Does bitcoin dump have any impact on gamblers ? - page 15.

KTChampions

legendary

Activity: 2464

Merit: 1943

Leading Crypto Sports Betting & Casino Platform

Quote from: Peanutswar on June 23, 2022, 01:34:42 PM

It depends on the gambling platform if they will use a fixed amount, for example, you made a deposit into cryptocurrency but once you play it will fix into their platform as USD, in that case, it doesn't affect the users but if the gambling platform has a rate of cryptocurrency and the platform does not have any conversation and they might experience at the same time the downtrend and bear market this really affect the value of their assets and they make a conversation of it immediately or makes a withdrawal.

You describe some strange algorithm. Usually the player himself chooses in which currency to play and if it differs from the currency in which he made a deposit, he uses an exchanger inside the casino. Usually there are bad exchange rates, but after you have made an exchange, the amount of your funds remains unchanged, no matter how the exchange rate changes.

Peanutswar

legendary

Activity: 1666

Merit: 1222

Top Crypto Casino

It depends on the gambling platform if they will use a fixed amount, for example, you made a deposit into cryptocurrency but once you play it will fix into their platform as USD, in that case, it doesn't affect the users but if the gambling platform has a rate of cryptocurrency and the platform does not have any conversation and they might experience at the same time the downtrend and bear market this really affect the value of their assets and they make a conversation of it immediately or makes a withdrawal.

rby

hero member

Activity: 742

Merit: 611

Brotherhood is love

Just like the value of fiat affects everine using it, bitcoin dump affects every company or individual using cryptocurrencies. What we should rather consider is the level of the impact on different users of it.
Gamblers are affected but the severity is not much if compared to traders.
Unless the gambler is strictly playing with stable coins, otherwise there will always be variations in the deposit and withdrawal value of the coins.
Many projects including casinos tend to bankrupt of exit during bear market, this is a clear indication that they are all affected when bitcoin dumps.

Lucasgabd

legendary

Activity: 2506

Merit: 1113

There's no need to be upset

Quote from: Apocollapse on June 22, 2022, 09:48:47 AM

Quote from: Lucasgabd on June 22, 2022, 09:15:14 AM

interesting
maybe we can explore the opposite question of the OP too
Does bitcoin pump have any impact on gamblers?

maybe there's peopple who are less prone to gambling when price is higher, because it would make more sense to hold it.

Of course it is, the fees will increase higher than now, perhaps around x3-4 more and it's not convenient if you're a small gambler because even you have multiply your beginning bankroll, the withdrawal fees will cost you a lot. In that situation, that's why many people prefer to use altcoins since it's cheap.

I'd say the impact is only for casino which present our money in USD while we're deposit on BTC, ETH etc. This will make us feel the money you have deposited went down and you need to calculate it again if you're using such money management.

no casinos using lightning yet?

Quote from: Rufsilf on June 22, 2022, 10:55:13 AM

Quote from: Lucasgabd on June 22, 2022, 09:15:14 AM

Quote from: coolcoinz on June 21, 2022, 04:41:58 PM

For me it was always more painful when Bitcoin pumped because I could remember all the money that I've wasted and kept thinking about the things I'd be able to buy now that I'd have 5 times more without having to take the risk. It's actually amazing how much every small move that we make can affect our future, like the decision to roll the dice. You think you're winning or losing $1000 but you could in 10 years see that at that time you were winning or losing a million.

interesting
maybe we can explore the opposite question of the OP too
Does bitcoin pump have any impact on gamblers?

maybe there's peopple who are less prone to gambling when price is higher, because it would make more sense to hold it.

Price doesn't really matter for those who got addicted to gambling. And likely, if you will hold, you are not a gambler anymore.

Anyways, I'd see no big difference when gambling during the bear season vs bull season as the results are still the same. Assuming that gamblers will stop gambling during the market correction, then we have to say that gambling sites will stop as well and seasonal. Oh, I didn't see that, a real gamblers don't care about the market situation, they instead do things that make them happy.

I disagree that if you hold you're not a gambler anymore
someone could have part of their stash reserved for gambling and a different part of it as an investment on the tech for the future.

Pandu Geddon

hero member

Activity: 826

Merit: 583

Quote from: ultrloa on June 23, 2022, 09:51:50 AM

If we look at the $ value yes there's an impact on it but if you still see it as 1:1 in crypto volume and just think that its just a paper loss well this cannot affect the gamblers if they not sell their bitcoins then they just continue to play their games. But not everyone are totally okay with this because as you said not everyone doesn't have capabilities to spend more also not everyone can't able to see how the value of their coins collapsed in value.

Crypto gambling certainly doesn't affect many gamblers. as long as the balance of the crypto assets stored will remain the same in amount, they can still bet regardless of the value of the assets they bet on.
but when they run out of crypto assets and buy crypto to play in casinos, of course, it affects the finances of gamblers. it's the same when you want to make a withdrawal because the asset value is not as big as when you were at the casino.

ultrloa

legendary

Activity: 2758

Merit: 1228

Quote from: ralle14 on June 23, 2022, 09:42:46 AM

Quote from: virasog on June 13, 2022, 11:15:50 AM

Gamblers around the world use crypto and bitcoin to play the bets. Do they really care if the bitcoin prices dump hard? I know traders are directly impacted by this dump, and investors are also in panic but what about gamblers. Their motive is to play gamble and they may not be a concerned if the price of bitcoin is declining sharply?

It surely does have an impact on gamblers because there are gamblers who cash out regularly and other gamblers that bought at a higher price. I usually play with pure bitcoin balance but it still sucks to see the price continue to go down when i'm planning to cash some of my balance and spend it at this time. Even though it doesn't hurt to wait it still has some sort of impact overall since not everyone has the same spending habits and timing when it comes to cashing out.

If we look at the $ value yes there's an impact on it but if you still see it as 1:1 in crypto volume and just think that its just a paper loss well this cannot affect the gamblers if they not sell their bitcoins then they just continue to play their games. But not everyone are totally okay with this because as you said not everyone doesn't have capabilities to spend more also not everyone can't able to see how the value of their coins collapsed in value.

ralle14

legendary

Activity: 3290

Merit: 1901

Shuffle.com

Quote from: virasog on June 13, 2022, 11:15:50 AM

Gamblers around the world use crypto and bitcoin to play the bets. Do they really care if the bitcoin prices dump hard? I know traders are directly impacted by this dump, and investors are also in panic but what about gamblers. Their motive is to play gamble and they may not be a concerned if the price of bitcoin is declining sharply?

It definitely does have an impact on gamblers because there are gamblers who cash out regularly and some crypto casinos convert your deposits and withdrawals into USD. I usually play with pure bitcoin balance but it still sucks to see the price continue to go down when i'm planning to cash some of my balance and spend it at this time. Even though it doesn't hurt to wait it still has some sort of impact overall since not everyone has the same spending habits and timing when it comes to cashing out.

Pamadar

legendary

Activity: 2982

Merit: 1028

Quote from: danherbias07 on June 23, 2022, 04:25:02 AM

Quote from: TopT3ns on June 22, 2022, 11:44:09 PM

I think when gambling and using BTC pairs it will make you think more because the very expensive BTC exchange rate will make you depressed when you lose every satoshi, it's better to use altcoins or USDT as you mentioned, currently I have many gambling places which provide a choice of altcoins to be used as digital currencies for gambling, such as XLM, XRP and TRX for example.

It will hurt those who go in and out of a gambling site but for those who are staying and still have their funds intact it won't affect them much. The amount of Bitcoin never moved, unless you gamble it and the same goes for altcoins offered on a gambling site. Now when you do withdrawals, that's when everything will change and you will feel bad about how less your winnings are exchanged in USD compared to months ago.
If that's my case, I'd rather keep it and use it on gambling until the value goes back up. Just enjoy it for now while patiently waiting. The amount to gamble though should not change just because you think it's lesser in USD. 10k sats bet before should be 10k sats even today.

If you are good at whatever gambling games you are playing, better to keep using your Bitcoin

or if you are using other crypto and you don't have that kind of mentality to keep exchanging your crypto to fiat after playing
you'll not go to worry about the current market movement, but if you are a daily gambler who keeps withdrawing your fund from
time to time using crypto is not a good way to fund your wallet.

danherbias07

legendary

Activity: 3262

Merit: 1130

Leading Crypto Sports Betting & Casino Platform

Quote from: TopT3ns on June 22, 2022, 11:44:09 PM

I think when gambling and using BTC pairs it will make you think more because the very expensive BTC exchange rate will make you depressed when you lose every satoshi, it's better to use altcoins or USDT as you mentioned, currently I have many gambling places which provide a choice of altcoins to be used as digital currencies for gambling, such as XLM, XRP and TRX for example.

It will hurt those who go in and out of a gambling site but for those who are staying and still have their funds intact it won't affect them much. The amount of Bitcoin never moved, unless you gamble it and the same goes for altcoins offered on a gambling site. Now when you do withdrawals, that's when everything will change and you will feel bad about how less your winnings are exchanged in USD compared to months ago.
If that's my case, I'd rather keep it and use it on gambling until the value goes back up. Just enjoy it for now while patiently waiting. The amount to gamble though should not change just because you think it's lesser in USD. 10k sats bet before should be 10k sats even today.

Smartprofit

legendary

Activity: 2338

Merit: 1775

Catalog Websites

Quote from: Zackgeno96 on June 22, 2022, 05:19:08 PM

If the price of Bitcoin is falling sharply, as has been the case in recent weeks, there is a group of people who see it as a loss. And what do you want to do if you have made a loss? Win back the loss as soon as possible, of course. And then, as a result, you could gamble to see if you can win it back. So indirectly, the fall in the bitcoin price could have major consequences for gamblers. But also for gambling sites that see the assets dwindle.

In my opinion, if a person has suffered large losses as a result of the collapse of the crypto market and the fall in the price of bitcoin, then this will force him to reconsider his financial strategy.

Especially if he kept most of his capital in the form of Bitcoins....

In such a situation, it is advisable to enter the mode of maximum savings. It is possible that a person will carefully analyze their spending structure.

At the same time, spending on vital goods (food, clothing, housing rent and utilities) will be a priority.

At the same time, spending on entertainment (including gambling) can be cut.

TopT3ns

hero member

Activity: 2548

Merit: 572

#SWGT CERTIK Audited

Quote from: ipanks on June 22, 2022, 11:35:01 PM

Quote from: btc78 on June 22, 2022, 09:50:38 PM

snip

If they used bets using a conversion to USDT, it certainly wouldn't have any effect but if they were using BTC, it might. But some people who use BTC to bet will also not be too affected by the price of BTC going up and down because they just want to bet. When it comes to betting and they are used to using one or several coins, they can choose the one that is most profitable for them. What is important to them is how they can keep gambling.

I think when gambling and using BTC pairs it will make you think more because the very expensive BTC exchange rate will make you depressed when you lose every satoshi, it's better to use altcoins or USDT as you mentioned, currently I have many gambling places which provide a choice of altcoins to be used as digital currencies for gambling, such as XLM, XRP and TRX for example.

ipanks

hero member

Activity: 1610

Merit: 507

Quote from: btc78 on June 22, 2022, 09:50:38 PM

snip

If they used bets using a conversion to USDT, it certainly wouldn't have any effect but if they were using BTC, it might. But some people who use BTC to bet will also not be too affected by the price of BTC going up and down because they just want to bet. When it comes to betting and they are used to using one or several coins, they can choose the one that is most profitable for them. What is important to them is how they can keep gambling.

btc78

full member

Activity: 2520

Merit: 214

Eloncoin.org - Mars, here we come!

Quote from: virasog on June 13, 2022, 11:15:50 AM

Gamblers around the world use crypto and bitcoin to play the bets. Do they really care if the bitcoin prices dump hard? I know traders are directly impacted by this dump, and investors are also in panic but what about gamblers. Their motive is to play gamble and they may not be a concerned if the price of bitcoin is declining sharply?

I see nothing in effect mate because even the price of Bitcoin are dumping or Pumping yet in those sites that i visit and played? almost same wagering meaning that the gamblers in each gambling sites care nothing about the price instead their concern is how to win and when to stand out.
maybe this has nothing to do with gambling area actually because most of us had a funds stocked in our casino account ready to play any time.

alegotardo

legendary

Activity: 2352

Merit: 1121

☢️ alegotardo™️

Quote from: virasog on June 13, 2022, 11:15:50 AM

Gamblers around the world use crypto and bitcoin to play the bets. Do they really care if the bitcoin prices dump hard? I know traders are directly impacted by this dump, and investors are also in panic but what about gamblers. Their motive is to play gamble and they may not be a concerned if the price of bitcoin is declining sharply?

I believe bookmakers are much more concerned about this dump than players.
But, players who had some crypto balance must also have been worried, as their fiat balance has decreased and consequently their rewards and redemptions will also be smaller.
For those who only play in crypto, now it will be necessary to spend more Bitcoin, which in the future may appreciate and increase the losses for players if they had saved this values.

goinmerry

legendary

Activity: 2940

Merit: 1083

Quote from: virasog on June 13, 2022, 11:15:50 AM

Gamblers around the world use crypto and bitcoin to play the bets. Do they really care if the bitcoin prices dump hard? I know traders are directly impacted by this dump, and investors are also in panic but what about gamblers. Their motive is to play gamble and they may not be a concerned if the price of bitcoin is declining sharply?

Generally, there's always emotional damage that some people felt every time the Bitcoin price is declining.

However, in today's crypto-gambling, there are lots of cryptos that can be used now as an alternative instead of using mostly Bitcoin. I think for a gambler, what they care most about and surely a big concern for them is the transaction fees regardless of what's the current bitcoin exchange rate.

Remember, if a gambler always used BTC for betting, it's always 1:1 no matter what's the price trend. Nothing will change with their gambling habit.

kawetsriyanto

legendary

Activity: 2226

Merit: 1086

Free Bitcoins Every Hour!

Quote from: virasog on June 13, 2022, 11:15:50 AM

Gamblers around the world use crypto and bitcoin to play the bets. Do they really care if the bitcoin prices dump hard? I know traders are directly impacted by this dump, and investors are also in panic but what about gamblers.

Not all gamblers keep BTC in their wallets, some may purchase or buy Bitcoin when they want to gamble only. For this type of gamblers, the dump of BTC value makes them able to buy more than usual. They even can play gambling games longer time now, so it is an advantage for them. Surely, we cannot compare gamblers and investors/traders, they use BTC for different purposes. Investing and trading must target the profits, while gambling mostly targets entertainment only. And won't spend too much BTC for playing gambling games.

IMO

jossiel

hero member

Activity: 3136

Merit: 635

DGbet.fun - Crypto Sportsbook

Quote from: Zackgeno96 on June 22, 2022, 05:19:08 PM

If the price of Bitcoin is falling sharply, as has been the case in recent weeks, there is a group of people who see it as a loss.

We all see it as a loss, paper or actual loss.

Quote from: Zackgeno96 on June 22, 2022, 05:19:08 PM

And what do you want to do if you have made a loss? Win back the loss as soon as possible, of course.

Well, it's different from gambling. In investor's perspective, you see the value of what you've got lower but it's still in your hands. While as a gambler, whether the price of bitcoin is low or high but you don't have bitcoin anymore on your hands, that's an actual loss.

Quote from: Zackgeno96 on June 22, 2022, 05:19:08 PM

And then, as a result, you could gamble to see if you can win it back. So indirectly, the fall in the bitcoin price could have major consequences for gamblers. But also for gambling sites that see the assets dwindle.

The big impact is with the casinos but I think they're all budgeting directly from 1 btc = 1 btc although it's a major factor to have its valuation pegged on its current price.

CryptopreneurBrainboss

legendary

Activity: 2380

Merit: 4265

eXch.cx - Automatic crypto Swap Exchange.

Quote from: virasog on June 13, 2022, 11:15:50 AM

Gamblers around the world use crypto and bitcoin to play the bets. Do they really care if the bitcoin prices dump hard? I know traders are directly impacted by this dump, and investors are also in panic but what about gamblers. Their motive is to play gamble and they may not be a concerned if the price of bitcoin is declining sharply?

There are two thoughts here, They'll be concerned if they have stored their profit in Bitcoin or other cryptocurency. People gamble to make more money and if holding those profit in Bitcoin would potentially give them more profit then they'll be tempted even without knowing anything about Bitcoin. Also would had been easier to move funds around so them holding crypto instead of fiats would had been idea as such they'll be affected by the crash.

On the other hand, majority of the investors in the industry are gamblers as it can be seen with the types of project that gets the attention of speculators. If the investment aspect of the industry isn't giving returns due to the market condition then the interest in gambling could be increase as people tend to either recover some losses or double their capitals.

ShowOff

legendary

Activity: 2618

Merit: 1181

Quote from: Wakate on June 21, 2022, 07:39:49 PM

A gamble that gamble frequently would not be too affected by the price of Bitcoin because of their often gambling activities. In one way or the other they can feel the dip of the market because the worth of their Bitcoin might have depreciated in value which is the reason why many gamblers that are not a frequent gamblers might take a look at other alternatives they can use to get it done. The use of stable coins can also be considered as a good alternative for Bitcoin due to it volatility.

The biggest impact of dump bitcoin prices on gamblers is a reduction in the estimated value of the bitcoin they bet and win in swap to fiat. I personally don't really mind it because actually I don't bet with bitcoin but altcoin or maybe stabilcoin. Of course it's different for other people because this really depends on the patterns and habits of gamblers using their crypto currency in gambling. I prefer to think that I won't be betting more during a price dump, so the impact is not for me to feel.

But since usually a dump bitcoin price causes most altcoin prices to also dump, then I think the problem should also be the same for those who use altcoin as a currency for gambling.

Zackgeno96

hero member

Activity: 1778

Merit: 520

If the price of Bitcoin is falling sharply, as has been the case in recent weeks, there is a group of people who see it as a loss. And what do you want to do if you have made a loss? Win back the loss as soon as possible, of course. And then, as a result, you could gamble to see if you can win it back. So indirectly, the fall in the bitcoin price could have major consequences for gamblers. But also for gambling sites that see the assets dwindle.

Topic: Does bitcoin dump have any impact on gamblers ? - page 15. (Read 3167 times)