Fiat or crypto betting in bear market?

[adaseb]

Doesnt a declining price mean you can look back and see that you have lost less then you thought.   Also just doing nothing would be discouraged because the value is going down with inaction  

Where as if you take an account balance, bet and get winnings you can withdraw your original balance to spend and still retain enough to keep gambling either way.     I'm not sure everyone views it this way but seems to be a case of use it or lose it to some extent, might as well take the odds and roll the dice?

This is basically the same discussion that went on with the early purchaser's of ASIC miners and the MtGox claims.

There was an ASIC manufacture that basically took pre-orders and long story short, BTC went up, they mined with the miners themselves with the pre-order money and never shipped. People complained and they offered refunds, however it was based on the original USD value and not BTC paid. People obviously were furious since the BTC appreciated while the USD value stayed the same. However this company would probably do the complete opposite if BTC value went the other direction. Basically do whatever it takes to pay out less.

Same with the MtGox claims, it was originally based on some value that BTC had to retain for the company to be solvent again and pay out its claims. However they weren't going to be paid in BTC, instead it was based on the value of the Gox coin at the time of bankruptcy which was like $400 USD and they were going to be paid out in JPY currency. This is still on-going but maybe the rest will be distributed fairly with the users since Mark doesn't want the rest of the coins for himself.

The question is, what is more important to you? USD or BTC?

[mOgliE]

Same with the MtGox claims, it was originally based on some value that BTC had to retain for the company to be solvent again and pay out its claims. However they weren't going to be paid in BTC, instead it was based on the value of the Gox coin at the time of bankruptcy which was like $400 USD and they were going to be paid out in JPY currency. This is still on-going but maybe the rest will be distributed fairly with the users since Mark doesn't want the rest of the coins for himself.

I think the MtGox incident is over as tribunal gave their final decision.

From what I read it's indeed in $ value that everything is settled. Considering the price difference it mans people who lost it will get a ridiculous amount of BTC in comparison to what they had in the begining...

Changing of currency leaves you exposed to price swing one way or another, BTC is even worse cause price swings are tremendeous and unpredictable 

[bitcoinisbest]

It makes more sense to me to bet when the prices are down. As the prices go down, a dollar worth of BTC means more satoshis than it meant before the price fall. That means you can bet less and make more BTC for when the prices spike back up. But I would only gamble if I have already lost money through the price fall.

It under assumption that you will play and you will win then it might hold true as you get more satoshi and in future once price rises you make good money. But we know gambling is mostly losing the money and playing with satoshi itself is huge risk and if you lose the game and price of btc rises you will end up in double your losses which is not you might want to have.

[supermine]

It makes more sense to me to bet when the prices are down. As the prices go down, a dollar worth of BTC means more satoshis than it meant before the price fall. That means you can bet less and make more BTC for when the prices spike back up. But I would only gamble if I have already lost money through the price fall.

It under assumption that you will play and you will win then it might hold true as you get more satoshi and in future once price rises you make good money. But we know gambling is mostly losing the money and playing with satoshi itself is huge risk and if you lose the game and price of btc rises you will end up in double your losses which is not you might want to have.

If they don't want to fall into this situation then they need to continuously change their amount to fiat and crypto when they are coming to playing.But they also have other advantage that when the prices started to increase they can get more out of it so when someone see it interms USD value they only convert when they are going to bet.

[Pattart]

Doesnt a declining price mean you can look back and see that you have lost less then you thought.   Also just doing nothing would be discouraged because the value is going down with inaction   

Where as if you take an account balance, bet and get winnings you can withdraw your original balance to spend and still retain enough to keep gambling either way.     I'm not sure everyone views it this way but seems to be a case of use it or lose it to some extent, might as well take the odds and roll the dice?

I get that mate. Everything comes to him who hustles while he waits. As what is happening in the market now, those who stay holding are really losing a lot its value (but it doesn't follow though that it is already a lost because the price can bounce up again) but for those people who invest, trade, and find other ways to grow their assets, seems to be doing fine even in the current down market.

Different from trading if you can choose which currency you will hold, so when the price drops you will surely know and you can convert it to fiat directly. while gambling,  the players cannot predict prices and they cannot convert directly when prices fluctuate , I myself prefer to use Fiat to gamble when conditions are still like this..

[shoreno]

Doesnt a declining price mean you can look back and see that you have lost less then you thought.   Also just doing nothing would be discouraged because the value is going down with inaction  

Where as if you take an account balance, bet and get winnings you can withdraw your original balance to spend and still retain enough to keep gambling either way.     I'm not sure everyone views it this way but seems to be a case of use it or lose it to some extent, might as well take the odds and roll the dice?

I get that mate. Everything comes to him who hustles while he waits. As what is happening in the market now, those who stay holding are really losing a lot its value (but it doesn't follow though that it is already a lost because the price can bounce up again) but for those people who invest, trade, and find other ways to grow their assets, seems to be doing fine even in the current down market.

Different from trading if you can choose which currency you will hold, so when the price drops you will surely know and you can convert it to fiat directly. while gambling,  the players cannot predict prices and they cannot convert directly when prices fluctuate , I myself prefer to use Fiat to gamble when conditions are still like this..

using fiats on the curent situation may seem a bit more hard especially if you loose because fiat money has already a median base value while cryptos on this current situation are pretty cheap . thats is why using them as bets wont really hurt that much even if you loose or win  .

In terms of a healthy market , that should be the best time to switch from cryptos to fiats . the only problem is that most online gambling sites nowadays are mainly accepting cryptocurrencies .

[syamster]

Doesnt a declining price mean you can look back and see that you have lost less then you thought.   Also just doing nothing would be discouraged because the value is going down with inaction   

Where as if you take an account balance, bet and get winnings you can withdraw your original balance to spend and still retain enough to keep gambling either way.     I'm not sure everyone views it this way but seems to be a case of use it or lose it to some extent, might as well take the odds and roll the dice?

I get that mate. Everything comes to him who hustles while he waits. As what is happening in the market now, those who stay holding are really losing a lot its value (but it doesn't follow though that it is already a lost because the price can bounce up again) but for those people who invest, trade, and find other ways to grow their assets, seems to be doing fine even in the current down market.

Different from trading if you can choose which currency you will hold, so when the price drops you will surely know and you can convert it to fiat directly. while gambling,  the players cannot predict prices and they cannot convert directly when prices fluctuate , I myself prefer to use Fiat to gamble when conditions are still like this..

Yes it is good I think we should use crypto to deal with crypto. Market use to change so it will happen according to the market. Anyhow use of fiat is now almost over we use crypto currency the most. It is easily accessible and most of market in my place accepts it. So for me there is nothing that we can’t do using crypto currency.

[wxa7115]

Want your opinion on this guys.

We are situated in a bear market for some time and with a huge crash happened the past 2 weeks.

Do you guys keep betting with crypto and stack your crypto profits or do you prefer to switch to fiat betting and convert fiat winnings in crypto?
Me personally I love to bet on sports, fiat as well as on crypto platforms. However during the crash I switched to betting on fiat bookies for 90% of my bets.
Profits i make at this moment with fiat bookies i use to buy crypto cause of the cheap prices. those converted profits i deposit on crypto bookies and try to make some profits in crypto as well.


Don't know you share the same strategy or rather stick to fiat and/or crypto bookie as you usually do.

If you are using the profits that you are getting from your fiat bets to buy cryptocurrencies and you are a profitable gambler, then why you do not bet with cryptocurrencies in a direct way? To me it seems like you are just adding some additional steps that the only thing that they do it is to eat away your profits, the only reason of why you should stop betting with cryptocurrencies is if you are a long term holder and you are a long term loser when it comes to gambling.

Because that will mean that you will lose money not only from holding your coins in this bear market but also you are losing money from the reduction in the number of coins that you have because of gambling.

[wuvdoll]

why you do not bet with cryptocurrencies in a direct way? To me it seems like you are just adding some additional steps that the only thing that they do it is to eat away your profits, the only reason of why you should stop betting with cryptocurrencies is if you are a long term holder and you are a long term loser when it comes to gambling.

Does betting on cryptocurrencies in a direct way require same level of skills and strategies for betting on dice or sports ? As far as I have concerned betting on cryptos is very much similar to trading. If that is true then how his actions will be "adding additional steps while collecting cryptos" ? I understand that you are missing out something most probably . Making use of profits from gambling to buy cryptos must be a greater way to support this space. I always appreciate that.

you will lose money not only from holding your coins in this bear market but also you are losing money from the reduction in the number of coins that you have because of gambling.

Obviously when we touch our cold storage or any holding simply, which may lead to reduction or addition based on our performance. But, the value of our holding is purely based on market conditions, our gambling activity will have zero effects on that.

[8Habits]

Doesnt a declining price mean you can look back and see that you have lost less then you thought.   Also just doing nothing would be discouraged because the value is going down with inaction   

Where as if you take an account balance, bet and get winnings you can withdraw your original balance to spend and still retain enough to keep gambling either way.     I'm not sure everyone views it this way but seems to be a case of use it or lose it to some extent, might as well take the odds and roll the dice?

I get that mate. Everything comes to him who hustles while he waits. As what is happening in the market now, those who stay holding are really losing a lot its value (but it doesn't follow though that it is already a lost because the price can bounce up again) but for those people who invest, trade, and find other ways to grow their assets, seems to be doing fine even in the current down market.

Different from trading if you can choose which currency you will hold, so when the price drops you will surely know and you can convert it to fiat directly. while gambling,  the players cannot predict prices and they cannot convert directly when prices fluctuate , I myself prefer to use Fiat to gamble when conditions are still like this..

You are right mate, there is less control with gambling compared to trading. In trading, you are the master of your trade and you will be the one to dictate as to when to but and sell on profit and until when to hold.

[Pattart]

Doesnt a declining price mean you can look back and see that you have lost less then you thought.   Also just doing nothing would be discouraged because the value is going down with inaction   

Where as if you take an account balance, bet and get winnings you can withdraw your original balance to spend and still retain enough to keep gambling either way.     I'm not sure everyone views it this way but seems to be a case of use it or lose it to some extent, might as well take the odds and roll the dice?

I get that mate. Everything comes to him who hustles while he waits. As what is happening in the market now, those who stay holding are really losing a lot its value (but it doesn't follow though that it is already a lost because the price can bounce up again) but for those people who invest, trade, and find other ways to grow their assets, seems to be doing fine even in the current down market.

Different from trading if you can choose which currency you will hold, so when the price drops you will surely know and you can convert it to fiat directly. while gambling,  the players cannot predict prices and they cannot convert directly when prices fluctuate , I myself prefer to use Fiat to gamble when conditions are still like this..

using fiats on the curent situation may seem a bit more hard especially if you loose because fiat money has already a median base value while cryptos on this current situation are pretty cheap . thats is why using them as bets wont really hurt that much even if you loose or win  .

In terms of a healthy market , that should be the best time to switch from cryptos to fiats . the only problem is that most online gambling sites nowadays are mainly accepting cryptocurrencies .

what do you mean about the current condition of fiat? I think using fiat when the crypto market conditions like now are much better, if your concern is that the fees on fiat will be much more expensive, then you only need to find a gambling site that receives a deposit once and you can play repeatedly?

[Patatas]

Depends how you value cryptos. 0.05 BTC is 0.05 BTC if you don't convert them into fiat. If you use USD/EUR to value your bitcoins, you should obviously be managing your rolls according to the latest rates. This is indeed fiat betting. You are using cryptos as a source to bet for fiat. The question seems rhetorical to me.

[coolcoinz]

Depends how you value cryptos. 0.05 BTC is 0.05 BTC if you don't convert them into fiat. If you use USD/EUR to value your bitcoins, you should obviously be managing your rolls according to the latest rates. This is indeed fiat betting. You are using cryptos as a source to bet for fiat. The question seems rhetorical to me.

Although I fully understand why people chose to say 1 BTC is 1 BTC in the bear market, I don't agree with the statement itself. You can ignore the fiat price in order to distance yourself from the falling value in fiat, but it won't change that ultimately your Bitcoin is meant to be converted into goods. You may not want fiat, but you also don't want to hold Bitcoins all your life. You want that car, house, school for your child, dresses for your wife. Lower fiat price means that you get less things for your coins.

[bosta20]

Want your opinion on this guys.

We are situated in a bear market for some time and with a huge crash happened the past 2 weeks.

Do you guys keep betting with crypto and stack your crypto profits or do you prefer to switch to fiat betting and convert fiat winnings in crypto?
Me personally I love to bet on sports, fiat as well as on crypto platforms. However during the crash I switched to betting on fiat bookies for 90% of my bets.
Profits i make at this moment with fiat bookies i use to buy crypto cause of the cheap prices. those converted profits i deposit on crypto bookies and try to make some profits in crypto as well.


Don't know you share the same strategy or rather stick to fiat and/or crypto bookie as you usually do.

Seriously the markets situations now are terrible! I have lost some $$$ but all is fine! My strategies currently is simple.....i have positioned myself in some good altcoins! So currently i just use fiat to bet!

[Dreamchaser21]

It makes more sense to me to bet when the prices are down. As the prices go down, a dollar worth of BTC means more satoshis than it meant before the price fall. That means you can bet less and make more BTC for when the prices spike back up. But I would only gamble if I have already lost money through the price fall.

It under assumption that you will play and you will win then it might hold true as you get more satoshi and in future once price rises you make good money. But we know gambling is mostly losing the money and playing with satoshi itself is huge risk and if you lose the game and price of btc rises you will end up in double your losses which is not you might want to have.

If they don't want to fall into this situation then they need to continuously change their amount to fiat and crypto when they are coming to playing.But they also have other advantage that when the prices started to increase they can get more out of it so when someone see it interms USD value they only convert when they are going to bet.

They can only realize the value of that money if they will convert it into fiat money, but then again whatever cryptocurrency you bet to gamble it is still the same amount of cryptos, the only difference is that the value of that coin is increasing or decreasing. If you don't want to spend cryptos in gambling then better to use fiat money which is more stable and less in value compare to cryptocurrency. If you really want to gamble with your bitcoin, then you might lose a big chance of making profit when the bull market comes again.

[Kang Bahar]

Precisely for some reason, I didn't even dare to use fiat money to gamble, though both have a big risk. I still use crypto (especially dogecoin) for the gamble. No matter the market conditions under any circumstances.

[Johnyz]

Not to gamble at all because i know the risk of gambling and in bear market, I should focus on investing than to gamble. The value of the coins that you will use is the same with fiat money because of cheaper value of cryptocurrency so i think it still better to use fist money because its value is not pumping very high. For instance, if you gamble .1BTC at a 4000$ level, the cost is already high but when the market pumps up to $5k level again, you’ve already lose a lot because you spend your bitcoin at a lower rate.

[mersal]

Crypto always,if you love to play in the gambling sites,and we also not much options to choose for the betting with fiat in my country so I always go for the crypto gambling sites whatever the market will be.I use the fiat money to crypto exchange whenever I want to gamble so there won't be much difference for me to play in crypto or fiat.

[adaseb]

Not to gamble at all because i know the risk of gambling and in bear market, I should focus on investing than to gamble. The value of the coins that you will use is the same with fiat money because of cheaper value of cryptocurrency so i think it still better to use fist money because its value is not pumping very high. For instance, if you gamble .1BTC at a 4000$ level, the cost is already high but when the market pumps up to $5k level again, you’ve already lose a lot because you spend your bitcoin at a lower rate.

Most people when they gamble or spend Bitcoins, they do it at the current market-rate.

Nobody is like, "I will only gamble $1 worth of BTC today because in 1 year that BTC will be worth 10x as much and I don't want to risk anymore than $10 on this roll".

Same with purchasing Goods and Services, nobody says "I will overpay for this gift card by 50% because BTC will lose 90% of its value in 1 year".

This is why back in 2012 or so ,people were betting usually > 1 BTC because it wasn't worth as much. And no-a-days you rarely have a 1BTC bet being made.

[maydna]

Precisely for some reason, I didn't even dare to use fiat money to gamble, though both have a big risk. I still use crypto (especially dogecoin) for the gamble. No matter the market conditions under any circumstances.

We have the same coin for the bets. I use dogecoin too because this coin was cheap than the other coins and the time of the transaction is fast with the cheaper fee. For 0.01 btc, I can get much of dogecoin and I can hold in the gambling site while I can use some amount to bets. But if I want to change the coin, I choose litecoin than bitcoin. For me, gambling with crypto is the best thing that I can do and I don't use fiat for betting because I don't have to deposit my money to that gambling site.