Bitcoin Forum

What's your thought about this?

I have a scenario for this topic:
John bought Bitcoins when at the price of $18,000 and decided it to HODL.
But after he bought some Bitcoin, the price is starting to decrease, from $18,000 to $10,000 and to $4,000.
So,he already lost his money for almost 50% and he decided to gamble his Bitcoins;

Here's the thing, if you are John and start to gamble, would you bet with high risk (betting with huge amount, betting in low chance of winning, etc)?

Since if it was me, I already lost a lot when I even bought those Bitcoins at $18,000 so the best thing I can do is to gamble it and earn more bitcoins to decrease my loss or breakeven it.

What can you say about this? Or maybe you already experienced this.

after already losing a lot i would tend to gamble with higher risk, you are right.

I would go for betting in low chances of winning than to take a high risk. This exactly what am experiencing right now, I have been holding from 2018 till date and, checking my portfolio's, I discovered that my wallet is not increasing but rather decreasing, so, gambling with the remaining funds with high risk will prompt me to doom and, I hate DOOMED fellow.

Your scenario is similar with this actually https://bitcointalk.org/index.php?topic=5172742.msg52075916#msg52075916

A guy who have "lost" value of btc from $13k to $4k (he didn't sell it yet), then decided to gamble it all for hoping he can recover at least same with his starting investment when he bought btc at @$13k, but luck wasn't on his side, he lost all of his bitcoins.

From that story, i can say gambling has higher risk than you facing bear market. You could lose all of your coins if you don't have any money management and your greediness.

In this scenario, John is actually not losing at all. His amount of BTC remains the same. And to me 1 BTC is 1 BTC even if in fiat that is already losing value. He will only start to lose if he let his BTC slip through his hands through gambling and losing or selling out of panic.

And if I were John, nothing will change in my betting strategies. I mean, I do not bet by emotion. If BTC is going through the worst of bears, I wouldn't be wasting money by trying my luck in huge underdogs blindly hoping to win and recover my loss in fiat value. That is a desperate move that would only worsen one's situation. My bet will always go to whoever I think will win regardless of whether the market is rising or falling.

Gambling is never been an option when we do talk about breaking even with our investments because if you do? Then expect the chances on having some deep losses or the worst you would lost all of the money you do had.You already lose due to volatility and you decided to gamble because you do like on atleast to break even?
What a wrong mindset we do have here,never ever consider gambling to work on that way because it will just worsen up the situation.

Gambling is always risk.It is also dangerous behavior pattern.To gamble with high risk to get  back lost money
There is possible to lost all capital very fast.So better to cool had and be patient

If someone wants to gamble they will find any excuse to do so. Maybe John bought more bitcoins at $4000 and now it's $8000 so he made some money and thinks he can afford to gamble some.

Bottom line: be responsible with your money, bear, bull, or goat - doesn't matter.

Martingale will fuck him up. The chance is really small to get nearly 4x or more from gambling. Instead of doing that, he could increase your Bitcoin with lending or trading. He should have a better chance with those strategies, even though it needs time and skills too.

It's very st*pid idea to gamble your bitcoin even though the price is down. Just like before, bitcoin back to $13k from only $4k, it just needed a little time for bitcoin bounce back or higher than before.
If i were him, i would hold my bitcoin and never do anything else

Too reckless. Maybe that is what i want to say. Because lose in trading or holding not means we can catch it back with gambling. But maybe this thing can be read by other people so they not do same thing like John. It is reckless and careless thing to do.

Actually the reply above was right, he's not losing when it regards bitcoin quantity because that is still the same but the value to the dollar decreased. If Jhon wanted to sell his bitcoin and change into dollars probably the loss was there but if he decided to HODL and patiently wait until it has come back to the price when he invested. Probably he wanted to divert into dollars value that's why he facing the high risk and gamble his bitcoin hoping to recover the lost value of bitcoin due to the downtrend happen. Nevertheless, nothing to be lost if you keep holding on it.

That is right.
But for me that is hard to choose keep hold or gamble it.
Because gambling is more risky than hold. We can lose all our bitcoin if choose wrong pick.
But if we only hold it, we don't see any profit progress.
I prefer gamble it with low risk formula, small profit but not too risk, so we can look progression on our Bitcoin.
If lose all just forget it.  :D

It's definitely John's choice to gamble or not to. If I were John I will never gamble. Well, in my own opinion gambling is more way in losing coins. Yet, even though that's the case for me, I don't stop gambling. I don't know why. Anyway, If I were John, I will just HODL it until another bull run. Who knows, probably it will go up right? Remember the first rule of gambling, don't be greedy.

In such circumstances John only has 2 choices. First he has lost the value of Bitcoin and holding must also require a long time to restore its value. And the second way is betting, betting there are also two choices. In order to reduce the loss at the beginning or bet and eventually lose it all. So betting in this case the risk is very high, even losing all the bitcoin you bought at $18k

His psychological will look like this: bet a little, win a few times and then increase the bet to try to recover the lost when he bought BTC at $18k, he starts to lose, increases the bet bigger and continues to lose. In his mind he would think that anyway $18k was lost, so play all the rest, of course he will lose everything  :D and the ending is according to your imagination.

For me, I will bet but not that high; I will make sure that I will recover my losses. Yes, you most not catch our losses in gamble because of the possibility of getting back your more is dependent on the odds of which game do you play, skilled that you have, especially if you are lucky and vice versa. But in this scenario, I much prefer to gamble all the remaining money because, in the very first place, I lose almost 50% of my bitcoins value, even I'm just holding or doing nothing. But in gambling, I'm sure that I can fight for my money because I will choose the game that I'm sure that I can increase my money. :)

Provided that the amount of Bitcoin is still the same, you should not gamble it, that's not the best way to cut loss, if you are in bad luck you eventually lose everything and you will feel really bad once you find out that Bitcoin reach another all-time high much higher than the price you bought or even double of that price, the thing to do is to extend your patience, this is the struggle that you have to work on.

He is very impatient and can't wait for the next all-time high to gamble your Bitcoin, it's double jeopardy if he loses all his Bitcoin, he should just extend his patience to the fullest, he can lend his Bitcoin, other people are now selling everything they have I know some people, to buy Bitcoin because of the ETF approval and the next halving, so stuff yourselves with good news and hope.

Still @ 1:1.

No difference at all whatever the USD value of it and he will play on a crypto gambling site. John will gamble his bitcoin at the same quantity when he bought it.

Honestly, it's way wiser for me to gamble during a bear market where coins are fairly cheap, only if I will start at the scratch meaning from my fiat to bitcoin. Of course, this is not applicable to those coins who bought at a higher price, although there is no difference at all using those in gambling, at least for me. John on that case should extend his patience no matter what.

He will just lose if a) he loses all the BTC in gambling, obviously b) he sold it for a lower price.

If I am in his shoes and losses his Bitcoin in gambling because it's gambling and there's no guaranty of winning than holding your coins, I will be very frustrated, Bitcoin is not on it's way to bubble to gamble it away, majority of us will advise you not to gamble it and only gamble what you can afford to lose but not to lose everything you have.

Emotions are biggest problem in gambling even over patience also not good in gambling. If you are good in analysing the game you can stay in gambling or you can move out of gambling industry which is better for you.
If you see the value in cryptocurrency nothing is bigger value while you are on bear market.

If I was in his place I would find something more safer than risking it all and depending on luck.
Since he already lost more than half of his money why wouldn't he look for a solution this is more of a suicide if you'll ask me.
There are other ways not just gambling he bought it to earn not to gamble so why not try to learn something more important rather to cry on his lost.
We have trading surely he could manage to pull it off if he could get a proper guidance on how to trade.

Well, that is was his decision. Probably he thinks that better to gamble than to sell his bitcoin holding. Due to his impatient, he putting himself self to risky stuff and make things worst. But upon on this crossing the risk if he going to succeed it might be doubled his bitcoin hold. Indeed, it is very risky but who knows he will be made it and won on gambling that he made choice. But the fact is nothing's lost with him, still @1:1 ratio.

I would probably hold instead and wait for the price to increase a bit more to recoup my losses. If I actually started betting, that would make it seem like that the coin I had is the same as others. Technically speaking, it is. But the price of myncoinwas 18000 while the coin id be receiveing would just amount to be around 4000$. This just shows further the mistakes I made so I'd rather hold instead,

The obvious point is dont store large personal amounts of BTC on a casino over a long time.  I've done the opposite and accidentally left a small amount for like almost half a decade and didnt mind that mistake because it went up in value but the initial value wasnt anything much so it didnt matter.   I dont advise doing the opposite and hoping everything works out, its a needless risk just deposit what you intend to use in the next week is a fair take and not too much hassle to do.

  As for the scenario do I take more risk while in a bear market, I think I do because its there to be used.   I would guess more volatility in a bear market, people want to use not store the basic BTC so much and that'd include putting it through some betting tables.

The mindset you should always be in is lost money's lost and whatever you're making after a loss is just profit and you're not trying to make back what's been lost. It sucks to lose money, but it sucks more to lose it all instead of losing a certain percentage of what you invested. I'd actually just cut losses in this scenario and keep whatever's left and maybe sell off some of the coins, though I'd prefer to keep at least a bit of coin for when prices rise back up again. Bitcoin's great and you've got a great chance of making money with it, but at some point you need to just cut losses.

Don't gamble things away especially if you cannot afford to lose that money, though you shouldn't be investing money you can't afford to lose in the first place.

if we are already in the bear market and the price just stays there then i dont think its risky but i actually think that its more easier for me to to transfer and spend my coin inside the gambling platform but if i were on the scenario on the topic i will understand that bitcoins are volatile so ill accept whatever price it ends after purchasing some  . if my goal is to gambling , i will still gambling   . status of the market wont stop me for my agenda  .

That isn't true even not in the bear market gambling is very risky way oas source of income just play gambling for haing fun. john experience a lot of loses is because he buy bitcoin at high price value then, he want to goes back the loses for quick using gambling of course possible to double the money and possible to goes back their loses but the risk is possible to loses all their bitcoin because gambling is the play of winning and loses.

Come to think that those coins are still intact even if the usd value had decreased but the amount of bitcoin hasn't so it will just matter if he would just simply hold and wait up for recovery because cutting losses on these prices will cost you 60-70% I guess and making gambling as an option for recovery is just really a stupid mistake to make.
We know on how risky gambling is and chances that you wont see your bitcoins or coins ever in your hands.

I wouldn't want to gamble with my Bitcoin when the price is really decreased or dipped.
I rather gamble with altcoins or buy a sudden Bitcoin for gambling than use the ones I have before. Or better still, pause on gambling till a price pump.
So even if I gamble lower or higher, losing a Bitcoin in a gamble in a bear market can painful.

I wouldn't add more risk with the losses that I have. The thing is it's the bitcoin price that decreases and not the quantity of bitcoin you hold. I prefer to hold it until the price goes high. I'll just make the situation complicated if I do gamble with the losses that I have. There's still a chance to recover by taking it to the level of being calm without doing anything. And losing as you gamble is a different thing, so if I'm already in a lose with my holdings, I'll exert effort of buying more instead just like the usual trader and investor advice.

You are betting an amount of bitcoin which you already had since the bull market. For me as long as you haven't cashed out your bitcoin you are not losing anythig yet. You might see it as a loss if you will look at it at the current fiat value. However, since the bitcoin price is down, you will have to bet more bitcoin to gain more fiat value as a reward and I will agree that would put you in more risk.

One of the reasons why I think gambling activities are lesser when the price is down.

I understand the long wait but gambling your Bitcoin because of impatient, is like giving it away, there's a 50-50 chance of the outcome but you must understand the house edge, and the ratio of bettors who losses in gambling, only proceed when you think of the consequences, do not let emotion gets the better you, it's a game between emotion and sound judgement.

I think you have a chance to recoup and make a profit much less than to lose everything. It depends how much you are a gambler and whether you can stop in time. If you decide to start, I would recommend betting small amounts at the beginning.
Better wait some more time.

That is true sir gambling is never be an option to get your loses in bitcoin. Maybe you are lucky now in gambling. But not everytime you are lucky so be wise you can trade or you can use your money in a good business than to gamble. You can not lucky everytime so once you lose again your money in gabling what you do next?  Better to think first before you do a decision.

If bitcoins were bought for the purpose of holding why bother with gambling them to grow your account???

As far as I know crypto value is constantly changing, it's never fixed so such change is inevitable and if I was John I would stop looking at my account balance or btc price for a while if price fell that bad.

Gambling with bitcoin or even alternative coins doesn’t care about the value of each coins because we Bet with the volume of crypto and not the value of this,for me I will do the same because at the least as the market continue to fluctuate it will be harder to expect from the pump so make your own way of earning and that is by gambling,but I will not bet with huge amount every roll instead I will take my time to enjoy than to focus on earning because greediness will result to another failure so why not just be happy and play

It’s not being impatient,it is looking for another way of profiteering since this market offers many sides to profit and not just by Holding.gambling offers us the chance so why not grab in some cases?as long as you will play with good attitude surely chances of winning is always there

@GreatArkansas if I were John who had already lost money due to the fall in prices, I would not be comfortable to gamble all my coins. At this stage I would plan out how many Satoshis can I afford to loose, and what scenarios would require me to have cash in hand and after planning for all possible scenarios I would start gambling again. It’s pertinent to note that I would not gamble all my Satoshis in one go, if I’m having a bad day I’ll stop to gamble and try my luck some other day.

Simple reason “Impatient” mate and that only prove that the said person don’t deserve to HODL because of not having attitude of waiting.the big problem is if he’s losses all in gambling then where do he begin again?

Yeah gambling and investing are both risky but we must always remember of what’s the main goal when we enter and out our money here

If we’re for HODL then close you eyes for the market prices and indicate the exact time of withdrawal.so you will not be affected of the fluctuations in which mostly the reason of panicking

With bitcoin the market recovery happens someday. Upon the same I never look upon the price of bitcoin changing with time. I simply go spending same as that I spend when the price of bitcoin is $18000. Here I never go for higher risk, I will be spending same as that I spend normally. This way risk always gets associated with gambling unlike the market trend of bitcoin.

noice   .  i think if i were john i will also do the same  . im a person that cant afford to loose big  , its enough if i loose some and i wont let to loose again and im not also addicted to gambling so i can hold any cryptos that left on my purse .

yes  . i see that the stats of some gambling sites that i visit are growing drastically during every bear season . maybe , that is because people loose some the value of thier investment and they want to recover it in the form of gambling

I think I don't want to spend my bitcoin for gambling. Even if I want to gamble, I will convert it into other coins that are not too high to buy. I will use dogecoin rather than bitcoin. If I still use bitcoin, even if I don't lose too big, and I still lose the value of bitcoin, which I cannot risk more. But whenever bitcoin price increases or decreases, I never use high risk in gambling because I am too afraid to lose too much bitcoin because of playing gambling. But if I gamble with other coins, I can accept the loss of the coins because that is different than I use bitcoin.

This has been already said on earlier replies above that Jhon is being "impatient" or he badly needs the money and wanted to double his bitcoin holding just to cover the loss he has. Actually, nothing has been lost to him because that is the same if he had 1 bitcoin it will remain 1 bitcoin. If you are investing in a short period of time then you might face this possible risk. Once good luck is on your side, you probably get profit from what you have lost.

A lesson to learn, Jhon should always know the possible risk of holding bitcoin, not all the time is on the bulish market. Remember that the patient and accumulating of bitcoin is the key to have a better profit.

Maybe that john really get pressured with price bitcoin that he already bought and then don't think it can recover again. But do gambling with rest money is bad thing to do. Glad maybe it is only scenario like what OP said, but maybe out there a lot of people already did that.

Basically it is a different path. In gambling when I buy bitcoin to gamble and then bet then I don't really know about the outcome, whether it's losing or winning. So, when I start buying bitcoin just to gamble then when I get a win then next I will immediately cash in the profit and some will return to bet, but when the result loses it is a risk in gambling and all of that will happen quickly because in Gambling money can disappear and increase with fast time. So gambling has nothing to do with bearish or bullish markets.

In the scenario at first John buys bitcoin for HODL and then John decides to gamble because the market is bearish. Remember, if you gamble with a situation like that then you will completely lose everything because you are gambling with a very chaotic mood. So in my opinion this is very clear, a case like this is something very different.

If I was in the situation of John I would pick a game where it doesn't purely depend on luck like sports betting. If I'm lucky I can even recover my capital. I would bet it on the NBA where for me is more easy to predict the outcome of the game than other sports. I will analyze the players, listen to some analyst or just bet on the more popular team.

Jhon should be more responsible on his finances, because if he still get used to it committing such unreasonable decisions nothing will improve on him. Holding bitcoin do have higher risk while bearish market took dominance of the opportunity, but if you associate that with gambling much better if we choose being a holder. If you remain so serious with gambling, negative results will come or you're possible of losing all of your funds.

maybe I will do 2 things when experiencing a scenario like this in order to minimize the risk of further loss
1. withhold for a long time a portion of the existing money or by taking steps to trade in order to make a profit

2. the rest is used to play gambling, by having a winning target to be achieved and of course always using the method of calm, relaxed when playing to be able to control emotions

The fight is not over for the Bitcoin he purchased, Bitcoin is still here and there are a lot of development in the market, he had no choice but to wait for the market for another all-time high, could happen next year or two years from now, but it's an assets that worth keeping, taking these Bitcoin is like throwing it all away, better set up a lending business, business here, while waiting for another all-time high.

If I am into gambling to make money, I will not think of holding as that's a different story and I'm taking a high risk journey.
Everytime I gamble, at the end of the day, I always convert it to fiat either I loss or win, that's my strategy to avoid getting affected with the price volatility.
if you are doing that, you are not gambling anymore but you are investing, so that needs to be understood by every gambler, they need to minimize the volatility by doing the right strategy.

there is no big profit if we don't risk big also

we all have our own perspective in gambling,but for me if i am going to lose i will do all my best to prevent it from happening

but in this case its different thing because OP is talking about BITCOIN and this is the most potentially and reliably currency in the whole market and having this is like a treasure ,yeah the price is fluctuating now but we also knew it will come back soon

so my answer is NO i will never gamble my dropping Bitcoin instead i will wait

I treat 1 BTC as 1 BTC no matter the valuation is in USD, and IMO if John had no sense of that value in his mind, he’s a blithering idiot on my perspective. We always know that bitcoin tends to come back after a rough market run, and those who lose money are mostly those who are impatient and wants instant gains. I would have gambled a small sum and forget about the rest of the bitcoins that I have so in case if the market blows up again, I at least have something to recover and just lose some thousand dollars.

There is already risk on it when you invested in Bitcoin but it is minimal only. Now the price of it went down below the price you bought it and choose to gamble your Bitcoin, that adds more risk on it and that is called "GREEDINESS". As an investor, you must stay calm and ready in times like this.

If I will put myself in the situation as same as John, I'd rather accumulate more Bitcoin at a lower price (average down) rather than gambling it. In that case, the risk is lesser than putting it in an investment where the risk is at its highest (gambling). We know already that most gamblers end up losing on gambling so why would you risk it if you can think of a better way.

Lucky for me that I didn't experienced this at this moment but for some investors who bought their Bitcoin at early 2018, probably they gamble their Bitcoin just to increase their Bitcoin holdings.

If I were your friend then I will not go to gamble it. It is really hard to accept the fact that he lost his bitcoin. I know that feeling, but we can't blame him if he wants to get back what he loses in his own way. If I were your friend and I have money to invest again, then I will buy bitcoin again at the price of $4000 and wait until bitcoin gets increase again.

In this given scenario, John has two (2) options: either to invest the remaining funds and HODL; or gamble everything with the risks involved.

The decision would highly depend on the immediate need or emergency situation of John if he needs the money right now. Remember that in investing, the results may vary depending on your luck and the situation on the market. Unfortunately, he bought the bitcoins priced when its price skyrocketed ($18,000) but since it has dropped significantly, he can either invest it again OR gamble everything.

Probably gambling is a good idea to gradually regain your losses.  But for me in my own opinion it will be a good idea,  unless if you're really sure that you can easily win and get some profits on it. Because you know gambling is very risky also.wherein uncertain like other option here in crypto world.  Perhaps much better to hold than to gamble because it's veey risky and there's a possibility you will end up to regrets afterwards.

Gamblers attitude is to risk everything ,and that’s the reality.we knew how gambler spend all their money for the sake of winning so there are no difference on what you are saying here mate and regrets are always in the end after we fail for certain things

Indeed sports betting is much safer specially if you have a  good knowledge on the specific sports,you can choose more chances than a regular gambler
But as what you have said still LUCK will dictate on what’s result so chances are either increase the Bitcoin he holds or gone totally

I remember seeing a user in the forum that claimed that something very similar to this happened to him, he was desperate for the losses in fiat of his bitcoin and he decided to gamble in order to recover his losses, and you already know what happens next right? He lost all his money since he was not looking to have a good time, he was trying to get profits and as we know unless you are a professional trader obtaining profits when you gamble is really difficult.

Take time to think deeper, I understand that you are aiming to increase your bitcoin to recover those losses that you have from buying bitcoin when it's already in the peak of its value. But aside from gambling, you can also consider going into trading where chances of losing is much lesser than gambling. Though everything still depends with how good your skills within the chosen venue of activities. But always find more options and be optimistic instead of being too aggressive and losses everything.

This kind of thinking will get you into bankruptcy if not in deeper debts. Everyone has ups and downs in life, imagine if we all went gambling on downs, we would all be in deep shit.

Either call it a lose and get out what you can and learn to live with it or go short with bitcoin, since ATH you could have earned that $18K back many times and you still can. Earn it, don't gamble it.

He's already lost a lot. Although the price of bitcoin has dropped in USD. He has his BTC. Now if he gamble with his bitcoin then here is his chance to lose his bitcoins. We all know gambling is high risk. In my opinion, I will keep my Bitcoin hold until it recover.

Of course if you bought your Bitcoin at higher price then place bet on casino or gambling site, The risk is higher. We all know that gambling is a game of luck. Its is not a skill or talent game that you can master all the probability of winnings.

However, I can recommend one site (https://www.bitbook.ag/) that gives 10% cashback on your losses at the end of the month.

Why do you have to gamble your Bitcoin if you can HODL them? I wouldn't risk to gamble it anyway if I were you since I am not confident with my luck and skills in risking something that is too precious. Just hold them until you see the price getting back to the original price when you bought it. Don't risk something that would give you something in return. But if you don't have any other choices because you badly needed that money, just sell it instead than risking it to gamble. You will never know if you are lucky or not.

Considering your scenario yes it is riskier when we are on a bear market.
But, in this scenario the value of your money are already lost in a considerable amount.
In my opinion, it is silly to gamble cryptocurrencies which are bought in previous months/years. Better buy on the same day some cryptos and gamble with them so you will be playing with the value that you acquired them.

Some people thinks like that. They are desperate to recover their loss and their only option is to gamble hoping they'll win. They are not patient unlike hodlers who can wait for more than a year. Crypto market is unpredicatable so investing what you can't afford to lose is not a good choice.

The risk will be the same I guess since you gamble the same amount of bitcoin without having coverting it with its real value. If you lose bitcoin in gambling then you should think you just loss the bitcoin don’t try to covert it to the future price because you’ll be just frustrated. I will also hold my bitcoin until it makes new ATH, don’t want to use this on my gambling activities.

When you're gambling with Bitcoin, then you're risking your money to the Bitcoin's market itself and of course to the actual game you're dealing with. As a gambler, don't look for the value of your Bitcoin; meaning don't compare its value before or now since you have no control over that. What thing you should focus more on is how you play the game. Compare the quantity of your initial Bitcoin to your Bitcoin you have now.

I never have experience such as this because if the price of bitcoin gradually fall then usually i will cut loss to solved this but not to gamble and seems your purpose while starting gambling is not right that want to recover your losses from bitcoin trading and i think this is not good considering that nothing is certain in gambling and if you lost it then you will get nothing here but if you still insist to gamble then betting on low change of winning would be my advice to you

If we convert regularly we will not be affected with the bear market, actually if we can do it in a weekly basis like cashing out every weekend, we will save ourselves from the bear market. As a gambler, we know that we are using a volatile currency, therefore we should know how to deal with it, if only there's a stable coin that is accepted in gambling sites, this would really help our problem with volatility.

The scariest part of our lives is when we have a mindset like this, the truth is John didn't lost 50% of his money, he have those bitcoins in his wallet, maybe the price went down but the quantity of bitcoins he bought didn't change at all. It is confusing if we didn't know what world we are taking in, also if we didn't know what is the true meaning of "lost" then we lost ourselves and do something teribble just like what John did.

John panicked and started to startle, thinking that he might get back the money that he "lost" in gambling, that is why he did lost it in the end, so becareful what you wish for.

That scenario is most likely applicable in investing, but for gamblers who are focus in what they do, they will do everything just to not suffer from the bear market. They don't need timing to buy and sell, the can just buy now to gamble then withdraw afterwards and convert their fiat. That's the procedure they usually do as they don't keep their money longer in a gambling site or keep their crypto in their wallet to gamble for long term.

That’s very unfortunate, I don’t think it is the best decision to gamble his coins in trying to recover his losses because gambling is a game of luck, John have lost a lot already and in gambling there is a very low chance of winning thus, gambling your coins can only make things worst. If it were me, I would rather hold it until the the next bull run besides, it is bitcoin, we all know it’s going to rise up again in price so we just have to wait.
If in case I got bored waiting I would scalp a few amount and use it to trade instead of gambling because in trading you can use technical analysis to gain profits unlike if it is gaming then it is pure luck.

nope you are qrong because no one is losing until you convert the bitcoin into fiat,always remember that but if your currency(bitcoin or altcoin)is still in your wallet the chances of profiting soon is always there
if he is a gambler then yeah theres a chance of risking the BTC for betting but if not then surely he will remain the coins until Bullmarket comes

The risk is really high when in a bear market compared to when in bull episode and its a gradual one depending on the price point where the risk is to be taken. Using this scenario, what would inform the risk the individual would take would be the quest to get back to the starting point which is the $18k which means the individual would take more risk when the  price is $8k when the target is $18k compared to when price was $15k or $12k. The reason for that is because according to human nature, when you get to a point when returns is no longer the option, maintaining the capital would be the best alternative which is what a rational human being would do in this scenario.

Above I also gave the man advice better to wait for the next price growth. However, I do not agree with you that you can take a little money and engage in trade. Technical analysis almost does not work on the crypto market so trading on the exchanges can be compared with the same gambling, and if a person does not have experience in trading on the exchanges, then he will definitely lose his money. Therefore, let the man try his chance in what he understands well.

Presumably it does happen many times yr2018 when the bear marker entered. I do failed to loss huge amount of percentage in my portfolio at that year, but I never think risking my remaining bitcoin to gamble it. I remembered bitcoin reached $20,000 and straight back going down to until $6,000 where my portfolio really hurts and nothing and all I can do is to wait the market to recover a little bit and sell it in a price that I would be happy and comfortable.

Well, for sure until now you keep holding bitcoin in your portfolio because the price that you invested the price around $20k has not yet hit.
Accumulating bitcoin is the best option while holding or while in a very cheap in the market. But if you are impatient and can't wait when the price comes back to the price where you invested, I think to gamble is the best alternative way to cover the loss but this is risking your portfolio. Indeed, set amount that you can afford to risk or split into two. For saving and for risking in gambling and hoping it will double or triple.

One of the most important and decisive factors in gambling is the psychology.
If you try risk your money when you're in such a situation as the hypothetical muster John, then you're more likely to make illogical decisions and waste your money.

I don't support gambling to cover up loses from other investments. Gambling should only be done with spare cash for a chance of more profits. It's a high risk venture where you do not control the odds totally.

Any trader or gambler should hence learn to control their emotions to avoid getting deeper into losses. And if you can't handle the heat, step out of the kitchen.

If I happen to be John I will hold some bitcoin because the price might just rise again but if I happen to need money urgently and have to resort to gambling I would bet on low risk why?  Because am not a fan of high risk gambling

In my opinion, I think it is not necessary to try and gamble in a casino to win more bitcoins in order to decrease the losses suffered in trading for the trader, because the trader would still be holding the same amount of bitcoins he purchased from the Crypto-currencies trading market. The loss would be even more huge if he lose away all of his bitcoins in the casino, and I believe that would truly be a disaster for that person.

Can give us some example? Usually bitcoin is used with high risk gambling games like dice. It is true that there sports betting but if you will be that scared od betting it on high risk, better save it and trade it with other crypto currency. This low risk may not be as scary as high risks but those games would eat you alive really slow.

Betting in huge amount with high risk is like giving away your money because the chance to win is low and we know gambling is more on luck, you cant recover your losses if its your way to gain it back.

I'd rather hold my bitcoins and wait for the bull run, we know how btc perform we might be in bearish trend now but the time will come the price will recover. Just hold because you wont lose anything unless you already sell.

Gambling risk in playing in a casino has nothing to do about the fall of Bitcoin price.  Once you use this bought Bitcoin to gambling, that is where gambling risk comes in.   If it was me, I would only use 25% of that BTC to gamble if I win then it's good, if lost, at least I still have 75% of that Bitcoin.  Who knows one day Bitcoin price recovered and I believe we never lost any value as long as we don't sell.  1 Bitcoin is equivalent of 1 Bitcoin regardless of changes on its price value.

People tend to avoid gambling during a bear market, simply because they have likely already experienced significant losses because the market is in decline.

Naturally, after losing a lot of money, people go into a risk averse mindset, and are not looking to take on additional risk by gambling. Similarly, you find that when people have come into easy money, e.g. after benefiting from a bull market, they are more likely to risk it to win more by gambling.

This is a common mindset, but not everywhere thinks the same.

It is because many people believe that the bear market should be a time to stock up your wallet and not lose it.
So many people see it as risk taking, especially when they are expect to play with Bitcoin which is obviously has more valuable than other cryptocurrency.
The best way remains playing with altcoins during the bear market..

This is gambling it's hard to break even here or decrease your lost, you are literally giving up your hope to recover all your investment and the worst part is yet to come, you will be in sorry for the rest of your life if you lose all those Bitcoin in gambling and Bitcoin another all-time high, you will carry that for the rest of your life.

But I think if we can use the bear market to buy many coins, I think that will be a good time to collect more coins at a low price. So we will have a chance to make a lot of money if the bear market is ending. That will happens too in bitcoin when the bear market comes to bitcoin. People tend to buy bitcoin when the market is in the bear market because they know that is their chance to get bitcoin at a low price. But some people will stay and don't buy because they already buy bitcoin at a high price.

Related to gambling, people will reduce the time in the gambling game because they will save more bitcoin or altcoin so they will not lose in double time, in gambling and the market.

Recovering your losses through gambling sounds like a stupid idea. People don't understand that you don't incur a loss (even in a bear market) unless you sell your coins. Ups and downs are very frequent in Bitcoin, and the bearish phase that we are seeing looks like a temporary one. If you could hold your coins for at least 6-7 months, then the chances are that the prices will recover and you will be in green again.

During this time, you can gamble using a small part of your funds (I would suggest 10-20%). I am someone who makes a lot of sports bets. And once in a while we get an opportunity to bet using extremely good odds. This happens when the betting site underestimates the chances of a particular team (probably due to lack of in depth knowledge). If you know that the odds given by the site doesn't correspond to the actual probability of their win, then you can go ahead and make a bet. Even if you lose, the losses will be more tolerable.

That is not the point here.

You are so sad and you look at gambling so desperate to take your loss back.

Obviously, a lot of people will say, that will not work but the thing here is that you want to get that loss back and you want it fast. Do you think you will still be that rational guy that will think gambling will solve that problem? No, you are desperate. Emotions can really eat up our brain ignoring rational things to just get what we want. I know that it is the worst solution, but still, path of least resistance.

I'll be depend on my intention, I mean when I bought bitcoin and see it for long term investment then I'll hold it whatever will be. Because, I should know bitcoin is the promising place and in the future its price will high then I buy.

But, if my intention to buy bitcoin just for short term investment because I use lending money or I sell everything my asset to buy it then I'll choose gambling as my last option to recover my money. It is pair enough to face other high risk when I choose gambling, yeah I can feel what your thought at that situation and I'll do so if I were you.

I don't think this is a good idea, and majority of people here will agree that you just want to lose your Bitcoin and this is a bad way to lose your Bitcoin, but if you are comfortable that you might lose your Bitcoin and really want to take a chance then only proceed if you are 100% sure, I wouldn't adviced that I am not your friend but even strangers will not advice you to gamble it.

Exactly, I mean maybe he thought that it is okay to use it gambling because it is not expensive that time and he could make a profit from it if he will try gambling, many people are being tricked by gambling because earning money is so easy in just one roll ( if you're lucky enough to win) and most of the time you'll lose your money, been there done that. The worst part is that after huge losses, people are being provoke and get heated by this making themselves addicted to it, as an outcome they lose even more of what they don't afford to lose.

People does have really that different mindset which it would either they would tend to continue to risk up by means of gambling just to think on how to break even with their losses or would just simply hold up their assets and wait up for some recovery.

As we all know that most people aren't really that patient enough to wait up for long term that's why majority would really tend to gamble since they do know on how fast it can
possibly turn things upside down or in a short time without minding too much on the heavy risk ahead.

You may be correct but this thinking is incorrect, a bearish market is when the established trend is towards a regular ongoing repeated decline in value.   The only thing which makes sense at that point is to use it or lose it, if the value is in decline anyway then its best to gamble and actually use the value current and present today rather then ensure a certain loss of whatever the rate of decline is.

  The risk is actually lower in a bear market comparatively.   The loss from a bet is reduced by the market price falling, if you lost 1 BTC and it was worth 10,000 yesterday and today your 1 BTC loss has a market price of 9000 then you have basically lost less then you thought.    The velocity of BTC should actually be rising in a fall as its better to use up any balances you might have.   On the other side in a bull market, its better to be cautious and bet slowly because you might gain even while asleep.

If the person is losing great deal of mighty bitcoin in gambling, he shall either pause gambling for sometime or shall quit it forever because bitcoin is the asset of crypto market. It is you can say in simple words the diamond of crypto market. Only a fool can think about gambling with bitcoin and keep doing it even when you are going in clear loss.

How about those people who are telling that;
"Bitcoin is so cheap right now, I need to stack and earn some satoshis, I will use my bitcoins or will buy now"
It's also like in trading, some traders want some bear market so they can stack more bitcoins or they will trade in some margin exchanges and short the market, reward=satoshis.
But I don't mean that there are also lot of trader in bear market.

Those that try to gamble in order to get back the money they have lost through trading do not see any other option, they know they cannot recover that money using their trading skills, they are also not suited for long term holding otherwise that would have been their first choice since there is not much you need to do to become a holder, so they see gambling as their last resort, they want to recover their money and they are not willing to wait and gambling offers them an attractive option even if we know their chances of success are low.

I partially agree. If the losses are in fiat value but the crypto he bought hasn't lessened by themselves, they should wait for the price rise as that will be the most beneficial. Because the price of crypto is bound to rise up. But if the losses are actually huge, and the person can afford to lose all balance or it's like urgent requirement with no other option, gambling can be done. I would prefer sports betting in this case with advices of an expert.

Initially thought that this topic was pure BS based on the title alone, but I think your hypothesis might actually be true.

I've personally heard from multiple people who try to recoup their losses (some successful, some others not so much) on their long positions on BTC by trying to make it back via gambling. Especially when people trade on leverage, they are much more prone to that.

So yes, the risk is higher. However, from a casino standpoint, their net revenue might be lower in terms of USD nonetheless due to the bear market scenario that we are assuming to be true.

There was a thread in this section about a testimonial from someone who did that and lost almost everything, I don't know where is this thread but it could relevant to quote it here.
But I don't understand why you say people trading with leverage are much more prone to that?  ??? Why do you say that? Could you explain it?

I don't see bitcoins like that. I don't always check its fiat value and especially the USD value because I don't trade using USD so it doesn't concern me much besides occasional TA. I like the saying that you haven't lost anything as long as you hold. The price market gives you one day can be cut by half or doubled the next day. If you don't like it don't sell.

The above would make me never gamble at high risk only because my coins lost some fiat value this day or week. Don't chase imaginary losses!

I wouldn't do that, my priority is to increase my profit and first of all that's the reason why you invested huge money.
I will not risk my bitcoin for that, we aren't sure that we will win.

I think this scenario is very impossible to happen, there's a lot of obvious answers out there. Why would you spend the remaining money in gambling than waiting for the market to come back again? When we're talking about huge money then let's be more careful.

Hmm, I guess that's why they are called gamblers after all. Personally though I wouldn't go that route by going into gambling and try to recoup, but thanks for bringing that up, I might try that strategy and see how it goes. Been in a losing streak lately, and I think my judgement is clouded here. I think casino's in the long run, will still benefit from this long bearish market as gamblers are more willing to play and risk everything.

I think there is no difference there is always a risk when it comes on gambling. You are going to bet BTC not fiat or dollar so you are going to win btc too no matter what market condition are we in. In fact, we have the advantage we are in about half the price of last ATH, incase we won and bitcoin surpassed the ATH it's a win win.

People become more protective of their money in the bear market knowing how small in value it is becoming. Again another group of people actually buy a bigger stash of coins and send it to their favorite casinos to play with when the market goes down because they get a cheap price for that lot. The first group is mainly the hodlers who gamble at their leisure and the second group is those who are addicted gamblers who had no bitcoins at hand but had cash in hand to buy bitcoins.

After all every gambler will be spending money in casinos no matter the market.

If I were John I would not do it.I know that in gambling there is a high risk of losing any amount of money and trying to recover the price chance with gambling would be extremely risky.You have to have a lot of guts to do this and personally I don’t.I would wait for better days regarding to bitcoin price as a solution.

This is the reality that every gambler understands.
When I was still new in crypto gambling and I have no idea that we can make money through trading, I only cash in and cash out from time to time and volatility does not really matter at all to me as price are not one sided on its movement.

Doing a regular cash out when you win, it will help you minimize the risk of losing some value due to the bear market.

It seems that you have forget the fact that gambling is not at all a way to recover your losses. During the beer market all the bitcoin holders must be in depression/frustration due to their losses by the declined bitcoin prices, a frustrated gambler could never come out of gambling with profits. I mean to say you must need to be emotionally balanced when enter into gambling and when you are starting gambling for the reason of recovering your losses then definitely your emotions will collapse everything.

That must be a perfect solution for any bitcoin holder for the problem of bear market. With respect to the speculation about the future of bitcoin, I believe there will not be any problem if you hold your bitcoin to recover your losses incurred due to the investments in bitcoins. Just holding will solve everything and that will be no room for gambling here in this case of bitcoin-holding and bear-market.

And I would gamble the same way despite the value. It's interesting that most people when they use cryptocurrencies they still see it through fiat. They put in 0.1 BTC and all they see is 900 USD or something. When it goes up or down they change their betting strategy. I never do. I play with a percentage of my portfolio and when I have 0.1 BTC on a casino I divide it into as many parts as I need. Usually the smallest possible so I can keep playing for a long time. If it goes down in value i will still have as many parts of bitcoin as I had.

what if we reverse the situation. John buys Bitcoin at a price of $ 4k and then the price of Bitcoin goes up to $ 18k, how much bitcoin that John produces and how much bitcoin John is lost, 1 bitcoin is still 1 bitcoin..  if John does not panic and stay calm with the decline in the price of Bitcoin then John will not experience a loss, believe the price of Bitcoin will not forever fall, there will be a time when the price of Bitcoin goes up again.

if I were John then I would remain calm with the bear market and stay focused with my bet. but this is the problem, everyone's way of dealing with problems is very different.

There's no accurate answer to this question, as everyone have it's own views from how to get over with certain loses that caused by the bear seasons, but for most of those investors and traders who understand this market there's no way of letting the money risk more by using it for gambling. Instead, waiting for another cycle as Bitcoin have the capabilities to bounce back. Patience will be tested from holders full understanding.

If that would be the last resort, it will be another risk for John and there's no guarantee that he could recover his loss. If I will be on his shoes, I will still have the courage to wait for the right time until I reach my target goal which is higher than 18k. We all know that being impatient can ruin our decisions. It will be risky if we'll gamble our holdings during the bear market.

In a lot of ways, using cryptocurrency to gamble online is safer than using your bank account or PayPal information, because, at its core, cryptocurrency aims to protect the user through the blockchain, as well as through the use of cryptography to validate and secure all transactions.

If you are a current user and owner of cryptocurrency, this choice is a simple one: to gamble or not to gamble. You already have one piece of the puzzle and are reading this to learn more about the logistics of using your cryptocurrency to gamble online.

Your prior and practical knowledge of how cryptocurrency works, coupled with having a few transactions under your belt, will aide you in figuring out which options are best for you personally.

If you do not currently own cryptocurrency or have never owned it, don’t consider yourself at a disadvantage. There is a wealth of knowledge that you can arm yourself with and a lot of ways you can gain a better understanding of each type of cryptocurrency that fits your everyday gambling needs.

If we talk about value fluctuation, of course it's a bigger risk to use crypto then real money when betting. If you want to stay at the same  value you need to trade or hodl while we are in this type of the market (bear), and not to lose a lot due to value changes.

Indeed. The risk is much higher if you decide to gamble when we are on a bear market because before you start to gamble you already lose a huge amount of money/ So if i were John i would not try to gamble because even he experienced a win streak, his winnings could continue to decrease it's price due to bear market and it will be difficult for him to recover his losses if he experienced a lose streak.

Gambling should never be an "option" for building wealth. It's already risky when the market is doing fine so why would you even try doing it during a bear market?

You don't really lose your bitcoins during bear markets unless you sell them for fiat.

^ If you have 1 bitcoin on your gambling wallet and when the price is suddenly dropped that is still the same quantity, 1 bitcoin. You lose in value if you are going to convert it into fiat. Yes, it has a fluctuation but it is still the same amount of what you had held in your wallet. Probably John was in a hurry to covert his bitcoin into fiat, and the only solution to cover the loss is to gamble and hoping he going to double what he holding and aiming to gain.

Yes the risk get higher in the bear market.  let's say you buy 1BTC at 10000$ and somehow you reached to 1.5 BTC in gambling and in the meantime, the price dropped to 6000$ so ultimately you lose 1000$. Though you made a profit in terms of BTC.

You have a point, but I think if you keep holding until bullish trend come that is a great idea but if you like the OP example and that is John who was hoping he was going back of what he lost the value of his holding bitcoin. Gambling risk high taker was good, there are chances that you will win. But always remember and know where is your limit. Don't spend too much time on gambling and the money as well.

At irst if John bought bitcoins to HODL as you say, it means he didn't bought those coins for keeping it for 1-2 months, he sees long term investment option in bitcoin. So with that spirit, I highly doubt John would turn away from his way and gamble with coins which was meant to be held (HEDL? :D).
If he lost 50% of his capital and decided to gamble, I think he has to realize that he even increases his chances of losing whole capital if he gambles. With that logic, he could gamble when he bought bitcoins at 18K and play with them to increase whole first time capital and hold that increased capital for future gains.
Sorry but I disagree you.

We can also say sell or lost in gambling. Because I am sure that there are some people who started to lost the value of their Bitcoin once they bought it at the peak and lost the value of it more likely 50%.
Because it was just like me, I started become reckless before, especially when the bear market, when the Bitcoin's price dropped below $5,000.

People never find it an entertaining source. Maybe one in ten consider it an entertaining source while the rest prioritize it a way to make themselves wealthy. This is the common mind of people, to experience a change out of gambling is not possible once we've entered into it. Gambling is risky, and there is nothing as the risk is high according to the market. Whether the market is bullish or bearish when we spend in terms of bitcoin there is no change in the bet value, and if we have the practice of spending in terms of USD then there is little risk on bear market.

Holding is much more secure instead of gambling it to some betting games. Risking your holdings at gambling is a win or loss situation which I cannot recommend to any of my friends or a stranger who happen to ask for an advice. Spending and wasting our time just for gambling isn't production, that's why we need to control ourselves by doing gambling in a most descent ways, treating it as past time and recreational activity and no serious strings attached to it.