Is Crypto another form of gambling? - page 3.

imamusma

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Quote from: seoincorporation on June 30, 2023, 03:30:49 PM

Well, investing in cryptos is a high-risk investment, which means you can win big or lose big, and that's why some people see it as gambling, but I would not say it's the same, because if the crypto price has a crash, then you can hold until it recovers and you will not lose the money in the end, but in gambling if you lose a bet then the money will be gone, and I would say that's the main difference.

I could probably say crypto trading was a gamble if they only traded futures. They can be liquidated at any time depending on the margin they use, and if they find a margin call then all their money is burned. Spot trading is not the same, that's obvious because we don't lose any coins as long down trend except for their value.

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They are alike but not the same.

Agree with this one. But of course with a few exceptions. Wink

seoincorporation

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Well, investing in cryptos is a high-risk investment, which means you can win big or lose big, and that's why some people see it as gambling, but I would not say it's the same, because if the crypto price has a crash, then you can hold until it recovers and you will not lose the money in the end, but in gambling if you lose a bet then the money will be gone, and I would say that's the main difference. They are alike but not the same.

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Quote from: hannahB4 on June 25, 2023, 03:08:40 PM

In my country, the government also believes that Bitcoin is a gambling game and a means of getting rich quickly and that is why they stopped trading in Nigeria even with this it doesn't stop people who have been into it to sell off their coin or their investment.

Does the government really officially consider bitcoin a form of gambling? This is one of the biggest follies that a government may promote, so its citizens will be misled. Fortunately, Nigerian users do not take their government at their word and continue to use Bitcoin as a means of payment and as an investment.
In most countries that do not recognize Bitcoin, the pretext is that Bitcoin is a form of unrecognized money and therefore its use is prohibited. In other conclusions, the pretext is that it is a means of financing suspicious and criminal activities (terrorism).
Of course, these pretexts of various kinds prove the government's inability to control the uses of bitcoin due to the decentralized properties of the blockchain.

zahed

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I do not think Bitcoin can be considering as a gambling; it is mostly renowned digital currency in the whole world now it is widely used.
But unfortunately in my country BTC is popular in negatively because of the government promoted it as a illegal currency, they think if no regulation in Bitcoin by any country so it is too risky investment. So that it is kind of gambling for the government or the policy maker of the country.

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Quote from: tbct_mt2 on June 29, 2023, 11:46:47 AM

Quote from: DanWalker on June 29, 2023, 07:23:26 AM

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.

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As far as I know, the legal issues of gambling games in each place have different views on them, similar to bitcoin, the legality is not clear. If it is fairer not to talk about the issue in the crypto environment that there are forms of gambling, and forms of disguise to attract capital and pump/dump, it is quite similar to pure gambling, but clearly decisive. It's our choice, we make ourselves investors or gamblers, not only in this market but there are many places that create a playground for that, even if the story of marriage is a formality. gambling also makes me laugh

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Quote from: |MINER| on June 30, 2023, 10:32:36 AM

Quote from: EarnOnVictor on June 09, 2023, 10:17:15 AM

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 I don't think so , because when you are going to invest on Cryptocurrencies industry then trading I.E. analysis skills does matter. On the others hand most the cases if anyone do gamble the. At first wining probability on gambling depends on luck even then some times in kind of sports bet skill can be used but gambling is the thing all about luck . So gambling and crypto investment completely different So to change this misconception among people I think we should increase awareness about this cryptocurrency.

You're exactly right, the thing is both money involve has risk that we're talking about, people might consider one as gambling but we couldn't even say that gambling could be considered as crypto right? Since the mechanics of both aren't the same the risk of crypto could be lessen as we increase the knowledge of one person to it. While for the gambling despite the skills and mental ability plus the decision making, you will still rely on luck. And indeed we should inform other people about this differences.

|MINER|

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Quote from: EarnOnVictor on June 09, 2023, 10:17:15 AM

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 I don't think so , because when you are going to invest on Cryptocurrencies industry then trading I.E. analysis skills does matter. On the others hand most the cases if anyone do gamble the. At first wining probability on gambling depends on luck even then some times in kind of sports bet skill can be used but gambling is the thing all about luck . So gambling and crypto investment completely different So to change this misconception among people I think we should increase awareness about this cryptocurrency.

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Quote from: yazher on June 30, 2023, 05:39:00 AM

Quote from: hannahB4 on June 25, 2023, 03:08:40 PM

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For me, it was never gambling rather, it was an opportunity to change our traditional financial system, where we always rely upon the banks to take care of our money instead of doing it alone.

Of course that is true, but only if you adopt bitcoin as a means of payment or currency.

Quote from: yazher on June 30, 2023, 05:39:00 AM

As for investment opportunity, that's only up to us if we want to earn and double our money because it's not obliged for you to trade your bitcoins from time to time rather, just to hold it and buy as much as you want with the money you can afford to lose.

I guess without trading and use cases then bitcoin really has no value. If bitcoin weren't traded it would be hard to know how much bitcoin themselves are worth even that would only be back in the early days where bitcoin had no value. I also do not agree that trading and investing in bitcoin is considered gambling, but it is an activity that can give a trader or investor an advantage mainly because of his strategy, skill and use of his budget.

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Quote from: Hyphen(-) on June 09, 2023, 10:41:24 AM

Quote from: EarnOnVictor on June 09, 2023, 10:17:15 AM

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!
This can only be applicable to altcoins because, in my opinion, all altcoin investors are gambling with the hope of making a large profit due to uncertainty because they do not know what will happen to the project at any given time.

However, Bitcoin investment is distinct because we all understand how transparent the entire Bitcoin process is; therefore, we are not gambling with our money since we are confident that if we are patient, we will be rewarded.

Spoken like a true gambler.

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Quote from: hannahB4 on June 25, 2023, 03:08:40 PM

In my country, the government also believes that Bitcoin is a gambling game and a means of getting rich quickly and that is why they stopped trading in Nigeria even with this it doesn't stop people who have been into it to sell off their coin or their investment.

For me, it was never gambling rather, it was an opportunity to change our traditional financial system, where we always rely upon the banks to take care of our money instead of doing it alone. We never had this chance before where we fully control our money without any help from a third party and all we need to do is learn the basic things to protect and secure it. As for investment opportunity, that's only up to us if we want to earn and double our money because it's not obliged for you to trade your bitcoins from time to time rather, just to hold it and buy as much as you want with the money you can afford to lose.

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Quote from: hannahB4 on June 25, 2023, 03:08:40 PM

In my country, the government also believes that Bitcoin is a gambling game and a means of getting rich quickly and that is why they stopped trading in Nigeria even with this it doesn't stop people who have been into it to sell off their coin or their investment.

Some may believe this but consider it not applicable to everyone because even if you're to take a look on the global adoption for bitcoin and the various communities we have, you could derive different opinions coming out from people on bitcoin as everyone is just busy saying what he thinks or feels without knowing the appropriate scenario attached to bitcoin adoption being a digital and a decentralized currency, so when they called it scam, maybe those people have been scammed before, there are still people who cannot do such or think otherwise.

Quote from: promisedtech on June 30, 2023, 05:00:56 AM

Quote from: Viscore on June 09, 2023, 03:42:06 PM

Crypto will only fall as gambling if you are investing on the coins that have no real value from the start.

i strongly agree with this,i've once invested in a coin which gave me a loss to me it was like a gambling because the coin was seeming to be appreciative to me without considering the long term run effect.

Some digital currency have to start from the low before they habe the opportunity to maintain their desired reputation to catapult them to where they desired, same also is when you're investing in any cryptocurrency, if you invested while the coin was still low, you will be more profitable in it, as long as the coin is not operated or controlled by scammers, you will definitely make something good out of it.

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Quote from: Viscore on June 09, 2023, 03:42:06 PM

Crypto will only fall as gambling if you are investing on the coins that have no real value from the start.

i strongly agree with this,i've once invested in a coin which gave me a loss to me it was like a gambling because the coin was seeming to be appreciative to me without considering the long term run effect.

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Quote from: Wakate on June 29, 2023, 06:49:44 PM

Quote from: hannahB4 on June 25, 2023, 03:08:40 PM

In my country, the government also believes that Bitcoin is a gambling game and a means of getting rich quickly and that is why they stopped trading in Nigeria even with this it doesn't stop people who have been into it to sell off their coin or their investment.

Those who choose to gamble with cryptocurrency are the ones that do complain everytime about making loses. We should not gamble with cryptocurrency that to avoid loses. We need to ensure we do the right thing so that we are not gonna make mistake that could cost us big loses. Many that are gambling with cryptocurrency are big losers and are the ones that will keep telling people to stay away from crypto because they suddenly became a victim of scam or trading misfortune.

It is important we follow the due step and invest when we ought to invest not trying to be greedy at one way or the other. Since there are lots of scam in the market, we need to make diligent research to make the right choice or we should prepare to lose money..

Respectfully, labeling all crypto-fans as 'losers' in this high-risk game seems harsh. It's like labeling all politicians as corrupt, a false generalization. Cryptocurrencies, particularly Bitcoin, represent more than a risky bet; they embody an insurgence against established economic systems.

Sure, the game is quite dangerous, with many suffering losses, but isn't life a thrilling ride of highs and lows? Bitcoin and blockchain teem with potential, signaling a new era of decentralization.

Scams? They're a universal issue, not exclusive to crypto. Through diligent research and level-headedness, the crypto realm can yield significant rewards. After all, no risk, no reward

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Quote from: EarnOnVictor on June 09, 2023, 10:17:15 AM

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?

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

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Quote from: hannahB4 on June 25, 2023, 03:08:40 PM

In my country, the government also believes that Bitcoin is a gambling game and a means of getting rich quickly and that is why they stopped trading in Nigeria even with this it doesn't stop people who have been into it to sell off their coin or their investment.

How can someone quickly become wealthy with crypto? What exactly do they do?
Although crypto is a highly volatile digital asset, the number of individuals who become wealthy rapidly in the crypto space is quite limited.

There are likely many scams, such as fraudulent investment schemes promising enormous profits, perpetrated by con artists. This makes earning money seem effortless, prompting governments to prohibit crypto activities in Nigeria. To this day, scammers still roam freely in the crypto space, leading to individuals acquiring instant wealth through improper means.

However, only a select few manage to become wealthy within days in the crypto realm. The process of attaining wealth through crypto is far from easy.

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Quote from: hannahB4 on June 25, 2023, 03:08:40 PM

In my country, the government also believes that Bitcoin is a gambling game and a means of getting rich quickly and that is why they stopped trading in Nigeria even with this it doesn't stop people who have been into it to sell off their coin or their investment.

Those who choose to gamble with cryptocurrency are the ones that do complain everytime about making loses. We should not gamble with cryptocurrency that to avoid loses. We need to ensure we do the right thing so that we are not gonna make mistake that could cost us big loses. Many that are gambling with cryptocurrency are big losers and are the ones that will keep telling people to stay away from crypto because they suddenly became a victim of scam or trading misfortune.

It is important we follow the due step and invest when we ought to invest not trying to be greedy at one way or the other. Since there are lots of scam in the market, we need to make diligent research to make the right choice or we should prepare to lose money..

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Quote from: gabbie2010 on June 29, 2023, 06:39:13 PM

Quote from: GideonGono on June 15, 2023, 06:08:52 AM

Only those who invest without proper knowledge could consider this as a gambling but those who study and analyze it call it as trading.
There is a huge difference between gambler and trader when it comes to crypto investment, trader's have skills and invest thorough chart reading while gamblers are the one's who invest through news or FOMO.

Truly that is why a lot of people who doesn't know much about Bitcoin continue to regard it as another form of gambling, it's very unfortunate that some newbies in crypto in their bid to earn quick money invested their hard earn money in crypto when the price had peaked based on FOMO and on verge of a massive reverse or correction consequently resulted to losing part of their investment thus these are the category of people that always regard crypto as gambling, however skilled investors and traders always trade or invest at the appropriate time when the price is low by utilizing DCA thereafter hodl there coins till when the market is bullish.

Some maybe correlate this or just use the gambling word as figure of speech but they actually don't mean that they are just the same. Maybe on the chance to lose money but if they figure out then see how technical it is maybe they can separate the thoughts and can tell its really different. We can't argue to those people since if they believe gambling and trading is the same then this is fine as long as they didn't create any trouble to traders and gamblers then maybe we should respect their outlook regarding on this discussion.

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Quote from: GideonGono on June 15, 2023, 06:08:52 AM

Only those who invest without proper knowledge could consider this as a gambling but those who study and analyze it call it as trading.
There is a huge difference between gambler and trader when it comes to crypto investment, trader's have skills and invest thorough chart reading while gamblers are the one's who invest through news or FOMO.

Truly that is why a lot of people who doesn't know much about Bitcoin continue to regard it as another form of gambling, it's very unfortunate that some newbies in crypto in their bid to earn quick money invested their hard earn money in crypto when the price had peaked based on FOMO and on verge of a massive reverse or correction consequently resulted to losing part of their investment thus these are the category of people that always regard crypto as gambling, however skilled investors and traders always trade or invest at the appropriate time when the price is low by utilizing DCA thereafter hodl there coins till when the market is bullish.

tbct_mt2

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Quote from: DanWalker on June 29, 2023, 07:23:26 AM

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.

Topic: Is Crypto another form of gambling? - page 3. (Read 1520 times)