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Author Topic: Does bitcoin's price volatility affect your gambling habits?  (Read 2290 times)
gabmen
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November 08, 2017, 03:45:24 PM
 #181

if you use bitcoins just as it is then you can go and gamble without even trying to see what the current price of bitcoins are. But the problem is we are not all early adopters that have thousands of bitcoins in their possession. Most of us are just playing with a few dollars and if that is the case then we would really need to consider how much are bitcoins at the time we are playing.
No, I do not think both of the scenarios are same. Bitcoin price volatility has serious impact on the gambling habits indeed but there are some exceptions too such as the addict people who never care about the level of losses and all they want is to gamble no matter the price is $250 or has increased up to a present value of $7,000.

As for me I have stopped taking risk at all and never use Bitcoins for the sake of gambling in present because taking such a huge risk is not a phenomenon thing at all.

Well perhaps that's because you're also thinking about the fiat value of what you're gambling with. There are people who doesn't even think about the equivalent value and is specifically focused on bitcoin gambling.

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November 08, 2017, 03:52:32 PM
 #182

If now, yes. With very high bitcoin values now. I have reduced basebet as wel profit targets from everytime gambling. Usually profits target is 0.01btc per day. But now, I am just 300Ksat only. The high value bitcoin affects my habits in gambling.

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November 08, 2017, 04:06:05 PM
 #183

If now, yes. With very high bitcoin values now. I have reduced basebet as wel profit targets from everytime gambling. Usually profits target is 0.01btc per day. But now, I am just 300Ksat only. The high value bitcoin affects my habits in gambling.

I'm wondering if some people did not change their habit for betting although bitcoin value already high but in other side, they want to maximize their profit and dare to take the risk especially bitcoin show a promosing progress every day !

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November 10, 2017, 10:05:28 AM
 #184

If now, yes. With very high bitcoin values now. I have reduced basebet as wel profit targets from everytime gambling. Usually profits target is 0.01btc per day. But now, I am just 300Ksat only. The high value bitcoin affects my habits in gambling.

I'm wondering if some people did not change their habit for betting although bitcoin value already high but in other side, they want to maximize their profit and dare to take the risk especially bitcoin show a promosing progress every day !

If a person does not look at the USD price then he will not change his gambling habits and his bet size for sure. But for people like me and others that are similarly situated (probably 99% of all gamblers) will likely look at the price of bitcoins and adjust their bets accordingly. Since, for me and everyone else for sure we do not want to bet big amounts of money even if the amount of BTC has not changed but the price has greatly increased meaning per bet will change of course.

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November 18, 2017, 01:28:28 PM
 #185

If now, yes. With very high bitcoin values now. I have reduced basebet as wel profit targets from everytime gambling. Usually profits target is 0.01btc per day. But now, I am just 300Ksat only. The high value bitcoin affects my habits in gambling.

I'm wondering if some people did not change their habit for betting although bitcoin value already high but in other side, they want to maximize their profit and dare to take the risk especially bitcoin show a promosing progress every day !

If a person does not look at the USD price then he will not change his gambling habits and his bet size for sure. But for people like me and others that are similarly situated (probably 99% of all gamblers) will likely look at the price of bitcoins and adjust their bets accordingly. Since, for me and everyone else for sure we do not want to bet big amounts of money even if the amount of BTC has not changed but the price has greatly increased meaning per bet will change of course.
Yes bitcoin price volatility has a various impact on the gambling habit of the people but the whole scenario does not make a sense at al. this is because if the prices actually increase to  much higher level then instead of focusing on holding the Btcs the rate of gambling via digital assets gets increased to  an unexpected level.

So I think that one should stay away from this sort of practice and keep on collecting more and more of the coins as the price fluctuation are again expected to happen at the end of this year causing the value to eventually risen up to 8 k dollars in December.

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November 18, 2017, 01:48:55 PM
 #186

It is true that bitcoin price volatility affect my gambling habits. According to the rate only I plan my betting as I am not a daily gambler I have a budget for my monthly family expenses. I never go out of my budget. Every two weeks once I use to place now it changed to once in a month only.

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November 18, 2017, 01:55:35 PM
 #187

If now, yes. With very high bitcoin values now. I have reduced basebet as wel profit targets from everytime gambling. Usually profits target is 0.01btc per day. But now, I am just 300Ksat only. The high value bitcoin affects my habits in gambling.

I'm wondering if some people did not change their habit for betting although bitcoin value already high but in other side, they want to maximize their profit and dare to take the risk especially bitcoin show a promosing progress every day !

If a person does not look at the USD price then he will not change his gambling habits and his bet size for sure. But for people like me and others that are similarly situated (probably 99% of all gamblers) will likely look at the price of bitcoins and adjust their bets accordingly. Since, for me and everyone else for sure we do not want to bet big amounts of money even if the amount of BTC has not changed but the price has greatly increased meaning per bet will change of course.
Yes bitcoin price volatility has a various impact on the gambling habit of the people but the whole scenario does not make a sense at al. this is because if the prices actually increase to  much higher level then instead of focusing on holding the Btcs the rate of gambling via digital assets gets increased to  an unexpected level.

So I think that one should stay away from this sort of practice and keep on collecting more and more of the coins as the price fluctuation are again expected to happen at the end of this year causing the value to eventually risen up to 8 k dollars in December.
well that's really possible so instead of gambling your money better to invest it and treat this investing as also gambling between the time, bitcoin value
always fluctuate and if we invest by now and the value rises up for sure a big earnings will be given as a reward for those who place their money.

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November 18, 2017, 02:13:10 PM
 #188

So does this factor affect how you gamble?

If prices go up, do you lower you bets? For example, you normally bet 0.001 per bet, do you lower it to 0.0001 per bet?

If prices go down, do you place higher bets? For example, you normally bet 0.001 per bet, do you place higher bets like 0.01 per bet?

Yes it is, it's affect my gambling habits. I usually bet 0.01 per slip (I gamble on sportsbook) before but after the bitcoin price increasing so big, I decreased it into 0.005 per slip. If the price of bitcoin go down, of course I will back to 0.01 per slip. It's depend on the price of bitcoin itself.

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November 18, 2017, 02:26:10 PM
 #189

No effect at all. I gamble based on my wishes, so whatever happens to BTC prices, it does not affect me.

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November 18, 2017, 05:03:29 PM
 #190

No its similar even its have volatile price.I always do invest in gambling and trading like 5% to 10% of my earnings here in forum so even the price of bitcoin is growing or down a little i still always do invest.I think its good sometimes to play gambling and to take the risk because it give also a knowledge about in gambling or trading,i dont if i can be expert in gambling or in trading but atleast i try

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November 18, 2017, 05:22:21 PM
 #191

There was a time when I used to gamble with 1 btc or more but at that time btc worth around 100-200$. Now I can't even think of risking 7.7k$ of money to make just a little profit. Gambling has changed a lot for me.
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November 18, 2017, 05:39:19 PM
 #192

It most definitely affects the way a person would bet.
If they know they are betting nearly $10 worth in bitcoin as opposed to $1 it use to be worth for 1mbtc then it would affect on how much you put down per wager. Embarrassed

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November 18, 2017, 06:00:29 PM
 #193

No effect at all. I gamble based on my wishes, so whatever happens to BTC prices, it does not affect me.
Same here, I didn't affected by the bitcoin's price volatility. I always gamble like i want, so if the price increase or fall, I will bet with the same amount of btc, I mean i don't watch the price in dolllars or any other real currencies, I only set the amount with BTC.

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November 18, 2017, 11:15:49 PM
 #194

It most definitely affects the way a person would bet.
If they know they are betting nearly $10 worth in bitcoin as opposed to $1 it use to be worth for 1mbtc then it would affect on how much you put down per wager. Embarrassed

With the current price value of bitcoin, I think it's not worth for gambling if ever the value becames so expensive. It's same with price as it went down to lower value, but gambling habits could not be affected at all because most of the people who played gambling doesn't care for price value as long as they're having fun on their bets.

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November 18, 2017, 11:48:35 PM
 #195

No effect at all. I gamble based on my wishes, so whatever happens to BTC prices, it does not affect me.
Same here, I didn't affected by the bitcoin's price volatility. I always gamble like i want, so if the price increase or fall, I will bet with the same amount of btc, I mean i don't watch the price in dolllars or any other real currencies, I only set the amount with BTC.
That's good of you. This won't be done by majority of the gamblers, because even a small loss will end up in a big loss as the price has moved high. In specific I do gambling with bitcoin, but in a calculated form of dollars, because however high the value grows  we won't get affected of the same unless we become greedy.

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November 19, 2017, 12:17:25 AM
 #196

No effect at all. I gamble based on my wishes, so whatever happens to BTC prices, it does not affect me.
Same here, I didn't affected by the bitcoin's price volatility. I always gamble like i want, so if the price increase or fall, I will bet with the same amount of btc, I mean i don't watch the price in dolllars or any other real currencies, I only set the amount with BTC.

But I always do another way because I set my bet amount in USD and I will adjust my bitcoin amount accordingly. If prices go up then I will reduce bitcoin bet amount to match USD price because it is a hard earn money and doesn't want to waste so much on gambling. I usually fix around $50 to $100 for each session of gambling and never go above that amount and play only once or twice in a month.

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November 19, 2017, 01:49:46 AM
 #197

Isn't it another way around? if you have seen that the price of bitcoin goes up, surely there are other gamblers that will make their bet up so they can get a higher sum, but in my case I don't really look at the value of bitcoin, but the bitcoin itself you are not playing a gambling game with your fiat but with your bitcoin so decide in playing with it, well when I play gambling I usually don't look at the value but I am setting an amount that I think I can be OK when I lose it, 
you have a point mate,gamblers greed mentality(maybe not all of them but most of gamblers)will only push them to bet higher because the bitcoin price is high.they will eager to make much more than what they usually bet.and virtual bet is different from acual money betting.you cant feel the value of your win or loss not like when your dealing physical money.

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December 07, 2017, 04:17:14 PM
 #198

Yes. If the bitcoin's price is high then probably gambler would bet in higher amount possible but when the price is low then bet money will be in moderation. The higher your bet is the greater of your chance to win bigger.
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December 07, 2017, 05:48:37 PM
 #199

No effect at all. I gamble based on my wishes, so whatever happens to BTC prices, it does not affect me.
Same here, I didn't affected by the bitcoin's price volatility. I always gamble like i want, so if the price increase or fall, I will bet with the same amount of btc, I mean i don't watch the price in dolllars or any other real currencies, I only set the amount with BTC.

But I always do another way because I set my bet amount in USD and I will adjust my bitcoin amount accordingly. If prices go up then I will reduce bitcoin bet amount to match USD price because it is a hard earn money and doesn't want to waste so much on gambling. I usually fix around $50 to $100 for each session of gambling and never go above that amount and play only once or twice in a month.

Bitcoin price is at around $16k now (frankly, it's awesome). For sure, I will lower my bet amounts now to reflect this price changes. 0.001 BTC each session would be better for me at the current price.

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December 07, 2017, 07:12:05 PM
 #200

No matter how much is the bitcoin price, it wont affect my gambling habits as I always using my own limitation in my local currency rate (IDR to be exact). Lets say my limit is 1,000,000 IDR so I will convert it into bitcoin. The amount of btc indeed will always change but my limit stays the same. My bet amount in btc will also change but not in IDR, so it will help me to avoid big loss if I have no limit in the rate of my local currency.

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