Friendly advice/warning about gambling in this market

[mallorcagold]

True, that's the reason why I sometimes rather prefer fiat betting sites to place my bets. I am a 100% crypto addict but for some reasons if the market is very unstable I prefer to bet in fiat. When I make profits on the fiat platforms I withdraw and use my fiat to buy crypto when they are in a good spot to buy.

On the other hand I always keep some crypto on crypto bookies. But then I never calculate to $ or € for my profits. When I bet at crypto bookies it is to increase my crypto balance and not to increase my $ value. Eventually crypto will go up anyway.

[1715584848]

1715584848

[1715584848]

1715584848

[1715584848]

1715584848

[LogitechMouse]

I am grateful with your advice because the price of Bitcoin in the past days dropped significantly and there is a high probability that this will continue due to the civil war (Captain America).

But as @SyGambler said, regardless of what the price of BTC is in USD, it will not affect as you are gambling using Bitcoin. Our main goal is to increase our Bitcoin holding and disregard its price in USD. Anyway, we newbies are warned. Thanks

[LFC_Bitcoin]

Bump

[Ranly123]

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

You have a point in your advice, but as we could see a gambler will always be a gambler where they don't tend to see for the volatility of the currency used but the greed of wanting to win. Anyways, there are still coins that can be used for betting like dogecoin and many others so it's not just Bitcoin alone but a variety of coins for wagering

[creeps]

Gambling is very risky in the first place, no matter what the condition of the market is. Volatilty can make gambling more riskier so this is really a good advice. Gambler should know where to stop and go on what they are doing. The best thing to do right now is to save more good coins and have a good profit later on when the market back to its normal trend. Stay away yourself from gambling if you can’t take much risk, the probability to lose money in gambling is very high, be mindful abou it.

[minersday]

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.

Yeah anyway if you don't trade with large amounts of money you are not even going to feel the volatility that this guy is talking about.

If you gamble with $5, and bitcoin goes down by $1000, those $5 are gonna be $4, that is not a difficult thing to think about also.

[maydna]

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.

Yeah anyway if you don't trade with large amounts of money you are not even going to feel the volatility that this guy is talking about.

If you gamble with $5, and bitcoin goes down by $1000, those $5 are gonna be $4, that is not a difficult thing to think about also.

And if somehow we can win the bitcoin and the price is down too deep, I think it is better to hold that bitcoin until the price can increase higher. It will not be a problem if we can stay calm while waiting the price grow and we can do another thing besides doing trading. But at this moment, it is better not use the bitcoin for trading or gambling if we don't want to get a loss in both trading and gambling.

[el kaka22]

I really don't think it matters in the sense that unless you are cashing it out to your bank account it is still gambling no matter what.

Yeah, I understand that you put in 20 dollar bet to some football match and you won and you get 19 in return even when you win. Which sounds horrible and weird and we all know the reason because it bitcoin is falling and what not but isn't that still much better ?

First of all, if you are going to cash out than cash out, do not bet one more time and cash out just get it now. However if you are not cashing out that 20 dollar bet would have been say 15 dollars right now, which means if you get 19 in return even tho it looks like you lost money on a win you actually won because it would have been a lot less if you just hold the money. So, I think it doesn't matter unless you consider cashing out.

[swogerino]

This is irrelevant for people who are gambling with bitcoin in order to increase their number of bitcoins or any other crypto they might use. At this time I think only crazy persons would cashout their bitcoins or other crypto in favour of cash.

The market doesn't seem to have a recovery in place anytime soon so I would continue to play with cryptos without worrying about the dollar price of bitcoin.

[mOgliE]

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

It depends! You're not always in control here...
Your amount of btc will increase if you put your bets in BTC and the site pays back in BTC on a BTC base. But some sites allow you to pay bets inBTC but on a € base. Which means you pay in btc for a 20€ bet and if you win they give you 25€ in btc. Which means if price dropped you can have lost btc in the process...

[BlackPanda]

This is irrelevant for people who are gambling with bitcoin in order to increase their number of bitcoins or any other crypto they might use. At this time I think only crazy persons would cashout their bitcoins or other crypto in favour of cash.

The market doesn't seem to have a recovery in place anytime soon so I would continue to play with cryptos without worrying about the dollar price of bitcoin.

Still using crypto will protect ourselves from big losses and we can have the opportunity for the holding coins that we have. If you sell it at this time it will give you a loss because you are on a bloody status. Recovery will definitely occur, but we will never know it will happen.

[izanagi narukami]

I'm also gamble on Gold on stock exchange and enforce me to gamble with half amount because the downtrend is too extreme.
Luckily I'm seldom gamble because I'm aware that bitcoin keep decreasing at the moment

Trading with $ and BTC are riskier with $ so I'm suggest to convert into fiat as soon as you get the reward or get paid

[coolcoinz]

I'm also gamble on Gold on stock exchange and enforce me to gamble with half amount because the downtrend is too extreme.
Luckily I'm seldom gamble because I'm aware that bitcoin keep decreasing at the moment

Trading with $ and BTC are riskier with $ so I'm suggest to convert into fiat as soon as you get the reward or get paid

That's the worst thing you can do in this market if you look at the current state of Bitcoin. It's extremely oversold and you can see it on the RSI. It actually hasn't been that oversold since 2015. This is the best moment to be buying Bitcoin and the worst to be selling and gambling with it because every loss right now will hit you twice. First time now and the second time next year when it goes back up.

[KingZee]

I'm also gamble on Gold on stock exchange and enforce me to gamble with half amount because the downtrend is too extreme.
Luckily I'm seldom gamble because I'm aware that bitcoin keep decreasing at the moment

Trading with $ and BTC are riskier with $ so I'm suggest to convert into fiat as soon as you get the reward or get paid

That's the worst thing you can do in this market if you look at the current state of Bitcoin. It's extremely oversold and you can see it on the RSI. It actually hasn't been that oversold since 2015. This is the best moment to be buying Bitcoin and the worst to be selling and gambling with it because every loss right now will hit you twice. First time now and the second time next year when it goes back up.

I don't actually see a lot of sites that take bets as a fiat value. Everything works with bees and mini-bees. So while I agree that it's the worst time to be selling, it doesn't change anything for gambling. You lose X BTC, you win Y BTC, as long as it stays in BTC, you're gonna BTC just fine.

[coolcoinz]

I don't actually see a lot of sites that take bets as a fiat value. Everything works with bees and mini-bees. So while I agree that it's the worst time to be selling, it doesn't change anything for gambling. You lose X BTC, you win Y BTC, as long as it stays in BTC, you're gonna BTC just fine.

That's only as long as you don't buy for fiat to be able to play. Imagine doing what Izanagi proposes and turning your wins into cash. You go to an exchange, buy BTC for 6000 USD, go to a casino, play a bit, win 0,1BTC ($600), send 1.1 to an exchange and turn back into cash. While you were doing it BTC fell to 5000 and you 5,5k USD all together.
That's why I say it's a bad idea to sell anything during crashes. Especially if the crashes are panic crashes, not fundamental ones.

[bitcoinisbest]

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.

Yeah anyway if you don't trade with large amounts of money you are not even going to feel the volatility that this guy is talking about.

If you gamble with $5, and bitcoin goes down by $1000, those $5 are gonna be $4, that is not a difficult thing to think about also.

It is true but only condition that the amount should be minimum. If some body like spend 1000$ of btc and end up losing then just think if next year btc crosses 20000$ so it means btc rose close to 5 times of current value so that means it was worth 5k in 2019 what 1000$ is now. So need be very careful how much amount you are ready to bet and ready to lose.

[eternalgloom]

Yeah, I understand that you put in 20 dollar bet to some football match and you won and you get 19 in return even when you win. Which sounds horrible and weird and we all know the reason because it bitcoin is falling and what not but isn't that still much better ?

@adaseb actually makes a fair point that gambling websites could also implement a stablecoin for situations like these.
I'd opt for something different than USDT and make sure that you'd also be able to place bets with cryptocurrency as well.

Or having everything denominated in fiat and just use Bitcoin at the back-end would also be an option.

[justdimin]

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.

True, with the current volatility of the market as it is now, the best bet is just to be using fiat.
At least, with your winnings, if you manage to anyway, you can easily buy back into bitcoin eventually until the coasts clear.

Certainly as things are going now, there is a huge possibility we might get to see bitcoin go down the more in the short term towards the end of the month, but all the same, it is the market, and we all know how volatile it can be, which is why I agree as well with the OP, that at this point in time, it is best to even stay clear of gambling with bitcoin.

[rickadone]

Hey OP, you really do have a lot of point there mate. Right now, the bitcoin market is not even smiling at all, and certainly, this is not the time anyone would want to be betting with bitcoin as a result of its volatility and considering the fact that you will even end up betting more bitcoin in its equivalence to the USD anyway.

Nonetheless, whether the market is going down or not, it is always imperative that when it comes to gambling, a little bit of caution should always be in place, and trying to monitor the market movement also helps as well.

[supermine]

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.

True, with the current volatility of the market as it is now, the best bet is just to be using fiat.
At least, with your winnings, if you manage to anyway, you can easily buy back into bitcoin eventually until the coasts clear.

If it is fiat they why not bitcoin,I think it will be more excited when we are betting with bitcoin like gambling inside a gambling,maybe the prices of bitcoin will goes to moon after we won so it is like a jackpot hit but it can't be done when we do bets with fiat and buy the bitcoin later equivalent to USD value.We are risking our money anyway by gambling it so the price changes is not considerable for the true gamblers.