Topic: Am I wrong to think Bitcoin whales should be ashamed of themselves? (Read 3209 times)
August 25, 2014, 10:46:12 AM
I will admit it does not seem fair on those who are not able to do what these people are doing and it can seem like greed which happens to many people when it comes to money and them knowing they can get more money. the problem with this though is they know exactly what they are doing to make a profit and if they can do this they will. It's being smart but also being greedy with it.
August 25, 2014, 09:55:44 AM
They did more, now they have more. Why should they be ashamed?
What they did was being lucky (right place right time.) Effort isn't in direct correlation with being a Bitcoin millonaire by any means, let's be honest for a second there. This doesn't really mean they do not deserve this. In economic schemes the ones that are there first get most of the cake, unfortunately this will always be like this as long as currencies are needed for societies to function.
There are those anecdotal stories of people who forgot they had a wallet, but although most bitcoin millionaires might have been lucky by being at the right place at the right time and getting a bunch of bitcoin, the actually did put some thought and effort into:
* Not blowing it all on 10,000 BTC pizzas.
* Not selling at record high of $0.70 before the bubble burst.
* Not selling at a record high of $266 before the bubble burst.
* Not selling at a record high of $1300 before the bubble burst.
Plenty of people who could be bitcoin millionaires now are not. That's not just dumb luck.
August 25, 2014, 07:06:40 AM
They did more, now they have more. Why should they be ashamed?
What they did was being lucky (right place right time.) Effort isn't in direct correlation with being a Bitcoin millonaire by any means, let's be honest for a second there. This doesn't really mean they do not deserve this. In economic schemes the ones that are there first get most of the cake, unfortunately this will always be like this as long as currencies are needed for societies to function.
But it is important to note that the people who were here, in say 2011, were not rich that was not a "thing" in the world of bitcoin. All this nonsense about "investors" came later. Many of us did not give a crap about money. This was about securing our financial rights and opening opportunities outside of traditional banking.
For me it still is. I do not want dollar, and I do nothing to get more dollars. I want bitcoin so I can buy stuff with bitcoin. Now that's just me, others may want to use bitcoin to get more fiat.
Back then we were laughed at for spending $500 to buy 500BTC. Now people say how unfair it is that we did it. The same may happen to you if bitcoin reaches $10K.
Old timers are visionary who work for the benefit of mankind. No wonder many disappeared without a trace after bitcoin gains momentum.
August 24, 2014, 09:47:33 PM
A millionaire is someone with 1 million USDs, so they don't have to be big whales or even early adopters (even if I agree that most bitcoin millionaires are on this group) to have a profit of 1 million, just 1000 btcs bought around 100 usds and dumped above 1100 usds per Btc.
August 24, 2014, 08:01:10 PM
Don't forget that some of the millionaires (thanks to bitcoin) are smart enough to dump their coins on the right moment and wait in fiat for the right moment to buy bitcoins again. I would say that they have been in fiat for all 2014, besides some small jumps in and out. Therefore, they won't show up on bitcoin lists.
I don't think that the whales are able to time the market like that. The people who have gotten rich off of bitcoin likely did so because they were at least somewhat lucky enough to invest when the price of bitcoin was very low. They likely even knew about bitcoin because they somehow stumbled across it when bitcoin was still young . August 24, 2014, 06:50:44 PM
Don't forget that some of the millionaires (thanks to bitcoin) are smart enough to dump their coins on the right moment and wait in fiat for the right moment to buy bitcoins again. I would say that they have been in fiat for all 2014, besides some small jumps in and out. Therefore, they won't show up on bitcoin lists.
August 23, 2014, 11:24:26 AM
Its just greedy people being greedy, nothing new around the sun.
Wealthy people being greedy...
August 23, 2014, 11:21:26 AM
Its just greedy people being greedy, nothing new around the sun.
August 23, 2014, 06:03:23 AM
The current price manipulation is due lack of big news and because of the Ethereum scam cashing out causing panic buy on weak hands. The price will recover.
Do you mean price manipulation or price decline?
Manipulation doesn't really need a reason.
August 23, 2014, 05:33:21 AM
The current price manipulation is due lack of big news and because of the Ethereum scam cashing out causing panic buy on weak hands. The price will recover.
Relative stability at around $500 over the past 3 days. I know it is a short period, but it is a relief from the wild swings of last week.
August 23, 2014, 05:13:12 AM
The current price manipulation is due lack of big news and because of the Ethereum scam cashing out causing panic buy on weak hands. The price will recover.
August 22, 2014, 09:33:52 PM
I mean how much more coins do you need, the vast majority of Bitcoins are still owned by a circle of only a few thousand people, do they really feel the need to pump and dump just to get more? At what point is enough is enough, hell i'd appreciate it more if they brought some of that BTC into the alt game if they really want to play around and pump some other coins up for profit, at least seed the money around elsewhere in the crypto world if you want to make more BTC.
what do you expect? exchanges centralize the power like this and we need more peer to peer sites instead. exchanges allow mass scale price manipulation. just like when they added the "Grand Exchange" into Runescape the prices of things were maniuplated up and down by large clans and wealthy people. same thing gonna happen in btc.
August 20, 2014, 11:29:47 AM
I mean how much more coins do you need, the vast majority of Bitcoins are still owned by a circle of only a few thousand people, do they really feel the need to pump and dump just to get more? At what point is enough is enough, hell i'd appreciate it more if they brought some of that BTC into the alt game if they really want to play around and pump some other coins up for profit, at least seed the money around elsewhere in the crypto world if you want to make more BTC.
They probably would be proud of themselves.
August 20, 2014, 10:37:19 AM
Thousands did not get rich from BTC.
http://bitcoinrichlist.com/top100?page=6
Only 600 addresses made above $1 million and addresses =/= humans. Most people with significant funds in BTC do NOT keep it in one spot. A lot of those addresses can be owned by one person.
I would be honestly surprised if there was even legit 100 millionaires due to BTC. If there were thousands of them then some 1%-3% minority would be making weekly or bi-weekly threads on Bitcointalk showing off their "lifestyle".
http://bitcoinrichlist.com/top100?page=6
Only 600 addresses made above $1 million and addresses =/= humans. Most people with significant funds in BTC do NOT keep it in one spot. A lot of those addresses can be owned by one person.
I would be honestly surprised if there was even legit 100 millionaires due to BTC. If there were thousands of them then some 1%-3% minority would be making weekly or bi-weekly threads on Bitcointalk showing off their "lifestyle".
August 20, 2014, 09:36:57 AM
I mean how much more coins do you need, the vast majority of Bitcoins are still owned by a circle of only a few thousand people, do they really feel the need to pump and dump just to get more? At what point is enough is enough, hell i'd appreciate it more if they brought some of that BTC into the alt game if they really want to play around and pump some other coins up for profit, at least seed the money around elsewhere in the crypto world if you want to make more BTC.
what do you expect? exchanges centralize the power like this and we need more peer to peer sites instead. exchanges allow mass scale price manipulation. just like when they added the "Grand Exchange" into Runescape the prices of things were maniuplated up and down by large clans and wealthy people. same thing gonna happen in btc.
then thing like openbazard should chage the outcome, we will see, security shouldn't be more of a problem if you compare it to a centralized exchange
August 20, 2014, 07:56:37 AM
I mean how much more coins do you need, the vast majority of Bitcoins are still owned by a circle of only a few thousand people, do they really feel the need to pump and dump just to get more? At what point is enough is enough, hell i'd appreciate it more if they brought some of that BTC into the alt game if they really want to play around and pump some other coins up for profit, at least seed the money around elsewhere in the crypto world if you want to make more BTC.
what do you expect? exchanges centralize the power like this and we need more peer to peer sites instead. exchanges allow mass scale price manipulation. just like when they added the "Grand Exchange" into Runescape the prices of things were maniuplated up and down by large clans and wealthy people. same thing gonna happen in btc.
August 19, 2014, 02:56:56 PM
They did more, now they have more. Why should they be ashamed?
What they did was being lucky (right place right time.) Effort isn't in direct correlation with being a Bitcoin millonaire by any means, let's be honest for a second there. This doesn't really mean they do not deserve this. In economic schemes the ones that are there first get most of the cake, unfortunately this will always be like this as long as currencies are needed for societies to function.
But it is important to note that the people who were here, in say 2011, were not rich that was not a "thing" in the world of bitcoin. All this nonsense about "investors" came later. Many of us did not give a crap about money. This was about securing our financial rights and opening opportunities outside of traditional banking.
For me it still is. I do not want dollar, and I do nothing to get more dollars. I want bitcoin so I can buy stuff with bitcoin. Now that's just me, others may want to use bitcoin to get more fiat.
Back then we were laughed at for spending $500 to buy 500BTC. Now people say how unfair it is that we did it. The same may happen to you if bitcoin reaches $10K.
August 19, 2014, 01:44:43 PM
They did more, now they have more. Why should they be ashamed?
What they did was being lucky (right place right time.) Effort isn't in direct correlation with being a Bitcoin millonaire by any means, let's be honest for a second there. This doesn't really mean they do not deserve this. In economic schemes the ones that are there first get most of the cake, unfortunately this will always be like this as long as currencies are needed for societies to function.
some of them are a good traders , or use a good bot, they can't be all erly adopters
August 19, 2014, 12:52:17 PM
They did more, now they have more. Why should they be ashamed?
What they did was being lucky (right place right time.) Effort isn't in direct correlation with being a Bitcoin millonaire by any means, let's be honest for a second there. This doesn't really mean they do not deserve this. In economic schemes the ones that are there first get most of the cake, unfortunately this will always be like this as long as currencies are needed for societies to function.
August 19, 2014, 05:24:55 AM
A lot of effect comes from small hoarders, who sell BTC when rates start falling. This worsens the situation.
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