Is Crypto another form of gambling? - page 8.

nakamura12

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Quote from: Wrathofcoins on June 09, 2023, 03:46:07 PM

Well, if you took the literally definition of gambling and you expand that, maybe it can be correlated, but mading that ended on all your movements in life also are"gambling".

So putting money on bonds its gambling because it have a 1% risk of default. I dont think at this point we can have this discuss, this its a discussion from 2012/2015.

Crypto is also gambling because you take the risk in earning profit or losing profit when you buy crypto because crypto price is not stable or in other words volatile. As you have said, everything we do in life is also gambling and the gambling doesn't always mean that you have to spend money. If you do some research then you will see that gambling have different types and k e of it is to take risk to achieve the desired results. In crypto, you are willing to take risk in order to earn profit.

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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.

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.

Russlenat

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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.

Exactly. Investing in crypto can be like gambling if you are seeing crypto as a get rich quick scheme. That way, you are here not for long term investing but you are here for luck wishing you’ll be instantly lucky and become successful with crypto without even knowing the basics at first and without making yourself aware about the real advantages of bitcoin than shitcoins. But since you invested in shitcoins because of its too good to be true promises, then crypto investing becomes gambling in the making.

lizarder

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Quote from: greek_hephaestus on June 10, 2023, 11:12:12 AM

The different between gambling and investing is small different only and I think there are a lot of differences between crypto and gambling, especially when we talk about bitcoin, even though altcoins are similarly based on luck in guessing the price and In gambling, it's more of luck or based on the performance of a team in sports betting. Also, profits can be obtained within a short period of time and Investing and gambling are common in terms of risk and involvement of money for the aim of acquiring profits.

For bitcoin it is very different from gambling because we are not involved in investing just relying on luck, but it takes proper analysis and good knowledge when trying to enter the market. Meanwhile, talking about profits depends on the capital you have, both in gambling and investing in bitcoin. Almost all forms related to money have a level of risk, so knowledge is needed to minimize investment decisions.

The problem is that people don't see investing in the right way, so it is considered that investing has a close resemblance to gambling, even though in practice it is very different and there is absolutely no resemblance between the two. There is no such thing as luck in making investments and you have to prepare the necessary strategies to make the right investments.

Quote from: Rabata on June 10, 2023, 06:28:19 PM

This statement is made mainly because the behavior of some cryptocurrencies is similar to gambling. However, in terms of genre, no similarity can be found with gambling and crypto currency. A gambler in gambling takes no 2nd chance. But opportunities can come again and again by holding long time in some cryptocurrencies.

There are only a few similarities but cannot be generalized the same, although some cryptocurrencies are considered as lucky speculation on price. Talking about second chances means being on a potential bitcoin or altcoin, but putting them all together isn't quite right because a lot of cryptocurrencies die eventually. Even if its nature must be stored in the long term it is impossible and does not provide any guarantees.

terencio

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I think crypto is more than just a form of gambling, because it involves innovation, technology, and social impact. However, I also acknowledge that crypto is very volatile and speculative, and that many people are attracted to it for the thrill of making or losing money.

bayu7adi

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This is similar to gambling because many people hope to make big profits by risking their assets in the market. However, in reality, it is no different from buying and selling assets in general. Just like buying gold or stocks, when supply and demand affect the asset's price, there is a change in the value of the asset someone owns.

Perhaps the crypto referred to as gambling is Binomo or Olymptrade, which was once famous for crypto investments, but it turns out that the investment mechanism is nothing more than binary options.

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ChiBitCTy

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Absolutely it should not be considered a form of gambling. Anyone who compares cryptocurrency/bitcoin to gambling, or a “form of”, has completely misunderstood the general consensus of what bitcoin is. These are the same people who couldn’t tell you what a blockchain is to save their lives, yet for some reason feel that they can describe bitcoin by comparing it to a simple form of “gambling”.

SyndicateLabs

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I understand the problem of news navigation where some parties have power or influence with the public, more harmful because they simply want their own personal benefits. Just like using the Internet, we are all free to connect to everything even if the website is forbidden, so we also conclude that the Internet is a bad form that harms people? Not so, the main problem is with us, tools appear to serve people's interests, bad people abuse it as a tool of harm, and so is bitcoin, don't just take inappropriate negative cases situation in a certain country imposes the general situation, it only shows that it is a narrow view.

Onyeeze

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Cryptocurrency is different from gambling a Cryptocurrency is not another form of gambling and I believe that Cryptocurrency should be done and explain differently from gambling and the area you can compare bitcoin with gambling is the aspect that you think of trading and gambling, so both of them have similar features and it's a trading that have a form of gambling

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Quote from: Sanitough on June 10, 2023, 11:30:25 AM

Quote from: minairia3 on June 10, 2023, 09:56:40 AM

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?

If someone calls cryptocurrencies like gambling, it should not be ruled out that stocks and forex are also gambling because everything has risks, there are winners and losers. For me, I never considered crypto is gambling because gambling is just luck. While with cryptocurrencies, we need to learn many things, and winning requires a lot of combined factors, not investing blindly and relying on luck like gambling.

Exactly. Gambling is purely based from chance and luck while crypto is gained through knowledge and experience. Without them, crypto will fall as gambling. However, the only difference is that gambling mostly ends up with losing regardless how good or expert a gambler is while crypto created more opportunities for us not to lose but to attract more funds and profits especially if we are doing the right thing at the right time.

Gambling also has winners, if everyone loses, where will the money go? In any gamble, there are losers, there will be winners, and so is finance.
So it can be said that both will have some similarities. In the crypto market, when you buy bitcoins at a low price, people panic sell, and when you sell at a high price, someone buys your bitcoins. If you are a winner with a profit, someone else will lose for you. Financial markets are also gambling, they are not much different. There's no such thing as bitcoin going up, and everyone wins. The government doesn't print money to buy bitcoins for us to sell at high prices.

Ayebabara

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I don't think Crypto is a part of gambling family. There might be synonymous ways of doing it but they are of different categories or class of people. Gambling is fun while crypto is not for fun. When you loss in gambling the money will never come again investing in crypto has never make you a loser.

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Quote from: greek_hephaestus on June 10, 2023, 11:12:12 AM

Quote from: lizarder on June 10, 2023, 10:17:09 AM

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

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.

For Altcoins there may be similarities but also not entirely like gambling, although in practice altcoins are like betting to determine the price in the next period. I think there are a lot of differences between crypto and gambling, especially when we talk about bitcoin, even though altcoins are similarly based on luck in guessing the price. For the problem of risk, it has another meaning to connect gambling with bitcoin because in bitcoin we bet risks that are clearer, with the understanding that knowledge will minimize the risks that will occur.

Most people have not studied historically about the movement of bitcoins and they often try their luck instead of trying to analyze it instead that's why sometimes they think bitcoin is full of risks associated with gambling. Bitcoins can be considered as a store of value in the long term and this is one of the reasons that distinguish bitcoin different from gambling.

The different between gambling and investing is small different only and I think there are a lot of differences between crypto and gambling, especially when we talk about bitcoin, even though altcoins are similarly based on luck in guessing the price and In gambling, it's more of luck or based on the performance of a team in sports betting. Also, profits can be obtained within a short period of time and Investing and gambling are common in terms of risk and involvement of money for the aim of acquiring profits.

Just as gambling requires the gambler to rely on luck, the same situation happen in some cryptocurrencies. Where if luck is good then maximum return is available in that cryptocurrency and if luck is not favor then it is totally lost. This statement is made mainly because the behavior of some cryptocurrencies is similar to gambling. However, in terms of genre, no similarity can be found with gambling and crypto currency. A gambler in gambling takes no 2nd chance. But opportunities can come again and again by holding long time in some cryptocurrencies.

suzanne5223

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Cryptocurrency can be categorized as a form of gambling because almost everything in life that involve risk is a form of gambling and that includes the food we eat it's gambling because we don't know at some point if it's poison or not. Besides, holding or saving fiat in the banks is also gambling judging by the government's way of printing new cash and how the banks operate.
What's important is how we understand the game rules and regulations and how we play our cards right.

teosanru

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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?

I won't say crypto is another form of gambling but yes trading atleast is another form of gambling only. No matter what you say short term trading based on any indicators and pattern is more or less gambling only it's just that with some risk management it can be made profitable some time. Same can't be done in Gambling because of no Stop loss option in games. Apart from this all projects and even long term investment in Cryptos doesn't constitutes as gambling.

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UK MP’s might want to rethink that statement because unlike here in the States, there is no tax on gambling winnings of profits. I’m sure investors over there would love that to be put into their law, no taxes on profits due to ‘gambling.’

Crypto is not gambling though is it, it’s investing. Just like any stock there is always a chance of volatility, we don’t need protecting from anybody. We are all capable of assessing our own risk.

The Cryptovator

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In my opinion, while crypto may not be inherently equivalent to gambling, it can be compared to a gamble due to certain similarities. One aspect that aligns with gambling is the uncertainty surrounding future price movements. When engaging in crypto investments, we cannot accurately predict how the prices will fluctuate, and we rely partially on luck to achieve favorable outcomes.

However, it is important to note a significant distinction between crypto and traditional gambling. In gambling, if you lose, you typically lose all of your wagered amount. Conversely, in crypto, if you purchase, for instance, 1 BTC, you will always retain that 1 BTC, regardless of its fluctuating value. So, while the price may not be stable, the ownership of the cryptocurrency remains constant.

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Quote from: Asuspawer09 on June 10, 2023, 11:57:33 AM

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?

I've thought about it a long time ago for sure cryptocurrency investment wasn't called gambling, but there are surely some similarities like what you have said.

You're not going to lose in cryptocurrency as long as you hold and do not sell it at a loss, you could just hold forever.

If you hold cryptocurrency forever then you arleardy lost the money you invested in it because you already limited yourself from getting the ROI.

Quote

If your investing in a popular cryptocurrency I guess something like bitcoin, holding something like trash coins in the market would surely end up in a loss since the coin is already dead. So you could make exceptions to something like Bitcoin and Ethereum because this was like a stock market in which you invest and believed in a company right? Do you consider the stock market a form of gambling?

It depends if you are able to cashout in time where that trashcoin is uptrending. Gaining or losing depends on our action. In trading we must know when to buy and when to sell. If we only know when to buy then it is more probably that we already lost in the trade.

Quote

I guess if you're going to do daily trading and something like leverage it is already gambling since on futures you could lose all of your investment on it easily if you are not lucky on your guess which is really similar to gambling.

If you know what you are doing in trading then it is not a gambling at all. It only becomes a gamble when we don't know what we are doing and just do blind trading just for the sake of calling it a trade.

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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?

I've thought about it a long time ago for sure cryptocurrency investment wasn't called gambling, but there are surely some similarities like what you have said.

You're not going to lose in cryptocurrency as long as you hold and do not sell it at a loss, you could just hold forever. If your investing in a popular cryptocurrency I guess something like bitcoin, holding something like trash coins in the market would surely end up in a loss since the coin is already dead. So you could make exceptions to something like Bitcoin and Ethereum because this was like a stock market in which you invest and believed in a company right? Do you consider the stock market a form of gambling?

I guess if you're going to do daily trading and something like leverage it is already gambling since on futures you could lose all of your investment on it easily if you are not lucky on your guess which is really similar to gambling.

Sanitough

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Quote from: minairia3 on June 10, 2023, 09:56:40 AM

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?

If someone calls cryptocurrencies like gambling, it should not be ruled out that stocks and forex are also gambling because everything has risks, there are winners and losers. For me, I never considered crypto is gambling because gambling is just luck. While with cryptocurrencies, we need to learn many things, and winning requires a lot of combined factors, not investing blindly and relying on luck like gambling.

Exactly. Gambling is purely based from chance and luck while crypto is gained through knowledge and experience. Without them, crypto will fall as gambling. However, the only difference is that gambling mostly ends up with losing regardless how good or expert a gambler is while crypto created more opportunities for us not to lose but to attract more funds and profits especially if we are doing the right thing at the right time.

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Quote from: lizarder on June 10, 2023, 10:17:09 AM

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

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.

For Altcoins there may be similarities but also not entirely like gambling, although in practice altcoins are like betting to determine the price in the next period. I think there are a lot of differences between crypto and gambling, especially when we talk about bitcoin, even though altcoins are similarly based on luck in guessing the price. For the problem of risk, it has another meaning to connect gambling with bitcoin because in bitcoin we bet risks that are clearer, with the understanding that knowledge will minimize the risks that will occur.

Most people have not studied historically about the movement of bitcoins and they often try their luck instead of trying to analyze it instead that's why sometimes they think bitcoin is full of risks associated with gambling. Bitcoins can be considered as a store of value in the long term and this is one of the reasons that distinguish bitcoin different from gambling.

The different between gambling and investing is small different only and I think there are a lot of differences between crypto and gambling, especially when we talk about bitcoin, even though altcoins are similarly based on luck in guessing the price and In gambling, it's more of luck or based on the performance of a team in sports betting. Also, profits can be obtained within a short period of time and Investing and gambling are common in terms of risk and involvement of money for the aim of acquiring profits.

Topic: Is Crypto another form of gambling? - page 8. (Read 1534 times)