Gambling on crypto exchanges

[Oshosondy]

This is definitely a gambling and this up and down is like one of the gambling in casinos they called crash game because when you hit up it will start flying and sometimes before you realize it has crashed and the person has loss, so this is exactly what this is all about and they even make it $5 minimum for it, actually with how risky I'm seeing this the minimum amount should have been the amount that wouldn't worth much because the chances that someone would be losing here is on a wide range because there isn't anyway you can stop it if the person is losing all the money they placed.

I have decided to stop it after seeing how risky it is. I lost $50 to it already, my first two games are won but after, I started to lose. My losses there are now more than my profit, so I am losing and I stopped doing it.

At first I thought it might be futures trading but after looking at it more closely I realized it was not futures trading but a system like gambling.

It is totally gambling and not trading at all. I have even stopped it.

[dimonstration]

This type of “trading” is the popular mini game of DEX like pancakeswap.

It’s so hard to win because crypto is so volatile while this type of trading usually has low time frame for prediction or even long time frame is very hard to predict since you meed to accurately determine the behavior of the price on the specific time frame in able to win.

It’s a literal game of luck because TA is very hard to apply on this game.

[2Pizza410000BTC]

At first I thought it might be futures trading but after looking at it more closely I realized it was not futures trading but a system like gambling.

It is totally gambling and not trading at all. I have even stopped it.

Yes, after looking at it a little better, I realized that it is complete gambling and any person can become addicted to it very quickly. You did a very good job by stopping it completely, otherwise you would have lost money here quickly. But I want to know from you which exchange is this where such a system exists? Although I will not play here, but I will analyze it a little better. I have always used gambling platforms for gambling. I do not participate in gambling anywhere else, but it is good to keep an eye on it, that is why I want to know from you which exchange is this.

[slaman29]

Just like me, you have been a member of this forum since 2016. One exchange that I remember had spammers and also a gambling service on their website, that was YoBit but they weren't running a signature only around 2018, they have been running it since 2015. They also had a signature campaign of cryptotalk forum, which they created as an alternative of Bitcointalk but they failed. Btw as far as I know, YoBit was a Russia-based website.
I only know one Ukrainian exchange that had a signature campaign on this forum but they didn't have a dice game as far as I remember and this exchange was Liqui exchange.

OMG yes it was YOBIT!

I mentioned 2018 as I think this was when it got super super popular, added all the invest/dice/options for tons of shitcoins, even all the BTC forks you could get all the forkcoins rightaway on the day of fork AND gamble it lol

So it was Russian and not Ukrainian, sorry I couldn't tell, all I remember was they had a Russian looking language and I thought from their old Twitter they posted things about Ukraine (the first 'wars' not the current one).

Good memory bro, and yes this is exactly the one I was talking about

[Roseline492]

This is definitely a gambling and this up and down is like one of the gambling in casinos they called crash game because when you hit up it will start flying and sometimes before you realize it has crashed and the person has loss, so this is exactly what this is all about and they even make it $5 minimum for it, actually with how risky I'm seeing this the minimum amount should have been the amount that wouldn't worth much because the chances that someone would be losing here is on a wide range because there isn't anyway you can stop it if the person is losing all the money they placed.

I have decided to stop it after seeing how risky it is. I lost $50 to it already, my first two games are won but after, I started to lose. My losses there are now more than my profit, so I am losing and I stopped doing it.

I'm not even surprised that you won your first and the second on it because if I'm not mistaken the wining was just intentionally given to you to look as if you started with wining and somehow saying is easy to win but unfortunately you have seen how complex the trading is from your third time. You actually tried to have still keep it with the trading considering how many times you most have lost, this kind of trading gambling is not good for people who carries the idea of big profit through big capital because this kind of risk will dry them off of everything.

[Oshosondy]

I'm not even surprised that you won your first and the second on it because if I'm not mistaken the wining was just intentionally given to you to look as if you started with wining and somehow saying is easy to win but unfortunately you have seen how complex the trading is from your third time. You actually tried to have still keep it with the trading considering how many times you most have lost, this kind of trading gambling is not good for people who carries the idea of big profit through big capital because this kind of risk will dry them off of everything.

It is not even trading at all but gambling. If I open a position while trading and I am losing after a specific period of time, there is still chance that the market may later favour me, but for this one, it is totally gambling because if the time passes already, it is a loss. I have quit it immediately I lost slightly more than $50 and only focus on my trading.

[Hyphen(-)]

It is not even trading at all but gambling. If I open a position while trading and I am losing after a specific period of time, there is still chance that the market may later favour me, but for this one, it is totally gambling because if the time passes already, it is a loss. I have quit it immediately I lost slightly more than $50 and only focus on my trading.

This is indeed pure gambling. Exchanges are now creating several ways to get money from people because some people are greedy and will want to earn money quickly and this methods looks easy to make money and it is not as easy as it may look even though I never tried it.

Is there anything like risk management? Stop loss or take profit among the futures?
If no then I don’t think we can even relate this to trading because it’s purely gambling. Although some people will win if the market favors them, but with this current market conditions, I don’t think it will be easy to win.

[SATWAT]

It is not even trading at all but gambling. If I open a position while trading and I am losing after a specific period of time, there is still chance that the market may later favour me, but for this one, it is totally gambling because if the time passes already, it is a loss. I have quit it immediately I lost slightly more than $50 and only focus on my trading.

This is indeed pure gambling. Exchanges are now creating several ways to get money from people because some people are greedy and will want to earn money quickly and this methods looks easy to make money and it is not as easy as it may look even though I never tried it.

Is there anything like risk management? Stop loss or take profit among the futures?
If no then I don’t think we can even relate this to trading because it’s purely gambling. Although some people will win if the market favors them, but with this current market conditions, I don’t think it will be easy to win.

Now money is getting more intention just because of this business houses bringing all elements which increase their revenue and profit they are not feeling bad how things are going and what consequences are going to happen around mostly Russian exchanges started these few years back.
Now few big exchanges also involving in this with they are bringing many options which attract customers, and they are able to increase their profit business ethics are changing in this competition era in the name of trading platform peoples are involved into other ways of having money without any check.
Newbies are facing troubles because they are not well aware about these, but few are doing good search and then having their own trading because its best option right now for them.

[justdimin]

You can choose the up or down and select the time duration. If you are right, you will be credited 87% of the money you used for it. If you are wrong, your money is gone.

I have not tried it yet because it is gambling but I will give it a try with $5

I am sure that I will never try these and moreover if my memory serves decent, I have come across similar things in binance and kucoin like short term betting in the name of trading. $5 is still a big money to risk even I am confident about a short term market direction.

In technical analysis, we can predict the market direction but not within a fixed time frame. But, here we need accuracy in both market direction and when it will happen kind of time frame. Hence, it is too difficult to win. Comparison of trading with gambling a ever long debate across this forum. So, I do not need to go more depth on this because it is already concluded that both gambling and trading got more than 60% similarities.

[Roseline492]

I'm not even surprised that you won your first and the second on it because if I'm not mistaken the wining was just intentionally given to you to look as if you started with wining and somehow saying is easy to win but unfortunately you have seen how complex the trading is from your third time. You actually tried to have still keep it with the trading considering how many times you most have lost, this kind of trading gambling is not good for people who carries the idea of big profit through big capital because this kind of risk will dry them off of everything.

It is not even trading at all but gambling. If I open a position while trading and I am losing after a specific period of time, there is still chance that the market may later favour me, but for this one, it is totally gambling because if the time passes already, it is a loss. I have quit it immediately I lost slightly more than $50 and only focus on my trading.

Which means that it might even be more risky than gambling because in gambling you can be watching and observing how the outcome might be and if sees that there wouldn't be way for the game to be won you take the safety measures by collecting the available amount possible while the rest is lost on the gambling, so from how you explained it gambling is far better because all this things I have explained on gambling isn't on this because in gambling even at the point of losing good surprised is not impossible.

[Oshosondy]

Which means that it might even be more risky than gambling

It is riskier than gambling but the reason I also see more to this claim is that on gambling sites, I can gamble with just $0.5, although some games can be at least $1 for minimum amount of money that you can use to gamble. But there are some games that I used $0.05 to gamble on the gambling sites. On the exchange, I can not use less than $5 for the prediction futures which is actually binary option and which is also gambling.