Topic: Does bitcoin's price volatility affect your gambling habits? - page 11. (Read 3039 times)
September 10, 2017, 06:37:48 PM
Not an issue for me, I am not worried about the price volatility being a gambler, what we need to do is just cash out at the right timing so we can have a the great value of our money. The volatility is normal but what we are seeing is the price going up in overall so it's better to start with a decent bankroll so we do not need to cash in and cash out every time.
September 10, 2017, 05:33:28 PM
The high price of bitcoin has certainly affected my game play as i am worried to lose a huge amount and now i am more careful and this will reflect the freedom i once had while gambling as is affecting my game badly,nothing can be done to sort this out but we have to adjust according to the situation and gamble wisely.
September 10, 2017, 05:07:33 PM
So does this factor affect how you gamble?
If prices go up, do you lower you bets? For example, you normally bet 0.001 per bet, do you lower it to 0.0001 per bet?
If prices go down, do you place higher bets? For example, you normally bet 0.001 per bet, do you place higher bets like 0.01 per bet?
I have some specific amount that I use for gambling but it is in dollar metric system. When I use bitcoin for gambling it is always proportionally equal as I would place dollars instead. If prices go up, do you lower you bets? For example, you normally bet 0.001 per bet, do you lower it to 0.0001 per bet?
If prices go down, do you place higher bets? For example, you normally bet 0.001 per bet, do you place higher bets like 0.01 per bet?
September 10, 2017, 03:50:25 PM
Since the day bitcoin crossed 4k i never betted with it , i only played with fiat . Volatility is one of btc's best assets , if i loose my bitcoin funds i won't be just loosing a fixed amount of money , i'd be loosing the potential value that can add up to my funds .
I didn't understand why you want to play with fiat money?
Suppose if you decide to spend $50 in gambling today than whether you use that $50 either in fiat or Bitcoins both are the same right? You need to choose the currency based on your convenient not based on the value of the currency. When you want to enjoy just think about present movement and spend what you can afford to lose whether it is bitcoins or fiat money.
I agree with you. By betting with fiat and holding Bitcoin because of the volatility you might feel like you're making money and spending something that's not increasing in value but that's only a feeling. In reality you're still splitting your wealth into Bitcoin that should increase in value and fiat that shouldn't. Fiat in the casino is still fiat and Bitcoin is Bitcoin. The only way you could save money this way is if you lost as losing Bitcoin while its value goes up could hurt you more than losing fiat.
If you believe in Bitcoin so much then it's best to convert all your fiat into it
It's strange to me how people will try to adjust their behavior by trying to equate one thing with another and then getting lost in the math involved in the conversions. When the value of bitcoin increases in relation to the US dollar, then the whole bankroll increases. --> If you're following a sound bankroll management system, then the percentages of your bankroll you set aside for your session doesn't change. Ten percent of 1 BTC is still 0.1 BTC whether it's worth 1 dollar or a million dollars or whether it's exchange rate varies significantly throughout the day or not---> it's the same! 10% of 1 BTC == 0.100 BTC <--- always!
September 10, 2017, 02:21:51 PM
Since the day bitcoin crossed 4k i never betted with it , i only played with fiat . Volatility is one of btc's best assets , if i loose my bitcoin funds i won't be just loosing a fixed amount of money , i'd be loosing the potential value that can add up to my funds .
I didn't understand why you want to play with fiat money?
Suppose if you decide to spend $50 in gambling today than whether you use that $50 either in fiat or Bitcoins both are the same right? You need to choose the currency based on your convenient not based on the value of the currency. When you want to enjoy just think about present movement and spend what you can afford to lose whether it is bitcoins or fiat money.
I agree with you. By betting with fiat and holding Bitcoin because of the volatility you might feel like you're making money and spending something that's not increasing in value but that's only a feeling. In reality you're still splitting your wealth into Bitcoin that should increase in value and fiat that shouldn't. Fiat in the casino is still fiat and Bitcoin is Bitcoin. The only way you could save money this way is if you lost as losing Bitcoin while its value goes up could hurt you more than losing fiat.
If you believe in Bitcoin so much then it's best to convert all your fiat into it
September 10, 2017, 01:57:42 PM
For me now i am just betting low bets its been for a long time a never increase or decrease my bet because 1 sat bet will never be lower except if i am betting in other altcoin.. which is i lowering the amount of altcoin if i seen the price of bitcoin increase or decrease..
Because if it will going to be affect the price of altcoin with bitcoin..
Because if it will going to be affect the price of altcoin with bitcoin..
September 10, 2017, 01:11:18 PM
So does this factor affect how you gamble?
If prices go up, do you lower you bets? For example, you normally bet 0.001 per bet, do you lower it to 0.0001 per bet?
If prices go down, do you place higher bets? For example, you normally bet 0.001 per bet, do you place higher bets like 0.01 per bet?
No, price rise or fall doesn't affects my gambling. my bets are/will always be 1 mBTC or below, i usually bet 10k sats, sometimes i reach my max bet of 1 mBTC. it has been like that for quite long time now. If prices go up, do you lower you bets? For example, you normally bet 0.001 per bet, do you lower it to 0.0001 per bet?
If prices go down, do you place higher bets? For example, you normally bet 0.001 per bet, do you place higher bets like 0.01 per bet?
September 10, 2017, 12:29:21 PM
So does this factor affect how you gamble?
If prices go up, do you lower you bets? For example, you normally bet 0.001 per bet, do you lower it to 0.0001 per bet?
If prices go down, do you place higher bets? For example, you normally bet 0.001 per bet, do you place higher bets like 0.01 per bet?
If prices go up, do you lower you bets? For example, you normally bet 0.001 per bet, do you lower it to 0.0001 per bet?
If prices go down, do you place higher bets? For example, you normally bet 0.001 per bet, do you place higher bets like 0.01 per bet?
No, my gambling strategy doesn't change with the fluctuations in the USD/BTC exchange rates. I manage my bitcoin bankroll in terms of bitcoin only and I don't think about its conversion rates. I determine the amount of my daily gambling budget based on a percentage of my bankroll and I play at the stakes determined by that budget. The results are the same either way ---> 10% of $100 is the same as 10% of $100 worth of bitcoin ---> it makes no difference as long as the two quantities aren't unnecessarily mixed up in the process.
Well of course it will.come to youe mind when you gamble but i agree, it won't really matter for hardcore gamblers because the price isn't important but sating their want for gambling. If you're keeping a capital of btc in your wallet, you're pretty much gambling with the same amount
Hard core gamblers will not think about the price and all. First of all, they are ready to play all there money to win money in gambling. And in this process, if they lost everything also they don't care. So for them, it will not affect much. But i care for money. For me, bitcoins is equal to money. So if the price increase i will reduce my betting amount and if the price decrease I can increase.
September 10, 2017, 11:37:48 AM
Not really. I am one of those gamblers that mine the bitcoin with multi GPU PC-s which I own so the price of bitcoin when it comes to gambling is really irrelevant to me. However I should start taking this into account as betting 0.01 btc now for a bet is 40 or more dollars per bet. Not a low amount to bet when it comes in FIAT terms. I should be more careful and low my bet to 0.003-0.004 btc , 15 dollars is a more reasonable amount for a bet.
September 10, 2017, 11:01:27 AM
So does this factor affect how you gamble?
If prices go up, do you lower you bets? For example, you normally bet 0.001 per bet, do you lower it to 0.0001 per bet?
If prices go down, do you place higher bets? For example, you normally bet 0.001 per bet, do you place higher bets like 0.01 per bet?
If prices go up, do you lower you bets? For example, you normally bet 0.001 per bet, do you lower it to 0.0001 per bet?
If prices go down, do you place higher bets? For example, you normally bet 0.001 per bet, do you place higher bets like 0.01 per bet?
No, my gambling strategy doesn't change with the fluctuations in the USD/BTC exchange rates. I manage my bitcoin bankroll in terms of bitcoin only and I don't think about its conversion rates. I determine the amount of my daily gambling budget based on a percentage of my bankroll and I play at the stakes determined by that budget. The results are the same either way ---> 10% of $100 is the same as 10% of $100 worth of bitcoin ---> it makes no difference as long as the two quantities aren't unnecessarily mixed up in the process.
Well of course it will.come to youe mind when you gamble but i agree, it won't really matter for hardcore gamblers because the price isn't important but sating their want for gambling. If you're keeping a capital of btc in your wallet, you're pretty much gambling with the same amount
September 10, 2017, 01:33:41 AM
So does this factor affect how you gamble?
If prices go up, do you lower you bets? For example, you normally bet 0.001 per bet, do you lower it to 0.0001 per bet?
If prices go down, do you place higher bets? For example, you normally bet 0.001 per bet, do you place higher bets like 0.01 per bet?
If prices go up, do you lower you bets? For example, you normally bet 0.001 per bet, do you lower it to 0.0001 per bet?
If prices go down, do you place higher bets? For example, you normally bet 0.001 per bet, do you place higher bets like 0.01 per bet?
No, my gambling strategy doesn't change with the fluctuations in the USD/BTC exchange rates. I manage my bitcoin bankroll in terms of bitcoin only and I don't think about its conversion rates. I determine the amount of my daily gambling budget based on a percentage of my bankroll and I play at the stakes determined by that budget. The results are the same either way ---> 10% of $100 is the same as 10% of $100 worth of bitcoin ---> it makes no difference as long as the two quantities aren't unnecessarily mixed up in the process.
September 10, 2017, 01:12:00 AM
So does this factor affect how you gamble?
If prices go up, do you lower you bets? For example, you normally bet 0.001 per bet, do you lower it to 0.0001 per bet?
If prices go down, do you place higher bets? For example, you normally bet 0.001 per bet, do you place higher bets like 0.01 per bet?
If prices go up, do you lower you bets? For example, you normally bet 0.001 per bet, do you lower it to 0.0001 per bet?
If prices go down, do you place higher bets? For example, you normally bet 0.001 per bet, do you place higher bets like 0.01 per bet?
No, my gambling strategy doesn't change with the fluctuations in the USD/BTC exchange rates. I manage my bitcoin bankroll in terms of bitcoin only and I don't think about its conversion rates. I determine the amount of my daily gambling budget based on a percentage of my bankroll and I play at the stakes determined by that budget. The results are the same either way ---> 10% of $100 is the same as 10% of $100 worth of bitcoin ---> it makes no difference as long as the two quantities aren't unnecessarily mixed up in the process.
September 10, 2017, 12:55:26 AM
Yes, because I set my limit using Fiat, so whenever the price go up I lower my bet, and I try not to waste my Bitcoin because the price now is very high, if I can keep it longer then I can get more wealth and during this volatility I seldom gamble because I used my money for trading
September 09, 2017, 09:38:41 PM
I think it is a Yes, well it is like the Law of Demand of the price of an item increases just like bitcoin our demand for it decreases and if price decreases we demand more of it. We can apply it also in gambling and usually the bets we do is the one being affected and it really but it depends also on the person who gambles even if the price is high and he usually bets the way he does because he might want to get more wins because he knows the price is high.
September 09, 2017, 07:58:29 PM
Since the day bitcoin crossed 4k i never betted with it , i only played with fiat . Volatility is one of btc's best assets , if i loose my bitcoin funds i won't be just loosing a fixed amount of money , i'd be loosing the potential value that can add up to my funds .
I didn't understand why you want to play with fiat money?
Suppose if you decide to spend $50 in gambling today than whether you use that $50 either in fiat or Bitcoins both are the same right? You need to choose the currency based on your convenient not based on the value of the currency. When you want to enjoy just think about present movement and spend what you can afford to lose whether it is bitcoins or fiat money.
September 09, 2017, 05:41:10 PM
Since the day bitcoin crossed 4k i never betted with it , i only played with fiat . Volatility is one of btc's best assets , if i loose my bitcoin funds i won't be just loosing a fixed amount of money , i'd be loosing the potential value that can add up to my funds .
September 09, 2017, 04:46:25 PM
Absolutely yes! It never bothered me when it used to be $250 and I lose 0.1 BTC in a single bet as it was my weekly budget to gamble over sports.
But now as the price is 20x, I have lowered down my total weekly bet to 0.02 btc and I hardly place them all in a single bet knowing that if I would lose, the loss would be huge in terms of fiat. So, I do it with smartness and place different bets with better chances of win. I used to gamble everyday before but it's not like that nowadays because now before gambling, I need to check the prices to decide whether to play or to withdraw.
You are absolutely right, It affect our gambling habits but we should control ourselves before place a bet with Bitcoin, if we can just see the conversion of Bitcoin price in local currency maybe we can learn how to use our Bitcoin and do gambling smartly. But now as the price is 20x, I have lowered down my total weekly bet to 0.02 btc and I hardly place them all in a single bet knowing that if I would lose, the loss would be huge in terms of fiat. So, I do it with smartness and place different bets with better chances of win. I used to gamble everyday before but it's not like that nowadays because now before gambling, I need to check the prices to decide whether to play or to withdraw.
September 09, 2017, 04:03:48 PM
Absolutely yes! It never bothered me when it used to be $250 and I lose 0.1 BTC in a single bet as it was my weekly budget to gamble over sports.
But now as the price is 20x, I have lowered down my total weekly bet to 0.02 btc and I hardly place them all in a single bet knowing that if I would lose, the loss would be huge in terms of fiat. So, I do it with smartness and place different bets with better chances of win. I used to gamble everyday before but it's not like that nowadays because now before gambling, I need to check the prices to decide whether to play or to withdraw.
But now as the price is 20x, I have lowered down my total weekly bet to 0.02 btc and I hardly place them all in a single bet knowing that if I would lose, the loss would be huge in terms of fiat. So, I do it with smartness and place different bets with better chances of win. I used to gamble everyday before but it's not like that nowadays because now before gambling, I need to check the prices to decide whether to play or to withdraw.
September 09, 2017, 04:01:04 PM
No, it doesn't affect me at all.
First of all I'm not buying BTC to gamble with it and I'm not earning it at my day job. I'm using the coins I had for years and the ones that I'm earning on the forum, and this amount doesn't change along with price in fiat. That's why I rarely count my coins in fiat, I rather try to get more coins, no matter the price.
If I gamble away 0.01, it's just 0.01, whatever is happening on the market at the moment.
First of all I'm not buying BTC to gamble with it and I'm not earning it at my day job. I'm using the coins I had for years and the ones that I'm earning on the forum, and this amount doesn't change along with price in fiat. That's why I rarely count my coins in fiat, I rather try to get more coins, no matter the price.
If I gamble away 0.01, it's just 0.01, whatever is happening on the market at the moment.
September 09, 2017, 03:22:57 PM
So does this factor affect how you gamble?
If prices go up, do you lower you bets? For example, you normally bet 0.001 per bet, do you lower it to 0.0001 per bet?
If prices go down, do you place higher bets? For example, you normally bet 0.001 per bet, do you place higher bets like 0.01 per bet?
In sports betting the lowest I can go is 0.001 btc per bet because that's my sportsbook minimum bet. My answer before was no I don't change my betting strategy(from a different thread) but now that i've been losing more than I used to yes from 0.01 to 0.005 now.If prices go up, do you lower you bets? For example, you normally bet 0.001 per bet, do you lower it to 0.0001 per bet?
If prices go down, do you place higher bets? For example, you normally bet 0.001 per bet, do you place higher bets like 0.01 per bet?
This is what is puzzling me. Before, when I bet 0.001 btc per bet that means I am wagering about $0.8 back when the price of bitcoins were $800 a piece. Now that prices went up sky high, 0.001 btc bet is now $4.5! Which is significantly higher than what I used to bet. That is totally crazy. And there is no way to lower this bet in the sports books.
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