Is Crypto another form of gambling? - page 7.

Ale88

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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?

Whoever wrote that article probably 1) had no idea was he was talking about 2) it was a clickbait title. Or maybe even a mix of the two. Every single investment has some risks, there are no risk-free investments. At this point it depends how we want to call that risk, some people could call it gambling of course but it doesn't make a lot of sense for me. If you do your research you're not gambling, you're investing. Would someone ever call Warren Buffet a gambler? I don't think so.

rby

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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.

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Quote from: panganib999 on June 11, 2023, 03:36:30 PM

You're not playing chance with Crypto, that's one thing. It's cyclical, there's profit to be made if you learn the fundamentals of trading and how to manage your portfolio, and there are other things that you can do in order to amp your chances of getting profits. Gambling on the other hand is just linear, you don't need to learn anything besides the mechanics of the game, and moreso, you don't have to be good at it too. You basically just have to be knowledgeable enough, and you can hit the casino but that doesn't necessarily equate to winning more, especially with games of chance. Skill doesn't equate to profit whereas in trading and in crypto, it does.

Don't get us wrong, just because we take risks doesn't mean we're gamblers right here, we take calculated risks (although some degens don't lmao) and yield the profits when does risks turn out to be well-meaning. That's basically it.

Both gambling and crypto take risks, but know that crypto investment may guarantee profits as long as you do the right thing like allocating your big amount of money into Bitcoin and invest for long term. While shitcoins are also crypto coins, but these are coins who's value will eventually die in the long run so investing in it is certainly a form of gambling. Gambling does not need any preparation or any plan to follow, since you can gamble anytime once you feel lucky and you have the means to gamble.

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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.

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

Quote from: Hypnosis00 on June 14, 2023, 05:31:57 PM

You're not betting OP nor do you think it was like a game in that we rely on luck unless you never know what you are doing. But assuming that you know about Bitcoin, I would also understand that you can also differentiate the difference between cryptocurrency and gambling without relying on what you've read in the Dictionary or any sources but just to believe what you have seen now. Because when we say "play and bet" it doesn't mean we are gambling and besides, all investments are risky and everyone has the possibility to lose if mismanage.

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.

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.

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Quote from: Hypnosis00 on June 14, 2023, 05:31:57 PM

You're not betting OP nor do you think it was like a game in that we rely on luck unless you never know what you are doing. But assuming that you know about Bitcoin, I would also understand that you can also differentiate the difference between cryptocurrency and gambling without relying on what you've read in the Dictionary or any sources but just to believe what you have seen now. Because when we say "play and bet" it doesn't mean we are gambling and besides, all investments are risky and everyone has the possibility to lose if mismanage.

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.

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You're not betting OP nor do you think it was like a game in that we rely on luck unless you never know what you are doing. But assuming that you know about Bitcoin, I would also understand that you can also differentiate the difference between cryptocurrency and gambling without relying on what you've read in the Dictionary or any sources but just to believe what you have seen now. Because when we say "play and bet" it doesn't mean we are gambling and besides, all investments are risky and everyone has the possibility to lose if mismanage.

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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?

No. Crypto will never be a form of gambling because it will never rely on luck and chances alone. You are investing in crypto, particularly in bitcoin, because a lot have been experiencing real and high profits on it. And not that you only invest for luck, but you also do a lot of prior research about crypto and bitcoin before you take the risk in investing. So there’s a lot of preparation before you decide to invest, unlike gambling that you can always deal with it without the need for any research or strategy development. The reason why gambling is designed to make you lose than to see you in profits.

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Seriously??? Is someone actually asking a question like this? How could you ever think about it that way - how do you even understand the term "cryptocurrency"?? Lemme just feel you were outta topics to post so you actually needed something to stir the stil air...
Cus gambling isn't shut to be compared to cryptocurrency... Is gambling a form of currency in the first place?? Or you meant to say - they've got the same criterions?? But even if that's the case, then How's that?? Even in the real-life business that we engage in, we normally come across the losses and the gains too...that's practically what makes business... I ain't seen any TRUE HODLER that complains about having 'em losses - except they'd choosed to go against the market.. BE CAREFUL WHAT YOU POST!

Sandra 🧑‍🦰

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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 is not a form of gambling since they have high potentials to make you successful and beneficial in the future. But that is if you stick to bitcoin and avoid shitcoins that will only make you lose than make profits. While some altcoins are also giving exceptional profits when we least expect it, but most of them end up as shitcoins so it’s better to just stick to bitcoin for safety and high security.

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Quote from: Vaculin on June 14, 2023, 03:32:36 PM

Quote from: Oshosondy on June 09, 2023, 10:52:14 AM

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

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?

Bitcoin is not gambling, only what it requires is speculation, but some people do not learn about bitcoin price history and speculation but they just want to invest, more especially during bull run when they fomo.

Most altcoins are gambling.

If you need proof that bitcoin is not gambling, I can give you detailed analysis about it as it seems more to be a store of value over long term period.

Yes. Bitcoin is not gambling because you can always be in profits with it if you know how to deal it as a long term investment. But if you just invest in bitcoin and expect quick profits because you believe it’s a get rich quick scheme, then you are not investing but certainly gambling your bitcoin. Altcoins too may not be totally form of gambling, but if you end up falling for shitcoins, no doubt you are gambling in there.

Talking about future then we know that it isnt something an assured thing on which it would really be that understandable that there's no assurance whether it would really be increasing its price in the future or not.

This is why on the time that you have decided on making up some crypto investment, then always consider out on investing only on the amount which you can afford to lose as always. Gambling on the sense that
you are really that risking money to earn money but its totally different if we do speak about gambling literally. On this space we could really make out some analysis and study on which one or on where we do put our money on and if you do like on having that something assurance about investment then sticking into Bitcoin would be the wisest choice.

The key on here is that you should only invest the money which you can really afford to lose. Dont expect something positive or assurance in speaking about future because there
would really be no guarantees as always.

gunhell16

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Maybe in other communities, they can think that cryptocurrency is also a gamble because they are risking their capital with no certainty that a profit will be returned. But that's why digital currency is a type of money that can be converted to our fiat.

The only difference between Fiat and Bitcoin is that it is volatile, unlike Fiat, it is not instead manipulated depending on what is happening with the inflation level. And crypto is also a kind of opportunity to us but to others it is a danger.

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Quote from: Oshosondy on June 09, 2023, 10:52:14 AM

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

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?

Bitcoin is not gambling, only what it requires is speculation, but some people do not learn about bitcoin price history and speculation but they just want to invest, more especially during bull run when they fomo.

Most altcoins are gambling.

If you need proof that bitcoin is not gambling, I can give you detailed analysis about it as it seems more to be a store of value over long term period.

Yes. Bitcoin is not gambling because you can always be in profits with it if you know how to deal it as a long term investment. But if you just invest in bitcoin and expect quick profits because you believe it’s a get rich quick scheme, then you are not investing but certainly gambling your bitcoin. Altcoins too may not be totally form of gambling, but if you end up falling for shitcoins, no doubt you are gambling in there.

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Quote from: Hamza2424 on June 11, 2023, 02:09:59 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.

In simple words, it's not at all gambling. for (Bitcoin).

Bitcoin is a reliable asset, for the whole crypto market such as shitcoins I think I can't give a word on it that it's not gambling because you better know the risks of Shitcoin investments. Investment cant be considered as gambling if it's done after proper research on a reliable asset but blind entry can be considered as gambling as people most of the time take blind entry in the hype of a particular token without analyzing the fundamentals.

Suh moves are just based on luck so it is gambling but if you know the fundamentals of the market and you have analyzed the asset and its future potential it is not at all gambling.

The fact that crypto particularly bitcoin has its high potentials to make you profitable in the future simply means it’s not gambling. Because you never rely on luck to make it work but through research and development of your skills from your experiences in the crypto market. However, gambling no matter how you do research or prepare for it, it will never guarantee you to be profitable.

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Quote from: crunck on June 10, 2023, 10:02:51 AM

The line between gambling and investing is very thin. If someone invests without knowledge, investing in a way that relies on chance, they will call it gambling. But if someone has market research, a clear strategy, a plan, they will not consider investing as gambling. But there's also nothing wrong with saying that investing in crypto is gambling because if someone just invests in shitcoins, that person is gambling rather than investing. They are expecting a profit from chance, it is no different from gambling.

No not thin, because in investing we can do an analysis but in gambling we will just bet and hope that we can get lucky. For those naive investors who just invest blindly invest on a meme coin, we can say that they are gambling. Like in gambling, once we already earn in our meme coin investment, we shouldn't re-invest on them because they will now turn into a scam.

I'm not saying that the gambling site will also turn into a scam once we win but we may not be lucky this time around. I already experienced this a lot of times though. There is nothing if you say that investing in crypto is like a gambling because both of them has a risk and reward system. The only difference of gambling is that it is entertaining.

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Quote from: m2017 on June 09, 2023, 12:13:09 PM

If so, then these British MPs should classify the stock market and securities as gambling.

I quite agree with you, because by definition, stocks and securities are gambling, even holding fiat in your hand or in the bank account is gambling as well since no one knows what could happen to its value in the next minute. Yet, I would want you to look at this from the angle of defence, those MPs were trying to back crypto rather than harming it, and that's why they came about it as "a form of gambling" to save it from more limitations through regulations.

They were trying to prove that crypto holders should be left alone to decide on their risk and fate rather than over-protecting them by regulations.

Quote from: Yatsan on June 09, 2023, 03:48:28 PM

Your investment would be a gamble if you don't have any plans for it. Unlike with gambling, an investor could actually manage the risk such as putting a stop loss depending on one's preference unlike in gambling wherein once you bet n mount, either you lose or win.

You are making a very good point, and this makes it subjective. It's about how you own, use and trade your coin that would define it.

Quote from: Upgrade00 on June 09, 2023, 11:55:08 AM

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.

They don't. If we take that definition by face value then;
• Investing in real estate,
• Buying any form of stock,
• Starting a business,
• Running for a political office,
• Even proposing to your partner.
All of the above should be considered as gambling and regulated as such.

They do not know what they are saying neither are they trying to understand it, they just want to slam some form of regulation on Bitcoin and are finding a way to justify it.

You are arguably right on this if we are going by the way of the second definition by the Oxford Dictionary which will go a long way in calling many other things, work and day-to-day activities of people gambling. I possibly don't know why it should go that far in the dictionary meaning.

Quote from: mendace on June 09, 2023, 03:34:01 PM

If cryptocurrencies were officially regarded as a form of gambling and subject to regulation in line with that classification, restrictions or restrictions on cryptocurrency operations and investments could be introduced. This could include limitations on trading volumes, registration or licensing requirements for exchange platforms, and measures to protect investors from potential fraud or financial risk.

That's on the contrary, and I believe it's because many of you didn't read the full story. The MPs are defending cryptocurrency so that government would not think of it as you stated above and regulate it with many limitations.

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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 depends on your own perspective and of course it depends on what kind of crypto is meant here.
When it comes to shitcoins and memecoins which really only use pumps there I might agree with that statement like a gamble because regardless of anything simple it's just being there in the hope that there will be a pump there and come out with profits but when talking about bitcoin to be honest I'm not agree with the sentence gambling pinned there.
Even though in this case, in general, the concept may be the same because we are also looking for profit, but we must also be aware that the progress of bitcoin and shitcoin is different, so bitcoin is definitely one that can be used as investment material, not gambling, as they say.

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Every money making venture involves some level of risk, for some, the risk are higher while for some, the risk are lower, crypto is one of those money making ventures with a high risk, but at does not mean it's the same as gambling, crypto investing is way way far from gambling and I personally think it is actually a mistake, or should I call it, misconception to see crypto as gambling.

If crypto is to be regarded as gambling, it simply means that stocks and bonds, real estate, gold, diamond etc are all gambling since this are all assets that do not have a stable price..

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You're not playing chance with Crypto, that's one thing. It's cyclical, there's profit to be made if you learn the fundamentals of trading and how to manage your portfolio, and there are other things that you can do in order to amp your chances of getting profits. Gambling on the other hand is just linear, you don't need to learn anything besides the mechanics of the game, and moreso, you don't have to be good at it too. You basically just have to be knowledgeable enough, and you can hit the casino but that doesn't necessarily equate to winning more, especially with games of chance. Skill doesn't equate to profit whereas in trading and in crypto, it does.

Don't get us wrong, just because we take risks doesn't mean we're gamblers right here, we take calculated risks (although some degens don't lmao) and yield the profits when does risks turn out to be well-meaning. That's basically it.

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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?

Volatility is still there, so we can say crypto is a form of gambling. You could either lose it all or win big in an instant. Things are now worse than before due to the uncertainty of the global economy. Inflation, the COVID-19 pandemic, and the Russo-Ukraine war have increased the cost of living, making it harder for people to use their spare money to get into the crypto/Blockchain train. Demand for crypto assets is pretty low compared to past years.

Now the US has made matters worse with its "Anti-Crypto" agenda. The SEC is aggresively hunting down crypto exchanges with claims that most coins are securities. This affects crypto market prices, adding more uncertainty to the space as a whole. Some say the upcoming BTC halving will make things better for the industry, but there's really no guarantee things will turn out to be that way. Unless governments start treating crypto fairly and major investors pour money into the market, everything would be nothing more than just a pure gamble. I'd proceed with caution by only investing what I can afford to lose. Who knows what the future will bring to the crypto/Blockchain industry? Just my thoughts Grin

Topic: Is Crypto another form of gambling? - page 7. (Read 1521 times)