Does bitcoin dump have any impact on gamblers ? - page 19.

madnessteat

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Quote from: Rupok on June 14, 2022, 04:52:36 AM

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Any gambler who bought BTC or any other volatile cryptocurrency during the last six months has lost some of his money because of the falling rate. Even if you have a deposit in such cryptocurrencies you already lost a part of their value. That's why the best solution for gambling is Stablecoins. They are not as volatile but have all the advantages of cryptocurrencies - speed of transactions and low fees.

Rupok

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Can only affect traders and investors. Gamblers never really care if the price of Bitcoin is hard dumped.Their goal is to gamble and they have no worries about the rise and fall of bitcoin prices. However, investors can be more influential in this regard and they are always worried.I think investors will have to suffer a lot for this, which will have a lot of negative effects on investors. Gamblers will always only withdraw their capital at USD, so they will not be affected.I personally don't panic about Bitcoin. Because I know Bitcoin will always give some good surprises.

fzkto

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The fall in cryptocurrencies has a huge impact on all users, whether they are traders, investors or gamblers. Imagine you have a deposit in litecoins, which is about $1k. But when litecoin falls by 30%, your deposit turns into $700, and you haven't bet or played casino yet. I guess when the market drops, it's better to use stablecoins.

Cookdata

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I think this depends on the casinos. We have some that make balance available to users with dynamic while some are static. For example, I once funds my Glamber account and my balance was shown in USD, it was converted back to BTC and LTC the time I was ready to withdraw my balance. However, I have not deposited anything to Blackjack/fun before but with my experience as one time signature participants, we were paid in bitcoin to our respective accounts and our balance was declining as bitcoin price was going down.
So, I think this is dependent on the type of gambling platform you decide to play with, and seeing gambler account fluctuating to volatility of Bitcoin is not a good idea in my opinion.

dothebeats

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Personally, I view the crash as more value for my money. My $100 before is more bitcoins now, and it helps me enjoy more on the casino that I play in to. On the other hand, it could also be a huge blow to those gamblers who already won that are just waiting for the right time to cash out. All in all, just like the normal investor, gamblers are affected in different ways, too.

LodisMcguire

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Quote from: Reatim on June 14, 2022, 03:59:42 AM

Quote from: virasog on June 13, 2022, 10:15:50 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 don't think it really matters because in Gambling 1 bitcoin = 1 bitcoin , not unless you are playing in Fiat , though there is a dollar value yet once you bet or deposit via bitcoin the value will remain as is.

Quote from: noorman0 on June 14, 2022, 03:40:19 AM

Good impact ofcourse, some casinos convert units of bitcoin balance deposited into fiat. If the user makes a deposit before the price drops and leaves it, the bitcoins will accumulate indirectly. It is important to choose the type and company of the casino. If you are betting to accumulate the amount of bitcoins, value should no longer be a concern. Just choose a casino that sets your bet in bitcoin and vice versa.

It is correct , Because imagine if your winning in bitcoin now are in decreasing and all of a sudden bitcoin price climbed up? then all of your funds will profit also before withdrawals.

Right,1 bitcoin = 1 bitcoin.So it doesn't matter in the casino if the price is declining or not.Now it depends on the gambler itself,do you use your earning in gambling for fiat immediately or just save it in the account for later?
For the impact,maybe for the gambler who want to deposit now can get more bitcoin by exchanging fiat when the bitcoin price declining.

michellee

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Quote from: Despairo on June 13, 2022, 11:11:54 PM

Before you want to gamble, you're only use an amount that you can afford to lose and your sole purpose to gamble should for fun, don't only to chase winning. If you gamble with this rules, you wouldn't panic and there's no impact if Bitcoin will dump or crash since you don't need to care with it. The problem is many people were gamble because of easy profit that you can double or nothing from your bet, but that's mindset shouldn't be used.

As time is spent at the gambling table, they will try to increase their bet amount by betting more than before. And if they lose that day, some of them return to deposit some money to continue betting. This means that those who deposit more money are less affected by the ups and downs of the bitcoin price. But gamblers who don't gamble too often will not force themselves to continue gambling. Maybe some people's mindset will not be the same as others and some continue to bet but use altcoins to bet and not use bitcoin.

Reatim

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Quote from: virasog on June 13, 2022, 10:15:50 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 don't think it really matters because in Gambling 1 bitcoin = 1 bitcoin , not unless you are playing in Fiat , though there is a dollar value yet once you bet or deposit via bitcoin the value will remain as is.

Quote from: noorman0 on June 14, 2022, 03:40:19 AM

Good impact ofcourse, some casinos convert units of bitcoin balance deposited into fiat. If the user makes a deposit before the price drops and leaves it, the bitcoins will accumulate indirectly. It is important to choose the type and company of the casino. If you are betting to accumulate the amount of bitcoins, value should no longer be a concern. Just choose a casino that sets your bet in bitcoin and vice versa.

It is correct , Because imagine if your winning in bitcoin now are in decreasing and all of a sudden bitcoin price climbed up? then all of your funds will profit also before withdrawals.

madnessteat

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The fall in the price of BTC is a natural phenomenon that repeats from time to time. If a gambler holds BTC for a long time and gambles with these coins, then of course he loses more than someone who buys BTC right before the game. In such times it is profitable to buy BTC and be ready to hold on to coins for several years.

Personally I don't use BTC for casino deposits, preferring other cryptocurrencies with lower transaction costs.

noorman0

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Good impact ofcourse, some casinos convert units of bitcoin balance deposited into fiat. If the user makes a deposit before the price drops and leaves it, the bitcoins will accumulate indirectly. It is important to choose the type and company of the casino. If you are betting to accumulate the amount of bitcoins, value should no longer be a concern. Just choose a casino that sets your bet in bitcoin and vice versa.

Prosperiousproduct

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Quote from: virasog on June 13, 2022, 10:15:50 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?

Bitcoin dump actually affects gambler but it is just for those who care, most gamblers do not care about the dump no matter how hard it happens. They literally get addicted to gambling and just don't care if bitcoin dumps harder, what some of them say is " aftall it's my money I am using doing care if it dumps what I care about is my profit and lost" lol that's quiet funny, but the real one's know it's value and worth.

Jawhead999

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I gamble based on the Bitcoin value i.e. 0.005 BTC and so on, I'm not look it from USD value because it will make me hard when I want to gamble. Let's say you're want to bet on sports, you have transferred some Bitcoin which worth $20 at the moment, and you want to split it for 4 match, so each bet is $5. After the sudden dump your Bitcoin price now worth $10, since you wanted each of your bet is $5, you will need to calculate again before start to place your bet.

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Quote from: virasog on June 13, 2022, 10:15:50 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?

This is a good question.
at first glance it does not change the bettor's approach.
but ultimately it can lead to betting taking into account a higher risk.
Both to recover from the decline in value and therefore maximize a profit, and because the currency is devalued (versus FIAT cash) so that same value is less.

swogerino

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It has I think,as if you win you get a higher amount of Bitcoin as payout also gamblers are not prone to spend their Bitcoins when price dip as that means they have to deposit more Bitcoins for the same amount of dollars they want to play at the casino.When the price of Bitcoin was like 60.000 dollars they the gamblers would play more money with less amounts of Bitcoins,this is the only analogy between the Bitcoin price and gamblers as far as I know.

Of course this is only true for those gamblers who are also believers in Bitcoin and they prefer to hodl the majority of the Bitcoin they own,the majority of gamblers do not care much about the price of Bitcoin as long as they have amounts of Bitcoin available to play.

Despairo

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Before you want to gamble, you're only use an amount that you can afford to lose and your sole purpose to gamble should for fun, don't only to chase winning. If you gamble with this rules, you wouldn't panic and there's no impact if Bitcoin will dump or crash since you don't need to care with it. The problem is many people were gamble because of easy profit that you can double or nothing from your bet, but that's mindset shouldn't be used.

Fundamentals Of

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Quote from: Poker Player on June 13, 2022, 10:34:29 PM

Quote from: Fundamentals Of on June 13, 2022, 09:16:11 PM

I don't know for others but for me personally this has an effect. I am still placing moderate amount of bets but that's in USD value. I always consider the USD value on my bets even if I'm using cryptocurrencies. With the current dips of Bitcoin, the USD value remains but I am somehow affected by how high these bets are in terms of Bitcoin. Before, I could place bets as little as 0.0005 BTC but now it seems it is not enough anymore.

There will be people who don't act this way, but it's clear that at least for some of the gamblers it has an impact.

Yes, there must be many people who act this way. Many gamblers probably don't mind how much in Bitcoin they are betting or even how much in USD they are betting. But to somebody who puts limits to his bets, the amount matters. The USD amount may be constant but oh boy it feels bad having to make a 0.002-bet when you used to just make a 0.0008-bet with the same USD value just months ago. And knowing how Bitcoin will rise exponentially sooner or later, it really is painful when the bet loses.

Poker Player

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I would like to see concrete stats data, which I doubt we can get, but I believe it does affect, as at least part of the gamblers exchange fiat for bitcoin and other cryptos in order to gamble and the one who exchanged this week now has 25% in fiat equivalent.

In the same way I think that in bull market the opposite happens, people bet more happily because when changing fiat to crypto, after a short time they have already won by the change. They have the feeling of having more money when betting.

An example can be seen here:

Quote from: Fundamentals Of on June 13, 2022, 09:16:11 PM

I don't know for others but for me personally this has an effect. I am still placing moderate amount of bets but that's in USD value. I always consider the USD value on my bets even if I'm using cryptocurrencies. With the current dips of Bitcoin, the USD value remains but I am somehow affected by how high these bets are in terms of Bitcoin. Before, I could place bets as little as 0.0005 BTC but now it seems it is not enough anymore.

There will be people who don't act this way, but it's clear that at least for some of the gamblers it has an impact.

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Quote from: virasog on June 13, 2022, 10:15:50 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 don't know what happens to those who gamble using bitcoin or altcoins but for me, with the decline in bitcoin prices like now, I don't use bitcoin and prefer to rest first.
Playing gambling using bitcoin today will be more pronounced, especially if we lose hundreds of thousands of satoshi.
Maybe if I want to gamble, I prefer fiat because its value does not change compared to bitcoin or altcoins.
But it's better to rest for a while than to gamble, especially if you are not ready to lose.

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Quote from: virasog on June 13, 2022, 10:15:50 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 don't think so, since gamblers are only playing to hide their identity when it comes to crypto gambling and they are not holders who messed up their investment in this severe bearish market. Most likely after they play, they convert their crypto to fiat and they only get crypto when they needed to play again. I think when the price is back, they are the least of people who don't really care unless they were holding some huge amount of crypto assets in their wallets.

Fundamentals Of

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I don't know for others but for me personally this has an effect. I am still placing moderate amount of bets but that's in USD value. I always consider the USD value on my bets even if I'm using cryptocurrencies. With the current dips of Bitcoin, the USD value remains but I am somehow affected by how high these bets are in terms of Bitcoin. Before, I could place bets as little as 0.0005 BTC but now it seems it is not enough anymore.

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