Bitcoin Is Dumping, Does It Really Push You to Gamble More?

[Kelvinid]

No, I'm not that kind of stupid gambler. I will not create decision that will only ruin the brighter future of my bitcoin investment.

Yes, bitcoin is dumping, and what's new? It certainly dump and pump its price regardless of the market condition. If I ever think of gambling, I will stick to fiat and safeguard my bitcoin. Bitcoin price will always have chances to recover, but fiat's value will not change, it will continue to depreciate in the long run. But that does not mean I will gamble my funds blindly.

[rbynxx]

From a gambler’s perspective, do you really feel more confident taking risks during a dump, or is it just frustration talking?

Dump or pump, if you're a gambler you don't really care about the market, you risks your money no matter what to be honest. Yeah, frustration do come to mind but  don't think that will last for long considering the market will be what it is especially the crypto wild west, where uncertainty is given.

[Agbamoni]

You will get the right answer from gamblers who gamble with Bitcoin, not a fiat gambler like me.

IMO, Bitcoin has nothing to do with the urge of a gambler. At the current price, $50 worth of Bitcoin is worth exactly thhe $50 when depositing in the casino. If you win the bet, you will have more fractions of Bitcoin.

[blockman]

With the risk to have more Bitcoin, yes. But with the risk of gambling and spending that bitcoin is a big NO. I won't do the same thing as what others try to solve on how the market behaves. Because there is no solution to it when it's plummeting. I won't touch my Bitcoin funds just for me to counter this market. I'll wait and be patient about it while having some funds on the side in other altcoins that I can gamble with. The minimum amount of gambling isn't that a lot and so, I can still gamble or if I don't like to get going. It's simply best to stop and wait until the market calms down.

Yea, I consider a period like this in the bitcoin cycle to be a time to accumulate bitcoins and not to spend the bitcoin whose value has reduced already. As for gambling with the intention of doubling my bitcoins, that is a very big risk to take during the bear market. No, I am not going to take such a risk.

It's a grave mistake when someone think about doubling their bitcoins through gambling. While others could succeed with that but take it that the majority won't be able to do it. Just accumulate and go with the usual process so that you're not going to be in trouble and put yourself and funds into committing a mistake.

When it come to gambling, I believe in just winning for some profits. The idea of doubling my initial deposit or trying to recover something sounds like a trap to me. People give themselves very high expectations and end up disappointed when their plans don't go as they had expected.

That certainly is a trap that many get out of. When they happen to have that goal and they've lost, the first thought is to recover that until they have used their holdings in it which goes in a long cycle before they get out of it.

[btcwoot]

switching between altcoins and btc back and forth using stablecoins as a middle place seems to be the best idea for people who are willing to take the risk

[Asuspawer09]

I wouldn't see that as a good move, since the market is already dump, I agree with you that it is just some kind of frustration why you wanted to gamble it just to recover your lose in Bitcoin but it just doesn't work that way because gambling as a lower win rate and your surely just going to lose everything if you going to gamble everything or your plan was just to gamble it in order to recover it, just doesn't sound smart for sure. It is just going to be the same as selling your holdings when the market is down because you are afraid that it is losing its value.

I'll probably just do a little more of gambling in futures just bacause the market is down, and usually there was going to be a lot of movement in the market when the Bitcoin is dumping, so it might be a good move the gamble some funds, and try to do some futures trading but I wouldn't see how gambling in a casino is going to be a good move at times like this, it is just the same when your gambling at any moment.

[qwertyup23]

From a gambler’s perspective, do you really feel more confident taking risks during a dump, or is it just frustration talking?

That is not about taking risks, that is stupid.

You mean someone that is holding bitcoin, who did not sell his coins but the market dump and he is losing. Gambling should not be a way he should think of recovering his losses, bitcoin will rise back. He should keep holding instead.

Exactly! There is a lot of missed opportunities waiting if you would go the route of risking your BTCs during this bearish run.

We have been in this exact position years ago- BTC will drop and its price would recover after a few weeks or months. What’s new in this scenario? Instead of gambling away your BTCs, take this as an opportunity to acquire more while the price is relatively low. If you gamble, then lots of opportunities would be missed in the process.

You will get the right answer from gamblers who gamble with Bitcoin, not a fiat gambler like me.

IMO, Bitcoin has nothing to do with the urge of a gambler. At the current price, $50 worth of Bitcoin is worth exactly thhe $50 when depositing in the casino. If you win the bet, you will have more fractions of Bitcoin.

I agree with you- whenever I gamble nowadays, I use my fiat to gamble. I just treat BTCs as something so precious given the fact that its value would increase over time.

[kawetsriyanto]

Some treat this like “inflation.” and that is when BTC keeps losing value, they start thinking about pulling funds out and trying to double it through casinos or betting, just to recover losses.But honestly, does that really make sense? If you take that risk, you’re basically moving your BTC from something that can still recover over time into a game where the odds are already against you.

It is a too bad idea to try recovering the losses in Bitcoin investment by raising the attempts in gambling. You must have a different strategy between Bitcoin investment and gambling. I'll never mix both of them, I've different goals. In Bitcoin investment, it is a long term asset, I always target for big profits. However, it is in a bearish period now, it is the time for accumulating. It isn't the time to expect for profits. Meanwhile in gambling, I never target too sweat goal, I only enjoy it and try luck. It is because I realize the chance to get good amount of money isn't that high in gambling. So, it is no sense if we move the funds into casino accounts. It just raises the chance of more losses. 

[adultcrypto]

Whenever the price of bitcoin is dumping, I think people look for other alternatives of sustaining their cashflow and gambling is usually a good choice for that. I may not be in this category of people that increase gambling activities when bitcoin is dumping but I do know that a lot of people do that through stablecoins while keeping their bitcoin in the wallet to avoid selling at loss. The only people that enjoys bitcoin dumping are those in futures trading who trades either direction and not people in spot trading. So, gambling is a good alternative to bitcoin trading at a time like now.

[Pi-network314159]

From a gambler’s perspective, do you really feel more confident taking risks during a dump, or is it just frustration talking?

from gamblers perspective i dont think its necessary to take the risk of gambling with bitcoin in casino now due to the dump. the system will trick you to believing that it is the best time to double your hustle by gambling with bitcoin to get more and stack before bull run, but in the process the person might even lose all the money in the long run. gambling has no guarantee of quick wining, despite how simple it looks with even staking with 2 odd, you will still lose. for example, a person that has 1btc and want to gamble it now for 2 odd or even 1.5 odd to get the leverage of 1.5x will even lose it all to betting. so it is better to look for other alternative than looking for a more deadly alternative.

[maydna]

This is just deep correction so no need to panic because the price will recovers. After dropping sharply, Bitcoin slowly increase and now the price reach $70k level. We can hopes Bitcoin price will reach the highest price again.

If we talk about gambling, some gamblers still using Bitcoin to gamble. They want to increase their Bitcoin amounts from gambling but they must realize that winning in gambling is difficult. They may lose more Bitcoin amounts if they keeps playing and difficult to recovers.

I don't want to taking risks during a dump by using Bitcoin to playing gambling. I realize that I don't have big chances to win in gambling so I better to keep my Bitcoin in my wallet.

[Strongkored]

From a gambler’s perspective, do you really feel more confident taking risks during a dump, or is it just frustration talking?

I actually feel it would be a waste to use Bitcoin when its price drops because more Bitcoin is issued, for example, when making a $50 deposit, although the amount will also be higher when winning, especially if the price rises again later. My choice is a stable coin when Bitcoin's value is not doing well.

[viljy]

Why should this encourage more active gamblers? I don't see the dependence of one on the other. For casinos, nothing changes at all - this business is always profitable, regardless of the price of bitcoin (or gold, silver, copper...). For casinos, the main asset is its gambling customers. In general, the world does not revolve around bitcoin.

[bitbollo]

In some cases, yes... based on events/martkets and time available
Because, certain bets are getting paid in USD converted in BTC. If btc price dump in the meanwhile (likewise we have seen in the last day), you can earn much more of a classic bet fixed in btc value
Of course, if price pump it could be a disaster, you earn less btc as previous...

[Julien_Olynpic]

It's an interesting psychological phenomenon. But it likely has nothing to do with the value of Bitcoin itself. It's worth remembering the famous Crypto proverb that one Bitcoin is always worth another. As for the dollar equivalent, that's what you should choose for gambling, not Bitcoin. With Bitcoin, it's easy to fall into cognitive biases like this. Yesterday, a Bitcoin table was worth $100,000, today it's $60,000, but by playing more often today (and losing), you're losing tomorrow's Bitcoin at $100,000. LOL.

[lovesmayfamilis]

Some Bitcoin holders may naturally experience stress and anxiety, as well as a desire to recoup their losses through gambling. However, people will be divided into those who know and believe this is a temporary decline and those who cannot control their emotions, losing faith and rushing to recoup their lost funds. Psychological discomfort sometimes leads to impulsive decisions, including increasing gambling bets. This is why financial literacy and an understanding of Bitcoin's value will be a great support in this situation. These days, there's no need to succumb to panic or read news stories that are desperately trying to give Bitcoin a bad name. And yes, it's extremely unwise to bet on Bitcoin; I don't encourage this even during good prices; stablecoins are a good alternative to gambling.

[Cityhunter34]

With Bitcoin dumping again so I’m wondering how this actually affects people who are into gambling.

Some treat this like “inflation.” and that is when BTC keeps losing value, they start thinking about pulling funds out and trying to double it through casinos or betting, just to recover losses.But honestly, does that really make sense? If you take that risk, you’re basically moving your BTC from something that can still recover over time into a game where the odds are already against you. One bad session and your “recovery plan” is gone. Even if you win once, most people end up playing again, trying to win more, until they give everything back.

From a gambler’s perspective, do you really feel more confident taking risks during a dump, or is it just frustration talking?

It is only when you are addicted to gambling that you would reason that way because it is absolutely unacceptable for a responsible gambler that knows what gambling is all about to do such thing.

Bitcoin is a great asset that can elevate you in the future so no matter any condition you find it always know that it wouldn't remain the same, gambling is purely a game that luck plays a significant role in determining the final outcome so thinking of using gambling to recover from your Bitcoin losses might likely result to more losses at last.

[YOSHIE]

With Bitcoin dumping again so I’m wondering how this actually affects people who are into gambling.

For some gamblers, the fall in Bitcoin prices is one of the opportunities and opportunities to gamble and make bets as efficiently as possible, this is the best opportunity to collect large amounts of Bitcoin, if they win the bet.

However, for me it's the same, maybe I would prefer to bet with USDT, even though the price of Bitcoin goes down, if I have a bigger chance of winning, I can automatically still buy Bitcoin with USDT at the current price or even cheaper.

[Smartprofit]

There are many types of money in the world – cash, non-cash money, central bank digital currencies, gold, silver, Bitcoin, stablecoins, etc. 🙋

People instinctively classify these types of money as good and bad. Good money should be saved and hoarded. Bad money, accordingly, should be actively spent. At different times, different types of money are perceived as either good or bad.

During the Bitcoin bear market, many people lose faith in its prospects. They stop perceiving Bitcoin as good money. The situation is further exacerbated by the introduction of government regulations regarding cryptocurrencies. KYC and AML procedures deprive people of confidence in being able to easily and freely exchange their Bitcoin for fiat money. This undermines the perception of Bitcoin as good money.

As I mentioned above, people tend to spend bad money quickly.  If someone enjoys gambling, they'll be willing to spend their Bitcoins on it. And during a bear market, the chances of this happening are significantly higher than during a bull market.💫

[AuchanX]

I personally think that the idea of ​​recovering losses by gambling during a Bitcoin dump is actually a result of mental stress. Because it is not a real effective strategy. When the price drops, many people assume that since the value has dropped, they should take the risk and double it quickly by going to the casino or sports bet. But there is a big conflict here. Although Bitcoin is volatile, there is a chance to recover in the long term, but in casino games or betting with a house edge, there is always a negative expectation on average, meaning that losing in the long term is the normal result. Those who are already mentally stressed due to the dump keep increasing their stakes again and again, thinking that they will make up for one losing section with another bet.  And this is how it is seen that even if you win once or twice, you end up taking more risks with the same mentality, and at one point you blow your entire bankroll. As a result, you start feeling more stress in real life. And the loss from the Bitcoin price dump turns into a permanent loss due to gambling.