Phix (OP)
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Merit: 10
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July 10, 2015, 09:26:10 AM |
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I had been searching around and understanding the bitcoin system and what i understood is that Bitcoin price depends totally upon a factor, Gambling:
Gambling:
Gambling is the well known way to recognize bitcoins too as now days, Bitcoins are used to gamble as its anonymous and secure.
How price rises due to Gambling? -
To gamble you need coins, mostly users buy coins and more and more buying = more price of Bitcoins. So, Indirectly Loosing in Gambling can lead to price increase. More user looses, More price of the Bitcoin.
How price decreases due to Gambling? -
When a user wins alot, he usually converts Bitcoins to his currency which affects the price of Bitcoins.. WHich means if a user sells, the price will reduce and like wise 100 BTC sold, the price will be lowered by -1BTC current price out of 100 BTC.
What you guys thinks about it?
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Every time a block is mined, a certain amount of BTC (called the
subsidy) is created out of thin air and given to the miner. The
subsidy halves every four years and will reach 0 in about 130 years.
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Miracal
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July 10, 2015, 10:48:38 AM |
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I had been searching around and understanding the bitcoin system and what i understood is that Bitcoin price depends totally upon a factor, Gambling:
Gambling:
Gambling is the well known way to recognize bitcoins too as now days, Bitcoins are used to gamble as its anonymous and secure.
How price rises due to Gambling? -
To gamble you need coins, mostly users buy coins and more and more buying = more price of Bitcoins. So, Indirectly Loosing in Gambling can lead to price increase. More user looses, More price of the Bitcoin.
How price decreases due to Gambling? -
When a user wins alot, he usually converts Bitcoins to his currency which affects the price of Bitcoins.. WHich means if a user sells, the price will reduce and like wise 100 BTC sold, the price will be lowered by -1BTC current price out of 100 BTC.
What you guys thinks about it?
I don't think gambling is the only factor which affects the price factor, I don't think it is even a significant factor. There are so many trades happening in the btc world and not all are gambling, infact I don't think its more than 40%. There are miners which affect the price value and the most influence on price is of attention in media, news which really affects price because the more people are aware, the more are interested and the more invest in btc  |
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--Encrypted--
Copper Member
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hee-ho.
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July 10, 2015, 10:57:06 AM |
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I had been searching around and understanding the bitcoin system and what i understood is that Bitcoin price depends totally upon a factor, Gambling:
hell no. only few people managed to win/lose big amount of BTC to have an impact on the price. see the market cap, there's no way that even half of those are because of gambling |
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Phix (OP)
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July 10, 2015, 11:00:18 AM |
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Oh alright, i got it now.. Thanks  |
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JarvisTechnology
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July 10, 2015, 01:11:29 PM |
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There are other factors which hold much more importance for determining the price of BTC , they may vary from miners to demand and supply. Gambling is something , which remains mostly untouched. People with good experience with bitcoins , practice this. If you look at the cap of BTC in the market , not even 40% is due to gambling. So basically there are other significant factors.
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everaja
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July 10, 2015, 01:19:44 PM |
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I don't think gambling is the only factor which affects the price factor, I don't think it is even a significant factor. There are so many trades happening in the btc world and not all are gambling, infact I don't think its more than 40%. There are miners which affect the price value and the most influence on price is of attention in media, news which really affects price because the more people are aware, the more are interested and the more invest in btc The OP said Gambling is one of the Factor , not only. I think it is one of the minor but yet significant factor, I completely agree with you( Miracal ) that miners are the more who affect the most and the people using it , more people using bitcoins = more the price will be , can see the example now , Greece. |
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Zorrocoin
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July 10, 2015, 02:09:13 PM |
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I had been searching around and understanding the bitcoin system and what i understood is that Bitcoin price depends totally upon a factor, Gambling:
Gambling:
Gambling is the well known way to recognize bitcoins too as now days, Bitcoins are used to gamble as its anonymous and secure.
How price rises due to Gambling? -
To gamble you need coins, mostly users buy coins and more and more buying = more price of Bitcoins. So, Indirectly Loosing in Gambling can lead to price increase. More user looses, More price of the Bitcoin.
How price decreases due to Gambling? -
When a user wins alot, he usually converts Bitcoins to his currency which affects the price of Bitcoins.. WHich means if a user sells, the price will reduce and like wise 100 BTC sold, the price will be lowered by -1BTC current price out of 100 BTC.
What you guys thinks about it?
You are right. Gambling is one of the reasons by which the price of bitcoins increase or decrease, not the only or main factor but one of them . The more the users buy coins to gamble , the more the price of bitcoins increases.It's quite obvious actually. |
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HeroCat
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July 10, 2015, 02:15:08 PM |
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Gambling market is just part of all BTC market. Players sometime win and sometime loose. I think BTC price depends from main BTC miners - if they make a lot of BTC - price can change.  |
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n2004al
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September 29, 2015, 03:56:29 PM |
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I had been searching around and understanding the bitcoin system and what i understood is that Bitcoin price depends totally upon a factor, Gambling:
Gambling:
Gambling is the well known way to recognize bitcoins too as now days, Bitcoins are used to gamble as its anonymous and secure.
How price rises due to Gambling? -
To gamble you need coins, mostly users buy coins and more and more buying = more price of Bitcoins. So, Indirectly Loosing in Gambling can lead to price increase. More user looses, More price of the Bitcoin.
How price decreases due to Gambling? -
When a user wins alot, he usually converts Bitcoins to his currency which affects the price of Bitcoins.. WHich means if a user sells, the price will reduce and like wise 100 BTC sold, the price will be lowered by -1BTC current price out of 100 BTC.
What you guys thinks about it?
I wanted to know only if what you have understood is based to some real data or is only a feeling or sensation become from some your yesterday wonder or from your discussion the day before yesterday with your girlfriend. Seriously: Have you really read something about this? What kind of search have you made? Can you show some title of speeches or any kind of materials you have consulted? It is very interesting find from what depends the change of bitcoin with the other currencies. It will be a surprise for me if the gambling will be this reason, but, if it will be true, the facts cannot be denied and I must renounce from my convictions. |
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avatar_kiyoshi
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September 30, 2015, 11:36:58 AM |
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Your logic is make sense actually, but the biggest factor is depends on supply and demand.
i know some people who addicted to gambling, if they lose they will buy again and make a bet again.
But i think this is include to demand.
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Miss Fortune
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September 30, 2015, 12:30:40 PM |
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I had been searching around and understanding the bitcoin system and what i understood is that Bitcoin price depends totally upon a factor, Gambling:
Gambling:
Gambling is the well known way to recognize bitcoins too as now days, Bitcoins are used to gamble as its anonymous and secure.
How price rises due to Gambling? -
To gamble you need coins, mostly users buy coins and more and more buying = more price of Bitcoins. So, Indirectly Loosing in Gambling can lead to price increase. More user looses, More price of the Bitcoin.
How price decreases due to Gambling? -
When a user wins alot, he usually converts Bitcoins to his currency which affects the price of Bitcoins.. WHich means if a user sells, the price will reduce and like wise 100 BTC sold, the price will be lowered by -1BTC current price out of 100 BTC.
What you guys thinks about it?
Gambling is very rampant these days I thought bitcoin is excepted about it but of course its not. But it has something to do with the the bitcoin's price. |
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jaysabi
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September 30, 2015, 03:44:13 PM |
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It's unlikely anyone will gamble with enough bitcoins to have an impact on the price one way or the other. The market cap of bitcoin is over 3.4 billion dollars. If we assume that the smallest amount of bitcoin entering or leaving the market at a time to have a material affect on the price is 0.1%, you're talking about 3.4 million dollars. And 0.1 percent is incredibly small too, what if you assumed it took 1%? That would be 34 million dollars. So how many people out there do you think are gambling with 3.4 million to 34 million dollars worth of bitcoin at a time?
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qiwoman2
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September 30, 2015, 03:51:34 PM |
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Although a lot of gamblers use bitcoin we need to remember that many gamblers also lose not only win so that can also balance things out a little bit. I think gambling has a part to play in bitcoin trading but isn't the most paramount factor if we are talking about games of chance that is.
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Ceizer54
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September 30, 2015, 04:44:41 PM |
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I agree with OP but i like to add it's not just the gambling which affects the price of bitcoin..there are many other things that affects bitcoins and Winning in gambling just by one person doesn't decreases the price...I agree that bitcoin prices increases because most people lost in gambling and then buy bitcoins..but i think bitcoin prices decreases more due to the lost and stolen bitcoins.
when the bitcoins are stolen (a lot) from exchange or from wallet then it affects bitcoin network and thus the price decreases a lot
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jaysabi
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September 30, 2015, 07:42:09 PM |
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Take CLAMS for example, that is a coin that is clearly reliant on the number of people gambling with it. It has a small market cap, (about 1.3 million dollars) and its only use is for gambling. In fact, the only reason it has any value at all is that it is used by JD. But that coin experienced its own mini bubble and burst due to people speculating that holding CLAMS would create a decent return (it's a POS coin). The coin rose to over $3 before people realized the growth prospects for the coin are extremely limited because it's only useful for gambling on JD and maybe a couple other sites, and nothing else. So the price quickly came back down to around $1.20, which is where it still hovers. But gamblers or speculators can cause a small market cap coin like CLAMS to swing a lot easier than bitcoin.
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