[AKQJ10]

A better question is, how small must be your winrate so that you're better off waiting say six hands (12 minutes) than sacrificing the EV of paying one blind in decent position (in this case, two off the button)?

The cost of posting, say, a $4 extra blind is less than $4. You're allowed to get dealt aces that hand. You're allowed to see a free flop and hit your big blind special, only this time you'll make more in position. You're allowed to steal if the table is tight (though you should immediately change tables if this is working often), and when you steal you'll be investing less than if you open-raised from the button.

The problem with waiting six hands isn't that it looks like a nit; the problem IMO is that, in any game you're beating soundly, you've given up the opportunity cost of the six hands!

I seem to remember an Ed Miller article stating that this is hotly debated so I'll leave off here because my argument has probably been made many times over.