Friendly advice/warning about gambling in this market

[LFC_Bitcoin]

Guys, you can tell me to fuck off if you want but as a fellow gambler & I suppose a friend I want to give a bit of advice -

The bitcoin price has been INCREDIBLY VOLATILE over the last 24 hours & is probably set to continue that way for the next few days/weeks in some part due to the civil war over at BCH betwwen Ver/Wu & CW.

With what they’re doing (selling BTC to support their shit show) it’s made the BTC price crash (plus traders making it worse by panic selling).

Any way it doesn’t really matter why the price is volatile AF but it is. This affects gamblers & the bets you’re placing. A $20 (in bitcoin) bet made 2 days ago for football games tonight isn’t the same as placing a $20 bet (in bitcoin) tonight.

Just be fucking careful please guys because you could get burnt badly (your winnings might look like shit by the time your result comes in with the way the price of bitcoin is going).

Just a friendly bit of advice any way, you don’t have to listen to me. Personally, I won’t be betting with bitcoin for a little while any way until the market sorts itself out.

Peace

[bigmaster23]

Thanks for informing us mate, probably even if you won on gambling there's nothing left to be called as profit because the btc could turn against your winning streak.

I will only gamble on fiat for this week or so.

[SyGambler]

yeah I agree , personally my units are based on Euros so when I make bets on bitcoin bookies I open preev and insert 25 euros for example to see how much is that exactly in bitcoin then I bet it
yesterday and today I stopped doing this cause the numbers were changing crazily within few seconds so I moved all my action to the asian bookies till the price of btc settles a little
 
BUT if you are gambling to make more BTC regardless of fiat value then this shouldn't affect how you bet , but as I stated my bets are fiat based and when it comes to sprotsbetting my goal is to make more euros since the majority of my bets are on horse racing so I have to stick to fiat exchanges

[leowonderful]

This is actually one of the reasons why I’ve completely stopped gambling as of recently, from playing games like dice to betting on eSports matches. I do have some fiat accounts with cash on them, so I’m going to temporarily bet on my fiat accounts while this little battle boils over. I haven’t moved a penny of my coins since the big drop yesterday was messing with the exchange prices sites like Bitrefill were charging for Amazon Giftcards as well; it’s unfortunate that the BCH battle’s affecting BTC in this manner, but I’m sure it’ll be over in a minute.

[Indamuck]

yawn......just another day in crypto.  Bitcoin has always been super volatile, especially in the early days.  I'm sleeping just fine and will wait out this storm like always.  If anyone is concerned about this they can place their bets in fiat or convert their crypto to a stable coin like tether.  Gamblers are usually more inclined towards risk anyways.

[harizen]

I have been betting with bitcoin thru ups and downs since the beginning without harming my fiat so my gambling experience is really not totally affected at all with the recent price crash.

Never experienced to used fiat to buy bitcoin in any kind of purposes, including doing gambling. All are earned via various methods and succesfully maintained a good numbers since I started in crypto.

And besides Im used to this kind of trend. I will continue my gambling activity no matter what.

Well then there are people who are not like that so take this advice from OP.

[o_e_l_e_o]

-snip-

I fall on this side of the fence. All my gambling is to increase my stack of bitcoin. I never need to cash out my crypto if I don't want to, and if it all falls to zero, my quality of life won't change in the slightest. I am firmly in bitcoin for the long-term, and so short term price fluctuations are meaningless - I wouldn't even have known the price was down if every board on this forum hadn't been spammed with topics about bitcoin being dead.

LFC's advice is solid if you are converting in and out of fiat constantly. But if you are like me, and don't care about the fiat value, then you can just gamble on uninterrupted.

[Reid]

But what if it stays the same just like 3 months ago. Like this price wont have any movement again?

Nba games are getting better and I dont want my prizes to just be in low value like that?

Should we all stop and just hold all the bitcoins we have and wait for the market to be on a good ground again because of demands?

Well BCH also went down right? So what did they really accomplished by selling bitcoin.

[zupdawg]

Thank you for a good piece of advice. Because of the price movements these past days, people betting with crypto from their fiat money almost having a very high disadvantage, imagine if someone bought $100 and trying to win lets say $50 in a sports bet, it is possible to get dropped to $30 winnings and bet value of $70. Even a winning bet wont give a good profit

[maydna]

So we have another coin to place the bets, and I am sure that we could still play gambling with altcoin But it is good advice for all gamblers to not using bitcoin as the bets for a while because the market isn't good and it's better to use altcoin for a while. But if you still want to use bitcoin, then you have that choice. But always be careful when you want to spend your bitcoin in the gambling game because you will be responsible for your money.

[eternalgloom]

I don't know, it certainly has upsides too that the price is dropping so much.

In games where you have fixed betting amounts denominated in BTC, you'll also pay less for those bets.
This is actually a great opportunity to buy Bitcoin for example and get more out of your bets.

Just an example:

Now, when I buy €100 worth of Bitcoin, I can place like 10 bets more on the Crypto-Games roulette.
I get more BTC for that €100, while the minimum bet there stays at 0.00001 BTC

[slaman29]

I bet and gamble in Bitcoin, so probably like most people here, we do see our bankroll in BTC rather in than in fiat, although I should say also a lot of casinos adjust their min/max and even small things like faucets, especially last year when Bitcoin was almost $20k. Most of these casinos actually never lowered back or readjusted even though BTC is about 25% of where it used to be.

So yes, it's a good reminder to us, especially if you were gambling at above 10k.

[Betwrong]

I don't know, it certainly has upsides too that the price is dropping so much.

In games where you have fixed betting amounts denominated in BTC, you'll also pay less for those bets.
This is actually a great opportunity to buy Bitcoin for example and get more out of your bets.

Just an example:

Now, when I buy €100 worth of Bitcoin, I can place like 10 bets more on the Crypto-Games roulette.
I get more BTC for that €100, while the minimum bet there stays at 0.00001 BTC

I agree with you. For those buying BTC today to play various games online this situation is a favorable one. For example winning $100 in a poker tournament brings more BTC to your balance than that would bring several days ago, and if you won't lose it or exchange it to fiat right away, most likely your prize will grow in USD value with time.

But OP is wright regarding spending the BTC you already have, in a sense that you should spend more BTC now when placing a $20 bet, than you would several days ago.

Anyway, one should be careful these days about how much BTC he/she is spending when placing a dollar-pegged bet.

[jrrsparkles]

The price drops has pros and cons too so if we want to be a crypto gambler we need to accept both of it.When the price drops we can buy more bitcoins and place more bets compared to before because most of the sites calculates the minimum bets in bitcoin and the con is when we won bets and if we keep them as bitcoin we may lose some of them due to price loss so we need to immediately convert them into fiat until the nest bets.

[Oilacris]

I don't know, it certainly has upsides too that the price is dropping so much.

In games where you have fixed betting amounts denominated in BTC, you'll also pay less for those bets.
This is actually a great opportunity to buy Bitcoin for example and get more out of your bets.

Just an example:

Now, when I buy €100 worth of Bitcoin, I can place like 10 bets more on the Crypto-Games roulette.
I get more BTC for that €100, while the minimum bet there stays at 0.00001 BTC

I agree with you. For those buying BTC today to play various games online this situation is a favorable one. For example winning $100 in a poker tournament brings more BTC to your balance than that would bring several days ago, and if you won't lose it or exchange it to fiat right away, most likely your prize will grow in USD value with time.

But OP is wright regarding spending the BTC you already have, in a sense that you should spend more BTC now when placing a $20 bet, than you would several days ago.

Anyway, one should be careful these days about how much BTC he/she is spending when placing a dollar-pegged bet.

Just really a matter of preference on each gambler on which he would like to accumulate on or do base with his bets neither with fiat or Btc equivalent.
All of us know when it comes to bitcoin value then its corresponding number will be more at the same amount of fiat earlier but same as being said this is much like
an opportunity to get more bitcoin when you win bets. Value does increase it might not happen instantly but guaranteed it will.

[darkangel11]

It's important not to focus on the short term price. You're not playing with BTC to get more fiat! You're using it to gamble so that when the dust settles you will have more BTC!
If you're here and using it only to convert to fiat ASAP, you're doing it wrong. I really don't know how someone who holds Bitcoin for years can get burned betting $20 in Bitcoin right now. Next month that amount is not going to become $10, more likely it will be $30.

[kodtycoon]

The market is falling or rising I don't think it has an effect on gambling, if you bet on a sports match for example, does the sport care about the conditions of the bitcoin market? I do not think so. So they (the sports actors) will play as usual and also your victory and defeat at gambling I think it will be the same, only maybe the exchange rate you get will decrease if you get profit from gambling because the price is falling

[zupdawg]

The market is falling or rising I don't think it has an effect on gambling, if you bet on a sports match for example, does the sport care about the conditions of the bitcoin market? I do not think so. So they (the sports actors) will play as usual and also your victory and defeat at gambling I think it will be the same, only maybe the exchange rate you get will decrease if you get profit from gambling because the price is falling

Well, the point of his thread is because of the price volatility these days unless you didn't read the thread fully? Ofcourse the games will still be the usual, its just the value of crypto may flactuate that you may end up losing (even if you win) if the price of bitcoin continues to drop.

[adaseb]

This is the reason why some gambling sites need to start accepting stable coins.

I know that USDT had a bad rap and many casinos didn't want to use it due to regulations and didn't want the Fed cracking down on their operations and seizing their domains.

But right now there is practically almost half a dozen of these stable coins and depending on the policies with the companies that issue these stable coins it might be possible for casinos to accept them.

One issue right now is liquidity however. If you got a large bank of BTC and want to buy a stable coin you will easily crash the thin order books unless its the tether USDT you want to acquire.

[gabmen]

The market is falling or rising I don't think it has an effect on gambling, if you bet on a sports match for example, does the sport care about the conditions of the bitcoin market? I do not think so. So they (the sports actors) will play as usual and also your victory and defeat at gambling I think it will be the same, only maybe the exchange rate you get will decrease if you get profit from gambling because the price is falling

Well, the point of his thread is because of the price volatility these days unless you didn't read the thread fully? Ofcourse the games will still be the usual, its just the value of crypto may flactuate that you may end up losing (even if you win) if the price of bitcoin continues to drop.

Lol. Guy probably didn't understand and saw it in a more general gambling perspective. You tend to lose more money in equivalent when the market is fluctuating and than if it's a little more steady. That's why gambling with crypto is gambling in itself already.