Bitcoin is not gambling

[Gen iUs]

I don't know why people say bitcoin is gambling. Its not gambling. You are investing your money and time. You use your internet. So its not gambling dealing with it.

Maybe they don't understand what is bitcoin all about.
I agree with you that Bitcoin is not a gambling, but in Bitcoin there's a gambling.

[Jonsnowstark]

I don't know why people say bitcoin is gambling. Its not gambling. You are investing your money and time. You use your internet. So its not gambling dealing with it.

Some people are not interested in bitcoin that's why they say bitcoin is gambling. Bitcoin is an investment where you will invest some of your money and trying to make a big profit from it but it's not gambling though. It's just risky when bitcoin turns down but hours later it'll rise up more than your investment.

[godrey123]

ofcourse bitcoin is not gambling. by definition gambking is any form of game that involves money, whike bitcoin is a cryptocurrency, meaning it is a form of money that you can buy trade and etc.

[tanghere1]

Investing is some form of gambling. So investing on bitcoin is somewhat gambling in a way that you are gambling with your time and the hope of the bitcoin prize will go higher than you the initial prize that you bought it.

[Rascar Capac]

Bitcoin is very different from gambling. Yes it can be used for gambling and casinos but that does nit mean that it is already gambling. Bitcoin is a form of investment wherein the price accumulates or depreciates and it is similar to stock exchange.

[DoublerHunter]

Bitcoin is very different from gambling. Yes it can be used for gambling and casinos but that does nit mean that it is already gambling. Bitcoin is a form of investment wherein the price accumulates or depreciates and it is similar to stock exchange.

I agree with you that bitcoin is a type of investment and because of that investment it gives people to choose bitcoin over the other form of earning money online because most of the times, my friends are spending their time in gambling but when they found bitcoin, they stop and they put their attention in investing and accumulating bitcoin.

[Matteo.b]

Yes I agree with you bitcoi its not gambling bitcoin is kind of investment and for me it is not scam bitcoin you can more earning money here

[lambomoonmoney]

I went to the casino last night and lost a ton of money, trust me, I know what gambling is and what bitcoin is.

[Rludd]

Yes.

Gambling because:

Your correct point about the price being speculative. It’s not a stock where you can do analysis on the strength of the company and decide what you are comfortable paying for it.
A lot of the trading essentially requires you to have trust in an exchange that is built by others (some are reputable and trustworthy), but it’s not the same as investing in the stock market or any other financial instrument that is legal. This is high risk, it does feel a little like throwing your money in a basement dog fight or something where you have no idea who the bookies are and it’s your first time there and everyone around you looks sketchy.
Adoption is still uncertain from a perspective of daily usage in economies. There are very limited places you can buy milk or gas with Bitcoin.
It feels like playing roulette or black jack or any other betting game where it’s you vs. the house, where skill does *not* come into play.
Now, a twist on this answer is that you could technically reduce your risk and make it “less gambling” by implementing a trading strategy that may work (as it’s super volatile). There are obviously countless companies and individuals who are trading bitcoin (and other altcoins) in manners similar to HFT and other automated means.

As well, I have 12 bitcoins, threw in some money a few years ago and that gamble paid off nicely.

[Bamel]

I can make a simple argument for that and goes this way:

If you took your money, bought bitcoin just because you saw in the TV that is rising its value and you hope to earn some profits without making any studies or previous reports about the market, the current status of the coin or you are in conditions to hold any investments, then yes, it’s gambling because you’re putting your money randomly without knowledge.
Assuming you made your homework. Got info about bitcoin, grab some major papers and saw the volatility, asked some friends about it, made some conclusions and inferences and then (only then) purchased bitcoins because your analysis told you that is going in certain direction that is convenient to you.
See, the major difference between one thing and another is the information. A well investment is always the one you have the proper information.

[Amial]

Online gambling is rigged anyways. You can buy the online Bitcoin gambling casino software for about 15g and host a site. The software allows you to adjust the probability. Might cost more now, that was what the software was going for about 3 years ago. Anyways it's all BS.

[Kesecer]

gambling is love gambling is life

[Usine]

It helps Bitcoin, and has potential to REALLY help Bitcoin. See currently every gambling game you lose 1-5% , remove the house edge and not only does it make gambling compelling but it has the potential to destroy all current retail and online gaming.
Offering poker without a rake, offering slots without an expected loss, offering roulette without a green slot on the wheel, etc... All of this turns your expected value to net neutral which would flip the gambling world upside down.
Sports betting without a house edge? Massive. When somebody actually creates a system off BTC/Ethereum that reduces all house edge, the inflows of BTC/Ether will be insane.
It proves the deflationary potential of technology.
Bitcoin gambling in its current state still shovels massive amounts of $ into the house. Let's make gambling net neutral and all of a sudden the market will blow up. To do this would require peer to peer staking because nobody would tie up their bitcoin capital without an expected return unless they are gambling themselves.

[Renr]

It helps Bitcoin, and has potential to REALLY help Bitcoin. See currently every gambling game you lose 1-5% , remove the house edge and not only does it make gambling compelling but it has the potential to destroy all current retail and online gaming.
Offering poker without a rake, offering slots without an expected loss, offering roulette without a green slot on the wheel, etc... All of this turns your expected value to net neutral which would flip the gambling world upside down.
Sports betting without a house edge? Massive. When somebody actually creates a system off BTC/Ethereum that reduces all house edge, the inflows of BTC/Ether will be insane.
It proves the deflationary potential of technology.
Bitcoin gambling in its current state still shovels massive amounts of $ into the house. Let's make gambling net neutral and all of a sudden the market will blow up. To do this would require peer to peer staking because nobody would tie up their bitcoin capital without an expected return unless they are gambling themselves.

Why would bitcoin eliminate the house edge? I can see it reducing it because bitcoin's properties make it much more efficient for online gambling, but not eliminating. Whoever creates the gambling service will want to get some kind of benefit for themselves so they'll code in a house edge.

[Stianyd]

It helps Bitcoin, and has potential to REALLY help Bitcoin. See currently every gambling game you lose 1-5% , remove the house edge and not only does it make gambling compelling but it has the potential to destroy all current retail and online gaming.
Offering poker without a rake, offering slots without an expected loss, offering roulette without a green slot on the wheel, etc... All of this turns your expected value to net neutral which would flip the gambling world upside down.
Sports betting without a house edge? Massive. When somebody actually creates a system off BTC/Ethereum that reduces all house edge, the inflows of BTC/Ether will be insane.
It proves the deflationary potential of technology.
Bitcoin gambling in its current state still shovels massive amounts of $ into the house. Let's make gambling net neutral and all of a sudden the market will blow up. To do this would require peer to peer staking because nobody would tie up their bitcoin capital without an expected return unless they are gambling themselves.

Why would bitcoin eliminate the house edge? I can see it reducing it because bitcoin's properties make it much more efficient for online gambling, but not eliminating. Whoever creates the gambling service will want to get some kind of benefit for themselves so they'll code in a house edge.

couldn't agree more
what is the point to create a gambling website if you can't profit from it
maybe not coding in a house edge but some fee for using the site is a must
I use Nitrogen for sportsbetting and Fortune Jack for casino games for several years - never had a problem, cashouts are super fast

[Giric]

It helps Bitcoin, and has potential to REALLY help Bitcoin. See currently every gambling game you lose 1-5% , remove the house edge and not only does it make gambling compelling but it has the potential to destroy all current retail and online gaming.
Offering poker without a rake, offering slots without an expected loss, offering roulette without a green slot on the wheel, etc... All of this turns your expected value to net neutral which would flip the gambling world upside down.
Sports betting without a house edge? Massive. When somebody actually creates a system off BTC/Ethereum that reduces all house edge, the inflows of BTC/Ether will be insane.
It proves the deflationary potential of technology.
Bitcoin gambling in its current state still shovels massive amounts of $ into the house. Let's make gambling net neutral and all of a sudden the market will blow up. To do this would require peer to peer staking because nobody would tie up their bitcoin capital without an expected return unless they are gambling themselves.

Why would bitcoin eliminate the house edge? I can see it reducing it because bitcoin's properties make it much more efficient for online gambling, but not eliminating. Whoever creates the gambling service will want to get some kind of benefit for themselves so they'll code in a house edge.

couldn't agree more
what is the point to create a gambling website if you can't profit from it
maybe not coding in a house edge but some fee for using the site is a must
I use Nitrogen for sportsbetting and Fortune Jack for casino games for several years - never had a problem, cashouts are super fast

Currently Bitcoin gambling is at the reduced house edge stage. Less overhead = lower house edge.
I believe the next phase is a peer to peer protocol where two people can bet against each other at a zero house edge. OR a developer they can simply offer zero house edge website and implement a tip system so players can tip at their own will, similar to dealer tipping in a casino. Won't work for "virtual slots" however peer to peer sports betting is a big one.

[Aneelal]

It helps Bitcoin, and has potential to REALLY help Bitcoin. See currently every gambling game you lose 1-5% , remove the house edge and not only does it make gambling compelling but it has the potential to destroy all current retail and online gaming.
Offering poker without a rake, offering slots without an expected loss, offering roulette without a green slot on the wheel, etc... All of this turns your expected value to net neutral which would flip the gambling world upside down.
Sports betting without a house edge? Massive. When somebody actually creates a system off BTC/Ethereum that reduces all house edge, the inflows of BTC/Ether will be insane.
It proves the deflationary potential of technology.
Bitcoin gambling in its current state still shovels massive amounts of $ into the house. Let's make gambling net neutral and all of a sudden the market will blow up. To do this would require peer to peer staking because nobody would tie up their bitcoin capital without an expected return unless they are gambling themselves.

Why would bitcoin eliminate the house edge? I can see it reducing it because bitcoin's properties make it much more efficient for online gambling, but not eliminating. Whoever creates the gambling service will want to get some kind of benefit for themselves so they'll code in a house edge.

couldn't agree more
what is the point to create a gambling website if you can't profit from it
maybe not coding in a house edge but some fee for using the site is a must
I use Nitrogen for sportsbetting and Fortune Jack for casino games for several years - never had a problem, cashouts are super fast

Currently Bitcoin gambling is at the reduced house edge stage. Less overhead = lower house edge.
I believe the next phase is a peer to peer protocol where two people can bet against each other at a zero house edge. OR a developer they can simply offer zero house edge website and implement a tip system so players can tip at their own will, similar to dealer tipping in a casino. Won't work for "virtual slots" however peer to peer sports betting is a big one.

No, bitcoin does not reduce house edge or I do not see it and I am in the industry for over a decade. Bovada is very happy with btc, but the edge is the same.
Nobody wants zero house edge website because nobody makes money off it and therefore nobody promotes it. Many non blockchain projects with zero edge failed/ended.

[Rludd]

Bovada is nr1 gambling site. It has much more bitcoin users than all the other bitcoin sites together. They convert traffic into real players by far the best. This is why low or zero edge does not matter.
http://www.alexa.com/siteinfo/megadice.com http://www.alexa.com/siteinfo/bovada.lv -> traffic of bovada is by orders of magnitude higher
So they are by far not a legacy yet. It is bovada that is teaching ppl to gamble through bitcoins. All the btc community should be thankful to them.

[Bamel]

Bovada is nr1 gambling site. It has much more bitcoin users than all the other bitcoin sites together. They convert traffic into real players by far the best. This is why low or zero edge does not matter.
http://www.alexa.com/siteinfo/megadice.com http://www.alexa.com/siteinfo/bovada.lv -> traffic of bovada is by orders of magnitude higher
So they are by far not a legacy yet. It is bovada that is teaching ppl to gamble through bitcoins. All the btc community should be thankful to them.

True, but Bovada is still a legacy gaming site. It deals primarily with fiat and incurs massive overhead costs of effectively laundering money for USA withdrawals. They also have virtually no serious competition in the USA market except for 5dimes.
However, what we did see, was the massive investment made by Bovada to push its users to Bitcoin. Bovada ran excellent Bitcoin-specific deposit/reload bonuses for most of last year. I can only imagine the amount of money they lose to credit card chargebacks... Bitcoin must be a godsend.

[Amial]

Bovada is nr1 gambling site. It has much more bitcoin users than all the other bitcoin sites together. They convert traffic into real players by far the best. This is why low or zero edge does not matter.
http://www.alexa.com/siteinfo/megadice.com http://www.alexa.com/siteinfo/bovada.lv -> traffic of bovada is by orders of magnitude higher
So they are by far not a legacy yet. It is bovada that is teaching ppl to gamble through bitcoins. All the btc community should be thankful to them.

True, but Bovada is still a legacy gaming site. It deals primarily with fiat and incurs massive overhead costs of effectively laundering money for USA withdrawals. They also have virtually no serious competition in the USA market except for 5dimes.
However, what we did see, was the massive investment made by Bovada to push its users to Bitcoin. Bovada ran excellent Bitcoin-specific deposit/reload bonuses for most of last year. I can only imagine the amount of money they lose to credit card chargebacks... Bitcoin must be a godsend.

There is still Betonline and few smaller ones and locals, but yeah many withdrew.
I know guys from 5d, I know well guys from Bovada, even in person. If you think that people like Calvin Ayre are here, with 9 digit revenue/yr, just to die off, then you are wrong. Like they were able to silently squeeze what they could from poker by restrictive policy, they will squeeze whatever they can from btc too.
So far simply normal gamblers are happy with them to use btc as transaction currency, not as betting currency. If the taste of players change, they will change too ofc. They have the money for that. But the taste so far did not change, that is the point (and I do not believe whole world will turn into cryptos that easily). Also please note that Calvin is involved in btc beyond gambling borders.