Cryptocurrency and Gambling | Bitcointalksearch.org

tranthidung

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Quote from: TheUltraElite on October 29, 2022, 04:52:25 AM

As long as the investing is kept in a logical manner and done diligently, it is not gambling. Crypto can be compared to what stocks is and we have some people who tend to call stocks trading as a type of gambling.

Investment decisions should be made after due diligent research and very careful in-depth consideration about your own capital management, your financial plan in near and long future. Without enough research and in-depth consideration, your investment is more similar to gambling. Even you lack the latter part - in-depth consideration, it will still be likely gambling but a bit better than without both parts.

Some gamblers in crypto market simply heard advice of others, read news and jumped directly to the market. They even don't know how crypto market works: its intraday margin of price changes compare to other markets; forced liquidations and how news can result in massacre. They are worse gamblers if they use leverages without comprehensive understandings about those factors as well as are not experienced long enough in the market.

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From there any sort of speculative trading ends up getting named as a sort of gambling.

Speculators are gamblers if they make decisions carelessly, without any base for their decisions, and simply do it with greed and risky hopeless hope.

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So anyway, I applied as a merit source :)

Quote from: Mate2237 on October 25, 2022, 02:47:41 PM

Gambling is betting while cryptocurrency is for Investing.

As long as the investing is kept in a logical manner and done diligently, it is not gambling. Crypto can be compared to what stocks is and we have some people who tend to call stocks trading as a type of gambling.

From there any sort of speculative trading ends up getting named as a sort of gambling. While trying to look for similarities we tend to find bizarre connections, they are different indeed. How people end up using them is also a different topic.

Gambling on crypto is possible and should be done with caution because it is an EV- game to predict highs and lows.

Mate2237

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OP I strongly believe that Cryptocurrency and gambling are not the same even though cryptocurrency uses arithmetic which gambling might also use based on their calculations, the only similarities you are trying to portray here is that its (cryptocurrency) has a calculated risk in the process of Investment.But I don't think gambling has a calculated risk but it's goes with luck. Gambling is betting while cryptocurrency is for Investing. They are of different nature and class. Comparing the two as one is like taking bat as bird.

Fivestar4everMVP

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Investing in bitcoin etc, is much more than gambling if you ask me, let's take the real gambling as an example, when you gamble $100 and loose, your $100 is gone forever and a penny can't or won't be given back to you by the casino where you wagered the money...

But let's say you buy bitcoin with the same $100 at the current price, even if the price of bitcoin drops 50 percent, you are still Able to recover $50 if you decide to get out.

So from the scenarios about, I personally won't completely agree that cryptocurrencies are gambling, except the investor focus their attention on buying shitcoins that is on today and disappear tomorrow.

bitzizzix

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In fact, crypto can be an investment or a gamble, depending on the strategy they use. But if crypto can be used as a means of payment for gambling bets, it is.

and if you buy crypto for the sole purpose of trying to get rich quick or get rich overnight, then it falls into gambling territory.
but if you really believe in or own crypto for the future or long term and will be around for decades to come, then buying it now can be considered more of an investment.

and for me in any way to treat crypto as long as it is profitable for me it doesn't matter, because my goal here is to earn income, and also help my finances for now and also in the future.

gabbie2010

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Both cryptocurrency and gambling shared some similarities, many crypto investors lost their hard earned money by investing in a purported failed projects thinking and hoping that the returns will be multiple unfortunately the project ended up as scam, fail Capitalization e.t.c this is more like gamble because prior to investing in those project there future outlook was positive with all the pragmatic approach of it developers, gambling too is also a 50: 50 chance with an unpredictable outcome in most cases, for instance an underdog team defeating a top team is very common.

famososMuertos

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OP; I remember that movie or I have dejavu, its context is repetitive and built on the comparative idea, that brings me to that point.

In order not to fall into the repetitive synopsis of a movie seen, I would tell you that you cannot count apples and pears, but say that there are two fruits. Sometimes there are even green apples, very similar in color to pears, but only that similar, the apple is still an apple.

But no matter, both fruits can be eaten and enjoyed depending on the person who eats it.

In any case, I do not see the bitcoin discussion anywhere, it is an issue that has lost its validity and it is as I said at the beginning; an old movie,
A dejavu OPs.

^{Please read: is figurative my opinion, I Say it for those who like to read things only in a literal sense}.

wiss19

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It wasn't crypto itself but it was crypto trading. If it's only about crypto and gambling then both are not the same because one is a currency while the other is a kind of activity however there are several activities under the crypto which can enable us to earn money and it can involve luck just like we are playing a gambling. When you say the word fast paced, it will depends on what type of gambling game we are playing.

It also depends on what crypto we are talking about. Crypto gambling and cryptos have one similarity and that is like you said, both of them are accessible day and night but it doesn't mean that we will now use them at all times. All things should only be done in moderation.

qwertyup23

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Quote from: Twentyonepaylots on October 21, 2022, 11:08:54 AM

Many people still think of cryptocurrency as gambling. While gambling relies on chance, cryptocurrencies rely on arithmetic and cryptography.

Given the parallels between cryptocurrency and gambling, this makes sense. Both are fast-paced, the value of crypto is unpredictable.

Cryptocurrency is chance-based, rooted in exceptional circumstances like influencer opinions, values might drastically change.

And both crypto and gambling (online gambling) are accessible all day and night.

Lots of people have been associating gambling with anything that involves risks due to their nature. But they fail to understand that gambling is purely luck, which cannot give absolute and direct results.

While investing in cryptocurrencies may include that chance of doubling/tripling your investment, gambling is entirely different from the former. Though this kind of misconception has been viewed, still, their common denominator which is the element of risk is present. But in its entirety, cryptocurrencies and gambling are two (2) different worlds with different purposes that cannot be singled out with each other.

ringgo96

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It is indeed almost the same but the crypto world has an arithmetic gratic that can give us guidelines even though it is difficult to predict, both of them do have the same mission in creating an opportunity, namely by giving wins and losses, some crypto projects are indeed supported by some gambling sites but the two still have differences, it is difficult to explain to people who cannot distinguish between the two, I used to be prejudiced like that too but it all felt different after learning about it.

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Quote from: LogitechMouse on October 24, 2022, 02:10:05 AM

Quote from: Twentyonepaylots on October 21, 2022, 11:08:54 AM

Many people still think of cryptocurrency as gambling. While gambling relies on chance, cryptocurrencies rely on arithmetic and cryptography.

Cryptocurrency itself can't be considered gambling but there is a bit of a connection between the 2 depending on the person.

Let's say for example, you invested 10000$ into a token that you didn't even make research for, or you invested into a token that you just heard from a Youtube crypto influencer. You can say that you gambled in cryptocurrency because you relied on chances, and you didn't rely on the information online. Investing in crypto can be considered gambling if you are just throwing your money without proper research.

You compared gambling and cryptocurrency on a different part, but both can be connected in some ways.

Investing without knowledge is called gambling, but gambling with experience and skill cannot be called investment. I guess, people who consider crypto as gambling because they have no knowledge about it, they see too much volatility and too many scams in crypto so they will call it gambling which is not wrong for them as they know nothing about crypto. But since we have been into crypto and understand how the market works, we can say that the two are not the same. In my opinion, the boundary here is knowledge and understanding of cryptocurrencies. Once they understand cryptocurrencies, they will know how they are different.

sukmo

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Cryptocurrencies and gambling may have some similarities, for example, both can be accessed online, fast-paced in the transaction process, but both have differences, among others, if gambling depends on chance and luck while in the world of cryptocurrencies we can study charts or candles.

In the world of cryptocurrencies, it can also be divided into several categories, some are staking and some are playing in the holder method. I think there are some differences in gambling and cryptocurrencies, if there are some people who think cryptocurrencies are gambling, I strongly disagree because cryptocurrencies can be learned and there is knowledge.

There may be a fact that some people think that the world of cryptocurrencies can be equated with gambling because buying and selling crypto assets is an unsafe investment, high risk, and there is even no guarantee from various parties in the transaction process.

But keep in mind that high risk means you can win big or lose big in the process.

Finestream

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Quote from: Twentyonepaylots on October 21, 2022, 11:08:54 AM

Many people still think of cryptocurrency as gambling. While gambling relies on chance, cryptocurrencies rely on arithmetic and cryptography.

Given the parallels between cryptocurrency and gambling, this makes sense. Both are fast-paced, the value of crypto is unpredictable.

Cryptocurrency is chance-based, rooted in exceptional circumstances like influencer opinions, values might drastically change.

And both crypto and gambling (online gambling) are accessible all day and night.

But it’s not that crypto is like gambling especially if you are a pro in it and you are highly knowledgeable about it. Maybe you will still gamble on its own market since it’s unpredictable but you know you can lessen the risk of losing if you chose to prioritize bitcoin more than any coins in the market. While crypto may be uncertain in its point of view, but we all know we have huge chances of making profits if we never rely on chance and luck but pure knowledge and skills.

Stalker22

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Infact Life is gambling because in the end one either win or lose in the end.

We all lose in the end, but I would say that life is still worth the gamble.

mich

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Yes I absolutely think cryptocurrency can be linked to gambling. In many ways they are basically the same thing. There is smart, strategic gambling as well as investing and there’s also being reckless with your money.
The key here with both gambling and investing in crypto is to not take on risks that could potentially have huge negative consequences. I always recommend never playing with more money then you could afford losing.
The key to all this is to minimize your risk and not overextend yourself financially. I love the thrill of investing in crypto and gambling but I always try to be levelheaded and take responsibility for whatever decisions I make.

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Quote from: Twentyonepaylots on October 21, 2022, 11:08:54 AM

Many people still think of cryptocurrency as gambling. While gambling relies on chance, cryptocurrencies rely on arithmetic and cryptography.

Cryptocurrency itself can't be considered gambling but there is a bit of a connection between the 2 depending on the person.

Let's say for example, you invested 10000$ into a token that you didn't even make research for, or you invested into a token that you just heard from a Youtube crypto influencer. You can say that you gambled in cryptocurrency because you relied on chances, and you didn't rely on the information online. Investing in crypto can be considered gambling if you are just throwing your money without proper research.

You compared gambling and cryptocurrency on a different part, but both can be connected in some ways.

Ahli38

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I think people who equate crypto investment or cryptocurrency trading with gambling then they should study first to know the definition of gambling itself.
because if we really understand the definition of gambling then of course this misunderstanding will be solved.
even I seem to have already replied to the same topic about this. but at that time what was discussed was about whether trading could be equated with gambling. and I think this topic also has almost the same meaning of the question.
let me requote my reply a few months ago on another topic which I think is similar to the question in this topic.

Quote from: Ahli38 on July 17, 2022, 10:04:50 PM

it seems you have to understand very well what the definition of gambling is so that it will be clear the difference between trading and gambling.

because it is very clear that a trade is not gambling. if we understand the characteristics of gambling.

I will take an example with the definition of a gambling game. A game / thing that is included in the gambling category is when we do not take part or do NOT cause an impact in the game being held.

Example :

-ball game,
We are players in the ball game and of course if we want to win then we have to train hard, improve skills and so on. so that our chances of winning can be greater if we can play well. (this is not gambling because it is directly involved in the game so our skills have an impact on the outcome of the game)

Now the next thing is if we are not players or do not participate in the ball game and of course we do not have a direct impact that affects the ball game on the field, but we are only spectators and we analyze the skills of players and teams in the football game that we watch. and we guess which one will win and which one will lose. then we bet on which one of the teams will win from the results of our analysis. (this is a gambling) .

if you understand this. then clearly trading cannot be called gambling. because when we are trading, for example we buy 1000BTC then our purchase will have a direct impact on the BTC market price which will rise (we participate in moving market prices / not gambling) .
different from gambling where the money we bet will have absolutely no impact on the market price. our example is doing a guessing game the price of BTC will go up or will go down in the next 1 minute. then we bet 1 million dollars to predict the price will go up. Well our bet will not affect the market price at all. and this is called gambling.

very clear. we analyze the market and trading techniques are so that we become reliable traders. just like a soccer player who trains with his playing skills to become a great player.

then traders and football players are not gamblers.

hope you understand

bluebit25

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The problem of understanding the nature of each person is different, and I see many people are still quite confused between investing and the game. They can sometimes be seen as one, but it takes a position that sees each area as a process in which we find our own opportunities. Anyway, it's quite interesting to debate this with new and old people. Personally, I find everything to be left to the results and what we learn from the initial preconceptions.

Oasisman

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Quote from: Twentyonepaylots on October 21, 2022, 11:08:54 AM

Many people still think of cryptocurrency as gambling. While gambling relies on chance, cryptocurrencies rely on arithmetic and cryptography.

Given the parallels between cryptocurrency and gambling, this makes sense. Both are fast-paced, the value of crypto is unpredictable.

Cryptocurrency is chance-based, rooted in exceptional circumstances like influencer opinions, values might drastically change.

And both crypto and gambling (online gambling) are accessible all day and night.

Everything that bears risk is gambling. Though no the literal sense, like the gambling activities that we do in the casinos. This is where we lost, when someone says trading is like gambling or investment in crypto or any other asset is gambling, that's because we're dealing with risk.
Where not arguing between literal gambling and trading or investing here, because clearly there's a difference, but we're arguing about the broad sense of what gambling is.

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Quote from: Slow death on October 23, 2022, 10:04:50 AM

Quote from: UserU on October 21, 2022, 11:16:23 AM

Anything is a gamble as long as there's a market for it.

This is not true, investments and day trading are not like gambling, they are completely different things from gambling. you can research this, see how many billionaires are experts in making good investments and ask yourself if they are addicted to making investments and the answer you will get is that they are not addicted to making investments, now look at the case of gambling how many guys who are in the world of gambling aren't addicts? you will see that there are few! cryptocurrencies are not the same as gambling

Strictly speaking, there are many billionaires made by investing or trading but I don't see a billionaire or someone become rich through gambling. Both gambling and investing have one thing in common which is to generate profits but that does not mean they are the same. Investment takes a lot of knowledge and time to achieve the goal and when investing we can control and regulate the cash flow better and with gambling, we only work with our own luck mainly.

Topic: Cryptocurrency and Gambling (Read 882 times)