Topic: Am I wrong to think Bitcoin whales should be ashamed of themselves? (Read 3211 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.
August 19, 2014, 03:49:19 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.
There aren't that many whales in bitcoin world. Most big wallets that hasn't move for one year should be considered lost wallets.
I would be more skeptical on all IPO and business that raised a lot of bitcoin and subsequently sell on the market.
August 19, 2014, 12:53:43 AM
The hoarding behavior from whale are the reason bitcoin can go up in price. If no one is selling, then only high price and draw them out and bring additional supply.
August 18, 2014, 11:26:20 PM
BTC is a free open market, its value is determined by demand irrespective of how may coins any individual holds, demand is based on supply and its perceived value by those who hold them. The value is determined by is usefulness. Those who recognised early on and those who add value by improving its usefulness have nothing to be ashamed of, they are being fairly rewarded by its unimpeded market value.
If many people who presently hold a lot of coins suddenly decide to sell their coins then the supply of coins will go up causing the price to decline. IMO we don't have a demand problem, it is that we have an excess supply of BTC hitting the market. 
August 18, 2014, 06:34:04 PM
BTC is a free open market, its value is determined by demand irrespective of how may coins any individual holds, demand is based on supply and its perceived value by those who hold them. The value is determined by is usefulness. Those who recognised early on and those who add value by improving its usefulness have nothing to be ashamed of, they are being fairly rewarded by its unimpeded market value.
August 18, 2014, 05:40:07 PM
They did more, now they have more. Why should they be ashamed?
isn't this not healthy at all for bitcoin, how can we expect a high price in this way? hoping that one day one rich guy pump it? bah...
If the whales were to sell their coins the price would go down, not up. In fact, many of them are probably selling gradually as we speak, which might be part of what we are seeing now.
August 18, 2014, 05:08:50 PM
Is OP trying to say that free market is bad? 
August 18, 2014, 04:25:21 PM
why should they be ashamed? Its their own money to waste and it is not different in the financial world
August 18, 2014, 03:23:31 PM
They did more, now they have more. Why should they be ashamed?
isn't this not healthy at all for bitcoin, how can we expect a high price in this way? hoping that one day one rich guy pump it? bah...
In 2011 the vibe here was totally different. It was about taking on the banks and spreading the word. Now it's a bunch of kids that want to know what computer buttons to push to get rich. Now everyone wants a loan or a handout, or to be let in on the secrets. Well, the secret is hard work. If you want a lot of bitcoin then start something of value, go hungry while it grows, later the earnings will flow.
August 18, 2014, 02:53:32 PM
cowards who sell at a loss should be ashamed of themselves
+1Buy & Hold. We are not there yet, for a long time.
August 18, 2014, 02:19:44 PM
Do you think people who are rich in fiat should be ashamed of themselves? As essentially there is no difference...
August 18, 2014, 01:15:13 PM
They did more, now they have more. Why should they be ashamed?
isn't this not healthy at all for bitcoin, how can we expect a high price in this way? hoping that one day one rich guy pump it? bah...
August 18, 2014, 12:22:10 PM
I don't see this as particularly different from the ownership distribution of financial assets in the USA for example. While the scale is entirely different, and the counts of folks, I wouldn't be the least bit surprised if the percentages are fairly similar.
August 18, 2014, 12:10:25 PM
They did more, now they have more. Why should they be ashamed?
August 18, 2014, 11:59:15 AM
August 18, 2014, 11:25:37 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.
People are greedy. Its expected. I don't get why anyone would want to buy into a deflationary currency full of speculators
August 18, 2014, 11:19:05 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.
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