Topic: Investing in Bitcoin will bring you hope and gambling will leave you destitute. - page 6. (Read 1064 times)

This is like comparing apples to oranges honestly, but I can see the reason why a comparison such as this must be made. The thing is that people will oftentimes use gambling as a means to pass the time only for it to spiral out of control eventually cause now they can't control their urges and they have to get that one more win before they can quit. This is problematic and is the cause for many people succumbing to gambling addiction which I guess was the case for this elder brother you're talking about prior to him being in debt.

On the other hand trading gives you more agency and sometimes it can also give you the same effect as would gambling addiction. Only difference is that it takes a lot more effort and work to actually succeed as a trader and over time, if you keep at it your propensity for bigger wins increases which is not the same for gambling. No one should think of gambling as a means to earn money, if you want to pass the time and you're not sure if gambling's the right game for you look into other ways to relax and unwind and don't subject yourself to even more problems.

This needs to be emphasized because the situation can be the same because after all, trading is not gambling because there are also some strategies and techniques that are carried out but it is not uncommon to still find some people who rely on instincts for the trades they make which makes this tantamount to gambling.
The main focus should still be on investing because after all this is the most possible way for anyone to do without fear of their bitcoins disappearing in an instant if they do not sell or are not careless in security issues.
Indeed, it may take a very long time to reap the rewards of what we have planted but in the end if talking about the comparison between trading and investing then I think Investing is the most worth it in this case.

A Holder will have hope with Bitcoin, Long term is indeed the best way if you don't want to stress about trading that sometimes you are not good at.
That will indeed give you hope that you will have profits in the future when the main price target is reached, and I do that too at this time.
We will meet at Bitcoin's latest ATH.

Gambling needs special attention, not like crypto which gives a lot of hope in every fluctuation of its price.
Gambling if not managed properly will result in addiction that can have long-term effects.

As you said, gambling is just to entertain yourself and the allocation of funds has been determined so as not to use the funds needed for other things.
There should be full control on the use of gambling funds.

Both investing and gambling may create hope for all of us but it also depends on how we see it in long term. If we invest in bitcoin with high patience and do our best to hold it for long term by not getting tempted to sell it very early, then certainly it creates hope for us and we are holding into it.

However, gambling can do the same way if we do it the right way. By only gambling to entertain ourselves and just spend an amount that we can afford to lose, then I believe gambling will still give us hope and even good profits in the end.

It seems another story of heavily addicted gambler. A question arises in my mind as to how an addicted gambler like him got or is still serving in the army of a country where gambling is illegal. I will not say that gambling is a crime, but it must be for entertainment only and also if you can afford it, it is nothing but stupidity to gamble by borrowing money beyond your limit of afford.
Another thing you mentioned is that if he had invested in bitcoins instead of gambling he would have been in a good profit right now, but I would say that borrowing to invest in bitcoins is also kind of stupidity. Rather I would say you can suggest your local elder brother that since he is a government employee he should invest some percentage from his salary in Bitcoin following DCA method so that he can back a secure profit for long term.

If you concluded that gambling is harmful then you need to also conclude that trading is also harmful. There are people that had been gambling for long time now and they don't have any problem at all knowing there left form there right. We can make money from the both and we can also make loses depending on how we trade or bet. One thing that is going to help us in any field that we are is discipline. People that are discipline are one of the successful people in the world because they are about to differentiate their left from the right. We need to always try our best making things happen.

Well, so many people are losing in gambling, and the main reason is that their focus is on gambling to make money, and not only that, and also to make consistent money that will eventually make them "rich." Is this riches often happening? I say No. This is why people should define the thin line between gambling and investment before committing their money to either of them. If you want to gamble, gamble, and if you want to invest, invest, by this, you do not regret your action and start crying foul

Like the guy the OP explained, I believe he is not daft to know the difference between gambling and investment in the first place before he opted for his choice. It is an investment that can truly make you earn and continue to build your portfolio with a low risk, and not gambling. Even as an adult, if he mistook the two for another, then he is not wise as some would believe that getting money through gambling is faster than getting the money through investment which is safe. This is how they cause issues for themselves and will lose because they do not even prepare rightly for gambling which is more risky than investment.

Also, about your advice, it is so good, you should invest first and gamble later. As a matter of fact, gambling cannot secure your future but investment can, so you should focus on the investment but only gamble with the spare money if you must.

Gambling is very harmful to people's lives. Thousands of families are suffering due to gambling. With posts like Opi's posted an army man can live his life comfortably only because of gambling he is in this situation today. Surely we should all learn from this incident that how harmful gambling can be in human life can almost end a person's life. Of course, if he had invested that money in Bitcoin, he would have had a lot of success in his life today, so everyone should give up gambling.

That's why people say you can be good on one aspect but fail on the other. Being a disciplined military does not guarantee that he'll be a disciplined gambler as well. If he continues gambling despite of his losses and debts, he'll end up being homeless and might suffer from mental and emotional breakdown if he cannot stop his gambling addiction. Now, all his hard-earned money have gone into waste due to gambling addiction.

Even in bitcoin investing, if he'll still do the same investing without risk management, he'll only suffer from losses. Bitcoin investment gives hope and brighter future to those who have patience to hold, and most especially to those who understand bitcoin as an investment. If you are not doing this, you are more likely gambling your money, not investing.

Anything you put your money into is a risk, and people who are gambling can't be patient to invest in bitcoin for the long term because they need quick money to solve their problems, and they see many people who are into Gambling and succeed because someone can't just jump into something that isn't profitable and start spending their money on it, it's just that bitcoin is better than gambling because he will lessen your losses when you understand and gain knowledge on it and you will get profit when the market go well. Gambling is just a lucky game, you can't predict who will win that's why it's a funny game many people engage in it, even if you don't have enough knowledge on it you can still be profitable, because it's a lucky game and many people enjoy it and I don't think he will be easy to convince someone to stop it because if they're winning their mind will telling them they should play more to get more money.

Bitcoin is also a risk, and if you can't be patient and take risks to profit, you will never succeed on the crypto journey, because the price is volatile in increase and decrease, and if you can't invest for a long term like 3 to 4 years, I don't think you will get huge profits on bitcoin because you can't just get big profits when you just start your investment, you most likely face many challenges that is why before you want to start your bitcoin investment you need to get massive understand on it, because if you are facing challenges he will not surprise you. I am very sure if you can understand bitcoin strategy and follow it gradually you will get huge profit that can just change your life one day, and his more better than gambling because money doesn't last in hard and you will spend it any way you won't get plan for it, but investment is your hard working and before you get profit you will have plan for it before he comes.

What makes this thread is interesting? the @OP wear a gambling signature and saying if gambling is bad, even more suggest people to invest using borrowed money.

Gambling is essentially make you to lose money, while invest is essentially make you to earn money, so comparing both gambling and investing is completely not make sense at all.

If you find out about this incident through the person's younger brother, here the person's family may be taking a bigger picture of the matter. $18K is a lot and losing $18K gambling is a big deal. People do not usually make such mistakes unless they are highly attracted to gambling. After borrowing such amount of money your elder brother should have realized that he is going in the wrong direction and no matter how much money he borrows from others and gambles he will never be able to recover that money. Your older brother told the family too late when he lost a lot of money and was pressured to repay the loan by those who loaned him money. I can't imagine what the general public would do if a military officer made such a mistake.

No matter how hard you tempt a gambler to invest in reality, he won't find much interest there. Because he wants to see his money change quickly. After losing so much money, your brother may now realize how much damage he has suffered due to his gambling addiction. He took gambling as a platform to earn money. Maybe your brother now realizes his mistakes but he is unlikely to get that money back. This may be a cautionary message to such gamblers in this thread who are into gambling for income rather than entertainment. A few months ago Bitcoin hit its all-time low below $18000. Today, those who held Bitcoin at that time have managed to make around 1.5 times their profits. Investing and gambling are completely different. Gamblers will not be compatible with those who believe in investment.

To be honest, if you know how to gamble responsibly, you will never end up in distitute. Only gamblers who don't have self-discipline and self-control end up in huge losses. Most likely because of greed, that they forget to balance their profits and losses.

However, investing in bitcoin may actually bring hope but only for those who know their investment well. Otherwise, when greed motivates them to invest even without prior knowledge and experience, they will still end up in distitute because of their uncontrollable losses.

I do both gambling and investment in BItcoin so I disagree with you that gambling will leave one destitute. There are many people that owe everything they have accomplished in life to gambling, it all depends on individuals because not everyone will succeed in gambling, same goes for Bitcoin investment. That your brother failed in gambling does not mean that others are failing or will fail. There have been several stories of people who got wrecked from Bitcoin investment.

Your brother failed all the rules of gambling and allowed addiction to take over him. He even went as far as borrowing money to gamble; if he borrowed to invest in Bitcoin, the possibility that he will fail is very high

The point I'm making is that it is an individual thing and not general to everybody. Gambling is a big industry that people are making huge money from.

Someone like me will always advise that if you want to gamble, then do it well and in a more matured ways, but don't dare make use of the money intended on bitcoin Investment for gambling, this is be a very wrong decision to make, we cannot afford using our asset on liabilities since when we gambles, we rather win or loose on our bet made, also when we made a bitcoin investment, we are not on a hundred percent assurance that we must be profitable about it except we are ready and willing to hold for some time.

I have seen with my own eyes how gambling has almost destroyed many people's lives. People get addicted to gambling due to their greed which leads them to sell their wealth.After reading your post I understood that your elder brother may be very greedy he was not satisfied with his government job salary.He wanted to earn a lot of income at the same time for which he chose gambling and later he came back in debt.
18,000 dollars is a lot of money in any country.If your elder brother knew and understood about Bitcoin, he might have tried investing in Bitcoin instead of gambling. Because at the time he became addicted to gambling, the price of Bitcoin was very low.The amount of debt he's carrying now seems like he wouldn't have been in debt if he'd invested in Bitcoin.

I like your approach towards responding to this situation. It is not easy to be successful in life and that process comes with a lot of responsibilities which includes you being patient with time, to the best ability you can. As the saying goes, patience is a virtue and only the patient dog eats the fattest bone so all these 'get rich quickly' kinds of schemes and games such as gambling is a no-go area for anyone out there looking for a sustainable source of income and investment in life.

Bitcoin investment amongst other several lifetime investment helps a whole lots which, although can be tiring to anyone who's ambitious and impatient but those can be the surest ways to get richer in the nearest future and not the through betting. It is painful to be patient with the process of investing but awesomely rewarding if you become successful in doing it. So the army guy could have learnt this better than anyone else.

This incident proves to what extent a gambling addict can go. I converted the amount $18000 to the local currency  of Bangladesh and it comes around to one million nine hundred seventy-five thousand taka. As per my understanding this is not a small debt for anyone from the middle class.

I don't know how this guy was able to get into neck deep debt. I feel he would have borrowed that amount to use it for gambling. Being an army man he would have got loans from state owned financial institution. I think he might have used this opportunity to get loan and gamble assuming he would make it big if one-time the jackpot hits. He might have now understood it the hard way, which is kind of sad as his family and his father now get dragged into this mess.

I think this thread has something to do with gambling so maybe it can be moved to the Gambling Discussion section.
Gambling is actually for everyone, but the problem is that not everyone has self-control or can control their emotions so they don't gamble excessively. And that is the impact of gambling that will be received by people who cannot limit themselves to gambling.
They will lose a lot of money and may also leave debts to their family so they can help them pay off their debts. And this is a valuable lesson for everyone, especially for those who are still gambling today so that they can take care of themselves while gambling and not lose self-control.