Topic: Is Crypto another form of gambling? - page 2. (Read 1520 times)
Crypto is never another form of gambling. Gambling is totally different. In gambling you bet money on various games and then you have to trust your own luck whether you win money or not. But in that case crypto is totally different. In crypto you can invest money and earn. Many people compare this investment with gambling. There are various platforms in crypto where it is very easy to invest money and buy and hold something it will give you a big profit one day or the other but in gambling you have to invest money immediately. Almost people are investing in crypto in today's world. So I would say crypto and gambling are two different things. Crypto and gambling are not different forms of each other.
Your investment would be a gamble if you don't have any plans for it. Unlike with gambling, an investor could actually manage the risk such as putting a stop loss depending on one's preference unlike in gambling wherein once you bet n mount, either you lose or win. Such concept confuses many people but they're actually different from one another. The only thing which binds these two concepts is risk of losing money especially in crypto industry wherein volatility is obvious. Proper risk management would yield to profit. Patience would also contribute to the result which I guess is another difference in comparison to gambling.
I agree with you that the core of both investing and gambling is uncertainty, but I'd want to dive a bit further. Theres a Zen-like maxim in the world of finance that goes something like, "invest in what you understand." Investors may better control risk when they do their homework and have a firm grasp of their assets' nuances.In sharp contrast, the world of gambling is shrouded in mystery and offers little opportunities to influence the result. That old adage, "The house always wins," rings true in this case.
The peculiar volatility of cryptocurrencies allows for a combination of the two. If an investor enters the market without proper preparation, they may find themselves dangerously close to the brink of gambling. Indeed, patience is a virtue; doing things slowly and steadily may pave the route to success.
Yeah! The second relates to crypto/Bitcoin yet I'd say Bitcoin is not gambling. Would you say planting is gambling? Obviously you wouldn't, but farmers have been able to study weather conditions and seasons to know when to plant same way those who have learnt the trading of Bitcoin properly and who now have the correct mindset towards Bitcoin trading... they're likened to farmers in crypto world. Actually it may be gambling to those who are no-knowledge investors because of their aim which makes them even sow at wrong seasons and expect to hit profit but won't because it was not the correct season.
So for every informed Bitcoin trader and real time bitcoin investor it is not gambling as far as you can carefully monitor when and how to trade
Farmers are also always learning. Learn from experience, learn from others. Trading is the same, everyone must be willing to learn. Because there is a pattern that is a mutual agreement and it is still used today. I agree that gambling is different from trading. If you rely on trading like gambling it will make you devastated. Maybe you will make a profit in one or two trials. But if you continue I think your money will run out soonSo for every informed Bitcoin trader and real time bitcoin investor it is not gambling as far as you can carefully monitor when and how to trade
You are right in order to be good at trading we must have to master the skill, and trading isn't gambling it's totally a different discipline. A trader isn't a gambler, but an intelligent person who knows in which conditions of the market he/she could make money. The trading and specifically crypto trading is a skill that can be mastered by anyone who is willing to give it time. In order to be good at trading you'll have to sacrifice a lot of things in your life, and those can include your friends, family, and your precious time. But, it's still worth it because once you learn the skill fully then you can earn enough money to enjoy your life.
On the other hand, gambling is not a skill that someone can master because it changes every time, and no one knows the future for sure. A gambler who isn't lucky will not be able to earn substantial income from gambling activity while someone who is a lucky person can earn a lot of money from gambling. A gambler has to be lucky in order to earn good money from it white a trader doesn't always needs to be lucky to earn money from it.
I have studied about the crypto world and also studied gambling performance and they have different ways to earn income although trading is almost similar to betting in problem gambling but both have different ways, and crypto does not depend on luck even though we are all looking for profit when buying a coin but we have charts that must be learned so as not to be wrong in choosing the coin we want to invest in.
Agreed, altcoins are a gamble, and none of them are the same as bitcoin. So it is not wrong to say that cryptocurrency is another form of gambling if we are talking about altcoins. Bitcoin is not gambling, but altcoins are gambling and cryptocurrencies including bitcoin and altcoins.
People had to gamble in Bitcoin years ago and they succeeded with their bets. Years later, when Bitcoin is expensive with many people to buy 1 bitcoin, they try to find alternatives. And they have altcoins which are shilled as new Bitcoin and the Bitcoin Pizza story is used to say that altcoins will have their success and altcoin Pizza stories too.Gambling in altcoins like Ethereum, BNB, Dogecoin brought success but if you did it in LUNA and FTT tokens, you are crying now.
I partially agree with what you said, investing in bitcoin many years ago can also be seen as a gamble because the risk then is huge. But there is a huge difference between bitcoin and altcoins that proves that bitcoin is not a gamble but altcoins.
Bitcoin was created with the sole purpose of becoming a currency, a peer-to-peer payment method, Satoshi did not create bitcoins with BTC tokens to raise capital and sell for profit. But all altcoins, including ETH, from the very beginning their purpose was created with the aim of selling tokens for profit. It can be seen that the purpose of the two is completely different, but because of our behavior, it makes both seem like real gambles.
I was kinda surprised when I read the news from Financial Times that the cross-section of the UK's MPs that seems to see it as needless to regulate cryptocurrency suggested that it should be viewed as "a form of gambling" and be regulated as such.
Without relying on my own understanding of "gambling," I quickly used the help of the Oxford Dictionary through Google, and it states;
1. Play games of chance for money; bet.
2. Take risky action in the hope of a desired result.
The second one seems to fit crypto best, so it's clear they know what they are saying.
Now, do you agree that crypto should be seen as a form of gambling? And if this eventually comes through, what should we expect as the constraints it might still bring to the crypto space?
Without relying on my own understanding of "gambling," I quickly used the help of the Oxford Dictionary through Google, and it states;
1. Play games of chance for money; bet.
2. Take risky action in the hope of a desired result.
The second one seems to fit crypto best, so it's clear they know what they are saying.
Now, do you agree that crypto should be seen as a form of gambling? And if this eventually comes through, what should we expect as the constraints it might still bring to the crypto space?
We should not see it as gambling. It is a medium of payment and will replace traditional currency in future. Everything will be digital and crypto is best option for digital payments.
I was kinda surprised when I read the news from Financial Times that the cross-section of the UK's MPs that seems to see it as needless to regulate cryptocurrency suggested that it should be viewed as "a form of gambling" and be regulated as such.
Without relying on my own understanding of "gambling," I quickly used the help of the Oxford Dictionary through Google, and it states;
1. Play games of chance for money; bet.
2. Take risky action in the hope of a desired result.
The second one seems to fit crypto best, so it's clear they know what they are saying.
Now, do you agree that crypto should be seen as a form of gambling? And if this eventually comes through, what should we expect as the constraints it might still bring to the crypto space?
Without relying on my own understanding of "gambling," I quickly used the help of the Oxford Dictionary through Google, and it states;
1. Play games of chance for money; bet.
2. Take risky action in the hope of a desired result.
The second one seems to fit crypto best, so it's clear they know what they are saying.
Now, do you agree that crypto should be seen as a form of gambling? And if this eventually comes through, what should we expect as the constraints it might still bring to the crypto space?
That's very much non-sense, moreover this statement came out from a government official. Some people might say that they bet on a crypto, but it doesn't necessarily mean that is gambling. The outcome of your crypto 'bet' is defined by market, it's different when you wager your money on a casino when the outcome will be determined mostly by luck.
I have never seen a game of chance that requires as much knowledge as bitcoin. I deny this, bitcoin is a high-yield investment, it sucks out all the cash flows so governments are always afraid of bitcoin.
Yeah! The second relates to crypto/Bitcoin yet I'd say Bitcoin is not gambling. Would you say planting is gambling? Obviously you wouldn't, but farmers have been able to study weather conditions and seasons to know when to plant same way those who have learnt the trading of Bitcoin properly and who now have the correct mindset towards Bitcoin trading... they're likened to farmers in crypto world. Actually it may be gambling to those who are no-knowledge investors because of their aim which makes them even sow at wrong seasons and expect to hit profit but won't because it was not the correct season.
So for every informed Bitcoin trader and real time bitcoin investor it is not gambling as far as you can carefully monitor when and how to trade
Farmers are also always learning. Learn from experience, learn from others. Trading is the same, everyone must be willing to learn. Because there is a pattern that is a mutual agreement and it is still used today. I agree that gambling is different from trading. If you rely on trading like gambling it will make you devastated. Maybe you will make a profit in one or two trials. But if you continue I think your money will run out soon So for every informed Bitcoin trader and real time bitcoin investor it is not gambling as far as you can carefully monitor when and how to trade
I was kinda surprised when I read the news from Financial Times that the cross-section of the UK's MPs that seems to see it as needless to regulate cryptocurrency suggested that it should be viewed as "a form of gambling" and be regulated as such.
Without relying on my own understanding of "gambling," I quickly used the help of the Oxford Dictionary through Google, and it states;
1. Play games of chance for money; bet.
2. Take risky action in the hope of a desired result.
The second one seems to fit crypto best, so it's clear they know what they are saying.
Now, do you agree that crypto should be seen as a form of gambling? And if this eventually comes through, what should we expect as the constraints it might still bring to the crypto space?
when you hear the phrase "bitcoin is gambling" then show them about satoshi's vision and mission of creating bitcoin based on the whitepaper. Without relying on my own understanding of "gambling," I quickly used the help of the Oxford Dictionary through Google, and it states;
1. Play games of chance for money; bet.
2. Take risky action in the hope of a desired result.
The second one seems to fit crypto best, so it's clear they know what they are saying.
Now, do you agree that crypto should be seen as a form of gambling? And if this eventually comes through, what should we expect as the constraints it might still bring to the crypto space?
It is important to know that what is known as gambling is playing with luck (usually sports betting and slots), while bitcoin is a currency as well as an asset that you can use for anything (including for gambling, paying for something, trading or invest)
to be able to understand what bitcoin is, requires a conscious mind, don't give rejection from the start because you won't be able to understand it properly.
Every business we do, that involved money group of people or individual we look away to tag it something that we bring negativity towards it, and without a strong foundation of that business it get clash or shunt down, in other words cryptocurrency, precisely Bitcoin is not a gambling platform, which is Bitcoin is a digital currency that can be used in everything as a result of payment, using crypto as gambling is your own business, because it saved as multi purpose digital assets.
For people who doesn't have the proper understanding about cryptocurrency and the market will simply say crypto is another form of gambling. I have experienced it in real time during a conversation. I introduced bitcoin to a brother and he had interest, but for some reason he wasn't able to buy and it got skipped. Now whenever he meets me he used to say I could've bought earlier when you said about it for the very first time. During that time another friend was with him and he briefed the past story with him, how high the price have moved in the short time period. Suddenly he stated this is kind of gambling and I tried to convince him, but he isn't ready to accept it.
When I asked him the reason why you mentioned so, his answer "The market is based on the demand to supply basis, however the real growth is connected to it for some percentage, apart the growth is happening on its own and none were able to identify it" and he said with stock market the value bounce depending on the growth of the particular company.
When I asked him the reason why you mentioned so, his answer "The market is based on the demand to supply basis, however the real growth is connected to it for some percentage, apart the growth is happening on its own and none were able to identify it" and he said with stock market the value bounce depending on the growth of the particular company.
I don't know why people still have this question every once in a while. Considering Bitcoin as a gamble would mean every other investment is also gambling, which is certainly not the case. Gambling is more luck based and those games are made so casinos make a fat profit on people who think they will win big or on people that just play something occasionally, for entertainment.
Trading on investing in crypto works the same any other investment (except the markets aren't similar). If you go into it smart and know what you are doing, you should be able to make some money and it is not luck based, it depends on the rest of the market and more importantly on you.
If you view it as gambling, why don't you view buying a house or a car gambling? Those are investments as well and you can lose in value of those assets.
Trading on investing in crypto works the same any other investment (except the markets aren't similar). If you go into it smart and know what you are doing, you should be able to make some money and it is not luck based, it depends on the rest of the market and more importantly on you.
If you view it as gambling, why don't you view buying a house or a car gambling? Those are investments as well and you can lose in value of those assets.
Well when we say crypto, I think it covers all type of digital coins including some of the shitcoins that are out there and if you ask me I could definitely classify some these shitcoins as equivalent to gambling because gambling is something that you are not sure and you totally rely on luck which is exactly same feat with most of these shitcoins, you buy them out of the hope that they will pump quickly which gives you easy money which is same as gambling (easy money) but unfortunately if everything goes wrong you will loss your entire assets which is similar to gambling (lose everything). But with most crypto compared I think bitcoin stands to very different in terms that even if the market goes bad you can still recover if only you don't freak out and sell because its certainly going to pump again.
If you compare Crypto with Gambling then you are completely wrong because Crypto currency is never gambling because in gambling you may depend on luck but Crypto totally depends on your skill how much skill you can make profit so if you If you consider Crypto and gambling to be the same, you will never be able to profit
Crypto is not gambling in a strict sense of the word. It is an investment, obviously shitcoins are much more risky to buy than established coins like bitcoin & eth so I can see why people would categorise that as gambling but it isn’t in a strict sense. Bitcoin has been around since 2009, it is actually becoming a more mature asset now, regulatory bodies class it as a commodity so it is definitely not gambling to buy bitcoin.
Crypto is not a form of gambling. I bet those "MPs" know nothing about crypto currencies or how bitcoin works. Yes, it would be gambling if you don't know what you are doing or what you are investing in. It would be gambling if you go all in and expect to make quick profit in few days. But look at the charts. Those who have invested and held for years, they are all in profit. More like bitcoin "almost" guarantees you profit if you are willing NOT to sell when you are at a loss. Can you make such claims when gambling? Nope. But yeah it is gambling if you go after shit coins and meme coins. Other than that, it is just some excuses by the government to try and control bitcoin.
There are those who can see gambling in anything, but this happens only because rash actions are allowed, which depend on wrong decisions. Money can be lost in any deal in any business, in trading or gambling, but it can also be earned in all these areas. Why do some lose money, while others earn it in the same business? Because someone understands what he is doing, and someone is just trying to do something, but at the same time he does it without knowledge, just by guessing.
Crypto is not a form of gambling. I bet those "MPs" know nothing about crypto currencies or how bitcoin works. Yes, it would be gambling if you don't know what you are doing or what you are investing in. It would be gambling if you go all in and expect to make quick profit in few days. But look at the charts. Those who have invested and held for years, they are all in profit. More like bitcoin "almost" guarantees you profit if you are willing NOT to sell when you are at a loss. Can you make such claims when gambling? Nope. But yeah it is gambling if you go after shit coins and meme coins. Other than that, it is just some excuses by the government to try and control bitcoin.
I was kinda surprised when I read the news from Financial Times that the cross-section of the UK's MPs that seems to see it as needless to regulate cryptocurrency suggested that it should be viewed as "a form of gambling" and be regulated as such.
Why you are surprised? I think it isn't a new issue, we already discussed about this many times.People who view it as a gambling form, must be not familiar with crypto. They don't know how to deal with the risk in crypto.
Without relying on my own understanding of "gambling," I quickly used the help of the Oxford Dictionary through Google, and it states;
1. Play games of chance for money; bet.
2. Take risky action in the hope of a desired result.
The second one seems to fit crypto best, so it's clear they know what they are saying.
Now, do you agree that crypto should be seen as a form of gambling? And if this eventually comes through, what should we expect as the constraints it might still bring to the crypto space?
No business has no risk, including in crypto. We al understand crypto has a high risk but we know how to deal with the risk. Knowledge and experience are 2 things that every people must have to deal with crypto risks. So, it is different with playing gambling that has no way to deal with the risk (possibility of losses). For example when you play slots, he chance to win is purely to rely on the luck.1. Play games of chance for money; bet.
2. Take risky action in the hope of a desired result.
The second one seems to fit crypto best, so it's clear they know what they are saying.
Now, do you agree that crypto should be seen as a form of gambling? And if this eventually comes through, what should we expect as the constraints it might still bring to the crypto space?
It is not gambling because you are not betting on a result and it is not a competition with different results on a present day. Bitcoin cannot be compared to anything else, it is unique. You can use it for gambling, but it is not primarily that. Bitcoin is also freedom, no one can intervene directly if you know how to do it.
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