"Put to death, therefore, whatever belongs to your earthly nature: sexual immorality, impurity, lust, evil desires and greed, which is idolatry." (Col 3:5)
I'm not sure that Paul he is saying all these are idolatry, or only greed. But certainly we can surmise that greed is idolatry. Why is it idolatry? Probably because greed means you want something so bad that you will compromise God's principles to get it, meaning it possesses you, i.e. you worship it.
So idolatry encompasses having a desire so strong for something that you are willing to compromise God's principles to get it.
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