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Author Topic: Greed makes the world go round  (Read 3668 times)
Gordonium
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April 09, 2013, 07:53:11 PM
 #21

You mark my words, greed, for lack of a better word, is good.

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April 09, 2013, 07:56:13 PM
 #22

This whole thing could be setting the stage of establishing a safe and average value of BTC. Once that is established (predictably anyway). I think trade will become more prominent.... in satoshi's anyway.
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April 09, 2013, 07:56:52 PM
 #23

This whole thing could be setting the stage of establishing a safe and average value of BTC. Once that is established (predictably anyway). I think trade will become more prominent.... in satoshi's anyway.
Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin
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April 09, 2013, 07:57:13 PM
 #24

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.
Bitcoin will surely hit that price, even much higher. But that will happen gradually and with time, not tomorrow.
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April 09, 2013, 07:58:07 PM
 #25

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.
Bitcoin will surely hit that price, even much higher. But that will happen gradually and with time, not tomorrow.
you know, just because other people were bearish and the price went up, doesnt mean you have to pretend to be bearish and then secretly hope it goes up too
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April 09, 2013, 08:01:01 PM
 #26

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.
Bitcoin will surely hit that price, even much higher. But that will happen gradually and with time, not tomorrow.
you know, just because other people were bearish and the price went up, doesnt mean you have to pretend to be bearish and then secretly hope it goes up too

I don't hold BTC, I have investments in other places. I want to see BTC become something stable before I buy into it. I'm not bearish, I am a realist.
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April 09, 2013, 08:10:13 PM
 #27


I don't hold BTC, I have investments in other places. I want to see BTC become something stable before I buy into it. I'm not bearish, I am a realist.

There have been no other investment even remotely close to bitcoin in the last four years. So I guess that makes you a bad investor, sorry

i am satoshi
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April 09, 2013, 08:12:17 PM
 #28

Forget greed. If anyone was lucky enough to get rich quick off of bitcoin holdings, good for them.

Think positively. Bitcoin is revolutionary, we know that. Back to the BTC-fiat exchange markets, all outcomes should be viewed positively from here.

Price keeps climbing and flies to the moon: nuff said already. Bitcoin holders are empowered with new-found wealth, which hopefully at least some of us will use to reinvest into the bitcoin ecosystem and not just swan around on yachts off the coast of Monaco. Smiley
Price stabilizes/plateaus for a while: bitcoin will look more viable as a transactional currency, and merchants in particular will appreciate the stability. Meanwhile, bitcoin remains a strong inflation-proof store of value.
Price falls, beginning a moderate bear market: the healthy "correction" will help take the air out of a possible calamitous megabubble, and we can rebuild from that. Some will appreciate the cheaper BTC they can purchase with fiat.
Price crashes back to <<$100: assuming no failure in Bitcoin protocol, see this as an amazing (third?) opportunity to pick up bitcoin at "extreme fire sale" (read unbelievably cheap, considering the long-term prospects) prices. Bring it on!

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April 09, 2013, 08:16:27 PM
 #29

Without greed, no one would have invested any time or money into Bitcoins a few years ago.

You need to appeal to people's instinctive greediness on some level to get just about any project off the ground.

I don't really see greed as a problem to Bitcoins. It's a necessary kickstarter to build its infrastructure.

If BTCs were worth zero, then why should anyone care to trade them or mine them?

So yeah, greed does make the world go around.

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April 09, 2013, 08:20:50 PM
 #30

Without greed, no one would have invested any time or money into Bitcoins a few years ago.
Unless they believed they were doing something worthwhile. An intellectual exercise. That's not greed.

You need to appeal to people's instinctive greediness on some level to get just about any project off the ground.
So you start all your projects based on greed? That's pretty depressing. You must not do much for fun.

I don't really see greed as a problem to Bitcoins. It's a necessary kickstarter to build its infrastructure.

If BTCs were worth zero, then why should anyone care to trade them or mine them?

So yeah, greed does make the world go around.
Depressing.
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April 09, 2013, 08:24:30 PM
 #31

Without greed, no one would have invested any time or money into Bitcoins a few years ago.
Unless they believed they were doing something worthwhile. An intellectual exercise. That's not greed.

You need to appeal to people's instinctive greediness on some level to get just about any project off the ground.
So you start all your projects based on greed? That's pretty depressing. You must not do much for fun.

I don't really see greed as a problem to Bitcoins. It's a necessary kickstarter to build its infrastructure.

If BTCs were worth zero, then why should anyone care to trade them or mine them?

So yeah, greed does make the world go around.
Depressing.

How many people can you get into the system to build it up to where it is today if it wasn't because of greed?

For every user who are here for an "intellectual exercise", it's likely that you have another 3 or 4 who are in here for monetary gains. Let's not delude ourselves.

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April 09, 2013, 08:26:39 PM
 #32

Without greed, no one would have invested any time or money into Bitcoins a few years ago.
Unless they believed they were doing something worthwhile. An intellectual exercise. That's not greed.

You need to appeal to people's instinctive greediness on some level to get just about any project off the ground.
So you start all your projects based on greed? That's pretty depressing. You must not do much for fun.

I don't really see greed as a problem to Bitcoins. It's a necessary kickstarter to build its infrastructure.

If BTCs were worth zero, then why should anyone care to trade them or mine them?

So yeah, greed does make the world go around.
Depressing.

How many people can you get into the system to build it up to where it is today if it wasn't because of greed?

For every user who are here for an "intellectual exercise", it's likely that you have another 3 or 4 who are in here for monetary gains. Let's not delude ourselves.
Lol @ you believing we are getting people 'into the system' by making them run after profits

noob is noob
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April 09, 2013, 08:26:56 PM
 #33

I'm pretty sure all of the revolutionary advancements of our lifetime were not built on greed. You name it, probably wasn't greed. Facebook, Internet, Google, whatever. These were all exercises in intelligence and providing utility. Solving a problem, not looking for a cash cow. The adoption and subsequent profitability came after and probably was not a forethought.

Edit: and in that batch, I include bitcoin. "satoshi" didn't even want WikiLeaks to accept BTC because it's still in beta, but if he were greedy he would surely implore them to do so. He/They/whatever, probably would not be happy with how Bitcoin has been going.

But you're right, I do believe a huge, HUGE majority of new "adopters" are here just for the quick profit. Couldn't agree more.
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April 09, 2013, 08:31:56 PM
 #34

I'm pretty sure all of the revolutionary advancements of our lifetime were not built on greed. You name it, probably wasn't greed. Facebook, Internet, Google, whatever. These were all exercises in intelligence and providing utility. Solving a problem, not looking for a cash cow. The adoption and subsequent profitability came after and probably was not a forethought.

Edit: and in that batch, I include bitcoin. "satoshi" didn't even want WikiLeaks to accept BTC because it's still in beta, but if he were greedy he would surely implore them to do so. He/They/whatever, probably would not be happy with how Bitcoin has been going.

But you're right, I do believe a huge, HUGE majority of new "adopters" are here just for the quick profit. Couldn't agree more.

Well it can be both. People want to solve worthwhile problems and want to profit at the same time. That's why greed is a part of Bitcoin (along with all the other non-greed related aspects), as much as you might or might not like it.

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April 09, 2013, 08:38:34 PM
 #35

I'm pretty sure all of the revolutionary advancements of our lifetime were not built on greed. You name it, probably wasn't greed. Facebook, Internet, Google, whatever.

You are so naive that it is unbearable.

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April 09, 2013, 08:40:26 PM
 #36

You are so naive that it is unbearable.
Oh no! I'm making a newbie troll upset because our opinions aren't in sync, what ever shall I do?
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April 09, 2013, 08:44:04 PM
 #37

You are so naive that it is unbearable.
Oh no! I'm making a newbie troll upset because our opinions aren't in sync, what ever shall I do?

I never get upset. I simply make more money.

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April 09, 2013, 08:45:44 PM
 #38

I never get upset. I simply make more money.
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April 09, 2013, 09:05:50 PM
 #39

Of course I'm not saying that greed is only motive, just that it's probably the biggest motive. For examply I would love to see Bitcoin thrive for ideological reasons that has to do with libertarianism. But yes, I am greedy bastard that is going to make so much money out of this as possible. And I don't think that these two exclude each other.

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April 09, 2013, 09:54:14 PM
 #40

But some people should stop being greedy and look at how BTC can benefit them and the people around them in the long run.
Long term greedy is still greedy. Wink

Like the socky said, Greed is good.

You name it, probably wasn't greed. Facebook, Internet, Google, whatever.
Facebook: Built to make money. GREED
Internet: Built to insure government structure would survive nuclear attack. Not greed, something much worse: lust for power.
Google: Built to make money. GREED
Bitcoin: Built to literally make money. GREED

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