Does bitcoin dump have any impact on gamblers ?

[wxa7115]

That's because gamblers just want to gamble without thinking about how the market moves. They focus on the game while they are aware of using more money if they use bitcoin to gamble. But they were okay with the dump because they wanted to gamble anyway. As long as they can still gamble, they will continue to do so but if they start to run out of money to gamble, that will have an effect on them and not because of the dump that has occurred in the bitcoin price.

I do not agree with you, gamblers keep an eye on the markets, and that is part of the gambling, since the moment when we put our money on bitcoin we have a bump and dump risk. And that's why I think gamblers always watch the market.

And the fact that we can get more bitcoin with the same amount of money from some months ago, makes gamblers play more because this is the right time to win big.

You are right that gamblers who use btc are also watching the market movement but the question is, are they ready for such a crazy movement especially when it goes down?
Not all btc gambler are also holder as most gamblers are willing to make profit from the gambling session only, so they may not be able to make profit if the price is down significantly when they finish their gambling session although in fact they lets say managed to double their bankroll.

You are bringing an interesting point, since I am a bitcoin holder to me it is not much of a problem if the price of bitcoin begins to go down, as I am way more interested in the amount of bitcoin I am holding than its fiat price, even if that is important too.

However for those which are only interested in gambling in general and that are using cryptocurrencies because they want to gain some privacy back, then a drop in the market can be very difficult to accept, as even if they had a good session and earned money it is entirely possible they lost some money when it comes to the fiat value of their coins.

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[uneng]

However for those which are only interested in gambling in general and that are using cryptocurrencies because they want to gain some privacy back, then a drop in the market can be very difficult to accept, as even if they had a good session and earned money it is entirely possible they lost some money when it comes to the fiat value of their coins.

It will be a big issue if this kind of gambler is surprised by a sudden fall in bitcoin price, which can happen in few minutes without previous warnings or signals, preventing us from preparing ourselves for this moment and avoiding a gambling session during a high volatile market. Then I fear there is nothing they can do besides cashing out their money with relative losses or waiting until bitcoin recovers, what can take several months or few years yet.

Another option is to gamble with stablecoins or altcoins which present less volatility in price. This way, it can be an opportunity to grow your bitcoin holdings after a gambling session, because when btc loses value, you will be able to swap more coins of another kind to bitcoin after the crash.

[sovie]

However for those which are only interested in gambling in general and that are using cryptocurrencies because they want to gain some privacy back, then a drop in the market can be very difficult to accept, as even if they had a good session and earned money it is entirely possible they lost some money when it comes to the fiat value of their coins.

It will be a big issue if this kind of gambler is surprised by a sudden fall in bitcoin price, which can happen in few minutes without previous warnings or signals, preventing us from preparing ourselves for this moment and avoiding a gambling session during a high volatile market. Then I fear there is nothing they can do besides cashing out their money with relative losses or waiting until bitcoin recovers, what can take several months or few years yet.

Another option is to gamble with stablecoins or altcoins which present less volatility in price. This way, it can be an opportunity to grow your bitcoin holdings after a gambling session, because when btc loses value, you will be able to swap more coins of another kind to bitcoin after the crash.

gambling is an addiction and the gamblor have to play no matter what.. the rise and the fall is definitely an issue in gambling.
For those who are high roller and plays big bets of course the dip is a real issue.

[MonsterV]

Gamblers can often bet large amounts out of the blue. That usually stems from the fact that a significant amount of money has just been lost gambling. So you could say that they are trying to recoup losses as quickly as possible. Should the Bitcoin once make a hard fall, for example with 50% in a week, a gambler can also consider this as such a loss and try to earn his money back by gambling. I don't know how gamblers would deal with it if the Bitcoin were to double in value, by the way.

[boyptc]

Gamblers also suffer on market crash, there are some crypto gambling platforms that accept crypto but doesn't convert its value to $ value.

They don't have to convert it because that will serve as their hot wallet for particular and specific cash outs that they need to comply for their users. I don't think on their part that it is considered as a loss. What if they've been doing that since the time they've established and that's before the last bull run?

While market price declines, we have to bet higher coin amounts for same payout. This is huge trouble especially when market goes down %60 and gamblers have to cover market losses before withdrawal on wining streak.

That's true, it certainly will cover a huge problem if you've been gambling with certain cryptos that you bought at high and then it's quick to lose it as you gamble.

[Viscore]

Gamblers around the world use crypto and bitcoin to play the bets. Do they really care if the bitcoin prices dump hard? I know traders are directly impacted by this dump, and investors are also in panic but what about gamblers. Their motive is to play gamble and they may not be a concerned if the price of bitcoin is declining sharply?

I've been thinking to myself about this question, as I never imagined this situation.
I don't know, maybe yes but maybe not, I believe that each gambler thinks differently about this great devaluation that we are currently having.

I imagine it doesn't affect so much, because there is a great chance that gamblers will still act even with this situation we are currently having.

Gamblers will never be bothered with so much volatility in bitcoin, because they are focused on how to win from their bets and make good profits. But I believe gamblers may also have different views about this and some will most likely to gamble when bitcoin is not experiencing a price correction. Although in the end, gamblers will always find means to gamble and make profits, regardless how bitcoin price is crashed or not.

[agustina2]

Gamblers also suffer on market crash, there are some crypto gambling platforms that accept crypto but doesn't convert its value to $ value. While market price declines, we have to bet higher coin amounts for same payout. This is huge trouble especially when market goes down %60 and gamblers have to cover market losses before withdrawal on wining streak.

If they are playing with crypto, then the value of their bet is still 1 to 1. Gamblers are not that affected if the bitcoin price pumps or dumps.

They are dealing with crypto gambling therefore they already know that crypto is volatile and price can move up high or low.

The gamblers care for their gambling activity instead of this price volatility. They will do gambling regardless of the bitcoin price movement.

[Renampun]

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Dump but not collapse, we've seen many dumps in the past but it turns out it's just normal in the crypto space. Why people like to invest in crypto is because of its high volatility, and despite of the dump, these people will not panic anymore because they are optimistic that the market will recover, so that's the same mentality gamblers have.

agree, but in fact not everyone has a mentality that is fully convinced of the market...

when the price of btc drops, their focus is disturbed because of concerns about the price. and this is why gambling sites that have their own tokens have many users who really don't like market volatility (so as not to disturb their focus on gambling). I use a trick, to deposit I use the token provided by the gambling site but when I win, I will immediately make a withdrawal and then convert my winnings to bitcoin as my investment.

[kamvreto]

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Dump but not collapse, we've seen many dumps in the past but it turns out it's just normal in the crypto space. Why people like to invest in crypto is because of its high volatility, and despite of the dump, these people will not panic anymore because they are optimistic that the market will recover, so that's the same mentality gamblers have.

agree, but in fact not everyone has a mentality that is fully convinced of the market...

when the price of btc drops, their focus is disturbed because of concerns about the price. and this is why gambling sites that have their own tokens have many users who really don't like market volatility (so as not to disturb their focus on gambling). I use a trick, to deposit I use the token provided by the gambling site but when I win, I will immediately make a withdrawal and then convert my winnings to bitcoin as my investment.

Good choice, So you can still invest in bitcoin from gambling profits. Gambling sites with their own tokens will indeed be more profitable and make it easier to do gambling, price fluctuations are also not as extreme as other tokens. But still has the risk of a dump when the market crashes even more. as long as the gambling system is still running, the price recovery will be faster.

[Lucasgabd]

Gamblers also suffer on market crash, there are some crypto gambling platforms that accept crypto but doesn't convert its value to $ value. While market price declines, we have to bet higher coin amounts for same payout. This is huge trouble especially when market goes down %60 and gamblers have to cover market losses before withdrawal on wining streak.

that makes sense
since bull markets also bring more attention to crypto websites the volume on gambling websites crypto-based is probably correlated with prices

I remember in the last bear market the signature campaigns here even stopped.

[maydna]

Gamblers also suffer on market crash, there are some crypto gambling platforms that accept crypto but doesn't convert its value to $ value. While market price declines, we have to bet higher coin amounts for same payout. This is huge trouble especially when market goes down %60 and gamblers have to cover market losses before withdrawal on wining streak.

If that's the case for crypto gamblers, maybe they're better off leaving gambling for a while and saving their coins by just holding on to them. I guess it will be good for gamblers than them losing more of their coins on gambling either in value for money or in amount. But if they haven't been able to leave gambling, maybe they can convert their coins into stable coins, and then they can deposit them to a casino that accepts stable coins to gamble so they can continue gambling.

[Sirait]

I remember in the last bear market the signature campaigns here even stopped.

BTC paid signatures? I honestly don't remember when this happened, was it in late 2019 or early 2020?

Gamblers also suffer on market crash, there are some crypto gambling platforms that accept crypto but doesn't convert its value to $ value. While market price declines, we have to bet higher coin amounts for same payout. This is huge trouble especially when market goes down %60 and gamblers have to cover market losses before withdrawal on wining streak.

If that's the case for crypto gamblers, maybe they're better off leaving gambling for a while and saving their coins by just holding on to them. I guess it will be good for gamblers than them losing more of their coins on gambling either in value for money or in amount. But if they haven't been able to leave gambling, maybe they can convert their coins into stable coins, and then they can deposit them to a casino that accepts stable coins to gamble so they can continue gambling.

the main reason why today many gambling sites provide deposit and wd options with stablecoins is so that those who are afraid of price volatility on BTC or ETH can use stable coins as a choice. so that there are still a lot of people playing on crypto gambling sites.

[Franctoshi]

I don't see the Bitcoin dump as having such negative impact to gamblers in the sense that those gambling platforms has stablecoin option integrated on their site except if there are some platform that only has deposit and withdrawal option in Bitcoin , However, not much impact.
Dump could impact Customers that chooses to keep their funds in Bitcoin on the platforms that has both stablecoin and Bitcoin deposit/ withdrawal option , However a good or profiting gambler that has his/her funds not converted to stablecoin in the platform will still recover his/her Bitcoin from realized profits. Generally, there could be impact on gamblers because of the dump but not gonna be much.

[bitgov]

I don't see the Bitcoin dump as having such negative impact to gamblers in the sense that those gambling platforms has stablecoin option integrated on their site except if there are some platform that only has deposit and withdrawal option in Bitcoin , However, not much impact.
Dump could impact Customers that chooses to keep their funds in Bitcoin on the platforms that has both stablecoin and Bitcoin deposit/ withdrawal option , However a good or profiting gambler that has his/her funds not converted to stablecoin in the platform will still recover his/her Bitcoin from realized profits. Generally, there could be impact on gamblers because of the dump but not gonna be much.

Many crypto gamblers have got good profit during time. Those who were investors at the early phase are the real tycon in crypto gambling.
I am not an expert player because I didn't make some good researches and I didnt get good pieces of advices hence the loss. But I dont think many crypto gamblor are much concerned about dumps as it rises again.

[Dunamisx]

Gamblers around the world use crypto and bitcoin to play the bets. Do they really care if the bitcoin prices dump hard? I know traders are directly impacted by this dump, and investors are also in panic but what about gamblers. Their motive is to play gamble and they may not be a concerned if the price of bitcoin is declining sharply?

There's no how everyone will not be affected by this downtrend in bitcoin price, this is the economy market we are talking about, a gambler that makes about $200 turns to hardly realize $20, how do you expect such gambler to play the same way he has been doing, same also are some gamblers currently rejoicing because of the advantage this dip has brought on them most likely in their tradings, but the fact remains that there cannot be a unanimous experience from gamblers as some looses some are making profits out of it.

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I think Probably it won't effect on gambler but technically I think it can efect on this gambler. Such as-  there is a huge amount of gambler who are also doing trading so if bitcoin impact on trader it could also possible that it will impact on gamblers. And these gambling project are connected with btc. And if you are looking at this current time there are a very low amount of new project is launching just because of the dump of btc and hole cryptocurrency world so I think that the dump of btc can impact of gambler some time it could be in a good ways and sometime it could  bad

[agustina2]

And what if you withdraw money and there is a hike in the rate all of the sudden. But you are correct not to hold one thing for long.
And one important lesson which I have learnt is not to put all the egg in the same basket. Because when you lose you lose everything.

Then just withdraw it, why you should think twice? If you need the money, then regardless if the trend is uptrend or downtrend, just withdraw it.

If you plan to not cash out yet, then disregard any withdrawal attempt.

Simple as that. Don't think of it too much.

[michellee]

And what if you withdraw money and there is a hike in the rate all of the sudden. But you are correct not to hold one thing for long.
And one important lesson which I have learnt is not to put all the egg in the same basket. Because when you lose you lose everything.

Then just withdraw it, why you should think twice? If you need the money, then regardless if the trend is uptrend or downtrend, just withdraw it.

If you plan to not cash out yet, then disregard any withdrawal attempt.

Simple as that. Don't think of it too much.

I agree with what @agustina2 said because when we need money and there is still some money in our account, we can withdraw it whenever we want. Don't think about the current trend because it is an urgent situation that we are facing so we have to withdraw the money to meet our needs.

I also immediately withdraw my money to the bank if I need money and it doesn't take long to decide. We can earn money again through other means so we better fill our urgent needs.

[gunhell16]

Gamblers also suffer on market crash, there are some crypto gambling platforms that accept crypto but doesn't convert its value to $ value. While market price declines, we have to bet higher coin amounts for same payout. This is huge trouble especially when market goes down %60 and gamblers have to cover market losses before withdrawal on wining streak.

that makes sense
since bull markets also bring more attention to crypto websites the volume on gambling websites crypto-based is probably correlated with prices

I remember in the last bear market the signature campaigns here even stopped.

Yeah, you were absolutely right Sir, I also noticed that. Only this year I saw where most of the signature campaign are now little by little becomes good again here in the forum. I hope it won't happen or repeat what happened before.

Aside from that, I think it might be that some of the gamblers got affected by the dumped of Bitcoin and some are not I guess.

[maydna]

Gamblers also suffer on market crash, there are some crypto gambling platforms that accept crypto but doesn't convert its value to $ value. While market price declines, we have to bet higher coin amounts for same payout. This is huge trouble especially when market goes down %60 and gamblers have to cover market losses before withdrawal on wining streak.

If that's the case for crypto gamblers, maybe they're better off leaving gambling for a while and saving their coins by just holding on to them. I guess it will be good for gamblers than them losing more of their coins on gambling either in value for money or in amount. But if they haven't been able to leave gambling, maybe they can convert their coins into stable coins, and then they can deposit them to a casino that accepts stable coins to gamble so they can continue gambling.

the main reason why today many gambling sites provide deposit and wd options with stablecoins is so that those who are afraid of price volatility on BTC or ETH can use stable coins as a choice. so that there are still a lot of people playing on crypto gambling sites.

If the market situation is irregular, I have several options, including using stable coins to deposit, depositing using altcoins or sticking with BTC or ETH, or the last one is not gambling and just waiting for the market to return to normal.

Maybe people have their own preferences so they can decide the best they can do during an irregular market situation. Or there are gamblers like me who do nothing or gamble at all.