some new element were discovered on Mars - something prettier than gold, more useful than silver, and ten times more dangerous than uranium?  What would a brand new market in that element look like?

Dankedan: price seems low, time to sell I think...
warpio
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April 09, 2013, 07:32:41 PM
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The Cyprus deal has really changed the game here in a big way. Normally I would agree that the bubble has to burst eventually, but this is a very unique situation.

It's no longer just a matter of cashing out and becoming rich. You are not rich unless you are in control of the wealth and have a say over whether or not it gets taken from you. I would be hesitant about storing anything over $100k in a bank account with everything the way it is. Currently, it is a wonder whether it would actually more safe to keep your wealth in bitcoin and ride out the inevitable crash and recovery rather than put it in a bank and risk losing it.
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April 09, 2013, 07:34:41 PM
 #8

Define greed. Is holding your BTC because you believe it has much more potential greed? I call cashing out an action of greed, where you want to take your fiat money afraid that bitcoin will lose value. That's the true greed.

i am satoshi
flyhouse
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April 09, 2013, 07:34:50 PM
 #9

We don't know what the price of bitcoin is going to be, so how come you think the current price is greed?

Its like the price of any other commodity - the price is what the market decides it is - its just because we don't have historical data that everyone is in shock at the current price!



Well here it's a question of psychology- the terminal stages of a bubble are driven wholly by greed and unreal expectations. I myself have in the past made some really questionable investments in stocks in the last possible moment and regretted that I didn't get to know what I'm doing before I do it. I see many people in this position here today- they have great expectations, but as this market is driven by a finite supply of fiat which will eventually dry up- it's more than obvious that prices will fall. Some day they will shoot up again and so on...
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April 09, 2013, 07:36:17 PM
 #10

Define greed. Is holding your BTC because you believe it has much more potential greed? I call cashing out an action of greed, where you want to take your fiat money afraid that bitcoin will lose value. That's the true greed.
Greed is buying and selling speculatively, waiting for the price to go further. And since more of the traders are doing it with this in mind, it goes up. When their cash dries out, what do we do?
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April 09, 2013, 07:36:58 PM
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Define greed. Is holding your BTC because you believe it has much more potential greed? I call cashing out an action of greed, where you want to take your fiat money afraid that bitcoin will lose value. That's the true greed.
Greed is buying and selling speculatively, waiting for the price to go further. And since more of the traders are doing it with this in mind, it goes up. When their cash dries out, what do we do?
We sheit our pants
Mike Christ
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April 09, 2013, 07:38:56 PM
 #12

Aww, I'm not greedy.  I just want enough money to live off of for the rest of my life, that's all.

I hear this magical number is supposed to be around a million.  ONE MILLION DOLLARS HERE I COME YEEHAW

flyhouse
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April 09, 2013, 07:40:02 PM
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Aww, I'm not greedy.  I just want enough money to live off of for the rest of my life, that's all.

I hear this magical number is supposed to be around a million.  ONE MILLION DOLLARS HERE I COME YEEHAW

Same as what the greeks wanted. Now they be working and sheit  Grin Grin Grin
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April 09, 2013, 07:40:28 PM
 #14

Tough call, from even the slightest conventional point of view.

The bitcoin market is a market like any other - yes.

But bitcoin itself is a new thing.

I think nobody knows.  We're flying on guts here - you got 'em or you don't...

ill second that
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April 09, 2013, 07:41:22 PM
 #15

Define greed. Is holding your BTC because you believe it has much more potential greed? I call cashing out an action of greed, where you want to take your fiat money afraid that bitcoin will lose value. That's the true greed.
Greed is buying and selling speculatively, waiting for the price to go further. And since more of the traders are doing it with this in mind, it goes up. When their cash dries out, what do we do?
Spend them on goods and services!
Mike Christ
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April 09, 2013, 07:41:41 PM
 #16

Aww, I'm not greedy.  I just want enough money to live off of for the rest of my life, that's all.

I hear this magical number is supposed to be around a million.  ONE MILLION DOLLARS HERE I COME YEEHAW

Same as what the greeks wanted. Now they be working and sheit  Grin Grin Grin

Greeks didn't have Bitcoin Wink

flyhouse
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April 09, 2013, 07:42:56 PM
 #17

Aww, I'm not greedy.  I just want enough money to live off of for the rest of my life, that's all.

I hear this magical number is supposed to be around a million.  ONE MILLION DOLLARS HERE I COME YEEHAW

Same as what the greeks wanted. Now they be working and sheit  Grin Grin Grin

Greeks didn't have Bitcoin Wink

Yeah, they had Goldman Sachs to help them  Cool
flyhouse
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April 09, 2013, 07:43:44 PM
 #18

Define greed. Is holding your BTC because you believe it has much more potential greed? I call cashing out an action of greed, where you want to take your fiat money afraid that bitcoin will lose value. That's the true greed.
Greed is buying and selling speculatively, waiting for the price to go further. And since more of the traders are doing it with this in mind, it goes up. When their cash dries out, what do we do?
Spend them on goods and services!
That's exactly my point. But it can only happen in a stable market.
randrace
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April 09, 2013, 07:46:58 PM
 #19

Nah, we're spending them now.
scarce
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April 09, 2013, 07:52:22 PM
 #20

As I have seen on many other markets, greed is the driving factor behind every bubble.
When will some people here see that it's their greed telling them that BTC will hit $1K by next week/month/year?

BTC is different from other markets in many ways, but it IS after all a MARKET- buy and sell.
I think that after greed and burst bubbles, comes the fundamentals and the real development of BTC. Does anyone agree with me?

Normally, I would have to agree. It's definitely greed (or let's say belief in making a good investment decision) that people do say that BTC will surely hit $1,000 and preferably as soon as possible. But in the case of bitcoin, this really can happen independently from what people say or not. And I believe there are some people that do say it purely because of fundamentals+intuition (and intuition, even though is highly irrational, is proven to be very important for every successful investor).

So normally, I would have to agree, but in bitcoin discussion, imho it has no sense to point it out really.
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