Bitcoin - powered by greed? - page 3.

myrkul

hero member

Activity: 532

Merit: 500

FIAT LIBERTAS RVAT CAELVM

Quote from: Spendulus on May 21, 2013, 02:36:09 PM

Quote from: hawkeye on May 21, 2013, 12:29:20 PM

Greed is fine in the free market because to be greedy you have to provide products and services to people. ...

Thinking about it, I'm not even sure I know what greed actually is. I know the word is used many ways by different people, sometimes in a perjorative sense, sometimes in a descriptive sense.

Greed is simply self-interest. Wanting to improve your situation. Some people don't like that.

Spendulus

legendary

Activity: 2912

Merit: 1386

Quote from: hawkeye on May 21, 2013, 12:29:20 PM

Greed is fine in the free market because to be greedy you have to provide products and services to people. ...

Thinking about it, I'm not even sure I know what greed actually is. I know the word is used many ways by different people, sometimes in a perjorative sense, sometimes in a descriptive sense.

hawkeye

sr. member

Activity: 364

Merit: 253

Greed is fine in the free market because to be greedy you have to provide products and services to people. This drives down the value of those products and services because you are increasing the supply. That is the only way to get money in a free market.

When you have a rigged system, like the current banking system for example, money is obtained at the expense of others and thus the greedy are getting resources at the expense of others. Inflation compacts the problems because it disproportionately hits the poorer in society while allowing the richer in general to attain more wealth than they otherwise would.

So it is the greedy using a rigged system to get more than their fair share that is a problem. Not being greedy per se. It's all about the context.

Thus, it's not being greedy that is the problem, it's the rigging of the system.

in that sense, Bitcoin is not a problem. It is providing a valuable resource to society with a net gain overall powered by greed if you will.

FinShaggy

full member

Activity: 196

Merit: 100

Google/YouTube

It is powered by greed, but also need in some cases.

Stampbit

full member

Activity: 182

Merit: 100

Bitcoin is powered by wishful thinking.

countryfree

legendary

Activity: 3066

Merit: 1047

Your country may be your worst enemy

You forgot freedom. Bitcoin brings the long-awaited opportunity to make business operations without being under the umbrella of any central bank. Unregulated business! Without any documents, nor the taxman collecting its share, just like the Mafia's doing in Sicily.

minternj

sr. member

Activity: 434

Merit: 250

Come to the mining custom hardware forum if you want to see what greed does to people. Its like throwing raw meat to a pack of dogs in there.

No 1

full member

Activity: 140

Merit: 100

Ad Infinitum Et Ultra

powered by greed and the future all stars of the world Cool

myrkul

hero member

Activity: 532

Merit: 500

FIAT LIBERTAS RVAT CAELVM

Quote from: ktttn on May 19, 2013, 11:44:02 AM

The term greed actually does have linguistically negative connotations, and therefore is not a technically fit word to describe the motivations behind abstraction of trade.
A better word? Mutual Aid? Idunno...

Trade is entered not because you will help the other person, but because the other person will help you. (this is true for both participants) Mutual benefit might be a good term, or Rational self-interest.

Ekaros

hero member

Activity: 728

Merit: 500

Greed is driving force.

And in lot of cases it has been one for bad.

It needs some counterpart to be benecifial for majority. And sometimes that means force like labor unions...

ktttn

full member

Activity: 126

Merit: 100

Capitalism is the crisis.

'Cancer research' on the whole may not be a scam, but mostly it sure seems to be.
The application of distributed computer power is not as strictly appropriate to astrobiology or medicine as it is to the pure number world of finance accounting.
The term greed actually does have linguistically negative connotations, and therefore is not a technically fit word to describe the motivations behind abstraction of trade.
A better word? Mutual Aid? Idunno...

Rassah

legendary

Activity: 1680

Merit: 1035

Quote from: kungfoo on May 17, 2013, 03:24:11 PM

So I read that bitcoin is now the most powerful distributed computing project in history.

I find it ironic that the cure for cancer and the search for extra terrestrial intelligence are lower on the scale of human priority than currency. Not that I don't think bitcoin is good, or that greed is necessarily bad.

Is the success of bitcoin based on greed?

Is wanting to make money from a cure, or wanting to be world famous for a great discovery, greedy?

Spendulus

legendary

Activity: 2912

Merit: 1386

Quote from: kungfoo on May 17, 2013, 03:24:11 PM

So I read that bitcoin is now the most powerful distributed computing project in history.

I find it ironic that the cure for cancer and the search for extra terrestrial intelligence are lower on the scale of human priority than currency. Not that I don't think bitcoin is good, or that greed is necessarily bad.

Is the success of bitcoin based on greed?

Yes, the maple kind.

http://www.youtube.com/watch?v=nGeKSiCQkPw

Elwar

legendary

Activity: 3598

Merit: 2386

Viva Ut Vivas

If there were a decentralized computer system used to power your home or run your cell phone it would likely get more processor power than Bitcoin.

We use money more than we use extra terrestrial knowledge or cancer research.

myrkul

hero member

Activity: 532

Merit: 500

FIAT LIBERTAS RVAT CAELVM

Quote from: super3 on May 17, 2013, 07:59:27 PM

It's not at all greed. Any Money fills 3 functions:

1) Unit of account
2) Store of value
3) Medium of exchange

Money simply means that I can sell my old camera then maybe buy some pizza with some of the proceeds vs trying to find someone will accept a camera for a pizza, and then give me something that is worth the camera-the pizza for change. Money fulfills a function that allows an economy to work to some degree of efficiency.

(Psst: Wanting that pizza is greed. Wanting to get the camera is greed. Wanting to get gas for your car is greed.)

super3

legendary

Activity: 1094

Merit: 1006

It's not at all greed. Any Money fills 3 functions:

1) Unit of account
2) Store of value
3) Medium of exchange

Money simply means that I can sell my old camera then maybe buy some pizza with some of the proceeds vs trying to find someone will accept a camera for a pizza, and then give me something that is worth the camera-the pizza for change. Money fulfills a function that allows an economy to work to some degree of efficiency.

fredtrader

newbie

Activity: 56

Merit: 0

Greed is the only way to motivate people, its an unfortunate reality.

Anon136

legendary

Activity: 1722

Merit: 1217

Quote from: kungfoo on May 17, 2013, 03:24:11 PM

So I read that bitcoin is now the most powerful distributed computing project in history.

I find it ironic that the cure for cancer and the search for extra terrestrial intelligence are lower on the scale of human priority than currency. Not that I don't think bitcoin is good, or that greed is necessarily bad.

Is the success of bitcoin based on greed?

yes currency is more important than both of those things combined. If left unsolved the problem of the double coincidence of wants would cause a great deal more suffering on net than the problem of cancer. Same for the problem of being unable to save non durable goods. Same for the economic calculation problem.

myrkul

hero member

Activity: 532

Merit: 500

FIAT LIBERTAS RVAT CAELVM

Damn straight.

tinus42

hero member

Activity: 784

Merit: 501

Topic: Bitcoin - powered by greed? - page 3. (Read 4719 times)