Is having 1 bitcoin like having a lottery ticket?

[just_me]

1 bitcoin is now worth approximately $1000 (depending on market fluctuations though)

Perhaps 1 bitcoin might be worth $100,000 soon? Or maybe $1,000,000


So, just having 1 bitcoin, is like having a lottery ticket to perhaps 'win' $100,000 or $1,000,000

[Dragonkiller]

no, it's an investment.

[YoYa]

Well this is the dumbest thing I've seen in a long time.

[Richard Branson]

Well this is the dumbest thing I've seen in a long time.

He believes in jesus. What do you expect?

[T.Stuart]

Much better odds I'd say. 

[notme]

Well this is the dumbest thing I've seen in a long time.

He believes in jesus. What do you expect?

So do I, but that doesn't make me retarded.  I'll agree there is some correlation since many people use religion to escape personal responsibility, but don't discount faith just because some idiots abuse it.

[Richard Branson]

I didn't say that he is retarded.

[notme]

I didn't say that he is retarded.

What exactly are you implying then?

[YoYa]

Regardless of OP's religious beliefs, comparing BTC to a lottery ticket is just deserving of ridicule and highly reflective of the levels of mindless mania that n'th wave noobs are experiencing. The lessons to correct such behaviour will be expensive both to individuals wealth and btc's own credibility, but then again, that is the cyclical nature of markets.

There is no getting rich quick, btc is not a lottery, and we have much work ahead to make btc worthy of its price, but the end result will be more than worth it.

[notme]

Regardless of OP's religious beliefs, comparing BTC to a lottery ticket is just deserving of ridicule and highly reflective of the levels of mindless mania that n'th wave noobs are experiencing. The lessons to correct such behaviour will be expensive both to individuals wealth and btc's own credibility, but then again, that is the cyclical nature of markets.

There is no getting rich quick, btc is not a lottery, and we have much work ahead to make btc worthy of its price, but the end result will be more than worth it.

+1

Attack the statement, not the man or his personal beliefs.

[Wilhelm]

The difference with BTC and the lottery.

The lottery has a date at which a winner will be anounced. Bitcoin allows you to cash out at any time.
The lottery gives NO insite into your winning state. Bitcoin shows the value of your investment at any time.
In a lottery you either win or loose. With bitcoin you can get richer or poorer. Losing all or winning all are the only two possibilities that are nearly impossible.
etc.


What the OP might be trying to ask is if bitcoin can go both ways (to da moon or into the earths core).
The simple answer is YES bitcoin can go up or down just as easily. Statisically chances are higher that it will go to $0 but due to market adoption belief is that it will go much higher.


Bitcoin is more like religion than the lottery.
You read everything there is to know and still there is no certainty. It's all down to faith and personal investment

[traderCJ]

The difference with BTC and the lottery.

The lottery has a date at which a winner will be anounced. Bitcoin allows you to cash out at any time.
The lottery gives NO insite into your winning state. Bitcoin shows the value of your investment at any time.
In a lottery you either win or loose. With bitcoin you can get richer or poorer. Losing all or winning all are the only two possibilities that are nearly impossible.
etc.


What the OP might be trying to ask is if bitcoin can go both ways (to da moon or into the earths core).
The simple answer is YES bitcoin can go up or down just as easily. Statisically chances are higher that it will go to $0 but due to market adoption belief is that it will go much higher.


Bitcoin is more like religion than the lottery.
You read everything there is to know and still there is no certainty. It's all down to faith and personal investment

Set a win at ( > $100k/coin) and a loss at ( < $1000/coin).  Pick at arbitrary date between 5 and 50 years out.  Check for win/loss on this date.  In this case however, if one of your tickets wins, they all win, and if one loses, they all lose.  I think the primary objection people have to the lottery analogy is they believe the chances of winning are much better than the lottery.  I actually think the chances of implosion are higher than the chances of stratospheric gains within our lifetimes, but maybe only by 2:1 odds or so (obviously just a gut feeling - bitcoin methods of success are clear, methods of failure are not).  In any event, this makes the expected value of one of these lottery tickets quite high ..

[hyphymikey]

The difference with BTC and the lottery.

The lottery has a date at which a winner will be anounced. Bitcoin allows you to cash out at any time.
The lottery gives NO insite into your winning state. Bitcoin shows the value of your investment at any time.
In a lottery you either win or loose. With bitcoin you can get richer or poorer. Losing all or winning all are the only two possibilities that are nearly impossible.
etc.


What the OP might be trying to ask is if bitcoin can go both ways (to da moon or into the earths core).
The simple answer is YES bitcoin can go up or down just as easily. Statisically chances are higher that it will go to $0 but due to market adoption belief is that it will go much higher.


Bitcoin is more like religion than the lottery.
You read everything there is to know and still there is no certainty. It's all down to faith and personal investment

Set a win at ( > $100k/coin) and a loss at ( < $1000/coin).  Pick at arbitrary date between 5 and 50 years out.  Check for win/loss on this date.  In this case however, if one of your tickets wins, they all win, and if one loses, they all lose.  I think the primary objection people have to the lottery analogy is they believe the chances of winning are much better than the lottery.  I actually think the chances of implosion are higher than the chances of stratospheric gains within our lifetimes, but maybe only by 2:1 odds or so (obviously just a gut feeling - bitcoin methods of success are clear, methods of failure are not).  In any event, this makes the expected value of one of these lottery tickets quite high ..

In what price USD to you declare "stratospheric gains"?  Is 15,000% in 2 years not enough?

[BitcoinAshley]

Lol. It's a horrendous analogy. But, if by lottery ticket, you are speaking in a very general sense, like "Something you buy that might make you really rich in the future"

Yes.

But then again, any financial asset or commodity is. It's just that some of them have more of a chance of doing that. I could buy 20 metric tons of peanuts or I could buy 2000 bitcoins in early 2010. LOL.

There are people who will laugh and assume your only reason for getting into bitcoin is to "get rich quick," and will respond as if you made that exact statement. Ignore these people, these creators and attackers of straw men.

[Cyberdyne]

I think closer to a lottery would be spending that 1 xbt on some *brand new* altcoin.

Now that would be lotterious... buying a billion ToiletFlushCoins just to see if they go up 2000x overnight.

Some of them do (doge?)... then you've got your 100 xbt winnings after you dump them a few days later.

[traderCJ]

In what price USD to you declare "stratospheric gains"?  Is 15,000% in 2 years not enough?

The OP is referring to investing now, not investing 2 years ago.  Regarding "stratospheric gains", I picked $100,000 USD / XBT.

[tommy87]

Bitcoin is more like religion.

You read everything there is to know and still there is no certainty. It's all down to faith and personal investment

On a serious note, awesome view as much as I dislike religion.

[zimmah]

Well this is the dumbest thing I've seen in a long time.

He believes in jesus. What do you expect?

So do I, but that doesn't make me retarded.  I'll agree there is some correlation since many people use religion to escape personal responsibility, but don't discount faith just because some idiots abuse it.

exactly, we could debate all day whether it's more idiotic to believe in abiogenesis or in divine intervention, but these topics are discussed to death already all over the internet, and i don't think it contributes to anything constructive anyway.

[favelle75]

Regardless of OP's religious beliefs, comparing BTC to a lottery ticket is just deserving of ridicule and highly reflective of the levels of mindless mania that n'th wave noobs are experiencing. The lessons to correct such behaviour will be expensive both to individuals wealth and btc's own credibility, but then again, that is the cyclical nature of markets.

There is no getting rich quick, btc is not a lottery, and we have much work ahead to make btc worthy of its price, but the end result will be more than worth it.

But if you are on the outside looking in and don't exactly believe or know of the fundamentals of BTC, comparing it to the lottery is actually quite valid. And after all the shit we've seen in this forum to call THAT the most retarded thing you ever seen?  Pulllease.

[traderCJ]

Regardless of OP's religious beliefs, comparing BTC to a lottery ticket is just deserving of ridicule and highly reflective of the levels of mindless mania that n'th wave noobs are experiencing. The lessons to correct such behaviour will be expensive both to individuals wealth and btc's own credibility, but then again, that is the cyclical nature of markets.

There is no getting rich quick, btc is not a lottery, and we have much work ahead to make btc worthy of its price, but the end result will be more than worth it.

But if you are on the outside looking in and don't exactly believe or know of the fundamentals of BTC, comparing it to the lottery is actually quite valid. And after all the shit we've seen in this forum to call THAT the most retarded thing you ever seen?  Pulllease.

Agreed.  I'll take it a step farther.  Bitcoin has no breakup value.  There is no minimum price.  Nailing down the fundamentals of Bitcoin is like trying to nail jello to a wall.  The market cap can contract 100% in a short period of time if it breaks for some reason.  This isn't FUD, it simply is reality.  We all are on the outside looking in.  It is an experiment, invest accordingly.