Is Crypto another form of gambling? - page 6.

Lanatsa

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Quote from: coolcoinz on June 21, 2023, 01:31:35 PM

Yes, it is, if you're investing in shitcoins.

Some people will disagree and say that all of this is trading and trading isn't gambling, but how do you trade pump and dump tokens? How do you trade scams like bitconnect? Is risking money buying crypto MLMs trading, or is it gambling? Is buying coins with large premine investing, or gambling? The insiders can dump 20% of the supply on you at any moment and you won't be able to do anything. That's not trading.

It's the same when people trade with very high leverage like on okex that allowed 100x. That's gambling, nothing else.

Why people invest on shitcoins?

1. They do love on seeing their ports increasing 2x-10x-100x easy
2. They do already picturing out on being a millionaire
3. Getting dragged with the hype
4. Blindly making investment decisions and just simply throw off some bucks and expecting something into it.

This is why we do really end up on this kind of option or situation on which we do baghold lots of shitcoins because of having those kind of unrealistic approach and expectations towards coins.
Crypto investment would really be turning out to be gambling if you arent really applying any analysis into it. You cant really just simply put up money then
expect on becoming rich. You would really be still needing to study and make out some research on when and what projects you should really investing into.

coolcoinz

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Yes, it is, if you're investing in shitcoins.

Some people will disagree and say that all of this is trading and trading isn't gambling, but how do you trade pump and dump tokens? How do you trade scams like bitconnect? Is risking money buying crypto MLMs trading, or is it gambling? Is buying coins with large premine investing, or gambling? The insiders can dump 20% of the supply on you at any moment and you won't be able to do anything. That's not trading.

It's the same when people trade with very high leverage like on okex that allowed 100x. That's gambling, nothing else.

DaNNy001

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As I have been corrected so many times by users@JayJuanGee, here on the concept and application of the word crypto in any of discussion, I would like to clear that it actually involves a wide range of other assets like the shitcoins people actually hold in high regard of it pumping up and if this term is actually what the Op or the reference link is trying to emphasize on then i would agree with that because of these altcoins are just like gambling and its involves high risk of you loosing your assets which is same feat with how gambling works.

retreat

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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?

It is not surprising that MP likens Bitcoin to a new model of gambling because it consists of boomers who don't want to accept the development of Bitcoin and don't even understand what Bitcoin is. Maybe it's because they think that Bitcoin doesn't have any assets to back it up and there's a lot of speculation surrounding it, they think that people who hold it are like gambling and they equate it with gambling, even though gambling and Bitcoin are two different models. Bitcoin has potential and a future, it also has use cases and people who still hold it even when the Bitcoin market is hit by negative issues. That's what makes Bitcoin cannot be equated with gambling, because it has potential in the future.

pixie85

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Crypto can be understood in a number of ways and I don't like this word because it's too general.

Some ETH tokens are sometimes called gambling tokens and the exchanges that offer them are called crypto casinos. For instance HEX is a total worthless shitcoin, but has a good number of followers who don't get that. Another good example of gambling tokens were coins that included the name bitcoin in them just to pump the price like "bitcoin turbo koin" that most people don't even remember.

At the same time bitcoin is often included in this group of "cryptos" and it shouldn't be because although it is a cryptocurrency it's fully decentralized, without an issuer and a CEO standing behind it.

Abiky

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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.

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

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Quote from: rby on June 15, 2023, 10:37:51 AM

Cryptocurrency cannot be directly compared to or equated to gambling. But there is a tone of gambling in cryptocurrency investment. In fact, there are three different kinds of activities in cryptocurrency.

As currency
As an investment asset
As gambling

Cryptocurrency can be seen as a currency because it can be used to pay for services or purchase goods. Many types of cryptocurrency are used for this purpose and that is why it is called a currency.

Again, cryptocurrency can be seen as an investment because of the volatility of the price. Some people will buy it and hold as a stock or an asset and allow it to appreciate and they will withdraw their profit.

Finally cryptocurrency can also be seen as gambling because you are staking something and you are not sure of the outcome by tomorrow. This being said, cryptocurrency is a mixture of all and a very unique technology that will remain in the mainstream of human advancement.

yes, even though it is very clear that in the name of crypto there is the word "curreny", so cryptocurreny is an alternative to crypto-based exchange tools on the internet. however, like currency, it can be used as a medium of exchange, investment, trading, or even gambling. so, if we see crypto as gambling, then make sure that its use is for gambling. so, I think the benefit depends on who is using it.

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Quote from: Gallar on June 20, 2023, 11:09:06 PM

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 do not agree if crypto is called gambling, because it is clear that crypto assets are in the form of assets to invest and to be traded on the crypto market. Because in the crypto world too, there are sciences that must be learned and must be understood by investors, so that they can minimize losses and so that they can be closer to profits. So if that's the case, crypto cannot be called gambling, because when you want to invest or trade in crypto, you always need something called knowledge, such as analyzing the market sentimentally or fundamentally.

But if there is a crypto investor who is still new and keeps trying to trade or trying to invest, but from a scientific point of view it has not been explored, and only relies on luck. So if there are crypto investors like that, maybe they can be called gamblers, because there is no science yet, but they have the courage to invest.

So in conclusion, crypto assets cannot be called gambling, because basically crypto is an investment and trading asset. But what can turn crypto assets into a gamble, is because a crypto investor just joins in, because he only sees other people succeed, and then invests in crypto,and relying solely on luck without studying mature science.

It all depends on each person's knowledge, if you have no knowledge of investing and your investment in gold or stocks will also be considered gambling, not investment. Cryptocurrencies, stocks… all are just methods for us to use to make money, and whether it will be a gamble or an investment depends on our own decision. Even the people who create casinos and get rich from it, they will never call it gambling, what they are doing is investing and doing business.

Gallar

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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 do not agree if crypto is called gambling, because it is clear that crypto assets are in the form of assets to invest and to be traded on the crypto market. Because in the crypto world too, there are sciences that must be learned and must be understood by investors, so that they can minimize losses and so that they can be closer to profits. So if that's the case, crypto cannot be called gambling, because when you want to invest or trade in crypto, you always need something called knowledge, such as analyzing the market sentimentally or fundamentally.

But if there is a crypto investor who is still new and keeps trying to trade or trying to invest, but from a scientific point of view it has not been explored, and only relies on luck. So if there are crypto investors like that, maybe they can be called gamblers, because there is no science yet, but they have the courage to invest.

So in conclusion, crypto assets cannot be called gambling, because basically crypto is an investment and trading asset. But what can turn crypto assets into a gamble, is because a crypto investor just joins in, because he only sees other people succeed, and then invests in crypto,and relying solely on luck without studying mature science.

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Quote from: dwminer1 on June 20, 2023, 10:28:36 AM

I disagree with the statement that crypto is a form of gambling. Investing in Bitcoin and other cryptocurrencies obviously comes with risks, but so is any investment. A conscious and well-thought-out decision allows you to significantly reduce this risk. When throwing the dice or playing roulette, you can only count on luck and that is gambling.

it is indeed difficult to give a certain definition of gambling and there are still many who interpret that crypto is gambling, where I also agree with you that something is very different and can be seen clearly, when it comes to any risk involved in investing you can be sure that it will have a risk where the risk it can depend on the situation, the more we are able to minimize the situation, the more we will be able to reduce the risk that the worst will happen. in crypto we are able to carry out the smallest possible risk by being able to continue to analyze every movement even with long-term investments the risk will be even smaller. agree with you friends, when gambling, we only rely on luck in which direction we will get, there are only wins and losses, but in crypto we are given the opportunity to be able to analyze properly before making a choice, there is even certainty that it will increase in time if you want to be patient.

tjtonmoy

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

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.

Every investment involves risks, not only just crypto investment. But as in every investment, you can take risk managements, it is no different in crypto investment. In gambling, the win or loss outcome will be 50/50. In crypto, you can choose what you are willing to lose and what should be the limit. Also gambling does not require any skills or strategy to get the best outcome. It depends on your luck. On the other hand, in crypto you need analysis skill, strategy, experience and knowledge in order to do it properly. Cryptocurrency, if chosen correctly, it can make you successful in the long run. That's not the case in gambling, is it?

Gambling and cryptocurrency does overlap in some ways, but having control over cryptocurrency investment makes it different from gambling. Those who invest in cryptocurrency without knowing anything and totally depends on luck will consider this as gambling. No doubt that they are different. So I don't agree with those UK's MPs. They are wrong, and that's the truth. Many will also see it as gambling, but it's their own opinion.

uneng

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When you gamble the decisive factor which will determine the final result is luck. When you invest in BTC the decisive factor are the fundamentals behind the cryptocurrency which proportionate real benefits and accessibility for its adopters. So it's a logical thought to suppose the tendency is that Bitcoin gains more acceptance and adoption on long term, as it is already happening since the beginning. There are strong predictions pointing that way, including its history so far, so I think it's not gambling. It's an investment.

dwminer1

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I disagree with the statement that crypto is a form of gambling. Investing in Bitcoin and other cryptocurrencies obviously comes with risks, but so is any investment. A conscious and well-thought-out decision allows you to significantly reduce this risk. When throwing the dice or playing roulette, you can only count on luck and that is gambling.

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Quote from: Venik on June 19, 2023, 10:39:42 PM

With most altcoins - yes, definitely. But not with Bitcoin. At least if you are here in the long-term. Short-term trading is kinda like gambling too.

Why only altcoins and not bitcoins? for me, cryptocurrency will be gambling if you invest without knowledge, conversely, if you invest with knowledge, skills, and experience, it is not gambling. it all depends on one's point of view, gambling or cryptocurrency is just one way for us to achieve our goals. I don't care what we call them, I just care if they help us or not. If gambling can give me a steady return, I will also choose gambling instead of investing.

justdimin

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Quote from: stomachgrowls on June 14, 2023, 06:26:20 PM

Risk levels is different on both things on which it would really be that normal to have that kind of approach on which one you would really be dealing off with. We know that gambling is for fun and trading or investment

is really just an another form on which dealing up with crypto does really have that imposed risks but not as high when we do gamble. Somewhat when it comes to duration on how long you would be able to make
money is totally different. This is why there are people who are really that interested on playing gambling due to this kind of thing and differentiating up stuffs when it comes to duration and the easy making of money
but we arent that blind about on the risks involved.
Entertainment thing is totally different when it comes to investment or trading on which we know that these things could potentially make our lives to be financially free on the time
that you would be having a good grasps into it.

I think it's quite important to calculate the risk levels, that's the risk management part of crypto trading and that makes it so much more profitable for most people. I understand that some people are completely mad men when they are trading and they do all kinds of crazy stuff, and that's who they are so I understand it. Think about it this way, there are people who jump off airplanes with parachute as well, would any "normal" person do that, why would I want to jump off an airplane?

Even if I survive and there are 100 million tons of cottons everywhere and I have 8 different alternative parachutes just in case, why would I ever want to do that? Yet some people do, that's their thing, they love adrenaline, and they may find this type of trading more fun as well.

fruktik

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Quote from: BitcoinBabbler on June 14, 2023, 05:48:54 PM

With both gambling and cryptocurrencies, there is an element of risk, and having knowledge and understanding can certainly help mitigate those risks. While luck and chance play a role in both fields, knowledge and expertise significantly influence outcomes. When it comes to cryptocurrencies, relying solely on luck and intuition without proper understanding and research can lead to wrong investment choices.

Somehow I somehow missed the moment when crypto is compared with gambling. I don't remember this ... It is possible that you are considering only a speculative component. In all other cases, this is not the case. Blockchain technology with its derivatives was invented and implemented in order to replace (as planned) the current financial system, get rid of the monopoly and oppression of the banking system.
Are you at risk when you make a transfer if it is carried out without errors? I don't think so. For several years now, humanity has had the opportunity to transfer money to anywhere in the world anonymously and without huge commission fees.

Venik

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With most altcoins - yes, definitely. But not with Bitcoin. At least if you are here in the long-term. Short-term trading is kinda like gambling too.

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Quote from: SmartCharpa on June 15, 2023, 12:03:43 PM

The majority of guys always tell me not to invest in cryptocurrencies because I'll lose my money if they drop; in my opinion, they are also related to gambling because most people get involved with them and some people who cannot make long-term investments cannot handle the risk. Crypto is also related to gambling because most people get involved with it. Even if you tell someone they should invest in cryptocurrency right now without explaining the risks, nobody will believe you, and even if they do, some people would view it as a sort of gambling.

almost all will say the same thing as what you think, that investing in bitcoin will always have the connotation of gambling / gambling, but if you study it as best you can, you can be sure that the connotation will soon change by itself. it's not too different when we invest in stocks, where everyone will guess where the stock will go and not, and so will bitcoin, but instead bitcoin has the certainty that there will always be an era of halving periods, which will make bitcoin move better, even though it does take a long time.
if it is based on risk, all investments will always have risks but if studied properly it will reduce the risks that will occur.

SmartCharpa

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The majority of guys always tell me not to invest in cryptocurrencies because I'll lose my money if they drop; in my opinion, they are also related to gambling because most people get involved with them and some people who cannot make long-term investments cannot handle the risk. Crypto is also related to gambling because most people get involved with it. Even if you tell someone they should invest in cryptocurrency right now without explaining the risks, nobody will believe you, and even if they do, some people would view it as a sort of gambling.

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While gambling is often associated with a higher probability of loss in the long run, cryptocurrency investing can offer growth opportunities and potential profits when given access to knowledge and expertise. It is true that the cryptocurrency market offers many different avenues to potentially raise money and generate profits with the right strategies and timing. However, crypto investments still carry inherent risks. Markets can be highly volatile, and factors such as regulatory changes, market sentiment, and technological developments can have a significant impact on prices. While crypto investments can offer opportunities for financial growth, it's important to approach them with a calculated and well-informed mindset, recognizing both potential rewards and related risks.

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