When you spend money constantly in bits, it is normal that you may not be able to keep track of the amount you have spent on something say gambling or alcohol. If a financial record or something like a register is shown to you having the total amount you've spent on a habit, you may be surprised the total amount you see.
As a way to keep track, would you like to receive regular, maybe weekly or monthly financial statements highlighting wins and losses from a gambling site?
Can you share your thoughts please?
This reminds me of my friend who used to always tell me to calculate how much I spend for smokes per month. He does not smoke. I often told him not to remind of it since I may feel to reduce smoking worrying about the budget. Obviously yes, keeping a record of what we spend on, not only on alcohol, smokes or gambling, it may be anything, it would lead us to have financial control over our lives. |
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I think in addition to limiting the budget for games there is another good way to minimize the emergence of gambling addiction. It is about abstaining from any gambling for a certain period (everyone defines this period independently).
For example, if you usually play once a week on Sundays then try to abstain from playing on the next Sunday and devote this time to family friends or other favorite things.
A good suggestion to even get out of addiction. If one is able to successfully follow what you said, then slowly he can try to avoid multiple attempts. Its not going to happen over night , but yes it would be easier when its practiced constantly. Instead of separating a percentage of income for gambling, its well appreciated that this percentage is spent for other good things which would really satisfy the family. Slowly the percentage amount taken for gambling can be reduced and diverted into some other priority stuffs. |
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Have these companies taken any steps to minimize the harm related to online gambling? Is their CSR functional? Not all bet sites encourage responsible gambling because they rely on revenue from the losses of gambling addicts. My question is, should online gambling companies be responsible for the harm related to their activities because of their current failures in the implementation and control of CSR policies?
Obviously yes, but is it not the addiction is the heart for their business? The more one gambles / plays online on their sites, they get the revenue. And yes they must have a control of CSR policies, however is it not that one who plays is responsible for his / her addiction besides the online companies. Number of players are the fundamental needs for a online gamble and yes, its the players responsibility to have a control on himself / herself not alone any companies. They players should remind himself of his ability now and then. |
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There are also many gambling addicts who manage to get out of their addiction when they intend to break it...
Surely many of us have played gambling to forget the time and others because of great curiosity, it's an example of a mild addiction but when we decide we have to stop then we definitely do it. but for heavy addicts it would be better if they go to a psychiatrist or rehabilitation center to treat their gambling addiction.
If you can stop at will then I do not think you can be said to be addicted, the ones that are truly addicted cannot stop and while there are some that deny their addiction there are some that cannot stop even when they realize they have a problem, this is very dangerous and it is better for them to receive professional help at that point as their behavior is so detrimental to their finances that it could take them years before they are able to put their lives back in order. A professional can just advice / guide you to come out of an addiction, however it depends up on the one to practice / excesice it to come out of it. Its really hard but there is no go. Nothing can be done on a day or night. Start a day by reducing number of attempts. Once attempts are reduced, try not to get into the atmosphere often. Once its managed, then yes do not make an attempt to go where gambling takes place. Divert the concentration on something that really satisfies oneself. These are small and easy steps to come out of an addiction. |
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This will not save you from scammers in any way. If the management decides to cheat the players, it will do it, but different tricks will be applied than if it were a casino without regulation. For example, a "hack" will be made when all funds of the casino and players are "stolen". This has already happened with many exchanges, this is a common algorithm.
Such things often used to be the case with darknet markets on the dark web, but I don't think it would be easy to get away with it on the clearnet, especially when the site is registered and properly regulated. Imo, trying to exitscam is suicide for the management of a gambling site because it's almost guaranteed that the truth will come out after a proper investigation. This happens all the time in crypto projects, especially crypto exchanges (I don't know how you evaluate them as a dark market or as a clearnet), the last example is the Livecoin exchange. Where cryptocurrency is used, such a scenario is very likely, since even despite the transparency of the blockchain, it is almost impossible to return the stolen funds. I have come across Binance paying back to those whose money was hacked. This was genuine. But why should an exchange like Livecoin cheat its investors by hacking. Why dont such exchanges work on things to built its business and retain its investors / customers. Is it that they dont take risk in spending more money to built them up. It would usually take time to stand in the market. Do they fail to stand firm since they scam from the beginning |
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Day trading or holding has the same risk and can both get profit, for day trading it requires more knowledge and deeper skills, because it regulates financial patterns in trading. while for holding only need to hold and save until the price is high. so it's a choice based on one's ability
You are right. Day trading is actually very dangerous if the trader has little knowledge about trading. In most cases, the main attraction of new traders is day trading but most of the traders lose their capital by doing day trading. So you must have the ability to do market analysis before doing day trading. And you have to be careful enough to hold any coin, there is a possibility of profit if you hold potential coins by doing proper research. Day trading is risky in terms of user mistake, it's easy to fail at trading, one wrong move, and you could easily end up losing your money. However, I don't see why holding isn't risky, it's unpredictable, while you could easily wait many years (See Bitcoin), for the price to rise. On the other hand, with trading you can earn despite the price being lower than the anticipated. I have experienced both. Have done a wrong move with wrong prediction. And missed to earn profits by not selling when the coin i held was on its uptrend. Market can move at any direction at any time. Be up to date on the coin where invested. Keep watching the trend's move, so that can avoid loosing profits. Experience will strengthen oneself. |
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To me this $12,000-$29,000 is the same opportunity we were all afforded when bitcoin was last "cheap " at about $250 in June 2015 and about $3,300 in February 2019.
I am one among who felt "I should have bought bitcoin or saved the bitcoin I earned in 2016 when it was around $400 and in 2019 when BTC was around $4k to $5k". I almost had 2 btc from earnings without investing on it. Current situation makes me feel the same but would let it go down to $20k to $25k. So I feel, this is the last opportunity one can opt more bitcoin. |
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Since all are now free from lock down, people are able to get back to their normal business and works which really brings back to normal life. Everyone has really seen a crisis during pandemic in terms of money. Those who were completely depend on their small business, were really out of money during lock down. It was really pathetic to see. But those who were on regular work like guys from IT sectors, were not experiencing such issues. Thanks god to see the issue has come down slowly.
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When everyone was just murmuring about bitcoin 2016 in my country, I started earning bitcoin from this forum. I just believed when I converted bitcoin into my local currency. Bitcoin price was $400 to $500 I remember. Its been five years and I saw bitcoin price roaring to $60k. Obviously stunning.
Should I say anything on 'Bitcoin will never be gone'. Bitcoin has crossed thousands of mile stones to eradicate such thoughts now. Its time to accumulate more bitcoin before its seen untouched.
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Hype, makes meme coins more popular and new investors hope that meme coins will be the same as Dogecoin, but from the current situation, some meme coins offer many features which I think are almost the same as the previous project and I was quite worried when I saw the new meme coins didn't have the technology is not yet ready to be used by users, because some meme coins are created due to the popularity of Dogecoin and some investors try to buy similar tokens for profit. all investments are risky, but choose an altcoin that has new features and technology that is ready to use.
Its not only now, its always best to choose the right coin. I would advice to choose the best cheapest currencies that are having high trading volume in best exchanges. As you said, now after recent tweet of Elon Musk, I think many meme coins have come up like Shibu Inu. Its always the right thing to analyze and choose a coin which has a good project and good team. |
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As a beginner I was following all the Influencers blindly & lost all of my savings.
Mostly, all beginners tend to blindly invest in where either their friends invested in or where he is suggested of. Here they get stuck as the coin they invested in, may not be moving in the right right direction they expected. I know few friends, newly came in and invested into Wazrix when it was on its height. Yes they are at lose as of now. But i have suggested them to wait until market booms again. Its good that you have learnt a lot to gain profits now. Your patience might have yielded the profit. |
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Some people could bet without even knowing the amount of time and money they have invested in gambling which could look obvious and call for estimation. I gamble a lot and sometimes I don't even know if it's becoming excess not.
Anything like excess gambling?
It's too risky if you do not know your limit,the worse thing is not accessing and not calculating your allocation on your bankroll and your time in gambling, like all addition it will go further you want to more time in the case of gambling bet more add more money, and this is the cause of chronic gambling and will eventually ruin your life, the first that you've got to do is to know your limit, failure to do so will get you in big trouble. The greedy / deep desire in earning more, makes the one just blindly spend what they have at most. I would says its not just the individual responsibility. The gambling environment is such, makes one or other to just fall into it. Many here, just blindly bet seeing other's victory. This is what in turn, attracts the every participants to just stick around even if they do not have money to gamble. |
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Managing your money at a casino requires self-control. Nice to see that you have full control over your money reserved for gambling purpose. Successful casino gamblers understand the math and odds behind the games, but discipline with money is also critical.
However, there’s no sense in setting a gambling budget if you’re going to break your own rules when you play through the money you’ve set aside for gambling.
If you want to make gambling a long-term hobby, make sure you never gamble with more money than you’re willing to part from.
I can assume that a gambler who regularly violates his budget allocated for the game will not be able to enjoy this hobby for a long time, since he will very quickly lose all the money  And after that, he will have other problems - to get rid of gambling addiction and engage in earning money to improve his financial situation. How many gambler try to stick with their regular budget on gambling even if they see others earn more from investing more than their regular budget. Here where they fall in to invest more than what they regular do. This becomes an addiction when they see a profit few times from the extra investment. Self control can only cure oneself from addiction. |
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Currently I have $109,750 in Bitcoin and $60k in alts.
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
However, I could use some opinions first. What do you guys think I should do?
I am sure you must be confident enough to invest in crpto currencies and thats where i see you have already invested huge amount in bitccoin and on other altcoins. I feel hesitant to suggest you. However, its really a good idea to always buy a crypto coin when its too low and you can go for a loan until its interest free. Do not completely invest 100% of you loan at once. Hold back 50% now so that if still market goes down, you can use the 50% either to average or buy new altcoins that will be much cheaper. Always be safe. I am sure you are aware of all these things. |
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I remember doge traders are one among the profit takers early in May 2021 due to Elon Musk's tweet. And my friends have earned double the profit from Wazrix coin. Obviously BNB, Matic, Woo, XLM, ETH traders as well seen a huge profit when BTC was on uptrend.
However, it has turned wise versa now. But really happy to see a strong resistance around $30k.
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I can bring few more examples of house and gambler if I am not wrong. I am being a gambler. I go with small investment and trade few cheap cons that has huge market volume. Lets see my examples below. But house never be always a winner.
In Corporate:
House;- CEO, MD, Senior managers
Gambler - Employees at normal grades, admins, securities and house keeping
In Cine filed:
House;- Producers, directors, music directors, art directors
Gambler ;- The technicians, co artists and other workers
In politics:
House: Chief Ministers, MLAs, MPs, PM and all other Leads
Gambler: The people
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It is very difficult to stop an addiction. It's like a smoker who has to quit smoking. But if we really intend then everything will be done. Maybe not immediately disappear but little by little it can eliminate the habit. Expand the positive activities and interactions with many people outside the environment that makes you an addict.
That's because willpower alone isn't going to cut it, there's a step by step process to cure addiction, this is the 21st century so it's not like we don't have the tools and the ability to cure the addiction. Self control is the key here to jump out of addiction. Even I smoke a lot but not addicted. I mean I dont smoke everyday. I smoke when I meet my friends. But when I come home and stay with my family, I dont smoke. I feel smoking lot often, but I just skip it saying, will smoke when time allows. I do not compel myself to go for a smoke. Like wise, anything can be controlled. But Its up to each one. But its possible to get out of addiction. Self realization and self control can only cure addiction. |
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Robert kiyosaki said on his youtube channel ( The Rich Dad Channel) "this is real financial education, what they don't teach you in school...so there's three kinds of people in the world when it comes to money, there's an investor, a trader, and a speculator"- INVESTOR = an investor puts capital to use for long-term profit. - TRADER = a trader seeks to make short-term profits by buying and selling over and over again. - SPECULATOR = a speculator just gambles and hopes that other parties will dare to pay higher his/her tokens or coins later. i'm an investor, not very trading savvy, just buy Bitcoin and some Altcoins for long-term. How about you friend? As per what you mentioned above, I am a trader. I have invested in few coins. I have split my investment into all these five coins. I move from one to other. But obviously traders do wait for market to correct itself. A part of amount is kept idle without investing in any of the coins. This part of amount will be used to average and get out of lose. Those who trade really knows what I meant here. |
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Trading and investment is a game of numbers and moreso how to use the numbers judiciously while properly applying the knowledge. Some people say small capital is the best to start trading with while others say small capital will leave you with limited choices that the best is to trade with big funds. Starting with big fund will always be the best provided the user is able to manage it. So many things are connected but I conclude that big capital is good but a good trader can work with small and big funds and make profits with it. Let me hear your opinion on this!
Unless and until one has a best adviser or an experience trader with him or her to advice on where to invest the huge amount, do not go for it I would say. Its better to start with small investment. I would better say, start paper trading first. I mean, trade without money. Take a paper, write down what coin you wish to trade. Note down at what price you buy the coin. Set up a sell order. Write down when and how much profit you earned. Note down the ups and downs you learnt on paper trading. Get in to real trade with money when you are confident enough. |
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Most newbies lose huge amount of money because, after learning the basics of trading they feel they know it all, they think they can manipulate through the market. But they end up losing big.
No matter what you are thought, you must know this that to be a successful trader, it takes practice and consistency.
We had many new small investors / traders recently after the recent uptrend of Bitcoin because of Musk's tweet. I know many who just saw their friends earning more on this uptrend. Hearing their profits, many were enthusiastic in getting into trading. They literally invested up to 30% of their earnings into coins that their friends invested. They did not do analysis on those coins. Just they invested blindly into those coins. But to their bad luck, the market crashed now and they are at 70% lose. We suggested them to just hold their coins until the market booms again. They say now that they really learnt what really a cryto trading is. What they learnt here is, not to jump in when the market is on uptrend. |
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