Betting : A big problem to crypto? - page 2.

setialovers

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Quote from: Tccrypto on August 14, 2019, 09:06:18 AM

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

The use of crypto for betting in my opinion is only a small part of very large crypto transactions. Crypto can be used for anything and one of them is betting, and in my opinion it depends on the user and not cryptocurrency.

Febo

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Quote from: BeginToMine on November 11, 2019, 04:16:56 PM

I think betting is sort of fading away now, there was a time it was as though almost all projects coming up was for betting so it was kind of tough to recognise good betting platforms then and almost everyone was running after it back then and truth is many are gone..they have folded. To me betting isn't a problem as we always encourage people to do proper research before investing in a platform...so betting isn't an issue in crypto.

Yes I believe OP have old data. There used to be one betting website early on. I forgot the name and who found it but he is famous. I believe he had enchain betting and that time most of transactions were made by gamblers there. Today with fees that cost that would of course not work.

BeginToMine

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I think betting is sort of fading away now, there was a time it was as though almost all projects coming up was for betting so it was kind of tough to recognise good betting platforms then and almost everyone was running after it back then and truth is many are gone..they have folded. To me betting isn't a problem as we always encourage people to do proper research before investing in a platform...so betting isn't an issue in crypto.

red4slash

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Quote from: PoweredBy_Awer on November 11, 2019, 02:46:11 PM

I think betting is a normal problem. Once involved in the cryptocurrency market, it is essentially a gamble, luck, the price will rise, bad luck will lose everything.

actually betting is not a big problem in the crypto world.
And i think betting is not just hoping for luck, because I know betting uses calculations as well as the level of patience in doing so, therefore I do not agree that betting only relies on luck

PoweredBy_Awer

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I think betting is a normal problem. Once involved in the cryptocurrency market, it is essentially a gamble, luck, the price will rise, bad luck will lose everything.

Xxmodded

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Even fiat money is being used in betting, I just don't know the statistics on fiats but pretty sure it is even close to crypto. Crypto aims to give convenience anyway so anything like shouldn't be a problem. In fact I can just watch some livestream vid of a virtual poker and I'll just use my cryptos to play. No need to get into casinos that would just be time-consuming for me.
It isn't a problem, OP. The convenience is just doing its purpose to this.

Many altcoin platform have basic and partner with betting site, make many investor with religion not agree and interested for investing there, they wan't promote an altcoin have partner and platform adoption with gambling like TRX coin. if want to be success with an altcoin keep away using betting platform site.

DaveWave

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Quote from: Chain Clash on November 10, 2019, 02:43:04 PM

The only bad thing is that it seems anybody running or using an unlicensed gambling site on blockchain thinks it's not illegal because it's on blockchain. At some point, this might cause some trouble for quite a bunch of people who didn't mind to remain anonymous.

The reason why most of the traffic on blockchain is used for gambling is that it's very easy for users to wager a lot of money very quickly through the automation. And because most sites incentivize being active early throughout the lifetime of a platform, a lot of people are doing that. Numbers look crooked, because a dice bet is typically being done multiple times in a row, as opposed to a purchase in a game or similar.

I am beginning to think if unregistered gambling sites are really bad for crypto. Bitcoin is decentralized and doesn't need government registration and approval so why the need for a gambling site to register under government laws? I respect that registered gambling sites are the least to scam people. But to be honest, I will not hesitate to gamble in an unregistered gambling site if its owner is a reliable person.

Chain Clash

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The only bad thing is that it seems anybody running or using an unlicensed gambling site on blockchain thinks it's not illegal because it's on blockchain. At some point, this might cause some trouble for quite a bunch of people who didn't mind to remain anonymous.

The reason why most of the traffic on blockchain is used for gambling is that it's very easy for users to wager a lot of money very quickly through the automation. And because most sites incentivize being active early throughout the lifetime of a platform, a lot of people are doing that. Numbers look crooked, because a dice bet is typically being done multiple times in a row, as opposed to a purchase in a game or similar.

Miy Monk

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If it's true, it could be bad. Betting is legal in many countries and they get a huge amount of money from those betting which usually used to the development of the country. Betting using crypto currency where it's not possible to track this transaction that's why those countries loosing money.

Memminger

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Quote from: Silberman on November 10, 2019, 01:30:40 PM

Quote from: pgbit on November 05, 2019, 12:34:08 PM

Personally I think it just shows that more and more people are using Cryptocurrencies, when someone wins the lottery, do you start looking at that person as a bad person or if the person gives you a part of the winnings, would you look at the money as dirty money? Same thing applied to Cryptocurrency betting, people are choosing to use Cryptocurrencies to do the things the are passionate about and I see nothing wrong with that, I just see progress.

More than anything this is an attempt to try to make cryptocurrencies look bad, we know that gambling is still seen in many parts of the world as something bad and by showing that most of the transactions are used for gambling purposes they are trying to make it seem as if the market is full of dishonest people without actually saying it, this is no different than when we saw articles claiming that most bitcoins were used on the dark net and stuff like that.

Are there data to support this claim that most of the transactions are used for gambling? Because I honestly don’t think so. Cryptocurrencies aren’t just for gambling purposes as we know and there are a lot of transactions going on which are mostly payment for services, trades and etc. Just like fiat, cryptocurrencies are also used based on a person’s desires whether it’s a good or bad thing. But any currencies used in wrong activities should be punished with accordance to laws that’s why I’m hoping that our legislatures would consider to reinforce their laws especially in money laundering.

Silberman

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Quote from: pgbit on November 05, 2019, 12:34:08 PM

Personally I think it just shows that more and more people are using Cryptocurrencies, when someone wins the lottery, do you start looking at that person as a bad person or if the person gives you a part of the winnings, would you look at the money as dirty money? Same thing applied to Cryptocurrency betting, people are choosing to use Cryptocurrencies to do the things the are passionate about and I see nothing wrong with that, I just see progress.

More than anything this is an attempt to try to make cryptocurrencies look bad, we know that gambling is still seen in many parts of the world as something bad and by showing that most of the transactions are used for gambling purposes they are trying to make it seem as if the market is full of dishonest people without actually saying it, this is no different than when we saw articles claiming that most bitcoins were used on the dark net and stuff like that.

Best Dreams

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Quote from: pgbit on November 05, 2019, 12:34:08 PM

Personally I think it just shows that more and more people are using Cryptocurrencies, when someone wins the lottery, do you start looking at that person as a bad person or if the person gives you a part of the winnings, would you look at the money as dirty money? Same thing applied to Cryptocurrency betting, people are choosing to use Cryptocurrencies to do the things the are passionate about and I see nothing wrong with that, I just see progress.

Yes, I think same as you and I really love crypto no matter if it’s low or high. Crypto has given us so many benefits that we never become grateful about. I am one of those people who are having lots id patience and keen learner of crypto so my income from trading and investment is increasing day by day. Market change never changes my mind about investing in crypto.

CryptoVzla

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yup, most of crypto using for betting, this is bad habit for human,
almost all crypto holder using their crypto for betting instead real money include me Grin

really enjoyed betting with crypto !

Jacasser0102

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I think it doesn't matter. Betting is a major form of lucrative income for nations and businesses, especially game players. People are betting everyday in many aspects.

Sacramentus

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I don't see any problems with that as long as they have a betting license to operate such business. Almost everything we do with money is betting so it's not bad if that happens in cryptocurrency

NewRanger

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Quote from: sureshnsnet on November 05, 2019, 01:13:29 PM

Now days the crypto currencies are acceptable in many different spots betting sites and they are accepting crypto without kyc and so it makes to many peoples use crypto for gambling, if you win big amounts in crypto then they will ask you complete the kyc to payout and more issues are there, so better do not use crypto for gambling.

gambling could make us loss alot while our position not correct.we could not analize the probability in gambling so our chance in profit and loss was equal.many people prefer use cryptocurrency as deposit methode in gambling site because it could not tracked by anyone,even their family .and it is relatively safe from cyber police that will disperse gambling site.in many countries local police try to track online game.

sureshnsnet

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Now days the crypto currencies are acceptable in many different spots betting sites and they are accepting crypto without kyc and so it makes to many peoples use crypto for gambling, if you win big amounts in crypto then they will ask you complete the kyc to payout and more issues are there, so better do not use crypto for gambling.

cutesgirl

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Quote from: gabbie2010 on November 01, 2019, 05:04:55 PM

Quote from: Bonenx14 on November 01, 2019, 04:35:28 PM

Quote from: Chrystora123 on November 01, 2019, 03:44:50 PM

Quote from: Tccrypto on August 14, 2019, 09:06:18 AM

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

60% crypto transaction is used for betting?? are you sure about what you read in that article!! I don't think this is an important thing to discuss.. as long as it doesn't harm people, I don't think there's anything wrong.

I can not believe it if there is no evidence of the article attached, there may be a mistake or news made to drop crypto. plus if that happens crypto is only a means of payment in a betting method, so I don't think it's a big deal. because the pure gamble is that the user does it

If the statistic is true and authentic then the reason could be as a result of betting in cryptos is a daily transaction whereas in trading a trader withdrawal might be on weekly or monthly basis depending on the trader's choice likewise miners however the above mentioned statistics of betting cannot paint cryptos in a bad light because those betting transactions are carried out legitimately.

If you finding with crypto using for betting site better you left and invest with bitcoin only, with investment on ICO or IEO maybe have partner and platform with betting site. Not good as Moslems participated on investing have betting platform investment, you have try looking with investment without use betting and gambling site for their ICO and IEO.

Apinya_Anong1111

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I don't think this 60% rate is right. The number of transactions of investors and legal traders is extremely large. Please read through the information carefully. Lips sealed

pgbit

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Personally I think it just shows that more and more people are using Cryptocurrencies, when someone wins the lottery, do you start looking at that person as a bad person or if the person gives you a part of the winnings, would you look at the money as dirty money? Same thing applied to Cryptocurrency betting, people are choosing to use Cryptocurrencies to do the things the are passionate about and I see nothing wrong with that, I just see progress.

Topic: Betting : A big problem to crypto? - page 2. (Read 1867 times)