Does bitcoin's price volatility affect your gambling habits? - page 5.

crwth

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Quote from: serjent05 on October 20, 2017, 01:20:35 AM

Quote from: 2double0 on October 19, 2017, 09:03:24 AM

Quote from: LuanX3 on September 08, 2017, 06:37:14 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 just me, but most people would agree that the price factor does affect the way we use to gamble.
It was easy to lose even BTC0.1 when the price was $250 (a time when I gambled a lot). Then, a time came when it crossed back 1000 again and I have fixed my weekly betting size to BTC0.05 (not per bet, but total bets' wagering not more than BTC0.05). It means even if I lose, I would lose not more than $200 a month, which was affordable. Then, the price had a rapid increase and it gradually caught the attention of media as well as investors and 5x was made possible. I now bet not more than BTC0.1 a month (total wagering of BTC0.1) which means I can afford to lose $500-$600 a month (not compulsory that I lose only, but just a speculation). That's the difference it made to the betting sizes, hope you understood how I gamble. Wink

True this apply to those players who keep pegging bitcoin to USD since they calculate their losses in terms of dollar not in term of BTC. But some players thinks BTC as independent from USD and does not really care if it goes up. I saw someone losing around 200 plus BTC when Bitcoin was around 1k USD and the guy just say that it is not real money just Bitcoin. LOL.

If the player only see BTC as the currency being played, probably it won't affect him much but think about it, if you were playing a long time ago 0.1 in a value of BTC at $250, it's just nothing and seeing that you are able to do it, makes you think that it's still possible to do in a $7000 value in BTC with also 0.1. Basically, it's the same thing, it's just that makes you more aware on how much are you willing to lose.

serjent05

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Quote from: 2double0 on October 19, 2017, 09:03:24 AM

Quote from: LuanX3 on September 08, 2017, 06:37:14 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 just me, but most people would agree that the price factor does affect the way we use to gamble.
It was easy to lose even BTC0.1 when the price was $250 (a time when I gambled a lot). Then, a time came when it crossed back 1000 again and I have fixed my weekly betting size to BTC0.05 (not per bet, but total bets' wagering not more than BTC0.05). It means even if I lose, I would lose not more than $200 a month, which was affordable. Then, the price had a rapid increase and it gradually caught the attention of media as well as investors and 5x was made possible. I now bet not more than BTC0.1 a month (total wagering of BTC0.1) which means I can afford to lose $500-$600 a month (not compulsory that I lose only, but just a speculation). That's the difference it made to the betting sizes, hope you understood how I gamble. Wink

True this apply to those players who keep pegging bitcoin to USD since they calculate their losses in terms of dollar not in term of BTC. But some players thinks BTC as independent from USD and does not really care if it goes up. I saw someone losing around 200 plus BTC when Bitcoin was around 1k USD and the guy just say that it is not real money just Bitcoin. LOL.

LuanX3

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Quote from: 2double0 on October 19, 2017, 09:03:24 AM

Quote from: LuanX3 on September 08, 2017, 06:37:14 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 just me, but most people would agree that the price factor does affect the way we use to gamble.
It was easy to lose even BTC0.1 when the price was $250 (a time when I gambled a lot). Then, a time came when it crossed back 1000 again and I have fixed my weekly betting size to BTC0.05 (not per bet, but total bets' wagering not more than BTC0.05). It means even if I lose, I would lose not more than $200 a month, which was affordable. Then, the price had a rapid increase and it gradually caught the attention of media as well as investors and 5x was made possible. I now bet not more than BTC0.1 a month (total wagering of BTC0.1) which means I can afford to lose $500-$600 a month (not compulsory that I lose only, but just a speculation). That's the difference it made to the betting sizes, hope you understood how I gamble. Wink

This is how I imagined how this should be answered. Now my conclusion is that we, the users of bitcoins, are not using it as much as how satoshi envisioned it. From what I read and understood, bitcoins should not really be pegged at the USD price but that is how we do it. We still equate it to fiat. Though what's good is that we have an alternative to fiat which is far easier to use in gambling sites.

2double0

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Quote from: LuanX3 on September 08, 2017, 06:37:14 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 just me, but most people would agree that the price factor does affect the way we use to gamble.
It was easy to lose even BTC0.1 when the price was $250 (a time when I gambled a lot). Then, a time came when it crossed back 1000 again and I have fixed my weekly betting size to BTC0.05 (not per bet, but total bets' wagering not more than BTC0.05). It means even if I lose, I would lose not more than $200 a month, which was affordable. Then, the price had a rapid increase and it gradually caught the attention of media as well as investors and 5x was made possible. I now bet not more than BTC0.1 a month (total wagering of BTC0.1) which means I can afford to lose $500-$600 a month (not compulsory that I lose only, but just a speculation). That's the difference it made to the betting sizes, hope you understood how I gamble. Wink

dmamigo

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Quote from: nidacoinlove on October 18, 2017, 11:15:29 PM

Quote from: crwth on October 18, 2017, 09:14:18 PM

When I get to gamble, I think only in bitcoins, and the risk is still the same, it's just that the converted value is a lot harder and more scary to bet because you have the possibility to lose it all. I don't want to know how much it converts to unless I'm going to withdraw it, maybe because I might just regret it.

I prefer to not to gamble with bitcoin because I want to save my bitcoin. There are a number of alts with which you can gamble where the chances to increase the number of bets also gets more. More bets means more number of chances to win.
The bitcoin price is highly volatile and it's very expensive nowadays.

Gambling with alts is also my primary lookout, but yes, if I don't find other than Bitcoin as a getaway I do use my Bitcoin. But I don't get affected by using either Bitcoins or altcoins because I don't use fiat to convert into BTC or alts to play.
The earning if received considering fiat equivalent, then I probably don't use them much for gambling, rather I withdraw it or store it. And if received in form of Bitcoin as a currency then I use them in gambling only after saving or holding some as investment.

nidacoinlove

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Quote from: crwth on October 18, 2017, 09:14:18 PM

When I get to gamble, I think only in bitcoins, and the risk is still the same, it's just that the converted value is a lot harder and more scary to bet because you have the possibility to lose it all. I don't want to know how much it converts to unless I'm going to withdraw it, maybe because I might just regret it.

I prefer to not to gamble with bitcoin because I want to save my bitcoin. There are a number of alts with which you can gamble where the chances to increase the number of bets also gets more. More bets means more number of chances to win.
The bitcoin price is highly volatile and it's very expensive nowadays.

Oilacris

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Quote from: michkima on October 18, 2017, 07:59:30 PM

Quote from: bitllionaire on October 18, 2017, 07:42:41 PM

Quote from: szpalata on October 16, 2017, 03:39:23 PM

Quote from: BILGPS on October 16, 2017, 02:58:55 PM

yes price volatility affects the gambling habits because if price is volatile and it comes to the down fall there will be a fear of losing money and that will stop further gambling. its up to the experience and luck of the gambler to win more and they habitually doing this gambling without any fear.they just do gambling.

Well I gamble a particular amount in bitcoins and not the fiat equivalent of Bitcoin so often times I'm not affected by the volatility that much because whether the prices go up or down I maintain my consistent stake of 0.0005 BTC per bet.

But I do change my fiat into bitcoin for playing gambling, therefore it really matter me when there is change in the price of bitcoin. because I play gambling uipto a limit and therefore I first do the calculation and after that I convert the limited amount into bitcoin for playing gambling.

I do this as well. Since I always convert my fiat to bitcoins whenever I am gambling, then I always convert it in my mind whenever I place every bet. So this ends up to be that I am gambling with its fiat equivalent. I don't really gamble as much but whenever I do, I just set a limit like $1 per bet is the max I will do. I've stuck with this and really just keep doing it and not really losing a lot.

Basing with fiat equivalent is the most common thing i do when i play gambling because i dont really tend to use fix bitcoin amount knowing price might rise anytime which it would really change the local fiat equivalent and im not too brave on risking huge amounts on gambling and i would rather use it on other important thing than no playing gambling.I can play but only on spare bitcoins and on spare time.

crwth

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When I get to gamble, I think only in bitcoins, and the risk is still the same, it's just that the converted value is a lot harder and more scary to bet because you have the possibility to lose it all. I don't want to know how much it converts to unless I'm going to withdraw it, maybe because I might just regret it.

michkima

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Quote from: bitllionaire on October 18, 2017, 07:42:41 PM

Quote from: szpalata on October 16, 2017, 03:39:23 PM

Quote from: BILGPS on October 16, 2017, 02:58:55 PM

yes price volatility affects the gambling habits because if price is volatile and it comes to the down fall there will be a fear of losing money and that will stop further gambling. its up to the experience and luck of the gambler to win more and they habitually doing this gambling without any fear.they just do gambling.

Well I gamble a particular amount in bitcoins and not the fiat equivalent of Bitcoin so often times I'm not affected by the volatility that much because whether the prices go up or down I maintain my consistent stake of 0.0005 BTC per bet.

But I do change my fiat into bitcoin for playing gambling, therefore it really matter me when there is change in the price of bitcoin. because I play gambling uipto a limit and therefore I first do the calculation and after that I convert the limited amount into bitcoin for playing gambling.

I do this as well. Since I always convert my fiat to bitcoins whenever I am gambling, then I always convert it in my mind whenever I place every bet. So this ends up to be that I am gambling with its fiat equivalent. I don't really gamble as much but whenever I do, I just set a limit like $1 per bet is the max I will do. I've stuck with this and really just keep doing it and not really losing a lot.

bitllionaire

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Quote from: szpalata on October 16, 2017, 03:39:23 PM

Quote from: BILGPS on October 16, 2017, 02:58:55 PM

yes price volatility affects the gambling habits because if price is volatile and it comes to the down fall there will be a fear of losing money and that will stop further gambling. its up to the experience and luck of the gambler to win more and they habitually doing this gambling without any fear.they just do gambling.

Well I gamble a particular amount in bitcoins and not the fiat equivalent of Bitcoin so often times I'm not affected by the volatility that much because whether the prices go up or down I maintain my consistent stake of 0.0005 BTC per bet.

But I do change my fiat into bitcoin for playing gambling, therefore it really matter me when there is change in the price of bitcoin. because I play gambling uipto a limit and therefore I first do the calculation and after that I convert the limited amount into bitcoin for playing gambling.

streazight

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Quote from: DaddyMonsi on October 12, 2017, 12:11:06 PM

Yes because whenever I see the price of BTC climbing up the charts it encourages me to play dice games or bet on my favorite sports. Its like BTC price is reminding mo to play a few hours of dice and spend some Bitcoin hoping for a big returns. I even play dice and change the settings of % of chance in winning. I guess its not only me who likes to gamble when price of BTC is up.

You have some point there. After all, who knows if 1 satoshi may end up being equivalent to a dollar in the future and the little you are making now can amount to something huge later on in future , Grin

However, you should consider the fact that as much as you want to win, you can be losing some huge value into gambling which could amount to something much later on.

Kikeeping

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Yes. Amount my bet now reduced, because bitcoin value getting higher. Because before gambling, i am always calculate according dollar how much bitcoin i will put.

szpalata

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Quote from: BILGPS on October 16, 2017, 02:58:55 PM

yes price volatility affects the gambling habits because if price is volatile and it comes to the down fall there will be a fear of losing money and that will stop further gambling. its up to the experience and luck of the gambler to win more and they habitually doing this gambling without any fear.they just do gambling.

Well I gamble a particular amount in bitcoins and not the fiat equivalent of Bitcoin so often times I'm not affected by the volatility that much because whether the prices go up or down I maintain my consistent stake of 0.0005 BTC per bet.

BILGPS

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yes price volatility affects the gambling habits because if price is volatile and it comes to the down fall there will be a fear of losing money and that will stop further gambling. its up to the experience and luck of the gambler to win more and they habitually doing this gambling without any fear.they just do gambling.

EdenHazard

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Quote from: DaddyMonsi on October 12, 2017, 12:11:06 PM

Yes because whenever I see the price of BTC climbing up the charts it encourages me to play dice games or bet on my favorite sports. Its like BTC price is reminding mo to play a few hours of dice and spend some Bitcoin hoping for a big returns. I even play dice and change the settings of % of chance in winning. I guess its not only me who likes to gamble when price of BTC is up.

yes greedy always make you do something doesn't makes sense , while actually you have got a lot of profit by only holding your bitcoin but you decide to take a big risk to gamble again in hope to gain more and more profit.

which it is always failed every time , that is what i always prefer to make a safe move by making a bet in use rates and save the rest of your bitcoin holdings.

megynacuna

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Quote from: JL421 on October 15, 2017, 05:43:42 PM

Quote from: rizkyhiw on September 18, 2017, 02:15:09 PM

Quote from: JL421 on September 18, 2017, 01:32:57 PM

it has i stopped gambling once in for all few weeks back i saw the amount of loss i had and converted it to the current rate sums to a really high amount we could have made the profit we wanted from gambling just by holding the coin

Keep doing that useless action , you will get nothing but regret ,
Moving forward and don't count what you have lost in gambling , it could be so vulnerable ,
You could become an addict just because want your huge loss value back in your bankroll ,
All of it just a fantasy , change that mindset and gamble whatever the amount as long as you can afford to lose it.

You should take your losses into consideration that is the only way you will understand how much you have already lost and you should not gamble if you feel it is a huge amount you should instead try something else like trading to recover your losses

i will say forget about the idea of trying to recover the losses completely and focus on something else, chances are that you will become an addict if you go ahead and pursue those losses. It's better to perhaps start a business or do something tangible that you can control fully than taking chances

JL421

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Quote from: rizkyhiw on September 18, 2017, 02:15:09 PM

Quote from: JL421 on September 18, 2017, 01:32:57 PM

it has i stopped gambling once in for all few weeks back i saw the amount of loss i had and converted it to the current rate sums to a really high amount we could have made the profit we wanted from gambling just by holding the coin

Keep doing that useless action , you will get nothing but regret ,
Moving forward and don't count what you have lost in gambling , it could be so vulnerable ,
You could become an addict just because want your huge loss value back in your bankroll ,
All of it just a fantasy , change that mindset and gamble whatever the amount as long as you can afford to lose it.

You should take your losses into consideration that is the only way you will understand how much you have already lost and you should not gamble if you feel it is a huge amount you should instead try something else like trading to recover your losses

DaddyMonsi

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Yes because whenever I see the price of BTC climbing up the charts it encourages me to play dice games or bet on my favorite sports. Its like BTC price is reminding mo to play a few hours of dice and spend some Bitcoin hoping for a big returns. I even play dice and change the settings of % of chance in winning. I guess its not only me who likes to gamble when price of BTC is up.

LuanX3

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Quote from: polymerbatt on October 12, 2017, 04:25:35 AM

I usually bet 0.001 per bet and i don't care if the bitcoin price is going up or going down, because its still the same, in the end most of my bets are going lose. But when we do gambling and win many bitcoins and knowing that the bitcoin price so high, it feels good though.

That's good if you have like thousands of bitcoins and not really caring about how much the bitcoins are worth in USD or your currency. I guess it depends on the matter of perspective. If you are super rich then you would opt to just stick with what you were used to. Remember back in 2013 0.001btc is worth like 0.3 usd, comparing to today, 0.001 is worth about $5.2 usd.

polymerbatt

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I usually bet 0.001 per bet and i don't care if the bitcoin price is going up or going down, because its still the same, in the end most of my bets are going lose. But when we do gambling and win many bitcoins and knowing that the bitcoin price so high, it feels good though.

Topic: Does bitcoin's price volatility affect your gambling habits? - page 5. (Read 3023 times)