Greed is killing Bitcoin.

[odolvlobo]

A deflationary currency is not a viable option for economy, period.

Gee. I just can't figure out how the U.S. economy managed to survive until 1971 with a deflationary currency seeing how it is not viable, period.

[Wekkel]

USD was not deflationary until 1971, I guess. It just was less abused, but abused it was.

Greed is a term that is really ridden with emotions. I don't think 'greed' is the problem, but the driver of all this. Without greed, no incentive to do something more. But Gordon Gekko can explain it a lot better.

Teldar Paper, Mr. Cromwell, Teldar Paper has 33 different vice presidents each earning over 200 thousand dollars a year. Now, I have spent the last two months analyzing what all these guys do, and I still can’t figure it out. One thing I do know is that our paper company lost 110 million dollars last year, and I’ll bet that half of that was spent in all the paperwork going back and forth between all these vice presidents.

The new law of evolution in corporate America seems to be survival of the unfittest. Well, in my book you either do it right or you get eliminated. In the last seven deals that I’ve been involved with, there were 2.5 million stockholders who have made a pretax profit of 12 billion dollars. Thank you. I am not a destroyer of companies. I am a liberator of them!

The point is, ladies and gentleman, that greed, for lack of a better word, is good. Greed is right, greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA. Thank you very much

Greed for seamless, instant, low to no fee, unrestrained transactions all over the world will make crypto currency a big hit. Ignoring this simple fact will not change reality.

_{Hell, even making a BTC payment after 5.30pm knowing it will arrive instantly (subject to confirmations) is an amazing experience and we are for god sake living in the 24/7 economy for 15 years now...... Either International payments will be made free and instant, of banks will lose this part of the payment system to newcomers. Bitcoin: it's inevitable.}

[Acesbomb]

It's being traded more like a commodity than a currency. And will continue to be this way until people can do more things with them or alt coins join bitcoin at different value levels which also can be used for day to day purchases.

[yokosan]

It's being traded more like a commodity than a currency.

It's being traded like fucking pokemon cards.

Hell, gox used to be a magic the gathering exchange, that's probably why.

[Acesbomb]

It's being traded more like a commodity than a currency.

It's being traded like fucking pokemon cards.

Hell, gox used to be a magic the gathering exchange, that's probably why.

LOL, + rep.

Speculators will keep pumping and dumping until there is a reason for people to spend these things on and not just hold for a price hike.

I am a believer though, think it will get there eventually.

[gollum]

It's being traded more like a commodity than a currency.

It's being traded like fucking pokemon cards.

Hell, gox used to be a magic the gathering exchange, that's probably why.

That why we need a p2p based exchange to trade bitcoin against fiat. Its crazy that a decentralized currency trades through the bottleneck of a centralized small exchange.

[cryptoanarchist]

All of this speculation and hoarding is making Bitcoin too unstable for merchants. Wasn't the point of Bitcoin to create an alternative currency meant for commerce? But with its current volatility, I personally would not accept Bitcoin in my trade of business.

The irony of Bitcoin is that most people are hoarding it so that they might trade it back for fiat currency in the future... That is what really saddens me.

Be sad all you want. Your Keynesian philosophy and desire for magic unicorn money that never experiences price swings isn't going to stop the progression of crypto-currencies.

[Acesbomb]

I'm pretty new to the bitcoin thing. If the price becomes stable at say 50$, just as an example, will the mining difficulty come down?

[Wompaone]

No. It's not proportionate to it's perceived value. It was $20 only months ago

[Bitcoinm]

Terrible exchanges are killing Bitcoin.  I would be happy to watch Bitcoin fall to $0 if I could at least watch it in real time!

[BitBuster]

Greed is part of human nature, always has been always will be.

No it isn't, it is a reaction to scarcity. If everyone had access to all the food they could ever want, none would be stolen.

BB.

[wolverine.ks]

Hoarding serves a market function that actually stabilizes the prices and brings resources from places of excess to places of shortage...
Additionally, by raising the price of a particular item, it sends the signal for more entrepreneurs to enter the market....

Greed is neither good nor bad. It is merely one person's subjective perspective on another person's behavior and preferences.

In fact it isn't greed at all. It is merely human nature to satisfy one's wants, and some of those wants are most easily satisfied by buying that satisfaction with money.

-wolv

[zeroday]

Greed is killing greedy cowards, those "stop-lossers" who are now selling cheaper than bought. Bitcoin is not for them.
It's just natural selection. Smartest and strongest will survive. True bitcoiners not affected.

[silverback]

Too many bitcoins were given out too easily at the beginning. Whenever bitcoin starts attracting interest there's a huge sell off that drives investment away. I guess the bitcoin economy will keep crashing down until people who got in early can cash out their million dollars.

I don't blame people who got in early, who doesn't want 500k for doing pretty much nothing? It was a design flaw. Not much can be done to fix it now.

[Severian]

Saying greed is killing Bitcoin is like saying that wrath or gluttony are killing Bitcoin.

Some very powerful interests don't like Bitcoin and want it destroyed - banks and governments. They're killing Bitcoin, not individual human weaknesses.

[pheaonix]

Too many bitcoins were given out too easily at the beginning. Whenever bitcoin starts attracting interest there's a huge sell off that drives investment away. I guess the bitcoin economy will keep crashing down until people who got in early can cash out their million dollars.

I don't blame people who got in early, who doesn't want 500k for doing pretty much nothing? It was a design flaw. Not much can be done to fix it now.

it was intended for early miners/investors to profit.

we are seeing things in the short term because things are moving so quickly.

in a few years most of the early investors will sell off, and that wealth will be spread as the markets decides after that.

[odolvlobo]

Too many bitcoins were given out too easily at the beginning. Whenever bitcoin starts attracting interest there's a huge sell off that drives investment away. I guess the bitcoin economy will keep crashing down until people who got in early can cash out their million dollars.

I don't blame people who got in early, who doesn't want 500k for doing pretty much nothing? It was a design flaw. Not much can be done to fix it now.

Quit whining. Anybody that gets in now is an early adopter. Four years from now people are still going to be whining about early adopters and they will write the same thing about you.

[yolo2222]

Too many bitcoins were given out too easily at the beginning. Whenever bitcoin starts attracting interest there's a huge sell off that drives investment away. I guess the bitcoin economy will keep crashing down until people who got in early can cash out their million dollars.

I don't blame people who got in early, who doesn't want 500k for doing pretty much nothing? It was a design flaw. Not much can be done to fix it now.

it was intended for early miners/investors to profit.

we are seeing things in the short term because things are moving so quickly.

in a few years most of the early investors will sell off, and that wealth will be spread as the markets decides after that.

100 % agreed

[vdragon]

Greed is in human nature, but it can be managable. On the other hand, incompetent people running the biggest exchange is simply disapointing, and their greed is whats killing btc. Yeah, and again, the famous mt gox didnt do anything. They lag like hell, and its bots trading. The engine still has the same crappy algorith for calculating price ... If anything kills btc it will be mtgox and its incompetent people

[odolvlobo]

Greed is in human nature, but it can be managable. On the other hand, incompetent people running the biggest exchange is simply disapointing, and their greed is whats killing btc. Yeah, and again, the famous mt gox didnt do anything. They lag like hell, and its bots trading. The engine still has the same crappy algorith for calculating price ... If anything kills btc it will be mtgox and its incompetent people

If it's so bad, then why don't you get off your lazy ass and create something that it better instead of just complaining about it. It is easy to sit in front of your computer and bitch and moan, but the guys that have set up exchanges, web sites, forums, and businesses are actually doing something. They are creating and building the things that you use while you are sitting there and stuffing your face with Cheetos. Have some respect. These people have done more in the last couple years than you will ever do in your lifetime.