Bitcoin price and gambling - page 4.

ethereumhunter

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Quote from: kongosplit on January 04, 2017, 02:16:26 AM

Hello,

We all see how big is going to be Bitcoin again but personally I am thinking how the bitcoin price is affecting the market of gambling?

Cheers

i think it would be affect with the market of gambling because with the price now, to make deposit at least 0.1 btc is equal with $110 and i don't think people with limited stock of bitcoin will gamble with this amount, maybe they will reduce the amount of bitcoin but its still worth in fiat. i mean maybe they will deposit 0.05 btc that is equal with $55.

NorrisK

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Quote from: boyptc on January 04, 2017, 08:59:25 PM

Quote from: NorrisK on January 04, 2017, 03:00:53 AM

The nice thing is how you can bet in units smaller than 1 bitcoin.

The moment where one satoshi is too big of a bet for the common person or even the smallest gambler is not even close.

This is what I'm thinking and this is absolutely the effect of the price increase. So if you are that kind of gambler that are betting small amount for each dice you make, then you can now bet lower than that because the small amount that you use to bet is now bigger.

The potential issue here though is that some gambling sites have min bet sizes in place. When they don't move with the increased bitcoin price, at one point you are not able to make the small bet you planned.

They may increase min or max bets, but when their investors stay with the same amount of bitcoin, there is not really a reason for them to change the min/max bet sizes.

Fireblade

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Quote from: pinoycash on January 04, 2017, 09:00:56 PM

Quote from: kongosplit on January 04, 2017, 02:16:26 AM

Hello,

We all see how big is going to be Bitcoin again but personally I am thinking how the bitcoin price is affecting the market of gambling?

Cheers

its affects somehow, As for me, its better to make money from BTC price increase and earn a clean 10 - 20% profit than to risk it with gambling and loose it all.

yes that is right to say that it effect the gambling but not so much because i do change my bet according to the price increase or decrease, because i usually compare my bitcoin value with local fiat currency and the play gambling according to the compared price.

pinoycash

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Quote from: kongosplit on January 04, 2017, 02:16:26 AM

Hello,

We all see how big is going to be Bitcoin again but personally I am thinking how the bitcoin price is affecting the market of gambling?

Cheers

its affects somehow, As for me, its better to make money from BTC price increase and earn a clean 10 - 20% profit than to risk it with gambling and loose it all.

boyptc

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Quote from: NorrisK on January 04, 2017, 03:00:53 AM

The nice thing is how you can bet in units smaller than 1 bitcoin.

The moment where one satoshi is too big of a bet for the common person or even the smallest gambler is not even close.

This is what I'm thinking and this is absolutely the effect of the price increase. So if you are that kind of gambler that are betting small amount for each dice you make, then you can now bet lower than that because the small amount that you use to bet is now bigger.

Quote from: NorrisK on January 04, 2017, 03:00:53 AM

The biggest risk would probably be gambling sites running away with investors money now that it has basically doubled in value.

Exactly there is already almost the same situation like what you are saying https://bitcointalksearch.org/topic/m.17398660
But it is now being investigated by the management. I hope so those casino's will not run their investors money.

socks435

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Well for me it can be affect while we are gamble if you are rich maybe it can not affected but for me i am not rich so i care what is the price of bitcoin because we are saving bitcoins and waiting for the price increase so the price can be affect while you are gamble if you are targeting a profit or you are just gamble for fun.. you are still look what is the price this present time.

doublemore

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I personally don't think it affects the way people gamble by inhibiting them to spend money.
If it did I would think it would have them spend more when the price rises because there is more of a thrill in knowing that you are gambling for more worth then it is actually worth at the time of when your bet was placed.

Gameroid

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Quote from: asuryan180 on January 04, 2017, 02:24:56 AM

It's not affecting it at all in my opinion,the people who bet now are the people who did that when BTC was far under that price,so as long as BTC exists,the price won't really determine how many people are involved or how much BTC they bet

i think it really effect the bit of the most of the people, as they play gambling using bitcoin but they most compare their bit with USD or their future currency, therefore they change thier bit with the increase or decrease of the price of bitcoin.

CyberKuro

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Quote from: kongosplit on January 04, 2017, 02:16:26 AM

Hello,

We all see how big is going to be Bitcoin again but personally I am thinking how the bitcoin price is affecting the market of gambling?

Cheers

Yes and no, depends on who involved in gambling because every person are different.
For me, it doesn't affected too much due to I play with small amount within 0.0001-0.001.
Gambling sites that may know about it better than gambler as they could calculate how much benefit they get every week/month compare to bitcoin prices.

Caladonian

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Quote from: kongosplit on January 04, 2017, 02:16:26 AM

Hello,

We all see how big is going to be Bitcoin again but personally I am thinking how the bitcoin price is affecting the market of gambling?

Cheers

a gambler won't be affected in anyhow mate as they just there to play and nothing else, so even the price of btc will be rising too much it will not affect anything with the players who continuously have this habitual needs and for sure they will make their own adjustment regarding with the current value but the way or the amount that they will be using will still the same on their fiat value,.

BlockEye

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I think there is no effect in gambling the increase of bitcoin now. In gambling, it will always defends on the bets. It will somehow be related if the winnings in gambling will withdraw and transfer in the wallet. It can be see the increase of bitcoin value. These increase makes me eager to earn more and tries my luck in gambling.

Finestream

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Gambling sites has their minimum and I think they did not adjust it even if the price has increased substantially. In terms of market, I'm pretty sure the market of potential clients will increased as the popularity of bitcoin has an indirect connection to online gambling sites, I mean there are a lot of gamblers in this world and when it's their first time to hear bitcoins they will be interested to try what are the things you can do with bitcoin, and obviously gambling industry is leading in the list.

BossMacko

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The price of Bitcoin now didn't effect gambling. Its just people who are not that rich can now just withdraw 1mb instead of playing it because 1mb now is 1$+. But it is all still the same you can still bet whatever amount you can do and whatever you win is still the same. For myself because of the price of Bitcoin now i am very careful when gambling i limit myself 10mb a day or 10$ a day if that lose then i'll stop for the day but if that win 2mb - 5mb i'll stop too and call it a day.

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Quote from: n0ne on January 04, 2017, 03:16:36 AM

In my view bitcoin price is keep on increasing along with the price gambling market too growing with more and more gambling websites with bitcoin access. At the same personally fear of failing in events is getting increased, because even a small loss will be a big one as the price variation is happening often.

It's not a problem to us as we are gamblers, if the price continues to rise and we won the game then we increase our winnings but when we lose it's the opposite. If you really does not want to be affected with the price increase, you can always convert your bitcoins to fiat every time you are done betting but that is not a good practice now.

You are gonna make more profit when you take the opportunity now and it's always your favor as the price is increasing.

n0ne

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In my view bitcoin price is keep on increasing along with the price gambling market too growing with more and more gambling websites with bitcoin access. At the same personally fear of failing in events is getting increased, because even a small loss will be a big one as the price variation is happening often.

NorrisK

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The nice thing is how you can bet in units smaller than 1 bitcoin.

The moment where one satoshi is too big of a bet for the common person or even the smallest gambler is not even close.

The biggest risk would probably be gambling sites running away with investors money now that it has basically doubled in value.

diegz

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I am pretty sure that this https://bitcointalksearch.org/topic/if-bitcoin-prices-rise-up-to-100000-will-you-still-gamble-using-bitcoins-1722346 and this thread will have almost the same comments, and as mentioned in that said thread by many, nothing will be change, they will still gamble, so probably your thread is already answered with that thread, that means, everyone (gambler) will still gamble no matter what price is.

Oilacris

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Just other members said here it wont really affect too much on gambling even how high would be the bitcoins price because the amount would be still equivalent to the previous plays it may shows huge numbers on bitcoin value but it depends on the gambler on how much would he bet equivalent on USD value.

asuryan180

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It's not affecting it at all in my opinion,the people who bet now are the people who did that when BTC was far under that price,so as long as BTC exists,the price won't really determine how many people are involved or how much BTC they bet

Herbert2020

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there are already multiple topics about this in this board discussing about this.

to sum it up, most people won't care much unless there is a ridiculously large bitcoin price rise like going to $5000 but with these rises nowadays, they keep on keeping their old habits. specially those who are earning bitcoin and the amount they are earning has not changed with the price rise.

you earn x then spend y and if you earn x/2 you can no longer spend y you have to spend y/2 too Cheesy

Topic: Bitcoin price and gambling - page 4. (Read 1751 times)