Fiat or crypto betting in bear market? - page 4.

Pattart

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Quote from: shoreno on December 07, 2018, 05:56:55 AM

Quote from: Pattart on December 07, 2018, 05:20:07 AM

Quote from: 8Habits on December 06, 2018, 01:12:17 AM

Quote from: STT on December 05, 2018, 04:04:05 PM

Doesnt a declining price mean you can look back and see that you have lost less then you thought. Also just doing nothing would be discouraged because the value is going down with inaction

Where as if you take an account balance, bet and get winnings you can withdraw your original balance to spend and still retain enough to keep gambling either way. I'm not sure everyone views it this way but seems to be a case of use it or lose it to some extent, might as well take the odds and roll the dice?

I get that mate. Everything comes to him who hustles while he waits. As what is happening in the market now, those who stay holding are really losing a lot its value (but it doesn't follow though that it is already a lost because the price can bounce up again) but for those people who invest, trade, and find other ways to grow their assets, seems to be doing fine even in the current down market.

Different from trading if you can choose which currency you will hold, so when the price drops you will surely know and you can convert it to fiat directly. while gambling, the players cannot predict prices and they cannot convert directly when prices fluctuate , I myself prefer to use Fiat to gamble when conditions are still like this..

using fiats on the curent situation may seem a bit more hard especially if you loose because fiat money has already a median base value while cryptos on this current situation are pretty cheap . thats is why using them as bets wont really hurt that much even if you loose or win .

In terms of a healthy market , that should be the best time to switch from cryptos to fiats . the only problem is that most online gambling sites nowadays are mainly accepting cryptocurrencies .

what do you mean about the current condition of fiat? I think using fiat when the crypto market conditions like now are much better, if your concern is that the fees on fiat will be much more expensive, then you only need to find a gambling site that receives a deposit once and you can play repeatedly?

8Habits

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Quote from: Pattart on December 07, 2018, 05:20:07 AM

Quote from: 8Habits on December 06, 2018, 01:12:17 AM

Quote from: STT on December 05, 2018, 04:04:05 PM

Doesnt a declining price mean you can look back and see that you have lost less then you thought. Also just doing nothing would be discouraged because the value is going down with inaction

Where as if you take an account balance, bet and get winnings you can withdraw your original balance to spend and still retain enough to keep gambling either way. I'm not sure everyone views it this way but seems to be a case of use it or lose it to some extent, might as well take the odds and roll the dice?

I get that mate. Everything comes to him who hustles while he waits. As what is happening in the market now, those who stay holding are really losing a lot its value (but it doesn't follow though that it is already a lost because the price can bounce up again) but for those people who invest, trade, and find other ways to grow their assets, seems to be doing fine even in the current down market.

Different from trading if you can choose which currency you will hold, so when the price drops you will surely know and you can convert it to fiat directly. while gambling, the players cannot predict prices and they cannot convert directly when prices fluctuate , I myself prefer to use Fiat to gamble when conditions are still like this..

You are right mate, there is less control with gambling compared to trading. In trading, you are the master of your trade and you will be the one to dictate as to when to but and sell on profit and until when to hold.

wuvdoll

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Quote from: wxa7115 on December 07, 2018, 05:36:14 PM

why you do not bet with cryptocurrencies in a direct way? To me it seems like you are just adding some additional steps that the only thing that they do it is to eat away your profits, the only reason of why you should stop betting with cryptocurrencies is if you are a long term holder and you are a long term loser when it comes to gambling.

Does betting on cryptocurrencies in a direct way require same level of skills and strategies for betting on dice or sports ? As far as I have concerned betting on cryptos is very much similar to trading. If that is true then how his actions will be "adding additional steps while collecting cryptos" ? I understand that you are missing out something most probably Wink

. Making use of profits from gambling to buy cryptos must be a greater way to support this space. I always appreciate that.

Quote from: wxa7115 on December 07, 2018, 05:36:14 PM

you will lose money not only from holding your coins in this bear market but also you are losing money from the reduction in the number of coins that you have because of gambling.

Obviously when we touch our cold storage or any holding simply, which may lead to reduction or addition based on our performance. But, the value of our holding is purely based on market conditions, our gambling activity will have zero effects on that.

wxa7115

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Bitcoin is GOD

Quote from: mallorcagold on November 24, 2018, 08:48:58 AM

Want your opinion on this guys.

We are situated in a bear market for some time and with a huge crash happened the past 2 weeks.

Do you guys keep betting with crypto and stack your crypto profits or do you prefer to switch to fiat betting and convert fiat winnings in crypto?
Me personally I love to bet on sports, fiat as well as on crypto platforms. However during the crash I switched to betting on fiat bookies for 90% of my bets.
Profits i make at this moment with fiat bookies i use to buy crypto cause of the cheap prices. those converted profits i deposit on crypto bookies and try to make some profits in crypto as well.

Don't know you share the same strategy or rather stick to fiat and/or crypto bookie as you usually do.

If you are using the profits that you are getting from your fiat bets to buy cryptocurrencies and you are a profitable gambler, then why you do not bet with cryptocurrencies in a direct way? To me it seems like you are just adding some additional steps that the only thing that they do it is to eat away your profits, the only reason of why you should stop betting with cryptocurrencies is if you are a long term holder and you are a long term loser when it comes to gambling.

Because that will mean that you will lose money not only from holding your coins in this bear market but also you are losing money from the reduction in the number of coins that you have because of gambling.

syamster

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Quote from: Pattart on December 07, 2018, 05:20:07 AM

Quote from: 8Habits on December 06, 2018, 01:12:17 AM

Quote from: STT on December 05, 2018, 04:04:05 PM

Doesnt a declining price mean you can look back and see that you have lost less then you thought. Also just doing nothing would be discouraged because the value is going down with inaction

Where as if you take an account balance, bet and get winnings you can withdraw your original balance to spend and still retain enough to keep gambling either way. I'm not sure everyone views it this way but seems to be a case of use it or lose it to some extent, might as well take the odds and roll the dice?

I get that mate. Everything comes to him who hustles while he waits. As what is happening in the market now, those who stay holding are really losing a lot its value (but it doesn't follow though that it is already a lost because the price can bounce up again) but for those people who invest, trade, and find other ways to grow their assets, seems to be doing fine even in the current down market.

Different from trading if you can choose which currency you will hold, so when the price drops you will surely know and you can convert it to fiat directly. while gambling, the players cannot predict prices and they cannot convert directly when prices fluctuate , I myself prefer to use Fiat to gamble when conditions are still like this..

Yes it is good I think we should use crypto to deal with crypto. Market use to change so it will happen according to the market. Anyhow use of fiat is now almost over we use crypto currency the most. It is easily accessible and most of market in my place accepts it. So for me there is nothing that we can’t do using crypto currency.

shoreno

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Quote from: Pattart on December 07, 2018, 05:20:07 AM

Quote from: 8Habits on December 06, 2018, 01:12:17 AM

Quote from: STT on December 05, 2018, 04:04:05 PM

Doesnt a declining price mean you can look back and see that you have lost less then you thought. Also just doing nothing would be discouraged because the value is going down with inaction

Where as if you take an account balance, bet and get winnings you can withdraw your original balance to spend and still retain enough to keep gambling either way. I'm not sure everyone views it this way but seems to be a case of use it or lose it to some extent, might as well take the odds and roll the dice?

I get that mate. Everything comes to him who hustles while he waits. As what is happening in the market now, those who stay holding are really losing a lot its value (but it doesn't follow though that it is already a lost because the price can bounce up again) but for those people who invest, trade, and find other ways to grow their assets, seems to be doing fine even in the current down market.

Different from trading if you can choose which currency you will hold, so when the price drops you will surely know and you can convert it to fiat directly. while gambling, the players cannot predict prices and they cannot convert directly when prices fluctuate , I myself prefer to use Fiat to gamble when conditions are still like this..

using fiats on the curent situation may seem a bit more hard especially if you loose because fiat money has already a median base value while cryptos on this current situation are pretty cheap . thats is why using them as bets wont really hurt that much even if you loose or win .

In terms of a healthy market , that should be the best time to switch from cryptos to fiats . the only problem is that most online gambling sites nowadays are mainly accepting cryptocurrencies .

Pattart

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Activity: 1190

Merit: 500

Quote from: 8Habits on December 06, 2018, 01:12:17 AM

Quote from: STT on December 05, 2018, 04:04:05 PM

Doesnt a declining price mean you can look back and see that you have lost less then you thought. Also just doing nothing would be discouraged because the value is going down with inaction

Where as if you take an account balance, bet and get winnings you can withdraw your original balance to spend and still retain enough to keep gambling either way. I'm not sure everyone views it this way but seems to be a case of use it or lose it to some extent, might as well take the odds and roll the dice?

I get that mate. Everything comes to him who hustles while he waits. As what is happening in the market now, those who stay holding are really losing a lot its value (but it doesn't follow though that it is already a lost because the price can bounce up again) but for those people who invest, trade, and find other ways to grow their assets, seems to be doing fine even in the current down market.

Different from trading if you can choose which currency you will hold, so when the price drops you will surely know and you can convert it to fiat directly. while gambling, the players cannot predict prices and they cannot convert directly when prices fluctuate , I myself prefer to use Fiat to gamble when conditions are still like this..

supermine

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Quote from: bitcoinisbest on December 06, 2018, 07:00:41 AM

Quote from: 20kevin20 on November 30, 2018, 11:48:13 AM

It makes more sense to me to bet when the prices are down. As the prices go down, a dollar worth of BTC means more satoshis than it meant before the price fall. That means you can bet less and make more BTC for when the prices spike back up. But I would only gamble if I have already lost money through the price fall.

It under assumption that you will play and you will win then it might hold true as you get more satoshi and in future once price rises you make good money. But we know gambling is mostly losing the money and playing with satoshi itself is huge risk and if you lose the game and price of btc rises you will end up in double your losses which is not you might want to have.

If they don't want to fall into this situation then they need to continuously change their amount to fiat and crypto when they are coming to playing.But they also have other advantage that when the prices started to increase they can get more out of it so when someone see it interms USD value they only convert when they are going to bet.

bitcoinisbest

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Quote from: 20kevin20 on November 30, 2018, 11:48:13 AM

It makes more sense to me to bet when the prices are down. As the prices go down, a dollar worth of BTC means more satoshis than it meant before the price fall. That means you can bet less and make more BTC for when the prices spike back up. But I would only gamble if I have already lost money through the price fall.

It under assumption that you will play and you will win then it might hold true as you get more satoshi and in future once price rises you make good money. But we know gambling is mostly losing the money and playing with satoshi itself is huge risk and if you lose the game and price of btc rises you will end up in double your losses which is not you might want to have.

mOgliE

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Quote from: adaseb on December 06, 2018, 03:48:42 AM

Same with the MtGox claims, it was originally based on some value that BTC had to retain for the company to be solvent again and pay out its claims. However they weren't going to be paid in BTC, instead it was based on the value of the Gox coin at the time of bankruptcy which was like $400 USD and they were going to be paid out in JPY currency. This is still on-going but maybe the rest will be distributed fairly with the users since Mark doesn't want the rest of the coins for himself.

I think the MtGox incident is over as tribunal gave their final decision.

From what I read it's indeed in $ value that everything is settled. Considering the price difference it mans people who lost it will get a ridiculous amount of BTC in comparison to what they had in the begining...

Changing of currency leaves you exposed to price swing one way or another, BTC is even worse cause price swings are tremendeous and unpredictable

adaseb

legendary

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Quote from: STT on December 05, 2018, 04:04:05 PM

Doesnt a declining price mean you can look back and see that you have lost less then you thought. Also just doing nothing would be discouraged because the value is going down with inaction

Where as if you take an account balance, bet and get winnings you can withdraw your original balance to spend and still retain enough to keep gambling either way. I'm not sure everyone views it this way but seems to be a case of use it or lose it to some extent, might as well take the odds and roll the dice?

This is basically the same discussion that went on with the early purchaser's of ASIC miners and the MtGox claims.

There was an ASIC manufacture that basically took pre-orders and long story short, BTC went up, they mined with the miners themselves with the pre-order money and never shipped. People complained and they offered refunds, however it was based on the original USD value and not BTC paid. People obviously were furious since the BTC appreciated while the USD value stayed the same. However this company would probably do the complete opposite if BTC value went the other direction. Basically do whatever it takes to pay out less.

Same with the MtGox claims, it was originally based on some value that BTC had to retain for the company to be solvent again and pay out its claims. However they weren't going to be paid in BTC, instead it was based on the value of the Gox coin at the time of bankruptcy which was like $400 USD and they were going to be paid out in JPY currency. This is still on-going but maybe the rest will be distributed fairly with the users since Mark doesn't want the rest of the coins for himself.

The question is, what is more important to you? USD or BTC?

maydna

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Quote from: MFahad on December 05, 2018, 11:36:21 AM

Quote from: 20kevin20 on November 30, 2018, 11:48:13 AM

It makes more sense to me to bet when the prices are down. As the prices go down, a dollar worth of BTC means more satoshis than it meant before the price fall. That means you can bet less and make more BTC for when the prices spike back up. But I would only gamble if I have already lost money through the price fall.

Yes, if you want to cover up your loses, this is a good time to bet as in case of win you will get more value (satoshis). Also if you do betting in bear market and more importantly Win, you can save the wining bitcoins, Hold and transfer to fiat when the price rises.

When bitcoin price is down as now, we can get more bitcoins with the same amount of the fiat, and we can use it for playing at any time. And this will not happen if we are using fiat because when we use fiat as the bets, once we lose then we lose all of the fiats. By using Bitcoin, we have a chance to hold the bitcoin until the price can increase so we can exchange to fiat and it means, our profit from bitcoin will bigger.

8Habits

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Quote from: STT on December 05, 2018, 04:04:05 PM

Doesnt a declining price mean you can look back and see that you have lost less then you thought. Also just doing nothing would be discouraged because the value is going down with inaction

Where as if you take an account balance, bet and get winnings you can withdraw your original balance to spend and still retain enough to keep gambling either way. I'm not sure everyone views it this way but seems to be a case of use it or lose it to some extent, might as well take the odds and roll the dice?

I get that mate. Everything comes to him who hustles while he waits. As what is happening in the market now, those who stay holding are really losing a lot its value (but it doesn't follow though that it is already a lost because the price can bounce up again) but for those people who invest, trade, and find other ways to grow their assets, seems to be doing fine even in the current down market.

STT

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Doesnt a declining price mean you can look back and see that you have lost less then you thought. Also just doing nothing would be discouraged because the value is going down with inaction

Where as if you take an account balance, bet and get winnings you can withdraw your original balance to spend and still retain enough to keep gambling either way. I'm not sure everyone views it this way but seems to be a case of use it or lose it to some extent, might as well take the odds and roll the dice?

dmamigo

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Doesn't matter for me, be it a bearish or a bullish market, as my options for fiat betting is very limited with humongous restrictions and eKYC and other hassles. So I prefer crypto betting, it's fast, hassle-free and I have access to various games which I don't find while choosing the sites which accepts my local fiat and follows my country norms and policy.

MFahad

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Quote from: 20kevin20 on November 30, 2018, 11:48:13 AM

It makes more sense to me to bet when the prices are down. As the prices go down, a dollar worth of BTC means more satoshis than it meant before the price fall. That means you can bet less and make more BTC for when the prices spike back up. But I would only gamble if I have already lost money through the price fall.

Yes, if you want to cover up your loses, this is a good time to bet as in case of win you will get more value (satoshis). Also if you do betting in bear market and more importantly Win, you can save the wining bitcoins, Hold and transfer to fiat when the price rises.

CTO@MyBitMine

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Quote from: gabmen on December 03, 2018, 12:01:07 PM

Quote from: CTO@MyBitMine on December 03, 2018, 09:38:48 AM

I see no sense in your words. Does it really matter in wich cyrrency you bet on sropts? I prefer both of it because for me it really doesn't matter. However a lot of fiat bets requres KYC and at this time there are a lot crypto bets without KYC. So I think it depends personally for everyone.

Well sometimes it can be put into consideration especially if the gambler doesn't have that much to begin with. Though crypto gamblers wouldn't really notice the difference in conversion i think. Personally i'd rather keep my coins and use regular currencies for things like gambling.

That's what I'm talking about. Agreed with you, I don't see real difference in crypto or fiat gamling, if I can I bet my fiat first coz of faster withdraw only.

Indrawan77

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I prefer to bet in crypto despite the bear market situation, if I hold the coin then there is a chance that the coin losing value, so its better to just gambling with it, by holding the coin in bear market its mean I am gambling with the market condition, and if I gamble with crypto there is a chance that I can make profit

8Habits

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Quote from: mallorcagold on November 24, 2018, 08:48:58 AM

Want your opinion on this guys.

We are situated in a bear market for some time and with a huge crash happened the past 2 weeks.

Do you guys keep betting with crypto and stack your crypto profits or do you prefer to switch to fiat betting and convert fiat winnings in crypto?
Me personally I love to bet on sports, fiat as well as on crypto platforms. However during the crash I switched to betting on fiat bookies for 90% of my bets.
Profits i make at this moment with fiat bookies i use to buy crypto cause of the cheap prices. those converted profits i deposit on crypto bookies and try to make some profits in crypto as well.

Don't know you share the same strategy or rather stick to fiat and/or crypto bookie as you usually do.

That is actually a good strategy there. But for me, I really don't use fiat money with gambling. I don't know, I just feel that fiat is a hard earned money and should not be used for gambling.

Although the value of fiat and crypto should be the same, giving the same value amount, I just feel it that way.

SwiggHeart

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If you care about the value of the crypto nowadays aka bear market, I would be considering using fiat to bet.
If you don't care and being fun with the crypto, use crypto to bet instead.

Topic: Fiat or crypto betting in bear market? - page 4. (Read 1222 times)