Topic: The psychology of bitcoin rampers (Read 1882 times)

(Relatively) early bitcoin adapters are contributing to society by risking assets for an idea that could potentially revolutionize economics for the better.

It's not that they do nothing.  It's that all my work, and everyone elses, gets siphoned into them.  Because they own it (the bourgeoisie), and we don't (the proletarians).

When people have to slave for a living, the normal thing they think to do is either:

A.  Make enough money to never work again (buy their way out of slavery and/or become slave owners)

or

B.  Take down the system which enslaved them (not quite as common but getting there.)

A very few number of people here have enough BTC to say they never have to work again.  For everyone else, there's MasterC--

Okay bad joke sorry.

That's so revan!

That's because he is getting it from nowhere.
He is partly right that right now everybody is trying to make money through speculation, but the origins of bitcoins are not shady at all.
Back then it was just an experiment, nobody was giving a crap about bitcoins back then and there was no way to predict what it would become today.
It was so cheap that a pizza was 30,000 btc aproximately, they were freely exchanging that amount of bitcoins because they were absolutely worthless. There were even "bitcoin faucets" where they were distributing bitcoins for free... besides that anyone joining in back then was capable of mining with the client itself.

I understand where his conspiracy theory comes from, but they are baseless.

And revans clearly doesn't understand the purpose of bitcoins. This wasn't created to prevent speculation, it was to decentralize the monetary system.
Bankers make wealth from thin air through the money multiplier mechanism of the fractional reserve banking, and that's not happening in bitcoins at all.
Besides that, the central banks or the federal reserve in the US can print paper money at will, inflating the economy, something that is not allowed in bitcoins.

Revans has a very limited understanding of what is going on here, what the bitcoins are trying to address, and why they were created.
The speculation on Bitcoins are a fair game, although it is obviously not reflecting the idealism that engendered the bitcoins, it was bound to happen as a side effect... especially with the media exposure that it had recently.
Initially in the process of price discovery, it will fluctuate a lot and many people might use it as a store of value.
But the core purpose as a currency is still on development in the background, businesses funded in BTC are expanding slowly and more "real businesses" are beginning to adopt it.

Don't know where you are getting your info from, but another good post!

This seems to me to perhaps more likely to be the cause of the obscene volatility in Bitcoin than some trainee work experience guy at JP Morgue being tasked with pumping and dumping the coin.

If that were to be the case, then Bitcoin has a bleak future, as the cabal would have already shown just how insatiably greedy that they are already, and there will be a limit to how much of this shit the rest of the Bitcoin market will take before abandoning the thing altogether.

Well ya know, even if they did, the entire thing was (is) an experiment.  They had no idea what it was going to do.
 
I wish I had got on that train, but I didn't hear about it until a year and a half after it started, and even then I hemmed and hawed until I talked myself into mining.. I'm rather conservative with my limited money and couldn't really afford good equipment right away.  Combine that with selling off and trading coins when they were under $10, I missed out on the gravy train, too.  
 
About the only upside is I was able to trade for an AR-15, that was the highlight of my purchases.
 
But here we are, c'est la vie.  I am in possession of 9 measly coins, and hopefully I'll do well in my trading/future purchases and be able to pay off my mortgage some day with bitcoins.
 
In short, I don't mind anyone who mined early in the game.  The fact is, they started something that has the potential to become huge.  I dislike banks, and hate all their fees and bailouts.  I just wish bitcoin was more popular and had a set value (large or small) so that folks would be more likely to use as a currency.

Oh they did, in a big way.

Satoshi Nakamoto is a joke name used by the group behind bitcoin.

Except he didn't start mining until it was released to the world.  There was the genesis block to be sure, but as I understand it, Satoshi didn't start mining a while and then tell everyone.

The people who 'mined' millions of coins when doing so was trivial prior to bitcoin being revealed to the world.

Banks are extremely productive

who is this "shady cabal"

The bitcoin community is full of people outraged at the bankster culture of lavish rewards for doing nothing productive. The same people masturbate over their keyboards listening to people like Max Keiser tell them that the few dollars worth of CPU cycles they threw at bitcoin back when it was a genuinely interesting idea are going to make them into billionaires; once they manage to turn their bitcoin fiat into state fiat that is.

Scorn for the bankers magicking wealth from thin air, and yet strangely no opprobrium for the shady cabal who helped themselves to over 28% of bitcoin's monetary base before going public.