Is Crypto another form of gambling? - page 4.

DanWalker

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Quote from: Abiky on June 28, 2023, 03:41:27 PM

I understand BTC can be unpreditable at times. This can pose a risk for those who usually cash out their BTC to Fiat. But that wouldn't be a reason of concern for those who use BTC as a currency regardless of its current market price.

In contrast, the volatility of bitcoin will be the biggest concern for those using bitcoin as a currency. Today you buy bitcoin for $40k, and you plan to use it to pay future bills, but tomorrow bitcoin is worth $20k, you will still use it to pay your bills? I don't believe you would be brave enough to do that, and no one dares to do it, volatility is a big deal for people who use it as a currency.

Quote from: Abiky on June 28, 2023, 03:41:27 PM

I'd say altcoins are more of gamble since they usually come and go (developers abandon the Blockchain, leaving many investors holding the bag). It's not like Bitcoin where you know it's always going to be there no matter what. You can see why governments are adopting BTC as legal tender, instead of any of the altcoins we know and love today. Maybe BTC will stablize in Fiat terms sometime in the future? Just my thoughts Grin

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.

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Quote from: Blitzboy on June 23, 2023, 11:24:27 PM

Your claim of Bitcoin as a risk-free long-haul asset is a contentious one. Its architecture and finite supply do add worth, but lets not forget the inherent fluctuation and crypto market' capricious nature. Future value prediction is a tricky business involving supply-demand dynamics, policy landscape, and tech strides. On the altcoin front, terming them a reckless bet is an oversimplification. True, some are hype-chasers, while others could disrupt sectors like finance, supply chain, or data protection. The strategy? Bet on altcoins with solid use-cases and staying power.

"Meme" coins, say Dogecoin or Shiba Inu, are high-stake games, courtesy of their speculative aura. Yet, their buzz highlights the community sentiment's sway in the crypto sphere. Yes, spread your investments, but guided by solid research

I understand BTC can be unpreditable at times. This can pose a risk for those who usually cash out their BTC to Fiat. But that wouldn't be a reason of concern for those who use BTC as a currency regardless of its current market price.

I'd say altcoins are more of gamble since they usually come and go (developers abandon the Blockchain, leaving many investors holding the bag). It's not like Bitcoin where you know it's always going to be there no matter what. You can see why governments are adopting BTC as legal tender, instead of any of the altcoins we know and love today. Maybe BTC will stablize in Fiat terms sometime in the future? Just my thoughts Grin

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Quote from: Ruttoshi on June 26, 2023, 04:12:50 AM

No is not gambling. In gambling is either you gain or loss which involves buying and selling in crypto,you have to learn and understand the principlesand how crypto works, before going into it.Crypto does not have expire seat or time unlike gamble. Crypto is totally different from gambling, it is a means of survival,livelihood, a job, an office work,or a business, just think aboutanything you do legally to make money.

Cryptocurrency is not gambling, it's different but it also depends on the view from traders, most traders who are not ready to thoroughly go through these crypto related PDFs are always ready to gamble with the market, some times they record profits and sometimes they make losses. Cryptocurrency can be seen in different form of view, I see it the market as a place where we implement good trading strategies to reap significant profits. Although the market is unpredictable but it do obey the bull and bear season, thats certain and simpler to understand how the market operates.

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Quote from: EarnOnVictor on June 28, 2023, 10:15:53 AM

Quote from: Victorik on June 25, 2023, 02:29:41 PM

If the second definition from Oxford dictionary fits well for crypto, then it also means that the stock market is also a form of gambling, because it also involves taking risking and expecting a desired result.

You actually nailed it there, there are a lot more that would be fitting for gambling if the second meaning of the dictionary is to be gone by. For this, it might still mean that they should just leave crypto alone and regulate it as other trading and assets are being regulated. Although, those MPs believed they are doing crypto good of freedom rather than how many take it here.

Quote from: Ruttoshi on June 26, 2023, 04:12:50 AM

No is not gambling. In gambling is either you gain or loss which involves buying and selling in crypto

I have this mindset until I read the Oxford Dictionary's meaning. Regardless, one can still lose or gain in buying and selling crypto like other assets, so they should not treat it as gambling.

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.

I'm familiar with the case of Nigeria, the main government as a country did not ban crypto, it's the CBN. And I don't believe they did it because it's a gamble. They banned it through banks mainly to counter money laundering and terrorism.

Life in general is a gamble if one looks at it closely, we are daily faced with risk and often very risky if risk is not taken. So, this shouldn't be narrowed down to the crypto space only.
These people have special interest in this crypto space and will do anything to paint it in bad light .

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Quote from: Victorik on June 25, 2023, 02:29:41 PM

If the second definition from Oxford dictionary fits well for crypto, then it also means that the stock market is also a form of gambling, because it also involves taking risking and expecting a desired result.

You actually nailed it there, there are a lot more that would be fitting for gambling if the second meaning of the dictionary is to be gone by. For this, it might still mean that they should just leave crypto alone and regulate it as other trading and assets are being regulated. Although, those MPs believed they are doing crypto good of freedom rather than how many take it here.

Quote from: Ruttoshi on June 26, 2023, 04:12:50 AM

No is not gambling. In gambling is either you gain or loss which involves buying and selling in crypto

I have this mindset until I read the Oxford Dictionary's meaning. Regardless, one can still lose or gain in buying and selling crypto like other assets, so they should not treat it as gambling.

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.

I'm familiar with the case of Nigeria, the main government as a country did not ban crypto, it's the CBN. And I don't believe they did it because it's a gamble. They banned it through banks mainly to counter money laundering and terrorism.

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Op, crypto is not gambling .While gambling relies on chance, cryptocurrencies rely on arithmetic and cryptography. When you gamble, you are betting against the casino, but when you use cryptocurrencies, you are betting against other users who have an equivalent amount of cash to you.
In casinos, everyone has the possibility to win if they play well and develop their own methods, but the chances are still in the casino's favor. Gambling houses typically have a guaranteed win because they have an edge on their games.
Cryptocurrency cannot replace gambling since it is a kind of entertainment where participants bet on outcomes in an effort to gain financial gain. Cryptocurrency is a store of value, not a means of gambling

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No is not gambling. In gambling is either you gain or loss which involves buying and selling in crypto,you have to learn and understand the principlesand how crypto works, before going into it.Crypto does not have expire seat or time unlike gamble. Crypto is totally different from gambling, it is a means of survival,livelihood, a job, an office work,or a business, just think aboutanything you do legally to make money.

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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.

each country obviously has very different policies [including your country and mine] to determine whether bitcoin is a gambling game or not !! because the state must also play an active role in what can prevent its citizens from carrying out their own policies wrongly, so the role of the state is needed in every issue such as the presence of bitcoin and the like in due time. it's just a matter of waiting for the momentum for acceptance, which may be carried out in stages before being fully recognized.

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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.

Victorik

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If the second definition from Oxford dictionary fits well for crypto, then it also means that the stock market is also a form of gambling, because it also involves taking risking and expecting a desired result.

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Quote from: nimogsm on June 25, 2023, 11:59:20 AM

Part yes this wording fits and i will explain why. We all remember how many tokens came out where the developers promised big profits, but you only need to buy their token. Yes, it's basically a gambling game. Or, for example, the same meme tokens, they do not carry a useful function, but have only speculative interest, and for many investors it is like a game.

But yet that doesn't justify the fact that cryptocurrency is to be classified as gambling, because though they might have some slight similarities, it still have features which differentiate it from gambling, such as the volatility nature of it's market enabling price to rise or fall depending on the demand and supply. Morever, when it comes to gambling, a user is only allowed to stake/bet/gamble with his/her fund once & stand the chance to either win if his prediction was correct or loses his entire fund if the prediction is wrong, unlike what happens to cryptocurrencies, as an individual after buying a coin, it's value can either rise or fall in next few days, weeks or months, but for sure it's price value will always fluctuate depending on the market news, demand or supply, of which a good example of such cryptocurrencies are Bitcoin, Ethereum, Ripple & Cardona", unlike most scam coins/projects whereby when it's value falls, it never rises again, as an idea crypto is ought to fall and rise. Which is why it's always good to do intensive research before investing in any altcoins, or likewise just stick to Bitcoin.

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Quote from: nimogsm on June 25, 2023, 11:59:20 AM

Part yes this wording fits and i will explain why. We all remember how many tokens came out where the developers promised big profits, but you only need to buy their token. Yes, it's basically a gambling game. Or, for example, the same meme tokens, they do not carry a useful function, but have only speculative interest, and for many investors it is like a game.

It's a shitcoin what the developers want is profit not a long term project gap plus now the crypto community is more swayed on an obscure coin of course they expect very high returns with 100x of course it's like a gamble no clear use in the project.
but when compared to some of the other top coins maybe it will be different and not considered gambling because the coin has survived until now of course there will definitely be another increase to take profits.

To me only obscure cryptos can be considered gambling.

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Quote from: synchronym on June 25, 2023, 09:29:49 AM

Crypto currency is a digital currency in my opinion it is not fair to compare this currency with gambling. Many people are succeeding by investing money in the crypto market where the price of the crypto currency rises. I have seen people who invest in Bitcoin make good profits if they invest for a long time. And gambling is completely different, it is played by placing bets, people suffer a lot through this gambling, it does not bring success in anyone's life through gambling. You must understand that crypto currency is a digital currency, it is not a symbol of gambling.

I agreed with you about this but as hatters are trying to mix things for years it's also their another opinion about this crypto world which is giving good ways for the many those want to live independent and having better things in life just because of crypto.
Gambling is involved in many ways not only in crypto it's also having availability in other things as well but never anyone talk about this which is surely biased thing from them gambling never gives you life which is currently having just because of the crypto and gambling never allow peoples to be rich as we have in crypto world just need to understand fundamental of this all, and surely you will be in positive side of the crypto.

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Part yes this wording fits and i will explain why. We all remember how many tokens came out where the developers promised big profits, but you only need to buy their token. Yes, it's basically a gambling game. Or, for example, the same meme tokens, they do not carry a useful function, but have only speculative interest, and for many investors it is like a game.

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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?

Crypto currency is a digital currency in my opinion it is not fair to compare this currency with gambling. Many people are succeeding by investing money in the crypto market where the price of the crypto currency rises. I have seen people who invest in Bitcoin make good profits if they invest for a long time. And gambling is completely different, it is played by placing bets, people suffer a lot through this gambling, it does not bring success in anyone's life through gambling. You must understand that crypto currency is a digital currency, it is not a symbol of gambling.

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Quote from: Bitcoin_people on June 24, 2023, 11:31:41 PM

Gambling and crypto investing are not the same but two different processes. When a person bets to increase his money on a gambling platform, he is definitely at risk. Gambling is always losing and losing money so gambling can never be a part of investment. However, there is no downside to investing. However, if the Altcoins are invested for a long time, it can turn into a scam. But Bitcoin is an investment-transparent virtual currency that is a future-proof asset. So investing is a better place than gambling where there is no fear of losing your money. Most of the time people get hurt by gambling, so investing in Bitcoin is the best way to do it.

You can't compare Bitcoin to a game of chance it's simple madness. Bictoin is a protocol or a series of precise rules that can never determine an agreed winner and cannot be violated. Gambling, on the other hand, is a lie created by man to fleece the weakest, those who truly believe they have won. I don't see how the most beautiful computer code ever written can be compared with the greatest nonsense created by man.

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Quote from: posi on June 24, 2023, 03:09:14 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?

Have you seen anyone get rich by gambling? As for me, I've never seen anyone like that. But with cryptocurrencies, as we all know, there are many people who have become rich and changed their lives by investing in cryptocurrencies, especially bitcoin. So I totally object if someone says that cryptocurrency and gambling are the same. People who say such are ignorant and they only say what they think. It's not worth bothering with those nonsense words.

Ive seen one, but it doesn't mean that we also follow it, as he just got lucky to win the lottery, and we don't have the same luck to win that lottery. For others who are treating trading as gambling, that is for sure. I don't see or know anyone who got rich using that method because that is not a strategy; it is just a guess on where the price goes. Though you are right, we can't stop others from doing it, but for sure they will realize it later on.

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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?

Gambling and crypto investing are not the same but two different processes. When a person bets to increase his money on a gambling platform, he is definitely at risk. Gambling is always losing and losing money so gambling can never be a part of investment. However, there is no downside to investing. However, if the Altcoins are invested for a long time, it can turn into a scam. But Bitcoin is an investment-transparent virtual currency that is a future-proof asset. So investing is a better place than gambling where there is no fear of losing your money. Most of the time people get hurt by gambling, so investing in Bitcoin is the best way to do it.

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Quote from: SamReomo on June 24, 2023, 01:36:34 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?

I don't agree with that because crypto isn't a form of gambling, and comparing it into gambling isn't a fair thing. Crypto-currencies are type of currencies which can go up or down in value and they can be used to purchase goods, while gambling is so different from that concept because in gambling you either win or lose, and when you lose you have no way to recover the lost money. In the cryptos one can invest the money and the returns can be very good if the currency gets higher in value. In gambling we place bets and if they go wrong we lose everything. Crypto-currencies can have many uses while gambling is just for entertainment and earning some extra money if you are lucky. It's totally unfair to compare those two as a single thing.

Obviously there are spread differences between crypto and gambling. Although the purpose of both the users is similar but there are completely different based on the characteristics. Many critics sometimes compare crypto to gambling because of its rapid rise and fall, but that has nothing to do with reality. An investor won't be completely bankrupt if an investment in crypto loses its value, but if a gambling bet is lost, it will be lost forever. Another big advantage in crypto is that there is a chance of recovery after the investment goes down which is not possible in gambling.

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Quote from: Bushdark on June 22, 2023, 04:49:24 PM

It doesn't matter whether they see Bitcoin as gambling or not, that will not stop us from investing in it. Bitcoin is more of an asset and currency that can be use to pay for services and make transactions. There had been so many calls for the government to regulate cryptocurrency and now we are seeing that this is already happening, it is going to give the government a chance to supervise every corners of cryptocurrency making it hard for our privacy to be kept safe from the government.

However, if we care about them, and if it is the people who are close to us, then we need to explain to them the difference between gambling and crypto. if it wasn't like that, then they might easily spread the word in society that it was gambling, and it might look bad for us if we cared about our surroundings.
I have experienced incidents that people who are near me think that crypto is forex. then I explain that it's not just forex but alternative currencies, investments, and others, and explain it deeper so they understand.

Topic: Is Crypto another form of gambling? - page 4. (Read 1520 times)