Is Crypto another form of gambling? - page 5.

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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?

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.

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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?

It is obviously not a form of gambling as it’s not a game of chances, I assume that both point 1 & 2 are needed to be classified as gambling and point 1 is not true. In case crypto currencies would classify as gambling than so should all the other financial assets we can buy and sell on exchanges. When buying stocks or commodities isn’t it the exact same thing as buying crypto currencies? I buy a financial product which value fluctuates freely and I hope that in the future the price will be higher than when I bought it. In all the cases it involves risk as the price could drop considerably overnight and would lead to a big loss. The reward we get through higher prices in the future is the compensation for the high risk we take to face a loss. If there are any constraints coming in the future, they should also come for people buying stocks and commodities, it's not fair to single out crypto currencies alone. For me the difference ebtween gambling and cryptos is that gambling happens in a fixed environemnt, the casino knows before the chances of winning and losing. Whereas with crypto currencies nobody knows the exact value of a currency beforehand and there is a lot of fluctuation in the market.

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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?

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.

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If that's the case I would rather gamble with crypto than going to a casino to gamble my money, because it's easier to gamble with crypto and win wonderfully well, all you have to do is spread your money among good five or seven projects then wait and relax for a while, there is no you gambling to get your result that exact day and you are gambling against the house, gambling is all about how you can get lucky and crypto is about how you manage your portfolio.

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Quote from: Abiky on June 23, 2023, 11:45:19 AM

Quote from: bayu7adi on June 22, 2023, 12:53:09 PM

Gambling? There are only two options: either your assets vanish or they multiply. However, Bitcoin has no association with that unless you activate derivative functions such as those on Binance Futures.
Bitcoin operates on a trust system built upon Blockchain technology. Its movements are purely driven by supply and demand dynamics.

To this day, many people believe in Bitcoin because it is decentralized and has a limited supply. As a result, demand will persist as long as major institutions continue to adopt BTC.

Thus, everyone will leverage its volatility function to their advantage.

It all depends on the type of cryptocurrency you're choosing. If you choose Bitcoin, there's no risk of losing it all in the long run. It keeps going higher in market price due to the way it was designed. Short-term speaking, BTC will go down. But you should take that opportunity to buy as much coins as you can to prepare yourself for the next bull run.

I'd say altcoins are truly a gamble because they're extremely-unpredictable. Many of them have no real utility and are only driven by hype. This could make you lose all of your investment in an instant if people move on to the next big thing in crypto. The situation is worse with "meme" coins such as Dogecoin, and Shiba Inu. If you're going this route, I'd suggest you diversify your investment to minimize losses as much as possible. Who knows where the crypto market will go to next? Just my thoughts Grin

Once invested in bitcoin, there is always a risk whether you invest short term or long term because we cannot know what will happen in the future, and its future is still uncertain. Bitcoin's popularity and legitimacy are still growing day by day, but it's still not big enough to warrant a solid future for it.

I agree, investing in altcoins is more like gambling, but there are many good and worth investing altcoins like bitcoin, such as ETH or BNB, not all of them are gambling when it comes to altcoins. Investing in altcoins is really too risky, but in return, the returns are significant, if not larger than bitcoin.

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Quote from: Abiky on June 23, 2023, 11:45:19 AM

Quote from: bayu7adi on June 22, 2023, 12:53:09 PM

Gambling? There are only two options: either your assets vanish or they multiply. However, Bitcoin has no association with that unless you activate derivative functions such as those on Binance Futures.
Bitcoin operates on a trust system built upon Blockchain technology. Its movements are purely driven by supply and demand dynamics.

To this day, many people believe in Bitcoin because it is decentralized and has a limited supply. As a result, demand will persist as long as major institutions continue to adopt BTC.

Thus, everyone will leverage its volatility function to their advantage.

It all depends on the type of cryptocurrency you're choosing. If you choose Bitcoin, there's no risk of losing it all in the long run. It keeps going higher in market price due to the way it was designed. Short-term speaking, BTC will go down. But you should take that opportunity to buy as much coins as you can to prepare yourself for the next bull run.

I'd say altcoins are truly a gamble because they're extremely-unpredictable. Many of them have no real utility and are only driven by hype. This could make you lose all of your investment in an instant if people move on to the next big thing in crypto. The situation is worse with "meme" coins such as Dogecoin, and Shiba Inu. If you're going this route, I'd suggest you diversify your investment to minimize losses as much as possible. Who knows where the crypto market will go to next? Just my thoughts Grin

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

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Quote from: serjent05 on June 22, 2023, 04:56:18 PM

Quote from: Victorik on June 21, 2023, 11:40:04 PM

Me thinks they are just looking for unjustifiable reasons to clamp down on crypto. If they say crypto currency is another form of gambling, then stock market is also a form of gambling, because to me, they are similar just that one deals in digital currencies.

I agree, it is one way of devaluing the importance of cryptocurrency. Since these people are frustrated that they can't control cryptocurrency, they are now into spreading misinformation about cryptocurrency and spreading the idea that cryptocurrency investment is akin to crypto gambling. Investment is way different from gambling since investment has several factors to mitigate risk while gambling has none since it is the risk itself.

No matter the amount of misinformation, they can spread their fake news any how they want, but the fact remains that they will still fail at it. How can they say that crypto is a form of gambling? It doesn't even sound sensible.

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Quote from: Woodie on June 22, 2023, 01:25:09 PM

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.

I guess the UK MPs were working on some crypto regulatory framework and since this is some new territory for them, they probably went for the next best thing which happened to be gambling, which is forgivable knowing they have no interest in BTC and cryptocurrencies.

But then again, to classify crypto as a form of gambling could be a sign of laziness on their side and went for the shortcut, hope they give crypto the time it deserves while they draw the regulatory framework !!

Quote from: Victorik on June 21, 2023, 11:40:04 PM

Me thinks they are just looking for unjustifiable reasons to clamp down on crypto. If they say crypto currency is another form of gambling, then stock market is also a form of gambling, because to me, they are similar just that one deals in digital currencies.

They are just being lazy to be honest, why not ask other countries how they have managed to regulate crypto without classifying it as gambling.

The least they can do it to research about it since they are not knowledgeable about crypto and not just it a blanket condemnation of being a form of gambling. It's really irritating to see people who claim to be educated talking like a bunch of illiterate.

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Quote from: bayu7adi on June 22, 2023, 12:53:09 PM

Gambling? There are only two options: either your assets vanish or they multiply. However, Bitcoin has no association with that unless you activate derivative functions such as those on Binance Futures.
Bitcoin operates on a trust system built upon Blockchain technology. Its movements are purely driven by supply and demand dynamics.

To this day, many people believe in Bitcoin because it is decentralized and has a limited supply. As a result, demand will persist as long as major institutions continue to adopt BTC.

Thus, everyone will leverage its volatility function to their advantage.

It all depends on the type of cryptocurrency you're choosing. If you choose Bitcoin, there's no risk of losing it all in the long run. It keeps going higher in market price due to the way it was designed. Short-term speaking, BTC will go down. But you should take that opportunity to buy as much coins as you can to prepare yourself for the next bull run.

I'd say altcoins are truly a gamble because they're extremely-unpredictable. Many of them have no real utility and are only driven by hype. This could make you lose all of your investment in an instant if people move on to the next big thing in crypto. The situation is worse with "meme" coins such as Dogecoin, and Shiba Inu. If you're going this route, I'd suggest you diversify your investment to minimize losses as much as possible. Who knows where the crypto market will go to next? Just my thoughts Grin

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Quote from: uche6215 on June 22, 2023, 01:34:16 AM

Never be, how do you gamble bitcoin? Is it by the prediction? Bitcoin is unstable because of the market price of demand and supply. Is gambling forbid in UK? If not then there is no need to panick and they can only accused bitcoin of being a gamble which is not truth. And they can't threat the way they are threating gambling to bitcoin. Bitcoin is unique and untouchable. The matter what they do to stop bitcoin with different accusations yet it will not work for them. Instead they will join the blockchain for their benefits. "If they can't beat it then they have to join it".

^ Yes you are right, you are in the right investment if you choose BTC as your investment because that is safe.
But OP talking about crypto which is all cryptocurrency, so if you invest shitcoin or meme coins, that is considered gambling for me since you don't know what will happen to these coins in the future not like BTC which was proven and tested already. It should be that knowledgeable investors can analyze and make decisions based on available information and analysis, reducing the reliance on chance.

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Quote from: Victorik on June 21, 2023, 11:40:04 PM

Me thinks they are just looking for unjustifiable reasons to clamp down on crypto. If they say crypto currency is another form of gambling, then stock market is also a form of gambling, because to me, they are similar just that one deals in digital currencies.

I agree, it is one way of devaluing the importance of cryptocurrency. Since these people are frustrated that they can't control cryptocurrency, they are now into spreading misinformation about cryptocurrency and spreading the idea that cryptocurrency investment is akin to crypto gambling. Investment is way different from gambling since investment has several factors to mitigate risk while gambling has none since it is the risk itself.

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.

A person who has knowledge about cryptocurrency will just laugh at the thought of cryptocurrency investment as gambling, and only naive and newbie people will fall for this misinformation.

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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.

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The thing is that altcoins are shit coins and there are created specifically for speculation and that is the characteristic of gambling so at that we have to differentiate between altcoins from other solid coins like bitcoin which is far from gambling as say, may be classified under the high-risk investment just like every other stock asset.

The statement is right in some ways and if you critically look at what the behavior of most cryptocurrencies have been, it will become more clear what to make of this statement.

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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.

I guess the UK MPs were working on some crypto regulatory framework and since this is some new territory for them, they probably went for the next best thing which happened to be gambling, which is forgivable knowing they have no interest in BTC and cryptocurrencies.

But then again, to classify crypto as a form of gambling could be a sign of laziness on their side and went for the shortcut, hope they give crypto the time it deserves while they draw the regulatory framework !!

Quote from: Victorik on June 21, 2023, 11:40:04 PM

Me thinks they are just looking for unjustifiable reasons to clamp down on crypto. If they say crypto currency is another form of gambling, then stock market is also a form of gambling, because to me, they are similar just that one deals in digital currencies.

They are just being lazy to be honest, why not ask other countries how they have managed to regulate crypto without classifying it as gambling.

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Gambling? There are only two options: either your assets vanish or they multiply. However, Bitcoin has no association with that unless you activate derivative functions such as those on Binance Futures.
Bitcoin operates on a trust system built upon Blockchain technology. Its movements are purely driven by supply and demand dynamics.

To this day, many people believe in Bitcoin because it is decentralized and has a limited supply. As a result, demand will persist as long as major institutions continue to adopt BTC.

Thus, everyone will leverage its volatility function to their advantage.

uche6215

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Never be, how do you gamble bitcoin? Is it by the prediction? Bitcoin is unstable because of the market price of demand and supply. Is gambling forbid in UK? If not then there is no need to panick and they can only accused bitcoin of being a gamble which is not truth. And they can't threat the way they are threating gambling to bitcoin. Bitcoin is unique and untouchable. The matter what they do to stop bitcoin with different accusations yet it will not work for them. Instead they will join the blockchain for their benefits. "If they can't beat it then they have to join it".

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Quote from: Abiky on June 21, 2023, 06:07:20 AM

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.

I guess we can call it that way. But how do you explain the volatile market prices? Unlike stocks, crypto has wild fluctuations in price that could either make you poor or rich in an instant. The risk of loss is simply too high to bear. I understand traders are making money within the ups and downs, but they're certainly gambling due to the unpredictable nature of crypto. Unless the world ditches the Fiat standard in favor of the Bitcoin standard, I don't see this changing anytime soon.

I'm hoping Fiat collapses so people start valuing things in BTC terms. We don't know when this will happen (if it ever will) as banks will do everything in their power to avoid being left behind in the dust. At least, mainstream governments are beginning to take crypto/Blockchain tech seriously. Who knows what the future holds for the industry? Just my thoughts Grin

You've got a sharp eye for crypto market swings. But let's not paint volatility as the villain; it opens doors to potentially high returns, a common feature in risk-reward scenarios across traditional markets. Dismissing crypto trading as mere gambling overlooks the fact that it's a game of strategic risk. Traders employ intricate tools and tactics for market forecasting and risk cushioning. Moreover, investing in a crypto bouquet further dilutes risk exposure.

On the Fiat-to-Bitcoin shift, it's a captivating thought. A Fiat crash might speed up Bitcoin acceptance, but such a tectonic shift seems distant. More likely, we'll see Bitcoin and brethren sharing the stage with Fiat, as viable alternatives. Your note on banks and governments echoes the rising awareness of blockchain' prowess. It's a promising signpost for the industry' horizon.

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Me thinks they are just looking for unjustifiable reasons to clamp down on crypto. If they say crypto currency is another form of gambling, then stock market is also a form of gambling, because to me, they are similar just that one deals in digital currencies.

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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?

Op you would have inserted the newspapers link here for easy access. I don't think you understood the newspaper, how can a whole newspaper said cryptocurrency as a whole is gambling. If they narrow it to a part like trading and investment, it would have been better. I still believe that they cannot cryptocurrency as gambling scenario. Cryptocurrency is not even a game or whatever it is an asset so how does an asset related to gambling.

Your looking there f dictionary is was even a waste of time. You would have just make the analysis by yourself then everything would be fine. Like as I differentiate the gambling from the other areas of cryptocurrency.

Cryptocurrency will never and ever be a gambling. Op the definition or the example you gave, does it look like cryptocurrency? Be wise. Always drop link for such thread.

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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 may be considered a form of gambling for those who are taking risk unknowingly. Since they are not aware on how to deal with it and knows nothing about risk management, then most likely everything will fall into gambling. But for everyone who has high knowledge and made lot of experiences from crypto, knowing it gives certain profits as long as you do it will skills and working strategies, then it’s too far from the outcome of gambling.

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