Is gambling with cryptocurrency the same as gambling at a casino? Differentiate

dunfida

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Quote from: Rol4y on November 19, 2024, 10:43:41 AM

Quote from: ? on October 31, 2024, 02:54:45 AM

Cryptocurrency gambling can be seen as similar to gambling at a casino in the sense that both involve risking something of value in order to gain something else of value. You can be on the winning side today and on the losing side tomorrow too. However, here are some key differences between these gambling. Gambling games are games of chance where you could theoretically win or lose, but there is monetary value involved.
Gambling is based on chance, while cryptocurrency is based on mathematics/calculations and cryptography.
With gambling, you are betting against the casino house and board members, but with cryptocurrency you are betting against other people that have more or the same and similar amounts of money as you do.
In casino gambling there is usually a guaranteed win for them because they have an edge on their games while in crypto it requires strategies and skill to top up your game.

In my opinion, you can't compare gambling and trading with each other. They are different things. The level of risk is high in both, but for me, gambling is just a game, while trading is a serious analysis and approach.

Why people cant really be just that able to determine things in between investment/business comparing into for leisure time or entertainment? Using up our own common sense then we will really be able to determine or able to know that this is really that two different things on which it would really be needing up that two different approach. The main issue on where is that these people are really that trying out to apply when it comes to gambling behavior on which they will really be having that kind of possibility the risks will really be increased up even more. Also, if we do really make out some in comparison about investing then there's really that a specific level of risks but it is way more smaller or lesser than we do really speak or talk about for long time source of income.

It will really be just that impossible that you cant be able to distinguish the level of risk in between two. There are those who are really just that delusional because they are really that expecting too much.
So it will really be that up to you whether you do make use of your crypto on whatever aspects. Playing on it using crypto or simply playing fiat on a casino is really just that the same.
As long it is really that pertaining to gambling we do know that risks.

Rol4y

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Quote from: ? on October 31, 2024, 02:54:45 AM

Cryptocurrency gambling can be seen as similar to gambling at a casino in the sense that both involve risking something of value in order to gain something else of value. You can be on the winning side today and on the losing side tomorrow too. However, here are some key differences between these gambling. Gambling games are games of chance where you could theoretically win or lose, but there is monetary value involved.
Gambling is based on chance, while cryptocurrency is based on mathematics/calculations and cryptography.
With gambling, you are betting against the casino house and board members, but with cryptocurrency you are betting against other people that have more or the same and similar amounts of money as you do.
In casino gambling there is usually a guaranteed win for them because they have an edge on their games while in crypto it requires strategies and skill to top up your game.

In my opinion, you can't compare gambling and trading with each other. They are different things. The level of risk is high in both, but for me, gambling is just a game, while trading is a serious analysis and approach.

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Quote from: davis196 on November 18, 2024, 06:55:24 AM

The bear strategy is a bit different than the bull strategy. You sell and wait for the price to drop, so you could buy at a cheaper price.

Or you can just trade in short position, you will make money without need to wait the price down and wait until the price rise.

Quote from: Akbarkoe on November 18, 2024, 11:30:50 AM

I think it's the same as you gamble, but when you have bought bitcoin that you used to think was gambling if you hold it for a long time you will realize and know then you know about bitcoin, you are saved from gambling attitude on bitcoin (unless you make a sale because of panic when bitcoin is correcting).

It's already different, if you hold Bitcoin for a long time, you're inventing instead of trading or gambling.

Quote from: Wiwo on November 17, 2024, 04:20:54 PM

Cryptocurrency trading is a skills-based activity, and how much profit you make depends on your skills and knowledge about the market, unlike gambling that skills don't work, and only luck does this is the situation where a gambler depends solely on his luck to win, but in trading, at last, the trader could speculate his expected profits.

Skills do work in gambling, it just depend on the games you play.

If you play sports or poker, your skills will increase the chance to win, the same thing like trading. Bitcoin or other assets are inevitable with black swan event, if something happen, it can make the price to fall or rise.

justdimin

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Quote from: ? on October 31, 2024, 02:54:45 AM

Cryptocurrency gambling can be seen as similar to gambling at a casino in the sense that both involve risking something of value in order to gain something else of value. You can be on the winning side today and on the losing side tomorrow too. However, here are some key differences between these gambling. Gambling games are games of chance where you could theoretically win or lose, but there is monetary value involved.

This has been talked about a million times before, but to give an exact return, gambling has different ways so it is not really anything exact. What we are seeing at gambling is against casino and against others. In games like slots and what not, we are gambling against the house, whereas seeing this current situation where you play others that makes it a lot better.

When you are talking about gambling against others that is a bit remotely similar, not exactly, but at least you are earning what others are losing, so there is a similarity a bit, whereas if you are going to end up playing against the house then you are not going to get a good return at all and you will lose, trading doesn't make you automatically lose, you "may" lose but it is up to how good or bad you are. Gambling basically makes you lose, that's the difference, and if you are a terrible trader then you will become a gambler and I have seen plenty of gamblers like that, who gamble while trading.

Akbarkoe

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The difference between gambling and buying some crypto coins is that if you lose in gambling then you lose your money, but if when you lose money on crypto or lose, your coins still remain in your wallet, you only lose their value and that is a very clear difference, but the gambling attitude can also be applied to crypto, like you don't understand why you invest or buy a coin of a crypto project it's the same as gambling, and another example is when you don't know why you buy and just hope for a profit, I think it's the same as you gamble, but when you have bought bitcoin that you used to think was gambling if you hold it for a long time you will realize and know then you know about bitcoin, you are saved from gambling attitude on bitcoin (unless you make a sale because of panic when bitcoin is correcting).

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Quote from: ? on October 31, 2024, 02:54:45 AM

Cryptocurrency gambling can be seen as similar to gambling at a casino in the sense that both involve risking something of value in order to gain something else of value.

Indeed, cryptocurrencies have some similarities with gambling and I call investing in cryptocurrencies a game of roulette, because the success of random investing in cryptocurrencies depends on the same randomness as in a game of roulette.

Although the end result in cryptocurrencies and gambling is money, which achieved in different ways. Cryptocurrencies are not games after all, there is no gameplay.

Quote from: ? on October 31, 2024, 02:54:45 AM

You can be on the winning side today and on the losing side tomorrow too.

What is our life? - The game!

Quote from: ? on October 31, 2024, 02:54:45 AM

Gambling is based on chance, while cryptocurrency is based on mathematics/calculations and cryptography.

Gambling is also based on mathematics, much more than luck. Gambling is mathematically designed so that the chances of winning are tiny.

Quote from: ? on October 31, 2024, 02:54:45 AM

With gambling, you are betting against the casino house and board members, but with cryptocurrency you are betting against other people that have more or the same and similar amounts of money as you do.

But isn't this what gambling and cryptocurrencies have in common? We always play against "someone". The amount of money in the casino or in others doesn't fundamentally change anything in this scheme.

Quote from: ? on October 31, 2024, 02:54:45 AM

In casino gambling there is usually a guaranteed win for them because they have an edge on their games while in crypto it requires strategies and skill to top up your game.

There are no guarantees in gambling, and in cryptocurrencies, strategies and skills alone are not enough, because the market is virtually unpredictable and can be influenced by almost any player.

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Well in gambling there's always just one ending if you keep on playing, you lose.
In investing or trading Bitcoin and other cryptocurrencies, you can somehow save a part of your money if you can pull it out before it goes to dust, as long as you are monitoring the market.
I think I will always just choose trading instead of gambling if I really am aiming to make profits. Gambling is a leisure to keep your head off from problems and be entertained, that's the only purpose of it. Trading is like a job that you need to keep a keen eye on so that you can somehow predict the market and make money from those fluctuations.

davis196

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Quote from: ? on October 31, 2024, 02:54:45 AM

Cryptocurrency gambling can be seen as similar to gambling at a casino in the sense that both involve risking something of value in order to gain something else of value. You can be on the winning side today and on the losing side tomorrow too. However, here are some key differences between these gambling. Gambling games are games of chance where you could theoretically win or lose, but there is monetary value involved.
Gambling is based on chance, while cryptocurrency is based on mathematics/calculations and cryptography.
With gambling, you are betting against the casino house and board members, but with cryptocurrency you are betting against other people that have more or the same and similar amounts of money as you do.
In casino gambling there is usually a guaranteed win for them because they have an edge on their games while in crypto it requires strategies and skill to top up your game.

In gambling, you bet money on a certain outcome. If the outcome occurs according to your bet, you make profit. If it doesn't occur, your bet is lost.
In trading, you buy an asset(currency, gold, stocks, crypto, commodities, etc.) and you wait for the price of that asset to increase. If you sell at a lower price, you calculate a loss. If you sell at a higher price, you make profit. The bear strategy is a bit different than the bull strategy. You sell and wait for the price to drop, so you could buy at a cheaper price.
Trading isn't the same as gambling, it has different risk management and you don't rely on pure luck. I understand why so many people make the connection between trading and gambling, in both cases risk is involved and the probability of losing money is high.

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Quote from: LUCKMCFLY on November 17, 2024, 01:36:14 PM

Quote from: Wiwo on November 05, 2024, 04:02:51 PM

Edited out

I agree with what you say because it is market speculation and not gambling, the entry cannot be done by gambling because if you win at some point that luck can end, and that is not what is recommended, in my opinion not even futures trading is gambling, it is something that will always be seen as a basis for doing any operation, I see trading of any temporality can be done knowing and not guessing, and trading can be done with crypto and fiat money, the important thing is that trading is not seen as gambling.

That is the point I want everyone to understand about the concept of trading Vs gambling because a lot of times, many forum members tend to misunderstand this concept and also may tend to go in the wrong direction to speculate trading, thinking it works based on luck as gambling does.

Cryptocurrency trading is a skills-based activity, and how much profit you make depends on your skills and knowledge about the market, unlike gambling that skills don't work, and only luck does this is the situation where a gambler depends solely on his luck to win, but in trading, at last, the trader could speculate his expected profits.

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Quote from: Wiwo on November 05, 2024, 04:02:51 PM

Trading without skills is pour gambling, because at that point you will be mislead by emotions and feelings, but when you trade with skills, you suspend your human feelings and at the same time focus only on the technical aspect and devoid of feelings or emotions, this is what make the difference between a pro trader and a newbie who lack basic trading ethics.

Going by this, before we call gambling as trading or taking trading to. Mean gambling, we muct identify and point out the various differences between the two.

I agree with what you say, because it is market speculation and not gambling, the entry cannot be done by gambling because if you win at some point that luck can end, and that is not what is recommended, in my opinion not even futures trading is gambling, it is something that will always be seen as a basis for doing any operation, I see trading of any temporality can be done knowing and not guessing, and trading can be done with crypto and fiat money, the important thing is that trading is not seen as gambling.

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Quote from: ? on October 31, 2024, 02:54:45 AM

In casino gambling there is usually a guaranteed win for them because they have an edge on their games while in crypto it requires strategies and skill to top up your game.

You know I’m still tryna figure out what you actually mean by this here, about having a guaranteed win in casino gambling, I’m a little bit confused and would really need clarification because I hope you’re not implying what i actually think you’re trying to say, because you’d be total wrong to say there’s a guarantee of win in casino gambling and I’d be happy to hear you give you some reasons to why I should feel otherwise about this opinion.

Well, the answer to your question (which you already attempt to answer) is quite simple. While it’s true that both involves risking something valuable with expectations of gaining back something even better, the approach and strategies are where the differences lies, in casino gambling, luck is the major determinant of victory regardless of the level of your skills and experiences, while crypto gambling or trading is quite the opposite, you need more of skills and experience than you need luck to ensure a good result.

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Quote from: Strongkored on November 03, 2024, 07:20:50 AM

It will look the same if you do trading without skills such as only using feelings and relying on luck but if you do trading with good skills then it is very different from gambling, it's just that both are equally risky, risky to lose money but the risk in trading can be minimized by doing it with good skills and management.

Trading without skills is pour gambling, because at that point you will be mislead by emotions and feelings, but when you trade with skills, you suspend your human feelings and at the same time focus only on the technical aspect and devoid of feelings or emotions, this is what make the difference between a pro trader and a newbie who lack basic trading ethics.

Going by this, before we call gambling as trading or taking trading to. Mean gambling, we muct identify and point out the various differences between the two.

doomloop

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Quote from: Strongkored on November 03, 2024, 07:20:50 AM

It will look the same if you do trading without skills such as only using feelings and relying on luck but if you do trading with good skills then it is very different from gambling, it's just that both are equally risky, risky to lose money but the risk in trading can be minimized by doing it with good skills and management.

Even if we do trading with skills and a little bit of luck, it will still be like gambling at the casino because there are also skill-based games on it. If you still believe that they are not the same, then you must say that trading is more winnable or less risky. The reason why people see trading as a very risky activity, is because they think it was very hard (which is true at first) because there are different things involved like doing an analysis, using complex tools, etc.. but once you learn them, you will say that it was only easy and you will now become profitable towards it.

Gambling on the casino other hand is easy to play because we will mostly just place a bet and push that run button but what makes it hard (to win) is it is mostly working randomly. Trading is not gambling, in a way that there are no flashy images here and sounds, so all must take trading seriously in order to earn.

This is our main goal here. Meanwhile, gambling in casino should be the opposite of it and yeah even for those games who are skill-based. They are only an added variation for some people who likes to think critically like for example when a person enjoys puzzles and mind games and most of the time, they can't also earn money here.

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It's definitely not, there is a huge difference. The biggest difference for me is the provably fair, the casinos in the fiat world is definitely fake and they are designed to make more than what they claim. In fiat world, they say the house edge is 1% and in reality it is 10%+ and they even design it in a way where the early end up winning so when you are starting out, you think they are giving out money and you spend more, and when you get a hold of it, you start losing more and more, and when you enter a huge number, they just automatically make you lose.

This is why I believe we should definitely go with crypto version because there we will see that crypto ones have provably fair and that means we are going to end up with a great return without a doubt. So this is the way we need to move forward, because crypto is better at everything, it's better currency, better asset, better gambling and everything else, just go with it and trust bitcoin.

348Judah

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Gambling is the same irrespective of the used platform, the disparity in which am seeing from what OP is asking was if there is any difference or similarities between crypto gambling and the casino gambling, this should not be a serious concern to know what they have either similarities or differences, i see that it's all about the decision and choice we all make concerning gambling base on our preferences to doing it as we want.

Felicity_Tide

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cout << "Bitcoin";

I'm not sure of how well these two things relates even though i can agree to the fact that some cryptocurrencies are way too risky to invest in. But from an ideal sense, crypto is literally a payment method, which i think most casinos have employed in order to give extra payment options to their customers. IMO, casino should be casinos, while crypto should be crypto. Even from the thread's question, we can of course say that people gamble with cryptocurrencies(payment options) in casinos. But like i said, some cryptocurrencies are too way risky to invest in, but using the word gambling in crypto to compare that of casino sounds little weird to me.

Cryptohygenic

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There is no need to act professional when we are still at a begining level in this crypto industry.
Op you got the scenarios of Crypto currencies and gambling complicated or maybe I should say I was the one who find it hard to understand your terminology.
However, there you would only think you are potentially gambling in the crypto market when you adopt to invest on those hyping Meme Coins which developers has tends to fume adoptors to make quick profits and due to highily volatility level of the coin, you could probably lost it all when holding and anticipating to make profits which literally is based on luck due to unprediction of the coin. You were only probably lured to invest in it because you were convinced due to its hyping.
But Investing on reputable cryptocurrencies would always have you that profit returns than despites its volatility, you just need to keep holding and along the way in time, you could recover and make your profits.

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Quote from: Oshosondy on October 31, 2024, 03:49:48 AM

You do not understand what trading is. That is why you are saying it is the same as gambling. Trading is not gambling but it is very risky just like gambling. Trading is trading. Gambling is gambling.

If it is about going to spot market to trade, that is trading. If you go to casino to gamble while playing some games, that is gambling.

I agreed with you but we could say that they have certain similarities especially when we talk about the risk involvement and that of the emotional aspects that are associated with trading with cryptocurrency and gambling in a casino the same principle of not being guarantee of success irrespective of how long you have been in to it, one of the reasons why at most times trading cryptocurrency is often refer as gambling is because of it's high risk and the emotional devastation with uncertainty of a positive result moreso regarding cryptocurrency as gambling also has to do with the risk of getting involved with a coin that could end up being a scam project and that's the reason why it always advisable to invest in Bitcoin for long term other than any other coins. Ops is still a newbie and with time he will understand better.

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Quote from: ? on October 31, 2024, 02:54:45 AM

Gambling is based on chance, while cryptocurrency is based on mathematics/calculations and cryptography.

You are not comparing gambling with cryptocurrency, but gambling with crypto trading. Crypto trading has nothing to do with mathematics/calculations and cryptography, at least at the mid-user level, and a lot to do with pure luck.

Quote from: ? on October 31, 2024, 02:54:45 AM

With gambling, you are betting against the casino house and board members, but with cryptocurrency you are betting against other people that have more or the same and similar amounts of money as you do.

Crypto tranding and betting are zero-sum games. Although you are right that you are betting against the casino in some sense, in reality for you to win there must be people who lose. You are not winning the casino's money, but the money other gamblers lose, the same as with trading. The casino simply gets a calculated percentage, similar to exchanges. More than the opposing party, they are more like intermediaries that offer an interface.

Quote from: ? on October 31, 2024, 02:54:45 AM

In casino gambling there is usually a guaranteed win for them because they have an edge on their games while in crypto it requires strategies and skill to top up your game.

Strategies and skill are overvalued not only in crypto trading, but in trading in general. University tuition fees, expensive courses, broker premiums from Wall Street's biggest firms, all this is nothing more than an illusion since it has been shown that a monkey throwing darts would obtain similar results.

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It will look the same if you do trading without skills such as only using feelings and relying on luck but if you do trading with good skills then it is very different from gambling, it's just that both are equally risky, risky to lose money but the risk in trading can be minimized by doing it with good skills and management.

Topic: Is gambling with cryptocurrency the same as gambling at a casino? Differentiate (Read 475 times)