Topic: Mining is Gambling? - page 3. (Read 5116 times)
It might be compared to gambling, nowdays specially when price is so low. But before, it has always been profitable, if you have electricity available at a cheap cost.
Do you think mining with a hardware or cloud mining contracts is like gambling at this point in time?
It's like betting on sports; you are not sure you will profit. You do a calculation (or you don't) and you go with it.
Can you do me a favour.. please change your signature.. please please.. 
BTC mining at favorable odds is investing.
BTC mining at unfavorable odds is gambling.
Most people use definitions as they want. Some say putting up any money of any kind is a gamble even when odds are in their favor.
BTC mining at unfavorable odds is gambling.
Most people use definitions as they want. Some say putting up any money of any kind is a gamble even when odds are in their favor.
WoW... golden words. I love the way u put it
Odds can be calculated in mining and none can cheat u here in terms of odds like a gambling site.
Do you think mining with a hardware or cloud mining contracts is like gambling at this point in time?
Yes, you're taking a gamble, because you don't know what the price of Bitcoin will be in the future.
This is not gamble it luck.
Who is lucky will have more who is not wont.
Simple
Who is lucky will have more who is not wont.
Simple
google translate has failed you my friend.
Simple
BTC mining at favorable odds is investing.
BTC mining at unfavorable odds is gambling.
Most people use definitions as they want. Some say putting up any money of any kind is a gamble even when odds are in their favor.
BTC mining at unfavorable odds is gambling.
Most people use definitions as they want. Some say putting up any money of any kind is a gamble even when odds are in their favor.
Not really.
These Cloud miners are just a risk. Is crossing a road without looking both ways necessarily gambling?
These Cloud miners are just a risk. Is crossing a road without looking both ways necessarily gambling?
This is not gamble it luck.
Who is lucky will have more who is not wont.
Simple
Who is lucky will have more who is not wont.
Simple
IMO mining is gambling. Mining is gambling on the difficulty hikes. If difficulty do not continue to rise exponentially, miners win.
If miners "win", ie, profit, then difficulty will continue to rise exponentially until they no longer win.
But you have to reach it.
When you look at thinks from perspective it sometimes a big gamble.
IMO mining is gambling. Mining is gambling on the difficulty hikes. If difficulty do not continue to rise exponentially, miners win.
If miners "win", ie, profit, then difficulty will continue to rise exponentially until they no longer win.
IMO mining is gambling. Mining is gambling on the difficulty hikes. If difficulty do not continue to rise exponentially, miners win.
If miners "win", ie, profit, then difficulty will continue to rise exponentially until they no longer win.
IMO mining is gambling. Mining is gambling on the difficulty hikes. If difficulty do not continue to rise exponentially, miners win.
mining is very predictable. no deep strategies are needed either.
Really? Then please predict me the next difficulty change and the difficulty in 6 months.
Do you think mining with a hardware or cloud mining contracts is like gambling at this point in time?
According to Bitcoin protocol, luck is the inherent factor of Bitcoin mining, say it is hardware mining or cloud mining, because, given the same hash power, you never know who is going to find the correct hash before the other.
This. I don't say "mining bitcoin", I say "lottoing". It's only by chance that one finds a block. Mining in a pool makes it more steady, but it is gambling nevertheless. No problem though, it's possible to make money gambling and mining is very predictable. no deep strategies are needed either.
Do you think mining with a hardware or cloud mining contracts is like gambling at this point in time?
According to Bitcoin protocol, luck is the inherent factor of Bitcoin mining, say it is hardware mining or cloud mining, because, given the same hash power, you never know who is going to find the correct hash before the other.
You'd have to define the term "gambling" to me first. Wikipedia defines it as:
"Gambling is the wagering of money or something of material value (referred to as "the stakes") on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods. Gambling thus requires three elements be present: consideration, chance and prize"
By that definition, Id have to say it is indeed gambling. Your investment constitutes consideration, future difficulty is uncertain and for most people the intent is to profit. At the same time, I have trouble seeing how any form of investment wouldnt constitute a gamble using the same definition.
"Gambling is the wagering of money or something of material value (referred to as "the stakes") on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods. Gambling thus requires three elements be present: consideration, chance and prize"
By that definition, Id have to say it is indeed gambling. Your investment constitutes consideration, future difficulty is uncertain and for most people the intent is to profit. At the same time, I have trouble seeing how any form of investment wouldnt constitute a gamble using the same definition.
Yes, it is gambling.
You'd have to define the term "gambling" to me first. Wikipedia defines it as:
"Gambling is the wagering of money or something of material value (referred to as "the stakes") on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods. Gambling thus requires three elements be present: consideration, chance and prize"
By that definition, Id have to say it is indeed gambling. Your investment constitutes consideration, future difficulty is uncertain and for most people the intent is to profit. At the same time, I have trouble seeing how any form of investment wouldnt constitute a gamble using the same definition.
"Gambling is the wagering of money or something of material value (referred to as "the stakes") on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods. Gambling thus requires three elements be present: consideration, chance and prize"
By that definition, Id have to say it is indeed gambling. Your investment constitutes consideration, future difficulty is uncertain and for most people the intent is to profit. At the same time, I have trouble seeing how any form of investment wouldnt constitute a gamble using the same definition.
I'd change the poll if I was you. I can choose 3 out of the 3 options. So I am able to vote for yes and no at the same time 
Do you think mining with a hardware or cloud mining contracts is like gambling at this point in time?
You can't call it gambling, as its clearly not it. However, some people think that there is a risk while investing in cloudmining contracts , however, if you take decisions in a wrong way, then it might just be. Jump to: