Print Page - Cryptocurrency and Gambling

Quote from: Twentyonepaylots on October 21, 2022, 04:08:54 PM

Many people still think of cryptocurrency as gambling. While gambling relies on chance, cryptocurrencies rely on arithmetic and cryptography.

Given the parallels between cryptocurrency and gambling, this makes sense. Both are fast-paced, the value of crypto is unpredictable.

Cryptocurrency is chance-based, rooted in exceptional circumstances like influencer opinions, values might drastically change.

And both crypto and gambling (online gambling) are accessible all day and night.

I see you unintentionally confused two things. Price speculation on crypto with crypto. Because crypto itself have nothing to do with gambling in oppose to crypto trading. Its the opposite of that because everything is coded and open source. So you know that there will be less than 21 mln bitcoins. You know each block is ~10 min. Fiats are more gamblish than crypto because you never know when supply will double or when someone will lock your money.

Quote from: Twentyonepaylots on October 21, 2022, 04:08:54 PM

Many people still think of cryptocurrency as gambling. While gambling relies on chance, cryptocurrencies rely on arithmetic and cryptography.

Arithmetic and cryptography don't decide the price of a cryptocurrency, it's demand does! So no matter how technically advanced a cryptocurrency is, if there's no demand, there's no price!

Cryptocurrency is surely no gambling but it has some elements of gambling for sure. Like the uncertainty around it! Even stock market has some similar elements. None of them are pure gambling thought!

People often compare certain markets to gambling when they disapprove of them, but strictly speaking, it's not correct. Gambling is a game of known and truly random probability. The market movements are not random, it's just that they can't be well predicted when the market is purely speculative. This is what makes crypto market look like gambling - you can't predict the outcome, just like with random chance, even though the outcome is not random. That's why investors like stocks, bonds and other traditional assets - you can predict their value with mathematical models.

Quote from: Twentyonepaylots on October 21, 2022, 04:08:54 PM

The only parallels between cryptocurrency and gambling is that we do not know whether we will lose or win money on our investment. But we are completely leaving out the property of probability from the comparison.

The probability of you making $10000 Dollars out of a $1000 investment with cryptocurrency is much much higher than you making the same by gambling. The reason for this is because in the gambling casino world, the casino always has house edge and mathematically, cannot be the one losing money over an extended period of time. It just would not work.

We can all agree Bitcoin will definitely reach 100k (at least) during the next ATH. It might take years but that's already 5x profit with 99% certainty that you won't get from any casino.

Quote from: Twentyonepaylots on October 21, 2022, 04:08:54 PM

Many people still think of cryptocurrency as gambling. While gambling relies on chance, cryptocurrencies rely on arithmetic and cryptography.

And secondly, while gambling is a game of try your luck, whereby an individual can either win or lose, cryptocurrency on the other hand are centralized or decentralized digital currency used as a transactional means of payment, volatile in nature and has its own blockchains. So it Is only people withn less knowledge about Bitcoin will compare Bitcoin to gambling as they are both totally two different concept

Quote from: seoincorporation on October 21, 2022, 04:19:06 PM

The fact about people thinking about cryptocurrency as gambling is because isn't a secure investment. If you buy $1000 worth on bitcoin today doesn't mean you will have profit in 1 year, even worst, you can be losing a huge piece of that cake, and that's why a lot of people compare the cryptocurrency with gambling.

Remember, high risk means you can win big or lose big in the process, as gamblers says, this is a go big or go home.

Not only for cryptocurrency but the rest of investments are considered gambling as they don’t give guarantees when to make profits, or maybe not. However, with bitcoin or cryptocurrency, it’s a lot more proven from successful investors that buying and hodling it for long term will give us sure profits in the end. But the problem is, most of the investors are not for long term hodling but for quick profiting so they end up choosing altcoins for short term profiting. In the end, some made profits while some loses their funds.

Quote from: Twentyonepaylots on October 21, 2022, 04:08:54 PM

Crypto is speculative while gambling depends on the games that you play and there goes the luck-based and analysis based. People do quickly realize chances and risks as a gamble.
And investing or owning crypto has that if your sole purpose is to make them as investments which all of us are treating like that. While for gambling, if you're just playing there, you can't consider it as an investment unless you invest in a bankroll of a casino.

Quote from: Twentyonepaylots on October 21, 2022, 04:08:54 PM

Many people still think of cryptocurrency as gambling. While gambling relies on chance

For one reason or another, most people still regard cryptocurrency as a gamble; it is either:

1. They have a friend who invested in some shitcoins and got their hard-earned money dumped .

2. They have received tainted information about cryptocurrency, which has cost them their investment in some altcoins.

3: they have seen a friend or been told of stories that got some investors' funds sucked up.

4. They have not really gotten to know that Bitcoin is the right coin to buy and hold for a long time.

5. Some shitcoin investments have fallen short of their lofty expectations.

Some other reasons apart from the ones I thought could have been the cause may have made them think crypto was a gamble.

But gambling and cryptocurrency have one thing in common, which is "uncertainty." But understanding the basics of Bitcoin and crypto investment before venturing into it is way better than taking it for a gamble and warding away one's money.

For example, Bitcoinners are expecting the next bull run by 2024, and no one is so certain that Bitcoin will be $100K (it could be more or less) by the next bull market. No one can predict the outcome or score of a gambling game unless by chance. It's not always 100%.

Quote from: BitcoinBarrel on October 21, 2022, 05:43:38 PM

Life is a Gamble :)

In life, people take a lot of significant risks to get potential results. So, that can be equated to life being a gamble, because gambling is a risky venture. You are not wrong for noting that life is a gamble.

Quote from: seoincorporation on October 21, 2022, 04:19:06 PM

Even life itself is gambling in the first place. However, there are some ways to lessen the risk and increase the chances to make profits. Like in cryptocurrency, if you invest in altcoins particularly in new projects, the chances of losing is high and chances of profiting is quite low so you have to consider thinking about that. But if you want to have greater chances to make profits, choose bitcoin. Although bitcoin is still a gambling investment, but you know that you could make a lot of money out of it simply by buying low and selling high, and being patient of course.

Quote from: CryptoHeadlineNews on October 21, 2022, 09:06:55 PM

Quote from: Twentyonepaylots on October 21, 2022, 04:08:54 PM

Many people still think of cryptocurrency as gambling. While gambling relies on chance, cryptocurrencies rely on arithmetic and cryptography.

^In fact, can be considered as gambling in cryptocurrency if you invested shit tokens, meme coins, and other forms of altcoins that are hyped of the pump and dump people and when you invested this it is also considered that you gamble your money. Crypto and gambling are far different if you know how to choose a potential one, you are not gambling in that way, you are investing in good potential coins like BTC and ETH which are those leading coins that we are surely gaining profit from.

Quote from: Twentyonepaylots on October 21, 2022, 04:08:54 PM

No need for a basic explanation. If people think that way then so be it. We should respect each other's point of view.

If they will engage in cryptocurrency for long, either gambling, trading, investing, holding, and so on, these people will soon realize that their thoughts at first about treating and considering crypto as gambling will still be their thought later on.

Let them understand the point by themselves.

Quote from: Twentyonepaylots on October 21, 2022, 04:08:54 PM

As far as I can see, this confusion is coming mainly from traditional business because they simply don't understand cryptocurrency and feel it's like gambling with its extreme volatility. I have also met a lot of people who think crypto is gambling just as much as they say trading is gambling. It is very difficult to explain to someone who knows nothing about financial trading or investing, the real difference between investing and gambling. But they all have one thing in common here is that they all aim to make a profit.

Quote from: DanWalker on October 21, 2022, 10:55:18 PM

I have also met a lot of people who think crypto is gambling just as much as they say trading is gambling. It is very difficult to explain to someone who knows nothing about financial trading or investing, the real difference between investing and gambling. But they all have one thing in common here is that they all aim to make a profit.

You are right. Those people who think trading is gambling, surely don't understand what trading is. They also may not know well what crypto is. Most of these types of people are beginners, they only know how to make profits without understanding deeply what they are doing. At the end of the day, they must realize that trading or investing is different from gambling because trading and investing have a strategy to optimize the chance for profits. Those people need more experience to understand trading, to know more about crypto deeply as well.

As I've said in a previous post of mine, Investments and the like may seem like it's a gamble, but it's a calculated one. It does not rely on luck, it relies on factors that the investors themselves studied based on what can possibly be the growth of said investment and whether it would actually return something, unlike gambling which solely relies on luck.

A LOT of decisions in life can be called a gamble, even normal decisions can be called one since we don't have a guarantee of the result is what we expect it to be, but we simply call it decision-making because there's a clear difference between thinking about what to do compared to leaving it up to luck. It's that factor of thought that separates gambling from any other decisions we make. I wouldn't deny that luck exists in all decisions we make though, it's just we don't rely on it 100% or heck, even consider it as a factor when making decisions.

Quote from: KennyR on October 21, 2022, 11:49:16 PM

There is a misunderstanding among every cryptocurrency user. This happens mostly when they're new to the cryptomarket. Important reason behind this is the usage of cryptocurrencies on gambling.

During the early days, cryptocurrency is much used on gambling. Later slowly the usage got widened. This have created something among the people, that cryptocurrency is developed for gambling need. This is a big misunderstanding among people to talk cryptocurrency and gambling on the same scale.

That's not it. Even the OP does not equate the two just because crypto is often used in gambling. What is being compared here is the fact that cryptocurrency prices are too volatile and there's high uncertainty about whether you'll win or lose in trading. That's where investing in cryptocurrency can be considered gambling.

Quote from: KennyR on October 21, 2022, 11:49:16 PM

I agree with you that cryptocurrency was used a lot in gambling in the early days as well as these days but that is only part of this misunderstanding. The deeper reason is that its volatility is really huge and newbies see it as a scam, gambling with only chance and no knowledge, especially looking at the chart of shitcoins, it is true that it is impossible to analyze or predict anything but only use luck to invest.
The only problem here is knowledge of cryptocurrency, like us when we don't know about something we tend not to take it seriously but for those who know it it is very valuable.

I guess it's because the popularity of cryptocurrency in gambling is rising. Many people think cryptocurrency is just for gambling. But if they want to dig a little deeper into cryptocurrencies, they will find that cryptocurrencies can provide an opportunity to make money and it's not gambling.

The good news is that cryptocurrency can be used anytime you want, to be sent anywhere, or even as a long-term investment. This can provide an opportunity for people who don't know about cryptocurrencies to start investing in crypto and don't have to use crypto for gambling.

Quote from: panganib999 on October 21, 2022, 04:13:25 PM

Well for one the two is closely tied given the fact that a couple of cryptocurrency projects offer betting and gambling as one of their "features", and some will always see any form of chance-based earning as a form of gambling no matter how structured the inner workings of it is. Although posts like these are important in creating a distinction between the two to at least separate them as two completely different concepts that just happened to coincide based on the circumstances.

What we are talking about here is subjective. Fiat can also be close ties with Gambling as well since we all know that from the beginning of Gambling, it has always been facilitated by Fiat. Gambling arenas have taken advantage of the adoption of cryptocurrency just like other sectors of the economy however, a person's mode of trade or investment in crypto also can be referred to as "Gambling" if you are not calculative or intensional about your investment.

This is a misconception, cryptocurrency is not gambling, but you can gamble with your crypto if you wish. There are vast benefits and functions of crypto, anyone could use the one that is good for them. Aside from gambling with yours, you can invest in HODL, trade spots or futures, you may use it for various online transactions or even stake it to yield better income, especially at times when the price of the crypto is not well appreciating or depreciating. The choice is choice, but be sure that you learn what you want to do with it, else, you will be tagged a 'gambler' since you don't practically know what you are doing.

Life is a challenge, there is a big risk and a big profit that we will get, basically cryptocurrency is not gambling but an asset that we invest to get big profits, but many people equate cryptocurrency with gambling because random factors are very difficult. to guess, because it is difficult to predict when prices will soar, but in my personal opinion cryptocurrency is not a gambling platform, because there are also many other assets that are sometimes worse than cryptocurrencies that make us lose everything, because consumers are no longer interested in the assets we offer.

Quote from: Twentyonepaylots on October 21, 2022, 04:08:54 PM

Crypto is a digital currency which is used to buy and selling of goods without centralized system. While,gambling is a game that we play with funds to entertain ourselves. It shows that they are two different concepts. Crypto is a unpredictable and it depends on the time of duration your are investing either short term or long term. In gambling your money disappears immediately after the game is over. You can be addicted to gambling as a player that even though you are losing, you can keep on playing but investing in crypto is not an addition because when you are tired of holding your coins,you can sell them off for fiat currency. There is no comparison in the two of them.

Quote from: AicecreaME on October 22, 2022, 08:58:51 AM

Cryptocurrency is much better than gambling, because it has more chances of giving you profits than risking your money in gambling. Buy Bitcoin now, hold until the next bullrun and you'll get profits, while if you start playing gambling now, your money won't be able to last until tomorrow, that's for sure. Cryptocurrency is a lot more easier than gambling, if you'll only do spot trading, buy low sell high.

It was our preferred area where we are comfortable. And besides, gambling is not a profitable platform, unlike trading because people do gambling for pleasure or consider this just entertainment, and many of these gamblers are willing to spend their money expecting nothing. But if we are in trading, we aim to earn a profit, however, this only become possible if we never rely on luck, instead to relying on our capabilities. Because if we consider trading as gambling, better to clear ourselves not to expect a profit as well but losses.

Quote from: Twentyonepaylots on October 21, 2022, 04:08:54 PM

Cryptocurrency and Gambling

Cryptocurrency and gambling might look the same in the eyes of a layman but technically speaking and looking at the working principle of both you will understand that cryptocurrency differs from gambling.

While gambling depends so much on luck and a little kind of skill is required, Cryptocurrency in the other hand is majorly of skill and knowledge and a little kind of luck is required.

For instance in England today Manchester United will have a match against Chelsea FC.
Even without having much knowledge of the match I can predict that Chelsea will win Manchester United and it will happen. In the other hand another person can preducr that Manchester United will win Chelsea and it might also happen.
It is all about prediction and speculation, but in cryptocurrency there are things to watch out for in the graphl
before making some predictions about the movement of the coins.(Someone can argue that it is just like checking H2H in gsmnling), which is right but nit all gambling is football.
Someone without the knowledge of the skills may not prosper in crypto trading.

Quote from: Twentyonepaylots on October 21, 2022, 04:08:54 PM

Many people still think of cryptocurrency as gambling. While gambling relies on chance, cryptocurrencies rely on arithmetic and cryptography. ~

I don't really care if people think crypto is gambling. But your next sentence is irrelevant, why should you compare cryptography and gambling?
As additional information for you to stop comparing things in an unreasonable way, here are the definitions of the two:

Cryptography
According to https://www.techtarget.com/searchsecurity/definition/cryptography :

Quote

In computer science, cryptography refers to secure information and communication techniques derived from mathematical concepts and a set of rule-based calculations called algorithms, to transform messages in ways that are hard to decipher. ~

Gambling
According to https://dictionary.cambridge.org/dictionary/english/gambling:

Quote

the activity of risking money on the result of something, such as a game or horse race, hoping to make money.

Quote from: KennyR on October 21, 2022, 11:49:16 PM

Everyone must have their own views on this cryptocurrency. It is very difficult to explain to people who already have such understanding. There are actually too many differences between cryptocurrencies and gambling, indeed I don't deny there are also similarities, but they are similarities in different angles and different ways of working.
One of the factors that make people think cryptocurrency is gambling is what you say.

Cryptocurrency is money and offers an individual a staking power on gambling sites. In essence, cryptos can exists on a gambling network but gambling can't exist anywhere on the crypto network or in a currency market. Having it otherwise could be see as doing it wrong as, the currency market has come with a lot of professionalisation and comes with certain dynamic rules that one needs to be acquinted and abide to.

Gambling can be ventured into by just anyone on the planet and could get lucky more frequent than supposed but, you can't say the same with the crypto market. It turns against the inexperienced rather too quickly.

Gambling and the currency market remains distinct.

It is like asking if trading is gambling, because the answer is going to be the same.

Crypto is volatile and as we know, anything can happen on short run, that is in a day, week, month or in a year. But if we take longer time periods in consideration we can start making decent analyzes which allow us to make movements inside this market based on logic, facts and events, so we can leave the gambling zone.

In gambling, we lose the longer we play, but in crypto what we have been observing since the beginning is the opposite: the longer you invest and hold in this market, more profit you make.

Quote from: Twentyonepaylots on October 21, 2022, 04:08:54 PM

Cryptocurrency trading, IMO, has something skill-based in it, and so does choosing a project for a long-term investment. There's an element of luck, probably a significant one. We don't know the future, some events are not predictable, and some things just don't happen as they were rationally supposed to happen. But it's still not the same as using a generator of random outcomes or something like that. Also, gambling is not all pure chance, as poker is a prominent skill-based game that is often a part of gambling, for example. So the relations are not so clear-cut between the two and what is based on chance or skills.

Quote from: panganib999 on October 21, 2022, 04:13:25 PM

Well for one the two are closely tied given the fact that a couple of cryptocurrency projects offer to bet and gambling as one of their "features", and some will always see any form of chance-based earning as a form of gambling no matter how structured the inner workings of it is. Although posts like these are important in creating a distinction between the two to at least separate them as two completely different concepts that just happened to coincide based on the circumstances.

I think you have deviated from the point of view in the ops, what he was talking about, is the general perception of the mindset of the populace towards cryptocurrency ad how they view it.
While some investors already understood the crypto network and the ideas behind it with traceable codes some other people just take cryptocurrency as a gamble and a game of luck.

It's true gambling and cryptocurrency aren't the same, but have a good relationship. For example, if you invest in any crypto then you don't know where it would go. It would dump or pump. Same when you gamble, you don't know exactly what is going to happen. Isn't similar? On gambling, you are going to win big or lose everything. But in crypto, there will exist what you bought in tokens or coins. Doesn't matter value is less in fiat. When you are going to invest in a brand new project then it's fully gambling with your funds. The project would scam you or you may make some money.

To break it down, gambling can be considered as a game of probability which a user might stand a chance to win or not, at the process of betting on the gambling site they used cryptocurrency to funds their account. Cryptocurrency offers and covers a wide range of services which is the number one key today that enables us to make payment so easily, conveniently and also help in quick withdrawal and fast delivery.

Cryptocurrency other hand usually being taken for investment, and if anyone invested on a project that has no solid team and strong use cases can stand a chance to lose his investment. So this could be why most people sees it as gambling.

Quote from: The Cryptovator on October 22, 2022, 07:06:25 PM

My understanding of Cryptocurrency and Gambling, when gambling if you lose the money will not come back again but if you buy a coin and the price goes down there is an expectation that it will rise again and can make a profit so for me this is clearly different even though there are some assumptions (maybe people who doesn't know) Cryptocurrency and Gambling are the same for me they don't have a deep understanding of the real crypto.

There was even someone who asked me about crypto which is considered gambling because they think negative things while he himself has never done anything in crypto including investing in it, so I explained and now they understand the difference between crypto and gambling even though in they have in common.

Although I am no expert in gambling, I have been involved with Bitcoin for quite some time. It is definitely not a matter of luck for me. Bitcoin is unlike any other form of payment ever used before. It is a peer-to-peer payment network, meaning that no central authority or middlemen are required to verify any transactions. No banks, no clearing houses, just individuals sending value directly to one another. It is a completely decentralized system, and no single person or organization has control over it. Bitcoin is also a deflationary currency, which means that it has the potential to appreciate in value over time. The number of bitcoins that will ever be created is finite, and this creates an economic incentive for people to invest in the system.

Now, how does this have anything to do with gambling?

Quote from: Twentyonepaylots on October 21, 2022, 04:08:54 PM

I know some people who consider trading as gambling since they have zero knowledge on that field,
And I feel the same way if I were on their place imagine putting up your money and waiting for the result if you would gain or lose it,
Doesn't even know what would happen next they would just base it on what they would hear or read.

With the advent of the blockchain, the creation of a gambling platform became only a matter of time and the first online casino SatoshiDice appeared, in any case, it is considered so, the main advantage of which was the evidence of the bet. Well, with the appearance on the market of companies (providers) of developers of games on the blockchain Microgaming, Netent, Endorphina and Pragmatic Play and developers of blockchain platforms and engines of sites Betconstruct, Casexe, Everymatrix, Softswiss and TruePlay, this segment of online casinos has turned into a global one. however, if earlier it was just fun where you could stay incognito. now verification completely excludes any kind of anonymity, well, or playing on dubious gambling platforms.

It is both accessible but they are still different in the method of obtaining how to earn here in crypto trading. Because primarily trading here in cryptocurrency does not rely on luck unlike online gambling in crypto which cannot be without luck for you to win the game of gambling.

Moreover, crypto trading requires an understanding of chart reading on any exchange you will use as a trader. And it is not possible to not know about trading. Unlike gambling, even if you are a newbie or a first-timer, you can earn a lot if you find luck in this game.

Neither gambling nor crypto is the issue, but greed. In greed of earning more profit, they lose their own money.

For instance, you have bought a token in a bull market that you were supposed to sell for profit and you were in profit after a few days or weeks. but you hold didn't sell it so that you can more profit, and then suddenly, the bad news starts coming out one after the other and the crypto market starts falling and you get fed up with all this and sell that token at a loss.

In gambling, when someone wins, he/she keeps playing in an attempt to win more. This ultimately results in them losing he/she lose his own money.

Quote from: Twentyonepaylots on October 21, 2022, 04:08:54 PM

Make people understand that cryptos are basically an asset and it’s majorly like an investment. Like you invest in Gold and forex, similarly you buy Bitcoins and invest on them.
If we see straight, then there are some risks in doing all these investments, and people compare it as gambling. It’s not their fault to interpret like this. What we can do is just make them understand and teach them how this works.
If they understand it thoroughly, then definitely they will know the difference.

There is a lot of confusion and mismatch in the OP's post,

Cryptocurrency are a type of currency meant for transacting. Gambling is a game of chance. Like we have Forex, a specific crypto can be exchanged for other crypto or fiat making it a speculative market where people are buying/selling. When this trading becomes a risk vs reward game, it tends to become a gamble.

Crypto is not unpredictable, its price is. How the market reacts to news is unpredictable. After all its a currency whose price in terms of fiat gets fixed by the traders.

Just because apples and oranges are both made of carbon and round in shape does not make them the same thing.

Quote from: Twentyonepaylots on October 21, 2022, 04:08:54 PM

There is no link between Gambling and cryptocurrency. Gambling was there when there was no crypto and people used fiat money to gamble. Even today there are many online and offline casinos where you can play with fiat. Cryptocurrencies just made it easier to deposit and gamble.
Just like crypto helps fast, cheap, and effortless transactions, many businesses can adopt crypto payment and can get a lot of benefits.

Quote from: Darker45 on October 23, 2022, 08:32:00 AM

A huge portion of cryptocurrency is indeed like gambling. When you invest in unknown altcoins with low market caps hoping that their prices would x50 or x100 soon, that's risky and is indeed gambling. It's even almost pointless to take a look at their fundamentals. At least that's as far as altcoin history is concerned. So you're probably just taking the chance. Of course, it is a different case with Bitcoin, although at this point in time you really to have a good amount of patience.

To some extent, there really is a connection here, since there is the possibility of manipulating coins with low capitalization, and I also think everyone has heard about dubious results in gambling. But in the case of bitcoin, this is very difficult to do, and I don’t know if there is such an opportunity in gambling with a long-term investment in something, so that in the end it could bring the same income as bitcoin can, and so that the risks of such profits are comparable...

Quote from: Darker45 on October 23, 2022, 08:32:00 AM

I disagree. Gambling and cryptocurrency investments, while both speculative in nature include very different kinds of risk. In gambling, every casino game or a slot has pre-defined odds, so in theory you can calculate your chance of winning, but the final outcome is unpredictable and is still a matter of luck. With cryptocurrency, the odds are unknown but you can still determine the probability of different outcomes, making it more like speculative investing or educated guessing than gambling. If we have sufficient knowledge about the coin's team members, their partnership status and roadmap details, etc., then over time a pattern or trend might emerge which will give you an idea about their viability as an investment option. True, this will take a lot of research and analysis. But unlike gambling there is no "cosmic force" that determines the outcome - it depends solely on the work you put into it. At the end of the day, it is all about how much research you do and what strategies you use to determine your investment decisions.

This is an old topic of discussion to talk about the relation between bitcoin and gambling and how these two help each other, years ago bitcoin creation of bitcoin there were people who were interested in gambling and they had to use physical casinos for that or that had to use the fiat currencies to use online casinos also the casinos had to registers a legal company in any country this was a limit for them because they could get clients from some nations while after bitcoin people from all over the world can these their services also they have fewer issues with regulations.

Quote from: Stalker22 on October 23, 2022, 12:35:40 PM

Quote from: Darker45 on October 23, 2022, 08:32:00 AM

Like doesn't mean they're completely similar. Surely, they have differences. But they, too, have similarities.

At this particular point in cryptocurrency's development, it is probably naïve to believe that knowing a project's team members, partnerships, roadmaps, and so on would somehow provide you some foresight as to its future. The short history of altcoin projects would provide us convincing amount of proofs that they don't really matter in the end. A meme coin launched by less popular developers could turn out successful while a serious project with known experts behind its development could not even survive for long.

I think it's not anymore the amount of research that you make. It doesn't even matter if they have a sound whitepaper or if they have fulfilled what they've promised in their roadmaps. It doesn't anymore matter whether they're lying through their teeth when they claim decentralization. Everything seems to be just a matter of luck or sudden yet quick hype now.

Cryptocurrencies are definitely different things from gambling. cryptocurrencies are currencies, and an investment, the person does technical and fundamental analysis and then decides to buy the currency, in the investment that the person makes in the cryptocurrency, the person does not lose all money even when the cryptocurrency drops a lot, the person still has the option to use stop - loss or else sell and reduce the loss. while in games of chance the person wins if he is lucky because there are only two options in the game of chance: lose or win. and many people lose money on gambling and even become addicted to gambling, but it is rare to hear that someone became addicted to investing in cryptocurrencies or that someone became addicted to day trading

Quote from: UserU on October 21, 2022, 04:16:23 PM

Anything is a gamble as long as there's a market for it.

This is not true, investments and day trading are not like gambling, they are completely different things from gambling. you can research this, see how many billionaires are experts in making good investments and ask yourself if they are addicted to making investments and the answer you will get is that they are not addicted to making investments, now look at the case of gambling how many guys who are in the world of gambling aren't addicts? you will see that there are few! cryptocurrencies are not the same as gambling

It's perfectly understandable for the average joe to see cryptocurrency as gambling because they miss the whole point of the technology and end up losing money. Moreover, trading cryptos is a risky business and anyone without any kind of financial knowledge of how markets work will inevitably lead to heavy losses. It is a little bit like gambling because if you do not have any control over your emotions you will certainly lose what you have and what you cannot afford to lose. The correlation here is that at one time you may win a lot of money but right after that if you do not know when to step out, you will most certainly be at a loss.

Quote from: Darker45 on October 23, 2022, 01:49:05 PM

~
I think it's not anymore the amount of research that you make. It doesn't even matter if they have a sound whitepaper or if they have fulfilled what they've promised in their roadmaps. It doesn't anymore matter whether they're lying through their teeth when they claim decentralization. Everything seems to be just a matter of luck or sudden yet quick hype now.

I agree that is partly due to circumstance, but I think it may also be influenced by things we simply do not know about. For example, if the project owner decides to rug pull, or the project is run by incompetent developers and/or managers, this has nothing to do with luck but only means that we do not have all the necessary information available. My point is that we cannot know for certain if a project will fail or succeed. We can only make educated guesses based on the information available to us at the time. In gambling, on the other hand, the outcome depends entirely on luck.

One of the best combinations I have seen are cryptocurrencies and gambling, because the casino business has risen not only because of its games that are so entertaining, people are looking for fun and what better way to do it through cryptocurrencies , for this reason I see that those who took advantage of cryptocurrencies and bitcoin from the beginning to make their casinos have been geniuses, they have also endured all the declines that the Bitcoin market has given and are still standing, running casinos is not easy, That's why I like it a lot every time the casinos improve and a new casino comes out

Quote from: Slow death on October 23, 2022, 03:04:50 PM

Quote from: UserU on October 21, 2022, 04:16:23 PM

Anything is a gamble as long as there's a market for it.

Strictly speaking, there are many billionaires made by investing or trading but I don't see a billionaire or someone become rich through gambling. Both gambling and investing have one thing in common which is to generate profits but that does not mean they are the same. Investment takes a lot of knowledge and time to achieve the goal and when investing we can control and regulate the cash flow better and with gambling, we only work with our own luck mainly.

Quote from: Twentyonepaylots on October 21, 2022, 04:08:54 PM

Everything that bears risk is gambling. Though no the literal sense, like the gambling activities that we do in the casinos. This is where we lost, when someone says trading is like gambling or investment in crypto or any other asset is gambling, that's because we're dealing with risk.
Where not arguing between literal gambling and trading or investing here, because clearly there's a difference, but we're arguing about the broad sense of what gambling is.

I think people who equate crypto investment or cryptocurrency trading with gambling then they should study first to know the definition of gambling itself.
because if we really understand the definition of gambling then of course this misunderstanding will be solved.
even I seem to have already replied to the same topic about this. but at that time what was discussed was about whether trading could be equated with gambling. and I think this topic also has almost the same meaning of the question.
let me requote my reply a few months ago on another topic which I think is similar to the question in this topic.

Quote from: Ahli38 on July 18, 2022, 03:04:50 AM

it seems you have to understand very well what the definition of gambling is so that it will be clear the difference between trading and gambling.

because it is very clear that a trade is not gambling. if we understand the characteristics of gambling.

I will take an example with the definition of a gambling game. A game / thing that is included in the gambling category is when we do not take part or do NOT cause an impact in the game being held.

Example :

-ball game,
We are players in the ball game and of course if we want to win then we have to train hard, improve skills and so on. so that our chances of winning can be greater if we can play well. (this is not gambling because it is directly involved in the game so our skills have an impact on the outcome of the game)

Now the next thing is if we are not players or do not participate in the ball game and of course we do not have a direct impact that affects the ball game on the field, but we are only spectators and we analyze the skills of players and teams in the football game that we watch. and we guess which one will win and which one will lose. then we bet on which one of the teams will win from the results of our analysis. (this is a gambling) .

if you understand this. then clearly trading cannot be called gambling. because when we are trading, for example we buy 1000BTC then our purchase will have a direct impact on the BTC market price which will rise (we participate in moving market prices / not gambling) .
different from gambling where the money we bet will have absolutely no impact on the market price. our example is doing a guessing game the price of BTC will go up or will go down in the next 1 minute. then we bet 1 million dollars to predict the price will go up. Well our bet will not affect the market price at all. and this is called gambling.

very clear. we analyze the market and trading techniques are so that we become reliable traders. just like a soccer player who trains with his playing skills to become a great player.

then traders and football players are not gamblers.

hope you understand

Quote from: Twentyonepaylots on October 21, 2022, 04:08:54 PM

Many people still think of cryptocurrency as gambling. While gambling relies on chance, cryptocurrencies rely on arithmetic and cryptography.

Cryptocurrency itself can't be considered gambling but there is a bit of a connection between the 2 depending on the person.

Let's say for example, you invested 10000$ into a token that you didn't even make research for, or you invested into a token that you just heard from a Youtube crypto influencer. You can say that you gambled in cryptocurrency because you relied on chances, and you didn't rely on the information online. Investing in crypto can be considered gambling if you are just throwing your money without proper research.

You compared gambling and cryptocurrency on a different part, but both can be connected in some ways.

Yes I absolutely think cryptocurrency can be linked to gambling. In many ways they are basically the same thing. There is smart, strategic gambling as well as investing and there’s also being reckless with your money.
The key here with both gambling and investing in crypto is to not take on risks that could potentially have huge negative consequences. I always recommend never playing with more money then you could afford losing.
The key to all this is to minimize your risk and not overextend yourself financially. I love the thrill of investing in crypto and gambling but I always try to be levelheaded and take responsibility for whatever decisions I make.

Quote from: Twentyonepaylots on October 21, 2022, 04:08:54 PM

But it’s not that crypto is like gambling especially if you are a pro in it and you are highly knowledgeable about it. Maybe you will still gamble on its own market since it’s unpredictable but you know you can lessen the risk of losing if you chose to prioritize bitcoin more than any coins in the market. While crypto may be uncertain in its point of view, but we all know we have huge chances of making profits if we never rely on chance and luck but pure knowledge and skills.

Cryptocurrencies and gambling may have some similarities, for example, both can be accessed online, fast-paced in the transaction process, but both have differences, among others, if gambling depends on chance and luck while in the world of cryptocurrencies we can study charts or candles.

In the world of cryptocurrencies, it can also be divided into several categories, some are staking and some are playing in the holder method. I think there are some differences in gambling and cryptocurrencies, if there are some people who think cryptocurrencies are gambling, I strongly disagree because cryptocurrencies can be learned and there is knowledge.

There may be a fact that some people think that the world of cryptocurrencies can be equated with gambling because buying and selling crypto assets is an unsafe investment, high risk, and there is even no guarantee from various parties in the transaction process.

But keep in mind that high risk means you can win big or lose big in the process.

Quote from: LogitechMouse on October 24, 2022, 07:10:05 AM

Quote from: Twentyonepaylots on October 21, 2022, 04:08:54 PM

Many people still think of cryptocurrency as gambling. While gambling relies on chance, cryptocurrencies rely on arithmetic and cryptography.

Investing without knowledge is called gambling, but gambling with experience and skill cannot be called investment. I guess, people who consider crypto as gambling because they have no knowledge about it, they see too much volatility and too many scams in crypto so they will call it gambling which is not wrong for them as they know nothing about crypto. But since we have been into crypto and understand how the market works, we can say that the two are not the same. In my opinion, the boundary here is knowledge and understanding of cryptocurrencies. Once they understand cryptocurrencies, they will know how they are different.

Quote from: Twentyonepaylots on October 21, 2022, 04:08:54 PM

Lots of people have been associating gambling with anything that involves risks due to their nature. But they fail to understand that gambling is purely luck, which cannot give absolute and direct results.

While investing in cryptocurrencies may include that chance of doubling/tripling your investment, gambling is entirely different from the former. Though this kind of misconception has been viewed, still, their common denominator which is the element of risk is present. But in its entirety, cryptocurrencies and gambling are two (2) different worlds with different purposes that cannot be singled out with each other.

It wasn't crypto itself but it was crypto trading. If it's only about crypto and gambling then both are not the same because one is a currency while the other is a kind of activity however there are several activities under the crypto which can enable us to earn money and it can involve luck just like we are playing a gambling. When you say the word fast paced, it will depends on what type of gambling game we are playing.

It also depends on what crypto we are talking about. Crypto gambling and cryptos have one similarity and that is like you said, both of them are accessible day and night but it doesn't mean that we will now use them at all times. All things should only be done in moderation.

OP; I remember that movie or I have dejavu, its context is repetitive and built on the comparative idea, that brings me to that point.

In order not to fall into the repetitive synopsis of a movie seen, I would tell you that you cannot count apples and pears, but say that there are two fruits. Sometimes there are even green apples, very similar in color to pears, but only that similar, the apple is still an apple.

But no matter, both fruits can be eaten and enjoyed depending on the person who eats it.

In any case, I do not see the bitcoin discussion anywhere, it is an issue that has lost its validity and it is as I said at the beginning; an old movie,
A dejavu OPs.

^{Please read: is figurative my opinion, I Say it for those who like to read things only in a literal sense}.

Both cryptocurrency and gambling shared some similarities, many crypto investors lost their hard earned money by investing in a purported failed projects thinking and hoping that the returns will be multiple unfortunately the project ended up as scam, fail Capitalization e.t.c this is more like gamble because prior to investing in those project there future outlook was positive with all the pragmatic approach of it developers, gambling too is also a 50: 50 chance with an unpredictable outcome in most cases, for instance an underdog team defeating a top team is very common.

In fact, crypto can be an investment or a gamble, depending on the strategy they use. But if crypto can be used as a means of payment for gambling bets, it is.

and if you buy crypto for the sole purpose of trying to get rich quick or get rich overnight, then it falls into gambling territory.
but if you really believe in or own crypto for the future or long term and will be around for decades to come, then buying it now can be considered more of an investment.

and for me in any way to treat crypto as long as it is profitable for me it doesn't matter, because my goal here is to earn income, and also help my finances for now and also in the future.

Investing in bitcoin etc, is much more than gambling if you ask me, let's take the real gambling as an example, when you gamble $100 and loose, your $100 is gone forever and a penny can't or won't be given back to you by the casino where you wagered the money...

But let's say you buy bitcoin with the same $100 at the current price, even if the price of bitcoin drops 50 percent, you are still Able to recover $50 if you decide to get out.

So from the scenarios about, I personally won't completely agree that cryptocurrencies are gambling, except the investor focus their attention on buying shitcoins that is on today and disappear tomorrow.

Quote from: Mate2237 on October 25, 2022, 07:47:41 PM

Gambling is betting while cryptocurrency is for Investing.

As long as the investing is kept in a logical manner and done diligently, it is not gambling. Crypto can be compared to what stocks is and we have some people who tend to call stocks trading as a type of gambling.

From there any sort of speculative trading ends up getting named as a sort of gambling. While trying to look for similarities we tend to find bizarre connections, they are different indeed. How people end up using them is also a different topic.

Gambling on crypto is possible and should be done with caution because it is an EV- game to predict highs and lows.

Quote from: TheUltraElite on October 29, 2022, 09:52:25 AM

Investment decisions should be made after due diligent research and very careful in-depth consideration about your own capital management, your financial plan in near and long future. Without enough research and in-depth consideration, your investment is more similar to gambling. Even you lack the latter part - in-depth consideration, it will still be likely gambling but a bit better than without both parts.

Some gamblers in crypto market simply heard advice of others, read news and jumped directly to the market. They even don't know how crypto market works: its intraday margin of price changes compare to other markets; forced liquidations and how news can result in massacre. They are worse gamblers if they use leverages without comprehensive understandings about those factors as well as are not experienced long enough in the market.

Quote

From there any sort of speculative trading ends up getting named as a sort of gambling.

Speculators are gamblers if they make decisions carelessly, without any base for their decisions, and simply do it with greed and risky hopeless hope.

Bitcoin Forum

Bitcoin => Bitcoin Discussion => Topic started by: Twentyonepaylots on October 21, 2022, 04:08:54 PM