Friendly advice/warning about gambling in this market - page 3.

coolcoinz

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Quote from: izanagi narukami on November 19, 2018, 09:21:33 AM

I'm also gamble on Gold on stock exchange and enforce me to gamble with half amount because the downtrend is too extreme.
Luckily I'm seldom gamble because I'm aware that bitcoin keep decreasing at the moment

Trading with $ and BTC are riskier with $ so I'm suggest to convert into fiat as soon as you get the reward or get paid

That's the worst thing you can do in this market if you look at the current state of Bitcoin. It's extremely oversold and you can see it on the RSI. It actually hasn't been that oversold since 2015. This is the best moment to be buying Bitcoin and the worst to be selling and gambling with it because every loss right now will hit you twice. First time now and the second time next year when it goes back up.

izanagi narukami

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I'm also gamble on Gold on stock exchange and enforce me to gamble with half amount because the downtrend is too extreme.
Luckily I'm seldom gamble because I'm aware that bitcoin keep decreasing at the moment

Trading with $ and BTC are riskier with $ so I'm suggest to convert into fiat as soon as you get the reward or get paid

BlackPanda

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Quote from: swogerino on November 19, 2018, 06:46:11 AM

This is irrelevant for people who are gambling with bitcoin in order to increase their number of bitcoins or any other crypto they might use. At this time I think only crazy persons would cashout their bitcoins or other crypto in favour of cash.

The market doesn't seem to have a recovery in place anytime soon so I would continue to play with cryptos without worrying about the dollar price of bitcoin.

Still using crypto will protect ourselves from big losses and we can have the opportunity for the holding coins that we have. If you sell it at this time it will give you a loss because you are on a bloody status. Recovery will definitely occur, but we will never know it will happen.

mOgliE

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Quote from: SyGambler on November 15, 2018, 02:19:15 PM

yeah I agree , personally my units are based on Euros so when I make bets on bitcoin bookies I open preev and insert 25 euros for example to see how much is that exactly in bitcoin then I bet it
yesterday and today I stopped doing this cause the numbers were changing crazily within few seconds so I moved all my action to the asian bookies till the price of btc settles a little

BUT if you are gambling to make more BTC regardless of fiat value then this shouldn't affect how you bet , but as I stated my bets are fiat based and when it comes to sprotsbetting my goal is to make more euros since the majority of my bets are on horse racing so I have to stick to fiat exchanges

It depends! You're not always in control here...
Your amount of btc will increase if you put your bets in BTC and the site pays back in BTC on a BTC base. But some sites allow you to pay bets inBTC but on a € base. Which means you pay in btc for a 20€ bet and if you win they give you 25€ in btc. Which means if price dropped you can have lost btc in the process...

swogerino

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This is irrelevant for people who are gambling with bitcoin in order to increase their number of bitcoins or any other crypto they might use. At this time I think only crazy persons would cashout their bitcoins or other crypto in favour of cash.

The market doesn't seem to have a recovery in place anytime soon so I would continue to play with cryptos without worrying about the dollar price of bitcoin.

el kaka22

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I really don't think it matters in the sense that unless you are cashing it out to your bank account it is still gambling no matter what.

Yeah, I understand that you put in 20 dollar bet to some football match and you won and you get 19 in return even when you win. Which sounds horrible and weird and we all know the reason because it bitcoin is falling and what not but isn't that still much better ?

First of all, if you are going to cash out than cash out, do not bet one more time and cash out just get it now. However if you are not cashing out that 20 dollar bet would have been say 15 dollars right now, which means if you get 19 in return even tho it looks like you lost money on a win you actually won because it would have been a lot less if you just hold the money. So, I think it doesn't matter unless you consider cashing out.

maydna

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Quote from: minersday on November 18, 2018, 06:21:43 PM

Quote from: bigmaster23 on November 15, 2018, 02:10:03 PM

Thanks for informing us mate, probably even if you won on gambling there's nothing left to be called as profit because the btc could turn against your winning streak.

I will only gamble on fiat for this week or so.

Yeah anyway if you don't trade with large amounts of money you are not even going to feel the volatility that this guy is talking about.

If you gamble with $5, and bitcoin goes down by $1000, those $5 are gonna be $4, that is not a difficult thing to think about also.

And if somehow we can win the bitcoin and the price is down too deep, I think it is better to hold that bitcoin until the price can increase higher. It will not be a problem if we can stay calm while waiting the price grow and we can do another thing besides doing trading. But at this moment, it is better not use the bitcoin for trading or gambling if we don't want to get a loss in both trading and gambling.

minersday

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Quote from: bigmaster23 on November 15, 2018, 02:10:03 PM

Thanks for informing us mate, probably even if you won on gambling there's nothing left to be called as profit because the btc could turn against your winning streak.

I will only gamble on fiat for this week or so.

Yeah anyway if you don't trade with large amounts of money you are not even going to feel the volatility that this guy is talking about.

If you gamble with $5, and bitcoin goes down by $1000, those $5 are gonna be $4, that is not a difficult thing to think about also.

creeps

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Gambling is very risky in the first place, no matter what the condition of the market is. Volatilty can make gambling more riskier so this is really a good advice. Gambler should know where to stop and go on what they are doing. The best thing to do right now is to save more good coins and have a good profit later on when the market back to its normal trend. Stay away yourself from gambling if you can’t take much risk, the probability to lose money in gambling is very high, be mindful abou it.

Ranly123

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Quote from: LFC_Bitcoin on November 15, 2018, 12:06:32 PM

Guys, you can tell me to fuck off if you want but as a fellow gambler & I suppose a friend I want to give a bit of advice -

The bitcoin price has been INCREDIBLY VOLATILE over the last 24 hours & is probably set to continue that way for the next few days/weeks in some part due to the civil war over at BCH betwwen Ver/Wu & CW.

With what they’re doing (selling BTC to support their shit show) it’s made the BTC price crash (plus traders making it worse by panic selling).

Any way it doesn’t really matter why the price is volatile AF but it is. This affects gamblers & the bets you’re placing. A $20 (in bitcoin) bet made 2 days ago for football games tonight isn’t the same as placing a $20 bet (in bitcoin) tonight.

Just be fucking careful please guys because you could get burnt badly (your winnings might look like shit by the time your result comes in with the way the price of bitcoin is going).

Just a friendly bit of advice any way, you don’t have to listen to me. Personally, I won’t be betting with bitcoin for a little while any way until the market sorts itself out.

Peace

You have a point in your advice, but as we could see a gambler will always be a gambler where they don't tend to see for the volatility of the currency used but the greed of wanting to win. Anyways, there are still coins that can be used for betting like dogecoin and many others so it's not just Bitcoin alone but a variety of coins for wagering

LFC_Bitcoin

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LogitechMouse

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I am grateful with your advice because the price of Bitcoin in the past days dropped significantly and there is a high probability that this will continue due to the civil war (Captain America).

But as @SyGambler said, regardless of what the price of BTC is in USD, it will not affect as you are gambling using Bitcoin. Our main goal is to increase our Bitcoin holding and disregard its price in USD. Anyway, we newbies are warned. Thanks

mallorcagold

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True, that's the reason why I sometimes rather prefer fiat betting sites to place my bets. I am a 100% crypto addict but for some reasons if the market is very unstable I prefer to bet in fiat. When I make profits on the fiat platforms I withdraw and use my fiat to buy crypto when they are in a good spot to buy.

On the other hand I always keep some crypto on crypto bookies. But then I never calculate to $ or € for my profits. When I bet at crypto bookies it is to increase my crypto balance and not to increase my $ value. Eventually crypto will go up anyway.

gabmen

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Quote from: zupdawg on November 17, 2018, 10:27:41 PM

Quote from: kodtycoon on November 17, 2018, 07:14:50 PM

The market is falling or rising I don't think it has an effect on gambling, if you bet on a sports match for example, does the sport care about the conditions of the bitcoin market? I do not think so. So they (the sports actors) will play as usual and also your victory and defeat at gambling I think it will be the same, only maybe the exchange rate you get will decrease if you get profit from gambling because the price is falling

Well, the point of his thread is because of the price volatility these days unless you didn't read the thread fully? Ofcourse the games will still be the usual, its just the value of crypto may flactuate that you may end up losing (even if you win) if the price of bitcoin continues to drop.

Lol. Guy probably didn't understand and saw it in a more general gambling perspective. You tend to lose more money in equivalent when the market is fluctuating and than if it's a little more steady. That's why gambling with crypto is gambling in itself already.

adaseb

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This is the reason why some gambling sites need to start accepting stable coins.

I know that USDT had a bad rap and many casinos didn't want to use it due to regulations and didn't want the Fed cracking down on their operations and seizing their domains.

But right now there is practically almost half a dozen of these stable coins and depending on the policies with the companies that issue these stable coins it might be possible for casinos to accept them.

One issue right now is liquidity however. If you got a large bank of BTC and want to buy a stable coin you will easily crash the thin order books unless its the tether USDT you want to acquire.

zupdawg

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Quote from: kodtycoon on November 17, 2018, 07:14:50 PM

The market is falling or rising I don't think it has an effect on gambling, if you bet on a sports match for example, does the sport care about the conditions of the bitcoin market? I do not think so. So they (the sports actors) will play as usual and also your victory and defeat at gambling I think it will be the same, only maybe the exchange rate you get will decrease if you get profit from gambling because the price is falling

Well, the point of his thread is because of the price volatility these days unless you didn't read the thread fully? Ofcourse the games will still be the usual, its just the value of crypto may flactuate that you may end up losing (even if you win) if the price of bitcoin continues to drop.

kodtycoon

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The market is falling or rising I don't think it has an effect on gambling, if you bet on a sports match for example, does the sport care about the conditions of the bitcoin market? I do not think so. So they (the sports actors) will play as usual and also your victory and defeat at gambling I think it will be the same, only maybe the exchange rate you get will decrease if you get profit from gambling because the price is falling

darkangel11

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It's important not to focus on the short term price. You're not playing with BTC to get more fiat! You're using it to gamble so that when the dust settles you will have more BTC!
If you're here and using it only to convert to fiat ASAP, you're doing it wrong. I really don't know how someone who holds Bitcoin for years can get burned betting $20 in Bitcoin right now. Next month that amount is not going to become $10, more likely it will be $30.

Oilacris

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Quote from: Betwrong on November 17, 2018, 10:44:13 AM

Quote from: eternalgloom on November 16, 2018, 07:55:52 AM

I don't know, it certainly has upsides too that the price is dropping so much.

In games where you have fixed betting amounts denominated in BTC, you'll also pay less for those bets.
This is actually a great opportunity to buy Bitcoin for example and get more out of your bets.

Just an example:

Now, when I buy €100 worth of Bitcoin, I can place like 10 bets more on the Crypto-Games roulette.
I get more BTC for that €100, while the minimum bet there stays at 0.00001 BTC

I agree with you. For those buying BTC today to play various games online this situation is a favorable one. For example winning $100 in a poker tournament brings more BTC to your balance than that would bring several days ago, and if you won't lose it or exchange it to fiat right away, most likely your prize will grow in USD value with time.

But OP is wright regarding spending the BTC you already have, in a sense that you should spend more BTC now when placing a $20 bet, than you would several days ago.

Anyway, one should be careful these days about how much BTC he/she is spending when placing a dollar-pegged bet.

Just really a matter of preference on each gambler on which he would like to accumulate on or do base with his bets neither with fiat or Btc equivalent.
All of us know when it comes to bitcoin value then its corresponding number will be more at the same amount of fiat earlier but same as being said this is much like
an opportunity to get more bitcoin when you win bets. Value does increase it might not happen instantly but guaranteed it will.

jrrsparkles

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The price drops has pros and cons too so if we want to be a crypto gambler we need to accept both of it.When the price drops we can buy more bitcoins and place more bets compared to before because most of the sites calculates the minimum bets in bitcoin and the con is when we won bets and if we keep them as bitcoin we may lose some of them due to price loss so we need to immediately convert them into fiat until the nest bets.

Topic: Friendly advice/warning about gambling in this market - page 3. (Read 23232 times)