Does bitcoin's price volatility affect your gambling habits? - page 12.

ralle14

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Quote from: LuanX3 on September 08, 2017, 05:37:14 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?

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.

Oceat

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Quote from: goldade on September 09, 2017, 07:30:32 AM

Quote from: LuanX3 on September 08, 2017, 05:37:14 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?

Volatility to the best of my ability does not affect the my habit or ability to bet since I don't bet with fiat I bet with btc and that is constant irrespective of the amount of relationship to dollars. If I bet 1 btc with 1.5 odds the I should expect 1,5btc in returns otherwise, there is a problem which means if BTC was $1000 when I made the bet and I won and its now $2000 or even $500 that does not matter again.

Do you mean of betting by using bitcoin is fixed? Whatsoever price did you bet is still the same in return? I'm amaze how bitcoin is really coping into the modern technology. This is just the same if you uses an exchanges if you set your address to your own fiat currency it will be fixed too. If you receive the bitcoin in your wallet.

ardentvolcanoes

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Quote from: Shinpako09 on September 09, 2017, 08:47:15 AM

Not really, It doesn't matter what is the current price for me when it comes to gambling. My bet was depending on how much is my balance and not in the price. Gonna do the same thing even in the near future no matter what the price is.

Yes same for me too.. not relying on the bitcoin's price. I always set myself an amount on how much I'll spent for gambling and still doing this regardless if Bitcoin price will go up or down.

deadsilent

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I think so. Sometimes i get frustrated when betting because sometimes when the price of bitcoin fluctuates, i gamble it. So when i loss that amount. I realize the value of the amount i just gambled. That's why i always look at price of bitcoin every time i gamble. Some gamblers doesn't realize that because they only care about the profit they could possibly get when they gamble. They are not looking at the price or value because the higher the risk, the higher the reward they could get.

Shinpako09

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Not really, It doesn't matter what is the current price for me when it comes to gambling. My bet was depending on how much is my balance and not in the price. Gonna do the same thing even in the near future no matter what the price is.

marlboroza

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Quote from: LuanX3 on September 08, 2017, 05:37:14 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?

Not really, my bets are always the same(in BTC) only value of my bet(in dollars) is higher than it was when bitcoin was cheaper.
But definitely something to think about for those who are placing higher bets.

Quote from: cramcram21 on September 08, 2017, 01:32:32 PM

But right now .01 btc is a high amount of money for me and the transaction fee is about .001+ so that would really be a huge amount,
And since I am only playing to past my free time it is really expensive way to do it.

You can send transaction and pay 0.0001 fee and you will see that fees are not problem any more.

goldade

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Quote from: LuanX3 on September 08, 2017, 05:37:14 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?

Volatility to the best of my ability does not affect the my habit or ability to bet since I don't bet with fiat I bet with btc and that is constant irrespective of the amount of relationship to dollars. If I bet 1 btc with 1.5 odds the I should expect 1,5btc in returns otherwise, there is a problem which means if BTC was $1000 when I made the bet and I won and its now $2000 or even $500 that does not matter again.

chris200x9

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Quote from: Barcode_ on September 09, 2017, 04:57:18 AM

Yes, the bitcoin price does affect the way I gamble, if the price of bitcoin rise higher, I would usually start my martingale strategy in dice game with a lower bet amount, I believe most of the dice sites also adjust the site minimum bet to a lower amount according to the price of bitcoin.

For a long time, most of the site minimum bet is 1 Santoshi and I don't know whether they can go even lower than 1 Santoshi. Casinos will not reduce their minimum bet anymore but gamblers need to reduce their maximum bet amount in bitcoins to stop the game if not they may lose more money.

hatshepsut93

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I'm usually on the other side of the game - I prefer to invest in bankrolls instead of betting against them, but Bitcoin's price still affects my decisions. When the price grows, I divest my funds, because I don't want to risk more than certain amount of value. This includes both the risk of losing some of my investment because of lucky whales, and all my investment if casino will get hacked/seized/exit-scam. But many other investors chose to keep their investments regardless of price, it can be seen on the bankroll size charts of certain sites, there actually is no strong correlation between their bankroll size and the price of BTC. You can also gather statistics for betting volumes and see if and how they correlate with Bitcoin's price.

Barcode_

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Yes, the bitcoin price does affect the way I gamble, if the price of bitcoin rise higher, I would usually start my martingale strategy in dice game with a lower bet amount, I believe most of the dice sites also adjust the site minimum bet to a lower amount according to the price of bitcoin.

Mysterious01

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Quote from: LuanX3 on September 08, 2017, 05:37:14 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?

In my case, yes it affects the way I bet because in my betting I have maximum money for betting as it is my way to control my capital.
Once the prices go down then my bet becomes higher as I am betting using BTC but once the prices goes up then my bet becomes lower.
It is still very important that we know how to control our self especially in gambling.

Zocadas

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Oh yes, but not volatility of bitcoin. Its strong raising let me lower my gambling limits. I don't risk anymore and changed even my strategies. I am also using stable altcoins for betting or those I wanted to get away.

okissabam

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Yes of course I think most gamblers do most especially with bitcoins price right now. But I always set myself a limit in gambling whether the bitcoins price is down or not I usually gamble with only BTC0.1 as the highest limit of the day.

btc_angela

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Of course, with the current price of bitcoin, its really hard to put a lot of bankroll to start our gambling habits. Now, I usually play at .01BTC only. For me, its the perfect amount because I don't want to lose more because if I convert my bitcoin to fiat its already enough for me. Unlike before that I can make deposits even more, but now I'm a little hesitant because of the price volatility. Only .01-.02 BTC is my max bankroll to enjoy and begin gambling.

13abyknight

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The volatility of Bitcoin's price not only affects gambling users but also pushes casinos and gambling sites to make various adaptations like adjusting the faucet values and minimum cashout amount which in turn directly affects the users. For me, I always set up goals and cash out if at all I reach there, irrespective of the price of BTC at that moment.

Oilacris

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Quote from: LuanX3 on September 08, 2017, 05:37:14 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?

For me, It doesnt really affect at all since i do set up already the amount equivalent on dollars on which no matter what would be the amount on btc as long its equal on those fiat value then it should be find but sometimes i do feel that im wasting up more bitcoins when the price is still down because you do bet large number of satoshis but well this is gambling no matter which you would go,you would eventually lose up those bitcoins.

Caladonian

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i normally convert it into fiat value before placing my bet so that I'm sure that I'm not over betting as we knew that bitcoin value really fluctuates
from time to time, i understand that if you know how to convert your btc you will able to lessen and minimize your loses, so for me I'm always aware
that a certain fiat amount is the only money that I allocates for my gambling activity.

btcdevil

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Quote from: LuanX3 on September 08, 2017, 05:37:14 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?

I dont think that the gamblers have got any affect on their betting even if the price is up. i gamble in sports betting and i still bet on my old bankroll system as i dont see the price only profit matters me.

MinerHQ

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Quote from: BossMacko on September 08, 2017, 02:07:14 PM

Quote from: LuanX3 on September 08, 2017, 05:37:14 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?

No, I wasn't thinking about this until i read it, i always play in a poker table wherein the stakes are high, I've been playing on that ever since the value of Bitcoin is still low until now. So i was not able to decrease or increase my bet amount.

Anyway, I'm not a fan of poker game so never bet in this game, but I usually bet in cricket matches and play dice game online. Yes, I have adjusted my bet amount because in cricket matches I usually bet around $50 to %100 per match depends on my analysis so that I will adjust Bitcoin quantity accordingly. Bitcoins are real money so I will never bet blindly in any game.

BossMacko

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Quote from: LuanX3 on September 08, 2017, 05:37:14 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?

No, I wasn't thinking about this until i read it, i always play in a poker table wherein the stakes are high, I've been playing on that ever since the value of Bitcoin is still low until now. So i was not able to decrease or increase my bet amount.

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