Gambling risk is higher when we are on Bear Market?

[magneto]

Initially thought that this topic was pure BS based on the title alone, but I think your hypothesis might actually be true.

I've personally heard from multiple people who try to recoup their losses (some successful, some others not so much) on their long positions on BTC by trying to make it back via gambling. Especially when people trade on leverage, they are much more prone to that.

So yes, the risk is higher. However, from a casino standpoint, their net revenue might be lower in terms of USD nonetheless due to the bear market scenario that we are assuming to be true.

[Saint-loup]

Initially thought that this topic was pure BS based on the title alone, but I think your hypothesis might actually be true.

I've personally heard from multiple people who try to recoup their losses (some successful, some others not so much) on their long positions on BTC by trying to make it back via gambling. Especially when people trade on leverage, they are much more prone to that.

So yes, the risk is higher. However, from a casino standpoint, their net revenue might be lower in terms of USD nonetheless due to the bear market scenario that we are assuming to be true.

There was a thread in this section about a testimonial from someone who did that and lost almost everything, I don't know where is this thread but it could relevant to quote it here.
But I don't understand why you say people trading with leverage are much more prone to that?  Why do you say that? Could you explain it?

[pixie85]

I don't see bitcoins like that. I don't always check its fiat value and especially the USD value because I don't trade using USD so it doesn't concern me much besides occasional TA. I like the saying that you haven't lost anything as long as you hold. The price market gives you one day can be cut by half or doubled the next day. If you don't like it don't sell.

The above would make me never gamble at high risk only because my coins lost some fiat value this day or week. Don't chase imaginary losses!

[finaleshot2016]

I wouldn't do that, my priority is to increase my profit and first of all that's the reason why you invested huge money.
I will not risk my bitcoin for that, we aren't sure that we will win.

I think this scenario is very impossible to happen, there's a lot of obvious answers out there. Why would you spend the remaining money in gambling than waiting for the market to come back again? When we're talking about huge money then let's be more careful.

[btc_angela]

Initially thought that this topic was pure BS based on the title alone, but I think your hypothesis might actually be true.

I've personally heard from multiple people who try to recoup their losses (some successful, some others not so much) on their long positions on BTC by trying to make it back via gambling. Especially when people trade on leverage, they are much more prone to that.

So yes, the risk is higher. However, from a casino standpoint, their net revenue might be lower in terms of USD nonetheless due to the bear market scenario that we are assuming to be true.

Hmm, I guess that's why they are called gamblers after all. Personally though I wouldn't go that route by going into gambling and try to recoup, but thanks for bringing that up, I might try that strategy and see how it goes. Been in a losing streak lately, and I think my judgement is clouded here. I think casino's in the long run, will still benefit from this long bearish market as gamblers are more willing to play and risk everything.

[LbtalkL]

I think there is no difference there is always a risk when it comes on gambling. You are going to bet BTC not fiat or dollar so you are going to win btc too no matter what market condition are we in. In fact, we have the advantage we are in about half the price of last ATH, incase we won and bitcoin surpassed the ATH it's a win win.

[TheUltraElite]

People become more protective of their money in the bear market knowing how small in value it is becoming. Again another group of people actually buy a bigger stash of coins and send it to their favorite casinos to play with when the market goes down because they get a cheap price for that lot. The first group is mainly the hodlers who gamble at their leisure and the second group is those who are addicted gamblers who had no bitcoins at hand but had cash in hand to buy bitcoins.

After all every gambler will be spending money in casinos no matter the market.

[swogerino]

If I were John I would not do it.I know that in gambling there is a high risk of losing any amount of money and trying to recover the price chance with gambling would be extremely risky.You have to have a lot of guts to do this and personally I don’t.I would wait for better days regarding to bitcoin price as a solution.

[Ziskinberg]

After all every gambler will be spending money in casinos no matter the market.

This is the reality that every gambler understands.
When I was still new in crypto gambling and I have no idea that we can make money through trading, I only cash in and cash out from time to time and volatility does not really matter at all to me as price are not one sided on its movement.

Doing a regular cash out when you win, it will help you minimize the risk of losing some value due to the bear market.

[justdimin]

if it was me, I already lost a lot when I even bought those Bitcoins at $18,000 so the best thing I can do is to gamble it and earn more bitcoins to decrease my loss or breakeven it.

It seems that you have forget the fact that gambling is not at all a way to recover your losses. During the beer market all the bitcoin holders must be in depression/frustration due to their losses by the declined bitcoin prices, a frustrated gambler could never come out of gambling with profits. I mean to say you must need to be emotionally balanced when enter into gambling and when you are starting gambling for the reason of recovering your losses then definitely your emotions will collapse everything.

You have to have a lot of guts to do this and personally I don’t.I would wait for better days regarding to bitcoin price as a solution.

That must be a perfect solution for any bitcoin holder for the problem of bear market. With respect to the speculation about the future of bitcoin, I believe there will not be any problem if you hold your bitcoin to recover your losses incurred due to the investments in bitcoins. Just holding will solve everything and that will be no room for gambling here in this case of bitcoin-holding and bear-market.

[darkangel11]

If I were John I would not do it.I know that in gambling there is a high risk of losing any amount of money and trying to recover the price chance with gambling would be extremely risky.You have to have a lot of guts to do this and personally I don’t.I would wait for better days regarding to bitcoin price as a solution.

And I would gamble the same way despite the value. It's interesting that most people when they use cryptocurrencies they still see it through fiat. They put in 0.1 BTC and all they see is 900 USD or something. When it goes up or down they change their betting strategy. I never do. I play with a percentage of my portfolio and when I have 0.1 BTC on a casino I divide it into as many parts as I need. Usually the smallest possible so I can keep playing for a long time. If it goes down in value i will still have as many parts of bitcoin as I had.

[Chrystora123]

snip..

what if we reverse the situation. John buys Bitcoin at a price of $ 4k and then the price of Bitcoin goes up to $ 18k, how much bitcoin that John produces and how much bitcoin John is lost, 1 bitcoin is still 1 bitcoin..  if John does not panic and stay calm with the decline in the price of Bitcoin then John will not experience a loss, believe the price of Bitcoin will not forever fall, there will be a time when the price of Bitcoin goes up again.

if I were John then I would remain calm with the bear market and stay focused with my bet. but this is the problem, everyone's way of dealing with problems is very different.

[joshy23]

snip..

what if we reverse the situation. John buys Bitcoin at a price of $ 4k and then the price of Bitcoin goes up to $ 18k, how much bitcoin that John produces and how much bitcoin John is lost, 1 bitcoin is still 1 bitcoin..  if John does not panic and stay calm with the decline in the price of Bitcoin then John will not experience a loss, believe the price of Bitcoin will not forever fall, there will be a time when the price of Bitcoin goes up again.

if I were John then I would remain calm with the bear market and stay focused with my bet. but this is the problem, everyone's way of dealing with problems is very different.

There's no accurate answer to this question, as everyone have it's own views from how to get over with certain loses that caused by the bear seasons, but for most of those investors and traders who understand this market there's no way of letting the money risk more by using it for gambling. Instead, waiting for another cycle as Bitcoin have the capabilities to bounce back. Patience will be tested from holders full understanding.

[Genemind]

If that would be the last resort, it will be another risk for John and there's no guarantee that he could recover his loss. If I will be on his shoes, I will still have the courage to wait for the right time until I reach my target goal which is higher than 18k. We all know that being impatient can ruin our decisions. It will be risky if we'll gamble our holdings during the bear market.

[rand1919]

In a lot of ways, using cryptocurrency to gamble online is safer than using your bank account or PayPal information, because, at its core, cryptocurrency aims to protect the user through the blockchain, as well as through the use of cryptography to validate and secure all transactions.

If you are a current user and owner of cryptocurrency, this choice is a simple one: to gamble or not to gamble. You already have one piece of the puzzle and are reading this to learn more about the logistics of using your cryptocurrency to gamble online.

Your prior and practical knowledge of how cryptocurrency works, coupled with having a few transactions under your belt, will aide you in figuring out which options are best for you personally.

If you do not currently own cryptocurrency or have never owned it, don’t consider yourself at a disadvantage. There is a wealth of knowledge that you can arm yourself with and a lot of ways you can gain a better understanding of each type of cryptocurrency that fits your everyday gambling needs.

If we talk about value fluctuation, of course it's a bigger risk to use crypto then real money when betting. If you want to stay at the same  value you need to trade or hodl while we are in this type of the market (bear), and not to lose a lot due to value changes.

[Colt81]

What's your thought about this?

I have a scenario for this topic:
John bought Bitcoins when at the price of $18,000 and decided it to HODL.
But after he bought some Bitcoin, the price is starting to decrease, from $18,000 to $10,000 and to $4,000.
So,he already lost his money for almost 50% and he decided to gamble his Bitcoins;

Here's the thing, if you are John and start to gamble, would you bet with high risk (betting with huge amount, betting in low chance of winning, etc)?

Since if it was me, I already lost a lot when I even bought those Bitcoins at $18,000 so the best thing I can do is to gamble it and earn more bitcoins to decrease my loss or breakeven it.

What can you say about this? Or maybe you already experienced this.

Indeed. The risk is much higher if you decide to gamble when we are on a bear market because before you start to gamble you already lose a huge amount of money/ So if i were John i would not try to gamble because even he experienced a win streak, his winnings could continue to decrease it's price due to bear market and it will be difficult for him to recover his losses if he experienced a lose streak.

[TheCoinGrabber]

Gambling should never be an "option" for building wealth. It's already risky when the market is doing fine so why would you even try doing it during a bear market?

You don't really lose your bitcoins during bear markets unless you sell them for fiat.

[DoublerHunter]

~snip~
If we talk about value fluctuation, of course it's a bigger risk to use crypto then real money when betting. If you want to stay at the same  value you need to trade or hodl while we are in this type of the market (bear), and not to lose a lot due to value changes.

^ If you have 1 bitcoin on your gambling wallet and when the price is suddenly dropped that is still the same quantity, 1 bitcoin. You lose in value if you are going to convert it into fiat. Yes, it has a fluctuation but it is still the same amount of what you had held in your wallet. Probably John was in a hurry to covert his bitcoin into fiat, and the only solution to cover the loss is to gamble and hoping he going to double what he holding and aiming to gain.

[suvo05]

Yes the risk get higher in the bear market.  let's say you buy 1BTC at 10000$ and somehow you reached to 1.5 BTC in gambling and in the meantime, the price dropped to 6000$ so ultimately you lose 1000$. Though you made a profit in terms of BTC.

[ReiMomo]

Yes the risk get higher in the bear market.  let's say you buy 1BTC at 10000$ and somehow you reached to 1.5 BTC in gambling and in the meantime, the price dropped to 6000$ so ultimately you lose 1000$. Though you made a profit in terms of BTC.

You have a point, but I think if you keep holding until bullish trend come that is a great idea but if you like the OP example and that is John who was hoping he was going back of what he lost the value of his holding bitcoin. Gambling risk high taker was good, there are chances that you will win. But always remember and know where is your limit. Don't spend too much time on gambling and the money as well.