Does bitcoin dump have any impact on gamblers ? - page 5.

Lucasgabd

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Quote from: carlfebz2 on July 29, 2022, 01:51:48 PM

<...>
Bitcoin isnt everything but i cant blame out on why people are really that interested that much with it because it could really give out that opportunity and benefits which fiat cant able to provide or give it out thats

why people are really interested on it and put up much support on it because we've seen its potential and chances on making profits too but we cant just avoid nor deny the fact that we do still ending up on
needing fiat thats why certain actions would be always correlated and connected to it because we do aim for accumulating more cash.

Spending whether fiat or crypto it would always matter as long it does have value and losing it would really be giving such impact.

i think it's easier for people on countries with more corrupted systems and weaker fiat currencies to understand the importance of bitcoin and crypto in general
as a different possibility, a new system

TribalBob

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if you use btc, I think it has a very big impact on spending, especially at this time bitcoin is experiencing a decline, and of course those who use bitcoin need twice as much for their capital, the impact caused is a decrease in gambling that uses btc and they return to fiat/stablecoin as an alternative or can be said to minimize loss if later btc returns to 40k $

Boristhecat

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Quote from: CLS63 on July 29, 2022, 03:29:31 PM

When we look at this from a logical point of view it affects gamblers of course. Because if they want to make some money and convert it to fiat money again then a dump in the market would be frustrating. However there are some people also who just like to gamble with cryptocurrencies without looking at the movements in the market much. These people might be aiming to reach a certain amount of that cryptocurrency by gambling and even to HODL that amount until some point. I don't know how many people do this in the world now but this is another interesting way of getting away from being sad about a dump. Because you are already not aiming to withdraw your funds until it increases its value to a specific level.

It seems to me that if a person wants to increase the amount of his fiat money through gambling, then he initially uses fiat substitutes - stablecoins. If he is trying to increase the amount of his fiat money by investing in cryptocurrencies, then most likely he understands the risk and if a collapse occurs, he continues to hold the cryptocurrency in anticipation of a bull market. And in this case, he may be gambling or not, but subconsciously he values his cryptocurrency not at the current rate, but at the one he expects in the future.

pawanjain

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Quote from: dothebeats on July 29, 2022, 03:35:22 PM

Quote from: pawanjain on July 29, 2022, 10:54:07 AM

It doesn't really make much of a difference to me because 1000 satoshis at the price of $60k is still 1000 satoshis whatever the price is.
I can play 10 bets with 100 satoshis in both the cases. It's just a matter of how you look at it in my opinion.
One can look at the dollar value can compare the volatile price while the other can look at the number of coins instead and stay calm because the number of coins won't change.

But you buy bitcoins using your fiat currency. It somewhat matters during the conversion. Your $20 today may be worth 10k satoshis, but the next week it may be worth more or less, and that definitely impacts your gambling habits if you are on a fixed budget just like me. Personally, I enjoyed when bitcoin was tanking because I only have a $20 set price to gamble each week, but now that bitcoin is slowly rebounding, the number of games that I may have on the casino will diminish that's for sure since it decreases the amount of satoshis that I gain for $20 as price goes up.

I can't disagree with that from your perspective. But at the same time, does the amount of bets decrease?
I think even if it does the number of bets decreased will be far too low than to make a substantial impact.
I am saying this because most of the gambling sites allows us to make lower denomination bets.
So I think we are good as far as the amount of bets are atmost same.

_act_

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Quote from: pawanjain on July 29, 2022, 10:54:07 AM

It doesn't really make much of a difference to me because 1000 satoshis at the price of $60k is still 1000 satoshis whatever the price is.
I can play 10 bets with 100 satoshis in both the cases. It's just a matter of how you look at it in my opinion.
One can look at the dollar value can compare the volatile price while the other can look at the number of coins instead and stay calm because the number of coins won't change.

It matters, if the price dropped significantly, gamblers that use unstable coins to gamble will think of it. That is why I like the crypto casinos and other crypto gambling sites, they have more options for both coins that are not stable and stable. So individual can choose the one they prefer. I prefer to use stable coins to gamble while I prefer to be keep unstable coins on noncustodial wallet, especially during bull market. But I can as well gamble with unstable coins like bitcoin during bull market, but not during bear market.

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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?

Honestly everyone is effected with this dump. Gamblers when they lose money in savings go to gambling to try and get that money back and can end up losing it so this dump can have a really bad effect on all gamblers . I think its a difference between fiat and crypto gambling

johhnyUA

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Quote from: Bitinity on July 26, 2022, 08:12:31 PM

Yes most gamblers using fiat value as the basis but it does not mean that they dont care about the price change. Imagine you make a bet of $1000 worth of bitcoin, and you win the bet, but after that the price of btc dumped crazily that makes you lose your winning bet in the value or even you also lose your bet amount due to the dump. What do you feel? Wont you affected with such situation?

I think we are talking here about crypto gambling, not fiat (my thoughts), so let me quota myself from another thread

Quote from: johhnyUA on July 29, 2022, 04:22:01 PM

You both are wrong. Many gamblers getting their crypto to gambler from different activities (bounty, faucets and so on). So when market is down, all this activities generates less value, so you have less money to gamble. I doubt that someone you get paid with fiar money, when buying crypto and visit crypto gambling.

Bolded the most important part. So yeah, crypto dump DOES affect CRYPTO gambling. For example, I'm playing only with money I get from signature campaign. Bitcoin dumping - I'm turning into accumulationg mode, and don't want to lose a lot of cheap btc.

dothebeats

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Quote from: pawanjain on July 29, 2022, 10:54:07 AM

It doesn't really make much of a difference to me because 1000 satoshis at the price of $60k is still 1000 satoshis whatever the price is.
I can play 10 bets with 100 satoshis in both the cases. It's just a matter of how you look at it in my opinion.
One can look at the dollar value can compare the volatile price while the other can look at the number of coins instead and stay calm because the number of coins won't change.

But you buy bitcoins using your fiat currency. It somewhat matters during the conversion. Your $20 today may be worth 10k satoshis, but the next week it may be worth more or less, and that definitely impacts your gambling habits if you are on a fixed budget just like me. Personally, I enjoyed when bitcoin was tanking because I only have a $20 set price to gamble each week, but now that bitcoin is slowly rebounding, the number of games that I may have on the casino will diminish that's for sure since it decreases the amount of satoshis that I gain for $20 as price goes up.

CLS63

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When we look at this from a logical point of view it affects gamblers of course. Because if they want to make some money and convert it to fiat money again then a dump in the market would be frustrating. However there are some people also who just like to gamble with cryptocurrencies without looking at the movements in the market much. These people might be aiming to reach a certain amount of that cryptocurrency by gambling and even to HODL that amount until some point. I don't know how many people do this in the world now but this is another interesting way of getting away from being sad about a dump. Because you are already not aiming to withdraw your funds until it increases its value to a specific level.

carlfebz2

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Quote from: Lucasgabd on July 29, 2022, 10:46:10 AM

Quote from: Oasisman on July 29, 2022, 12:17:28 AM

Quote from: adzino on July 28, 2022, 11:59:13 PM

Isn't it obvious it is going to have an impact on the gamblers? Those who hold bitcoins and sometimes gamble with their bitcoins are now going to gamble less because the value fell which means they will have to gamble "more" of their coins which might make them lose more coins, hence less likely to gamble more and wait for the market to recover. They literally have less money to gamble with than before. On other hand, those who just invested during the dip might want to gamble more, for the exact opposite reason. They won't be losing much in value, but if they win, they will be winning more coins and if they hold their coins for long term, they are making some good profit.

I don't think that's the case for the casinos who have a direct betting with Bitcoin or other altcoins and has the betting limit set in Bitcoin value.
Since you're actually betting on Bitcoin which also means you will win a percentage in Bitcoin as well not in dollars. So, regardless of how much the Btc price is, still it doesn't matter coz again you are betting with Bitcoin.

in the end it'll only matter if/when you end up converting btc back to fiat, or fiat to btc
most of the people still have to buy or earn fiat at some point to pay their living expenses and stuff

Bitcoin isnt everything but i cant blame out on why people are really that interested that much with it because it could really give out that opportunity and benefits which fiat cant able to provide or give it out thats

why people are really interested on it and put up much support on it because we've seen its potential and chances on making profits too but we cant just avoid nor deny the fact that we do still ending up on
needing fiat thats why certain actions would be always correlated and connected to it because we do aim for accumulating more cash.

Spending whether fiat or crypto it would always matter as long it does have value and losing it would really be giving such impact.

pawanjain

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It doesn't really make much of a difference to me because 1000 satoshis at the price of $60k is still 1000 satoshis whatever the price is.
I can play 10 bets with 100 satoshis in both the cases. It's just a matter of how you look at it in my opinion.
One can look at the dollar value can compare the volatile price while the other can look at the number of coins instead and stay calm because the number of coins won't change.

Lucasgabd

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There's no need to be upset

Quote from: Oasisman on July 29, 2022, 12:17:28 AM

Quote from: adzino on July 28, 2022, 11:59:13 PM

Isn't it obvious it is going to have an impact on the gamblers? Those who hold bitcoins and sometimes gamble with their bitcoins are now going to gamble less because the value fell which means they will have to gamble "more" of their coins which might make them lose more coins, hence less likely to gamble more and wait for the market to recover. They literally have less money to gamble with than before. On other hand, those who just invested during the dip might want to gamble more, for the exact opposite reason. They won't be losing much in value, but if they win, they will be winning more coins and if they hold their coins for long term, they are making some good profit.

I don't think that's the case for the casinos who have a direct betting with Bitcoin or other altcoins and has the betting limit set in Bitcoin value.
Since you're actually betting on Bitcoin which also means you will win a percentage in Bitcoin as well not in dollars. So, regardless of how much the Btc price is, still it doesn't matter coz again you are betting with Bitcoin.

in the end it'll only matter if/when you end up converting btc back to fiat, or fiat to btc
most of the people still have to buy or earn fiat at some point to pay their living expenses and stuff

Smartvirus

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Quote from: _act_ on July 29, 2022, 03:00:41 AM

Quote from: Oasisman on July 29, 2022, 12:17:28 AM

I don't think that's the case for the casinos who have a direct betting with Bitcoin or other altcoins and has the betting limit set in Bitcoin value.
Since you're actually betting on Bitcoin which also means you will win a percentage in Bitcoin as well not in dollars. So, regardless of how much the Btc price is, still it doesn't matter coz again you are betting with Bitcoin.

I do not know what I will think if I have some amount of money in bitcoin on a gambling site and all of a sudden, the price of bitcoin falled from $48000 to $20000 which is more than 50% loss. Yes I agree that a gambler betting with bitcoin is betting with bitcoin and 1BTC equals to 1 BTC, but people will always think about this as they passively lose money.

Yeah, betting in bitcoin or some altcoin with a previously set limit doesn't matter so long as the limit isn't adjusted but, it becomes of a different story when it's in dollar. As you've got to stake a dollar equivalent of what is the set limit and a s such, your bound to spend more bitcoin or its altcoin equivalent in a bear market than in a bull market as, the scale of the lose would be fully made manifest. Both in funding, staking and withdrawals. When it comes to staking in bitcoin, it might be for the withdrawals as wins doesn't feel so weighty but in the end, gamblers would continue to gamble.

_act_

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Quote from: Oasisman on July 29, 2022, 12:17:28 AM

I don't think that's the case for the casinos who have a direct betting with Bitcoin or other altcoins and has the betting limit set in Bitcoin value.
Since you're actually betting on Bitcoin which also means you will win a percentage in Bitcoin as well not in dollars. So, regardless of how much the Btc price is, still it doesn't matter coz again you are betting with Bitcoin.

I do not know what I will think if I have some amount of money in bitcoin on a gambling site and all of a sudden, the price of bitcoin falled from $48000 to $20000 which is more than 50% loss. Yes I agree that a gambler betting with bitcoin is betting with bitcoin and 1BTC equals to 1 BTC, but people will always think about this as they passively lose money. I do not just bet with bitcoin, I do that after significant bear market, when I know that bull market will be certain than further bear market.

Oasisman

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Quote from: adzino on July 28, 2022, 11:59:13 PM

Isn't it obvious it is going to have an impact on the gamblers? Those who hold bitcoins and sometimes gamble with their bitcoins are now going to gamble less because the value fell which means they will have to gamble "more" of their coins which might make them lose more coins, hence less likely to gamble more and wait for the market to recover. They literally have less money to gamble with than before. On other hand, those who just invested during the dip might want to gamble more, for the exact opposite reason. They won't be losing much in value, but if they win, they will be winning more coins and if they hold their coins for long term, they are making some good profit.

I don't think that's the case for the casinos who have a direct betting with Bitcoin or other altcoins and has the betting limit set in Bitcoin value.
Since you're actually betting on Bitcoin which also means you will win a percentage in Bitcoin as well not in dollars. So, regardless of how much the Btc price is, still it doesn't matter coz again you are betting with Bitcoin.

nullama

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Quote from: adzino on July 28, 2022, 11:59:13 PM

Isn't it obvious it is going to have an impact on the gamblers? Those who hold bitcoins and sometimes gamble with their bitcoins are now going to gamble less because the value fell which means they will have to gamble "more" of their coins which might make them lose more coins, hence less likely to gamble more and wait for the market to recover. They literally have less money to gamble with than before. On other hand, those who just invested during the dip might want to gamble more, for the exact opposite reason. They won't be losing much in value, but if they win, they will be winning more coins and if they hold their coins for long term, they are making some good profit.

Some casinos might have the ability to place bets on Bitcoin directly, not in fiat.

In those cases I think it won't matter too much if the price of Bitcoin changes, because the actual number they bet would be the same. It's just the purchasing power of the bet that changes.

But yes, some casinos use the fiat value to gamble, so in those cases it will make a difference, specially if there's a minimum bet

ChiBitCTy

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I guess it all depends on how gamblers store their money that’s to be used for gambling purposes or where they pull it from. I personally will gamble less if the price of bitcoin is down as I simply don’t want as much money at risk. In times of a bull market, I’m willing to shell out a little more. So I think it does make a difference for many.

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Isn't it obvious it is going to have an impact on the gamblers? Those who hold bitcoins and sometimes gamble with their bitcoins are now going to gamble less because the value fell which means they will have to gamble "more" of their coins which might make them lose more coins, hence less likely to gamble more and wait for the market to recover. They literally have less money to gamble with than before. On other hand, those who just invested during the dip might want to gamble more, for the exact opposite reason. They won't be losing much in value, but if they win, they will be winning more coins and if they hold their coins for long term, they are making some good profit.

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Quote from: Lucasgabd on July 28, 2022, 09:50:35 AM

yes, could be
but a good practice is to separate gambling funds from investment money
that way you don't blow up your account on an emotional moment

when it comes to money it's better to use the head than the heart

This is really important and it is something I have read in many books about poker, the money that you use for gambling needs to be separated from the rest of your money that you use for your daily needs or for investment.

And the reasoning is really simple, as we know even if you have good self-control you may lose it once in a while when you gamble and bust your account, however if you keep your accounts separated you will only lose your gambling money while the rest of your money is safe, but if you do not make this distinction then you could literally lose everything you have to your name just because you were unable to control yourself during a short period of time and obviously that is not good.

Lucasgabd

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Quote from: blockman on July 26, 2022, 03:59:26 PM

Quote from: BitcoinPanther on July 22, 2022, 05:28:13 PM

Bitcoin dump can only affect gamblers that are holding Bitcoin as their bankroll. It will greatly affect their betting power when the Bitcoin price dump. The same way it increases their betting power when the Bitcoin price surge. Aside from Bitcoin holders, I do not think that a bitcoin dump can affect any gamblers that hold stablecoin but definitely cryptocurrency holders will be indirectly affected depends on how they holding crypto react to the Bitcoin dump.

For those that are holding stablecoins, there's no effect on them but if we'll look at the value right now. Holding stablecoins have gone up in value because the value of USD has gone up too.

Quote from: Lucasgabd on July 26, 2022, 02:58:26 PM

most of the gamblers probably aren't bitcoin natives and would opt to hold their savings in usd instead of crypto, even if it is usd IN crypto like stablecoins
what do you think?

Maybe for some but I think many savers are into bitcoin and holding their most assets on it. And that's why there are gamblers that are opting for the option to gamble with some altcoins rather than spending those bitcoins that they hold.

yes, could be
but a good practice is to separate gambling funds from investment money
that way you don't blow up your account on an emotional moment

when it comes to money it's better to use the head than the heart

Topic: Does bitcoin dump have any impact on gamblers ? - page 5. (Read 3186 times)