John Oliver 'You’re not investing, you’re gambling'

[Direwolve735]

The comic John Oliver in his show talks a lot about cryptocurrency and bitcoin in particular (https://www.theguardian.com/tv-and-radio/2018/mar/12/john-oliver-last-week-tonight-cryptocurrency). He claimed that people don`t understand what bitcoin is. He also characterized bitcoin as a combination of what people do not understand in money and computers. Do you think he's right or not? Is bitcoin just a game for the majority of people? Is it true that we are beginning to be interested in crypto currency only looking at others and we have a "herd instinct"? Or people really see in bitcoin something more than just a tool for gambling?

[paolo099]

investing in something, stock market or crypto it's a gamble, you can't be sure to gain every time, market move so fast and based on anything (news, fuds, bad weather and so on) that each order you put it's a sort of gamble.
If we want to make a parallelism with betting on football matches, when you bet for the team x to win (or you are buying/selling at particular price) you do it for an outcome: to win/gain based on your last trading action.
Despite the result, unless you are an holder = buy and forget, daily trading is kinda gambling.

[CodyAlfaridzi]

I could see his point and I quite agree to some extent. He's basically saying that investing in cryptocurrency is very risky and that a lot of people don't understand the technological and economic basis for Bitcoin. That's true. He's saying what most of us already know. One thing that I disagree is saying buying Bitcoin is gambling instead of investing. That's just not true.

Speculating doesn't always equal to gambling. There are some major similarities, true, but there are also major differences. I make an informed decision before deciding to invest in something, I assess the risk, and I can sell any time or hold as long as I want. Those are the main differences.

[Juggy777]

The comic John Oliver in his show talks a lot about cryptocurrency and bitcoin in particular (https://www.theguardian.com/tv-and-radio/2018/mar/12/john-oliver-last-week-tonight-cryptocurrency). He claimed that people don`t understand what bitcoin is. He also characterized bitcoin as a combination of what people do not understand in money and computers. Do you think he's right or not? Is bitcoin just a game for the majority of people? Is it true that we are beginning to be interested in crypto currency only looking at others and we have a "herd instinct"? Or people really see in bitcoin something more than just a tool for gambling?

First of all whose this joker and why're you making such a fuss out of his words? Secondly herd mentality is not true in the case of bitcoins had it been true entire fiat would have poured in bitcoins, people yet pose counter arguments against investments in bitcoins and that says it all. People are not fools that they don't understand what bitcoins is, they do and he's a fool if he thinks so. In any case don't bother about him.

[Direwolve735]

I could see his point and I quite agree to some extent. He's basically saying that investing in cryptocurrency is very risky and that a lot of people don't understand the technological and economic basis for Bitcoin. That's true. He's saying what most of us already know. One thing that I disagree is saying buying Bitcoin is gambling instead of investing. That's just not true.

Speculating doesn't always equal to gambling. There are some major similarities, true, but there are also major differences. I make an informed decision before deciding to invest in something, I assess the risk, and I can sell any time or hold as long as I want. Those are the main differences.

Yes, I also agree that most people don`t fully understand what Bitcoin is. They have some knowledge gained from other people, and they have an impression on the basis of not personal experience with crypto-currencies, but on the basis of other people's judgments. It's not just that they do not understand the technological and economic basis for Bitcoin, but they also do not know about the purpose of bitcoin and do not understand why it is needed by mankind and every single person.
And for such people, who do not understand the essence of bitcoin, the crypto-currencies become a ground for gambling, not for investment. Because investing requires knowledge, experience, and special skills. And people who do not understand Bitcoin rely only on luck.

[gentlemand]

95% or more of people getting involved have one intention - to sell it for more than they paid for it. Not too many will understand the inner workings or the implications. You can easily figure that out by the standard of discourse on here and this is a place where people have taken the trouble to find, register and write something.

That's fine. They'll let go of it and it'll move on to someone who does have more of a clue eventually.

[onnz423]

I think John Oliver is correct to some degree, it is a gamble to invest in Bitcoin, as you are gambling that the price in X time will be worth more than when you bought in, otherwise why would you put your money into Bitcoin to begin with if you're not looking to either get more utility value, or cash out for additional fiat.

[cizatext]

Most people don't really understand the working of bitcoin and are only involved just for the gain they think they will make, most of them see bitcoin as a get rich quick scheme and when they expectations are denied or bitcoin fall short of the price they thought it will at the end they term it as either gamble or ponzi.

[beskid]

Most of the people I know really do not understand what crypto currency is. On the question of why they buy crypto currency, the answer is the same: everyone buys and we buy. We want to quickly become rich. But people who invest in ICO,  on the contrary, thoroughly study crypto project currency. So it's hard to say that John Oliver is 100% right.

[stomachgrowls]

The comic John Oliver in his show talks a lot about cryptocurrency and bitcoin in particular (https://www.theguardian.com/tv-and-radio/2018/mar/12/john-oliver-last-week-tonight-cryptocurrency). He claimed that people don`t understand what bitcoin is. He also characterized bitcoin as a combination of what people do not understand in money and computers. Do you think he's right or not? Is bitcoin just a game for the majority of people? Is it true that we are beginning to be interested in crypto currency only looking at others and we have a "herd instinct"? Or people really see in bitcoin something more than just a tool for gambling?

He do have some points on where some people do only just following up on whats the trend without really minding on the sole purpose of bitcoins existence as long they are included on the trend and the most important thing is that they do able to make money then it is already a fine thing for them.Every person do have its own view and as Oliver said regarding on this matter I do respect such thing. No matter how we do see about bitcoin as long we do know the risk and be wise to get out then do it for your own.

[gentlemand]

I think John Oliver is correct to some degree, it is a gamble to invest in Bitcoin, as you are gambling that the price in X time will be worth more than when you bought in, otherwise why would you put your money into Bitcoin to begin with if you're not looking to either get more utility value, or cash out for additional fiat.

I don't really understand why he didn't use the correct piece of terminology which is of course - speculation. Neither gambling nor investment are the right word. I suppose that doesn't make it black and white enough.

[Games.Bitcoin]

Investing is just potentially lower risk gambling ironically the only big difference being that when you invest the factors at play aren't as clearly defined as mathmatical probability of getting a certain hand in a deck of cards.

[ManaMan]

The comic John Oliver in his show talks a lot about cryptocurrency and bitcoin in particular (https://www.theguardian.com/tv-and-radio/2018/mar/12/john-oliver-last-week-tonight-cryptocurrency). He claimed that people don`t understand what bitcoin is. He also characterized bitcoin as a combination of what people do not understand in money and computers. Do you think he's right or not? Is bitcoin just a game for the majority of people? Is it true that we are beginning to be interested in crypto currency only looking at others and we have a "herd instinct"? Or people really see in bitcoin something more than just a tool for gambling?

Many people don't care what it is as long as they can flip and earn money with it all is good. You can't be wrong on this. Take for instance every time there's ATH or bull run, you will see many people coming to cryptocurrency related communities where, most of the time, it is a talk about how to get money and get rich out of this. I think that many people don't care if they will use crypto or fiat as a medium of exchange.

[Direwolve735]

The comic John Oliver in his show talks a lot about cryptocurrency and bitcoin in particular (https://www.theguardian.com/tv-and-radio/2018/mar/12/john-oliver-last-week-tonight-cryptocurrency). He claimed that people don`t understand what bitcoin is. He also characterized bitcoin as a combination of what people do not understand in money and computers. Do you think he's right or not? Is bitcoin just a game for the majority of people? Is it true that we are beginning to be interested in crypto currency only looking at others and we have a "herd instinct"? Or people really see in bitcoin something more than just a tool for gambling?

First of all whose this joker and why're you making such a fuss out of his words? Secondly herd mentality is not true in the case of bitcoins had it been true entire fiat would have poured in bitcoins, people yet pose counter arguments against investments in bitcoins and that says it all. People are not fools that they don't understand what bitcoins is, they do and he's a fool if he thinks so. In any case don't bother about him.

It`s true that a lot of people don`t understand what bitoin is at the proper level. And John Oliver raises this problem. I think, he tries to emphasize the need to deepen the issue of crypto currency if people have already started to do it. You do not sit behind the wheel, if you do not know the rules of the road. So it is here. Before becoming a member of the crypto-currency community, it is necessary to study the rules by which it operates.

[Doge dealer]

everything is a gamble so perhaps what Mr .Oliver should have said is there any merit in investing in bitcoins , because no matter what you invest in there is noting that can be guaranteed even if your gonna hedge the investment against fiat , devaluation can still happen resulting in your spending power reducing even though you would have received the said returns so no matter how you take it everything is a gamble , some gambles are however more likely to pay off than others.

[organelles]

Its true that most people dont properly understand bitcoin and venture into it with an intention to get rich quick. in such scenarios where people just put their money and just hope to win, those are gambling. those who do their research and place their monies reasonably, those are investing, two different things.

[NeverSop]

Investing is just potentially lower risk gambling ironically the only big difference being that when you invest the factors at play aren't as clearly defined as mathmatical probability of getting a certain hand in a deck of cards.

Right. It's funny how the cryptocurrency market is reaffirming its value in the global financial markets. There are always wealthy people who think that this is a silver and a financial bubble. I personally trust the crypto market and I think that is the future of world currency.

[AfterTheFork]

Just like any other person, John Oliver is entitled to his opinion and it doesn't mean that he is right. Getting intp crypto without proper research is gambling, but armed with all there is to know and good decision making, is an investment

[swogerino]

It maybe gambling to John Oliver. Every person has his own opinion about bitcoin and what bitcoin can do for him.

For me bitcoin is the best investment of my life and I have high hopes within the future it maybe a life changer for me. I see bitcoin as an opportunity to turn things upside down when the right time will come. I invest every savings from my payroll monthly in bitcoin and will continue to do so until someone here tells me a better investment than bitcoin. For the moment I believe no other investment is better than bitcoin.

Bitcoin is for me the most serious of all investments that I have done and not a gamble at all.

[SpringfieldM1A]

Things are looking darker each day. I like John Oliver, he cooks good meals, love the restaurants of his around the world... But I don't understand why he talk about bitcoin and cryptocurrencies... I mean, your job is to cook! Not to give people suggestions about things you don't understand!

Edit: I mixed John Oliver with Jamie Oliver...