We just had a word study this week on the Greek word eusebeia (godliness)
This is one of those English words that often tend to cause us to inject into a particular verse what we have come to understand a word to mean which can occlude understanding the original intent of the word. For example, we may think godliness is the achievement of one to be saintly or do good.
The Greeks often wrote about virtue and often saw the virtuous life associated with respect for the gods. The Romans used piety to represent godliness but meant the same thing. As a result we begin to see from the Greek word more of an internal condition that includes things like awe and reverence more than external acts.
2Pe 1:3 According as his divine power hath given unto us all things that pertain unto life and godliness, through the knowledge of him that hath called us to glory and virtue:
2Pe 1:4 Whereby are given unto us exceeding great and precious promises: that by these ye might be partakers of the divine nature, having escaped the corruption that is in the world through lust.
2Pe 1:5 And beside this, giving all diligence, add to your faith virtue; and to virtue knowledge;
2Pe 1:6 And to knowledge temperance; and to temperance patience; and to patience godliness;
2Pe 1:7 And to godliness brotherly kindness; and to brotherly kindness charity.
2Pe 1:8 For if these things be in you, and abound, they make you that ye shall neither be barren nor unfruitful in the knowledge of our Lord Jesus Christ.
In the verses from 1 Peter I see a picture of God giving "gifts". It appears that there is a limit to the ability to receive the gifts because they are received through the "knowledge" of God. I see in this list of virtues not so much elements we need to construct or achieve, but "gifts" that can be received and allowed to configure one increasingly such that one can "partake of the divine nature". Increasing virtue seems to create within one an increasingly greater ability to resonate with God and be a more useful conduit through which God can produce fruit.