Is Crypto another form of gambling? - page 9.

lizarder

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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.

crunck

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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.

minairia3

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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?

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.

Mame89

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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 want to say 100% Crypto is not gambling. Because trading and investing, yes, everything has risks, be it stocks, mutual funds, etc. also have risks, even opening a business in real life also has risks. If it's gambling, it's clear to guess the binary options, but if trading or investing is the same as buying something, if the price goes up, it's a profit, if the price goes down, it's a loss. but the assets that we have don't disappear, but only the value decreases, as long as they haven't been resold, they don't lose, that's called trading. This is just an illustration, if I'm wrong please correct.

Buy chickens to resell, hoping to make a profit, but the market price is dropping again, below the purchase price, so it's our loss.

Buy crypto to resell, hoping to make a profit, but on the market the price is dropping, below the purchase price, so it's our loss.

There are many other examples, there are buying and selling of shoes, food, cars, motorbikes and others

Then, why is buying and selling crypto called gambling while buying and selling chickens is not considered gambling.

In the crypto business, there are investors, there are also market players (buy/sell).

demonica

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If you will take it literally, you cannot consider crypto as a form of gambling but rather as a "form of investment". Investing and gambling are common in terms of risk and involvement of money for the aim of acquiring profits. But it does not mean that they are the same. 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. On the other hand, crypto is closest to investments since there are charts, volumes, and values of different tokens involved. And rather than relying on luck most of the time, there is lots of research and studying of the market required in order to gain profit.

If they want to regulate cryptocurrency, they should consider it as a form of investment not gambling.

kryptqnick

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What something is de facto can be quite different from what something is de jure. Sometimes it's just easier for authorities to approximate one thing to something else for regulation purposes because that something else can the regulations worked out.
The second definition provided by the op seems close enough to crypto investment. Also, I googled and there are no taxes on gambling winnings in the UK, so if regulating crypto investment as a form of gambling would mean zero taxes on crypto gains in the UK, I think that's very nice.

bitzizzix

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I don't care about that statement. Indeed, many equate investing in crypto and even stocks with gambling, and usually their argument is due to uncertainty. And crypto investment is also uncertain, it can go up or down.
But this is a weak argument, and it could be that all activities in life are equated with gambling.
Later in college can also be considered gambling because the results are uncertain, you can get a job or you can also be unemployed. Marriage is also gambling, can be happy can also be miserable. Opening a gambling coffee shop business, olshop business and other businesses can be said to be gambling because it can generate profits or losses, and all of that is uncertainty.
and the most important thing for me is, i only want my money to grow through bitcoin in the form of long term investment. Because actually I never lose because I never sell when it goes down and always sell when the price goes up or reaches a new ATH, it's not like gambling because I lose more than I win and this is clearly different. And I'm talking about reality not about knowledge of either.

Captain Corporate

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Too many people are acting as if there are situations where you need to end up with a "bet" and that's the trouble in the market. In any case, I do not think that its gambling, if buying up stocks is not gambling, and if forex is not gambling, if gold is not gambling, hell even keeping your money at fiat is not gambling, then crypto is not gambling neither. I believe that we are doing fine right now and that should be the case for the longest time. I know that its going to take some time but we will end up with a good situation when the time comes and we need to focus on what we could do when we can. Just invest smartly, do not be doing anything crazy and that would be a good thing for you in the end, making silly investments could be risky.

TheUltraElite

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So anyway, I applied as a merit source :)

UK MPs can say what they want, it does not change what bitcoin is.

Bitcoin trading may be a gamble but crypto itself is not. I think this is what they were trying to say while making this statement. Considering the past history of volatile prices and people making money off those price by speculating, crypto trading becomes a gamble, though I feel the term is more applicable to the types of trading other than long term spot trading.

Because certain groups of people are against gambling the politicians want to rouse them by using this term. It is better to ignore these lines than attempt to correct them.

jeraldskie11

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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?

According to the Oxford Dictionary, gambling is only called such if you don't know what you're doing. Because cryptocurrency is so volatile, entering the market without any information is just gambling. Many people lose a lot of money in cryptocurrencies due to excitement and investing and trading without understanding how to assess the market. So it's important to understand what you're doing before you decide to trade or invest in order to reduce risks and potentially increase your income in the future.

Aikidoka

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

~snip~
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?

Obviously, the first option is wrong since crypto is not merely a game to be played. However, the second option seems more appropriate imo. Like when discussing about investing in crypto, it involves taking a risky action with the hope of making a profitable return. Gambling is primarily based on luck, usually around 70% to 80% reliant on luck in real-life events, and 100% reliant on luck in slots. On the other hand, when it comes to Bitcoin and other crypto, the level of risk can be reduced a lot if you possess a good knowledge about how the crypto market works. By investing wisely, you can avoid that much risks and potentially make a good return later.

Wexnident

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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 mean, investments can also be a gamble if you just willy-nilly do it. Heck any decision-making can become a sort of "gamble". Even if we consider that gambling would require the involvement of money, well, there are still a LOT of instances where any decision-making actually relates to as a gamble.

Now I don't really agree with it, but it's mostly because my personal meaning of gambling is to use the money to enjoy a game that rewards me with, well, money. The keyword is "enjoy". I have, for one, never enjoyed looking at crypto charts for a single moment, regardless if it was me profiting or not (mostly not tbh).

Adams0001

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Not at all. Because it is a slang term for cryptocurrencies and its related functions, the term crypto embraces a wide range of minor issues.

In the case of new and ignorant consumers attempting to invest in volatile cryptocurrency marketplaces, bitcoin may be associated with gambling.

Because of the volatility of cryptocurrency markets, investing in it is compared to gambling. However, without a good understanding of investment, one could argue that everything is a gamble.

fuguebtc

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If you invest with knowledge, it cannot be called gambling, but if you invest without knowledge, it is gambling. So there is nothing wrong with some people saying that investing in bitcoin is gambling because it involves risk, involves winning and losing. But not just with cryptocurrencies, I think all financial markets are like that. It's all gambling if one has no knowledge of it, and it would be an investment for those with the knowledge.

Whatever it is, it's just a name, it doesn't really matter to me. If gambling can make a profit and enrich me, I don't have too much of a problem with that name.

Stella Mese

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Indeed, there are always many people who say crypto investment is gambling, even though in my opinion bitcoin investment is not gambling because we buy and sell btc according to the agreement, just try to look at the crypto exchange whether you see gambling or not? but as far as I know there is no gambling at all.

even if someone loses from investing in bitcoin, in my opinion, it cannot be called a loss if it has not been sold, because the price of btc has the potential to rise again. and btc has a fluctuating nature. so the point is in investing in btc, practice patience and endurance, , and btc investments are not regulated by other people, so in my opinion, investing in btc cannot be called gambling.

Poker Player

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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?

Some people behave when dealing cryptocurrencies like when they go to the casino, so yes, it is somewhat similar. What I do not agree with is that the regulation is the same. The same thing happens with the stock market, there are those who trade like those who go to the casino and you can imagine how they end up. But there are intelligent investors who make a good profit from the stock market. Therefore, for me the regulation of cryptocurrencies should be more similar to the existing regulation on the stock market.

Dr.Osh

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Of course I don't agree with this. if crypto is equated with gambling, then so are stocks and other things like that. I think this is set up to attract the attention of ordinary people so they think that crypto is gambling. However, a lot of crypto is based on real, or worthwhile, projects. maybe there are some cryptos that have projects related to gambling, but not all of them are like that, for example ethereum, and binance. I think they write things like that to attract readers or create FUD.

Iranus

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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?

Even our life is a gamble, if you live with no direction, no goal, no plan, and you ignore life, then your life is also a gamble, nothing more and nothing less. When you invest and do business without any plan, you just follow your feelings and what you think is right, that is also gambling. People who consider cryptocurrency as gambling are ignorant and do not have any knowledge about it. They only look at the surface, see the risk, and hastily conclude it is gambling. For these types of people, it is advisable to stay away and limit arguing with them because their limited knowledge only wastes our time.

landheer

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In my opinion, investing in crypto or trading in crypto, in my opinion, is not gambling because we all know that, crypto prices move because of market demand (buyer and seller demand) so in my opinion it does not contain an element of gambling because in business there are always profits and losses. .
but in crypto we have to be good at managing buying and selling strategies.

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Quote from: crypticj on June 09, 2023, 09:22:15 PM

For sure. Especially considering that our community treats it like an asset and trade it to get money.

if there is a risk and profit opportunity that doesn't depend on you, then it's gambling.

Crypto literally has derivatives lol, it's the best sign that it got turned into gambling.

It is also not wrong that some people consider cryptocurrencies to be gambling because they involve risk, and above all, it is just person's point of view. If you consider it a form of gambling, no one can argue with you, but just because you think it is gambling doesn't mean that others consider it is gambling too. Cryptocurrency is a financial market like stocks and forex, so you should also consider the other two as gambling. But for those with knowledge, they will not consider them gambling, but call it an investment, because winning or losing completely depends on you.
It's not like gambling that just depends on luck.

Topic: Is Crypto another form of gambling? - page 9. (Read 1534 times)