How to be invested in Crypto while staying away from gambling?

milewilda

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Quote from: GDragon on June 14, 2020, 03:49:06 PM

Quote from: masulum on June 14, 2020, 07:27:02 AM

Quote from: Shimmiry on June 14, 2020, 06:11:27 AM

If you wanted to gain try investing on holding or trading rather than gambling where you are not gaining and is also losing alot. Discipline sir, you must have it, and also set some goal.

Discipline and money management. In trading, we must be prepared with every risk. Maybe it will be different from hold and invest, because trading besides requires good decision making, it also must be able to adjust the level of profit and loss. This is not an easy thing indeed, but there is no business and investment that will profit forever. The important thing is to need to be patient, discipline, and good money management to minimize losses. Maybe this can help someone to stay away from gambling but still have a profit.

Agree, discipline and to focus on something you are inclining to in crypto. Forgot that you can gamble with the crypto. Try to focus on investing it or trading it. Read about how you will successfully double your coins and so on. And honestly, if you've already trying to combat it alone and always fail, its better to ask for help already. Professionals can help you pinpoint the underlying conditions of that problem. They can also help you on what to do in order for you to be successful in crypto.

You wont necessarily need help from others because you can eventually solve it for yourself if you do actually intend to focus more on investment path rather than on gambling itself.Theres no really need to choose because
you can actually do both but it would really need some discipline on your part because you would prioritize one side compared to other.You can have fun at the same time you do have investment in back part. The question is, not all people would really have that kind of mindset towards investment, they would either make big allocations on gambling and just small to their investment.If you do find yourself on this way then it would be good
to take a break and rethink on how to make worthy moves if you are aiming for long term benefit.

GDragon

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Quote from: masulum on June 14, 2020, 07:27:02 AM

Quote from: Shimmiry on June 14, 2020, 06:11:27 AM

If you wanted to gain try investing on holding or trading rather than gambling where you are not gaining and is also losing alot. Discipline sir, you must have it, and also set some goal.

Discipline and money management. In trading, we must be prepared with every risk. Maybe it will be different from hold and invest, because trading besides requires good decision making, it also must be able to adjust the level of profit and loss. This is not an easy thing indeed, but there is no business and investment that will profit forever. The important thing is to need to be patient, discipline, and good money management to minimize losses. Maybe this can help someone to stay away from gambling but still have a profit.

Agree, discipline and to focus on something you are inclining to in crypto. Forgot that you can gamble with the crypto. Try to focus on investing it or trading it. Read about how you will successfully double your coins and so on. And honestly, if you've already trying to combat it alone and always fail, its better to ask for help already. Professionals can help you pinpoint the underlying conditions of that problem. They can also help you on what to do in order for you to be successful in crypto.

aioc

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Quote from: ThePatient on May 11, 2020, 12:07:41 AM

Anyone feel similar?

How do you combat the urge to gamble with your cryptocurrency?

It's not new it's the same as controlling yourself on how not to gamble with the fiat money you need professional help, because you are out of your control you have kept it for a long time, why not give yourself a favor and get to meet a psychiatrist so he can give you a custom test and give you the right medication for your symptoms, you should address it right away.

masulum

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hmph..

Quote from: Shimmiry on June 14, 2020, 06:11:27 AM

If you wanted to gain try investing on holding or trading rather than gambling where you are not gaining and is also losing alot. Discipline sir, you must have it, and also set some goal.

Discipline and money management. In trading, we must be prepared with every risk. Maybe it will be different from hold and invest, because trading besides requires good decision making, it also must be able to adjust the level of profit and loss. This is not an easy thing indeed, but there is no business and investment that will profit forever. The important thing is to need to be patient, discipline, and good money management to minimize losses. Maybe this can help someone to stay away from gambling but still have a profit.

Shimmiry

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Quote from: ThePatient on May 11, 2020, 12:07:41 AM

I'm a big believer in the crypto space but it's difficult for me to hold coins without gambling. The thing is, I have no issue controlling myself when I don't hold crypto. I could go to a casino or wherever and not have any urge to bet with fiat. Idk what it is about cryptocurrency. I just get so into certain coins that I want to make more so that I can get a bigger stack to hodl...but then by trying to get more the quick way, I lose it all.

Anyone feel similar?

How do you combat the urge to gamble with your cryptocurrency?

You should be able to get or enhance the discipline within yourself. You should have that. Or else, for every time that you will have any cryptocurrencies on hand, you will just bet it again and may end up losing all those in the end. If you cannot win on gambling, better than to quit it than to continue.
Better start to resist on your urge to gamble those coins that you are holding. Go extend effort, discipline, or any other ways just for you to be able to slow it down.
If you wanted to gain try investing on holding or trading rather than gambling where you are not gaining and is also losing alot. Discipline sir, you must have it, and also set some goal.

DeLeonardo

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Quote from: ethereumhunter on May 18, 2020, 07:51:36 AM

Quote from: DeLeonardo on May 17, 2020, 07:16:54 AM

Sometimes I feel that our whole life is gambling. As for me I trust only Bitcoin, I read about altcoins some years ago, but decided not to invest in it.

Somehow, I agree with you. Our life is full of gambling. Once we make a decision, we don't know what is the result until we do that. But we can prevent the big risk that might impact us. That will be the same thing if we apply it on gambling. As long as we can know how to minimize the risk, which we can limit our money to be used in gambling, we can reduce the risk of losing big money. Related to investing in cryptocurrency, if we can invest in the right coin, and we can accept the fluctuating of bitcoin price, I think that will not be the same as gambling because bitcoin price will have the time to increase. However, after the price increase, the price can decrease.

I agree. I learned for a long time to set limits and minimize risks when I learned to play poker. Then, when I started investing in bitcoin, I had to develop restraint and calm, since I bought it at 3k, and 6k, and 8k, and 9k. And every time the price changed a lot, my emotional state changed too. But I took a long game and decided to check the price of bitcoin once a day in the morning.

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Quote from: chaser15 on June 03, 2020, 07:42:46 PM

Quote from: Timelord2067 on June 02, 2020, 10:20:00 PM

If you want to invest in Crypto and want to ensure you don't touch those holdings for a very long time - research paper wallets. Print out a paper wallet taking note of the wallet address and then send the paper wallet to someone you trust long term to hang onto it (that you implicitly trust) then send $10 or $20 worth of crypto to that wallet address. Printing out three or four paper wallets and sending them to various people spilts up your funds and you are less likely to dip into your funds if they are split up having to bug more people.

I never think of this lol. I agree with this idea, only if OP will be serious.

This is a literal untouchable storage fund and the only way to spend it is by forced either by you or the one you entrusted.

Take note that others need to research how the paper wallet works or else, doomed.

This is excellent.way to.preserve your coins from gambling but it might be very tricky. You might literaly lose acces to your coins.
On the other hand if someone is really passionate gambler I don't know what could have stoped him from gambling, he would try everything to get to the funds, so there is no easy solution.
Selfcontrol is the key to my opinion.

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There are many projects that can staking to get daily dividends: choose an project that you trust, then buy tokens, and staking them to get dividends within a fixed period. In my opinion, this is a kind of gambling that is more stable and can obtain fixed income. Maybe you can try this way

If you are staking into coins that are there for a long time already, I don't think that it can be called as gambling as you will earn dividends as you are holding their tokens and that is sure.

Some of the tokens that can be staked are giving low dividends annually (some are around 3%) but for some it maybe high already. There are some who are giving a high dividend percentage annually (like 9% or higher). EOS, VET, NEO, XTZ are some of the coins that you can earn stakes by just holding the coins.

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Quote from: swogerino on June 04, 2020, 05:26:13 AM

Quote from: Naida_BR on June 02, 2020, 12:01:41 PM

~~~

The problem is that gamblers are not patient persons in general otherwise they would not gamble in the first place and hang on to what finance they had.So to tell a gambler to not tangle the balances is something very difficult to do.If the gambler losses the balance allocated to gambling and he knows he has the other balance in the casino bankroll I am sure he will start to use it too to gamble which may result in losing everything.In the invest scenario you either invest it all in the casino bankroll and wait or if you plan to also gamble it is a wise idea to not invest at all.

It is difficult to allocate percentages in gambling because gambling will always be a major problem when losing a bet and therefore investing in crypto will be hampered if you are still addicted to gambling because it will take funds from the investment allocation for gambling even though it is once but it will be addictive again for the next.
One way is to avoid gambling when you want to be serious about investing in crypto. If you still know about gambling, if you try to play again, this will be difficult to stop, even it will become a problem in your finances.

swogerino

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Quote from: Naida_BR on June 02, 2020, 12:01:41 PM

If you want to both invest and gamble then you should separate your portfolio.
Allocate it to 80-20 or whatever you want but just keep the percentages clear and do not tangle them.
This case you are going to savor your gambling needs and not regret by not investing.

The problem is that gamblers are not patient persons in general otherwise they would not gamble in the first place and hang on to what finance they had.So to tell a gambler to not tangle the balances is something very difficult to do.If the gambler losses the balance allocated to gambling and he knows he has the other balance in the casino bankroll I am sure he will start to use it too to gamble which may result in losing everything.In the invest scenario you either invest it all in the casino bankroll and wait or if you plan to also gamble it is a wise idea to not invest at all.

KrisAlex18

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That is easy to do if you have self-control, you should always think which is better, gambling or investing? Which one do you think is best and will benefit you in the future? Life is full of decisions, you have to choose the right one to become a better person. If you are going to invest you will have money in the future, aside from saving your money you also make it profitable. If you do gambling, you may earn also but it is riskier than investing, aside from that gambling is so addictive, once you became addict to gambling, you may forget to do some other useful things because you will only focused on gambling. The worst thing is it may destroy your life, choose wisely, your own life would suffer if you choose the wrong one, we are old enough to know the right thing to do so I think you can as well.

lienfaye

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Quote from: Timelord2067 on June 02, 2020, 10:20:00 PM

If you want to invest in Crypto and want to ensure you don't touch those holdings for a very long time - research paper wallets. Print out a paper wallet taking note of the wallet address and then send the paper wallet to someone you trust long term to hang onto it (that you implicitly trust) then send $10 or $20 worth of crypto to that wallet address. Printing out three or four paper wallets and sending them to various people spilts up your funds and you are less likely to dip into your funds if they are split up having to bug more people.

Well this is an effective way if op really want to control spending his crypto on gambling.

I have the same experience of being tempted to use my funds as capital to play, because its easy to transfer my btc to a gambling site, in other words convenient on my part. After losing the money thats the time I will regret using it. My solution is set a funds to use for gambling and control myself to refrain from playing, we need discipline and we're the only one who can control ourselves.

hatshepsut93

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OP, there's a solution that might work for your case: timelocks.

You can hodl coins without being able to touch them until certain time in the future, thus removing the possibility of gambling them away. You might be tempted to gamble when the day of unlocking will come, but if you really believe in a coin, then by that time the price should be higher and you'll likely want to sell it and take your profit.

Be warned though that this is an advanced feature, and it's possible to lose your coins if you are to careless, so try it on testnet first to learn how to set it all up.

chaser15

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Quote from: Timelord2067 on June 02, 2020, 10:20:00 PM

If you want to invest in Crypto and want to ensure you don't touch those holdings for a very long time - research paper wallets. Print out a paper wallet taking note of the wallet address and then send the paper wallet to someone you trust long term to hang onto it (that you implicitly trust) then send $10 or $20 worth of crypto to that wallet address. Printing out three or four paper wallets and sending them to various people spilts up your funds and you are less likely to dip into your funds if they are split up having to bug more people.

I never think of this lol. I agree with this idea, only if OP will be serious.

This is a literal untouchable storage fund and the only way to spend it is by forced either by you or the one you entrusted.

Take note that others need to research how the paper wallet works or else, doomed.

South Park

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Quote from: travwill on June 01, 2020, 06:32:25 PM

I do not think that you need additional self-control, because in this case you will lose all the fun. You need to find a way to build your coins in a safe way.
Yes, such a path can be slower, but the main thing in it is that the number of coins will increase and there will be more and more, as you want.
It is important to realize that in the event of gambling you risk reducing your volumes, which is unacceptable.

Taking into account what we can read at the OP it's obvious to me that there is a need for additional self-control, as some people have suggested a good idea could be to put your coins in a paper wallet, hardware wallet or an USB with your private keys encrypted and give it to someone that you trust, that way if you get the urge to gamble you're not going to have your coins easily accessible for you, but as you may guess this method comes with risks, the person that you trust could try to steal your coins or even worse it could lose the wallet that you give to him and if you do not have a spare copy then those coins will be lost.

Timelord2067

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If you want to invest in Crypto and want to ensure you don't touch those holdings for a very long time - research paper wallets. Print out a paper wallet taking note of the wallet address and then send the paper wallet to someone you trust long term to hang onto it (that you implicitly trust) then send $10 or $20 worth of crypto to that wallet address. Printing out three or four paper wallets and sending them to various people spilts up your funds and you are less likely to dip into your funds if they are split up having to bug more people.

Another thread you can look for is time-locked transfers of funds. Funds are deposited and then locked to automatically transfer after a set time. If you don't have anyone you realy trust to hold paper wallets for you AND YOU KNOW WHAT YOU ARE DOING you can deposit funds into a paper wallet set a time-locked transfer and dispose of the paper wallet (yes, burn the piece of paper). Sometime down the track those funds will arrive in your designated wallet (don't make it a Casino that might not be there in future).

Your $100 today could be $1,000 down the road a bit as long as you can wait.

Good luck.

Janation

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I think a lot of people would do that too since if you know that it is something that would be big in the future.

The mistake there is putting it into gambling. To be honest I would be thinking the same thing but I will not be doing it since we all know how gambling works. You really need to control yourself, it is hard but that is important. Right now, the cryptos I am getting are not going into gambling sites except for the ones I am getting on the sig. camp. They are going straight to my hand to hold.

chaser15

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Quote from: Ziskinberg on June 02, 2020, 07:42:13 AM

How about investing your bitcoin in a crypto casino.

you can check his journey, GAMBLING SITE INVESTMENT

A member of the forum sharing his journey investing his bitcoin in different gambling sites, and so far, he is doing better as he is both profitable in BTC and USD value. Just try to check it out, maybe you'll be interested, and I don't think you'll gamble on a site you've invested, that's doesn't look good.

But OP is much more interested in expecting good returns within a short period of time. That's why he always rushes everything to make profits.

Hopefully, OP will wake up someday that there's no such thing as quick profit on which I know he is aware but just can't resist gambling his money to make more.

Investing in gambling site bankroll is good but OP needs to understand that it needs the patience to see the profit while facing the risks that the money is being held by a third-party website.

Naida_BR

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If you want to both invest and gamble then you should separate your portfolio.
Allocate it to 80-20 or whatever you want but just keep the percentages clear and do not tangle them.
This case you are going to savor your gambling needs and not regret by not investing.

bitbollo

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Quote from: ThePatient on May 11, 2020, 12:07:41 AM

How do you combat the urge to gamble with your cryptocurrency?

If you find difficult save your cryptocurrency, aka you bet too much... you should setup a cold wallet Cool

and then hide "literally" or try to store it in a place that you can't access easily.
Since even if you're tempted to play, you should spend some hours to get access on your coins and meanwhile you can "calm down" and decide to not play.

During the lockdown I retrieved some altcoins/bitcoin that I have hide in a very old laptop.
Likewise several layers of security, and some password to get inside a specific drive.
But the pleasure to gain access to some coins stored long time ago, it's worth more than any bets Wink

(or this is the bet, store some coins in a coldwallet because you think one day the price will be higher then nowadays!)

Topic: How to be invested in Crypto while staying away from gambling? (Read 1600 times)