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

[Joeboy]

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?

There is difference between taking risk and being idiotic, I see no reason why folks should want to sell their Bitcoin to use the proceedings to gambling... Bitcoin is a long term scheme and even though we are experiencing some corrections in the market, the price will still eventually shoot up, that's just the cycle with Bitcoin .... Gambling are games, they aren't investment and it's outcome is mostly uncertain and their is no guarantee that gamblers would get back the money they used to gamble, that is why it is always best that folks gamble using the money that they could comfortably afford to lose, and that money shouldn't be your investment money..

[tabas]

From a gambler’s perspective, do you really feel more confident taking risks during a dump

Better safe than sorry. I think most of the bitcoin gamblers will keep their holdings and will rather use another crypto for them to continue gambling. That doesn't make sense for them if they'll spend the bitcoin that they have accumulated for so long and then lose it immediately. It can be done by those emotional gamblers and at the same time, holders. But think of the effort that you've done in prolonging that holding and you'll only use it when the price is quite low. Still, continue to think long term because in the end, long term holders wins.

[MRY]

From a gambler’s perspective, do you really feel more confident taking risks during a dump

Better safe than sorry. I think most of the bitcoin gamblers will keep their holdings and will rather use another crypto for them to continue gambling. That doesn't make sense for them if they'll spend the bitcoin that they have accumulated for so long and then lose it immediately. It can be done by those emotional gamblers and at the same time, holders. But think of the effort that you've done in prolonging that holding and you'll only use it when the price is quite low. Still, continue to think long term because in the end, long term holders wins.

This move to insure the important assets is a long-term move to ensure that our financial future is not affected by the fluctuations in the market. The way we segregate our betting capital and investment in long term savings is ensuring that our hard earned money is not wiped off in a few seconds by the short lived emotions. You are correct in that one of the important points to emerge as the real winners is to possess the good things in the world.

[Crypto Library]

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?

If I were to give my personal opinion on this matter, I would first say that those who are attracted to gambling due to the decline in the price of Btc, have already invested in Bitcoin and have put themselves in a losing situation, and that is why they may panic and choose betting or gambling as a way to recover quickly, even though it is the most stupid thing to do.
In my case, I am completely pressure-free. Rather, I was already expecting that when the market would crash and the bear bottom would pass, I would invest in Bitcoin again with my profited fund. So it doesn't impact on me

[Z-tight]

It would be a foolish thing to do. Surely there is the opportunity that you can win something, but that does not change the fact that it is a foolish thing to do. If you are gambling to recover losses of any kind, then you'd only end up worse and more frustrated. With BTC dumping, what you should do is hold your coins or accumulate more. And as for gambling, just do it the same way you have been doing it, don't change anything or make any decision based on that.

[Stalker22]

Absolutely not! If anything, a Bitcoin market crash causes me to gamble less.  The only reason someone would gamble more during a crash is to chase the thrill of overcoming loss aversion.  A person who experiences a significant loss from red candles typically looks for a way to "win" back their money.

You mentioned "frustration talking," which is true.  When you lose $10,000 in a market crash, a $1,000 bet at the blackjack table feels small and insignificant because of your loss.  You have totally lost the ability to appreciate the value of money.  Bitcoin market crashes create a perfect environment for scammers.  Many people are very emotional and irrationally searching for quick solutions to restore their account value back to its all-time high.

[tabas]

Better safe than sorry. I think most of the bitcoin gamblers will keep their holdings and will rather use another crypto for them to continue gambling. That doesn't make sense for them if they'll spend the bitcoin that they have accumulated for so long and then lose it immediately. It can be done by those emotional gamblers and at the same time, holders. But think of the effort that you've done in prolonging that holding and you'll only use it when the price is quite low. Still, continue to think long term because in the end, long term holders wins.

This move to insure the important assets is a long-term move to ensure that our financial future is not affected by the fluctuations in the market. The way we segregate our betting capital and investment in long term savings is ensuring that our hard earned money is not wiped off in a few seconds by the short lived emotions. You are correct in that one of the important points to emerge as the real winners is to possess the good things in the world.

It shouldn't be mixed, yes we gamble and we invest. But we put the priority into investing than gambling, and that's why if we happen to gamble. It's not going to be part of our investments and that's not really pushing us to gamble more. What pushes us to gamble more is because we've got some past losses that are still in our heads that we haven't recovered yet. Although, it must be forgotten and that's given that we'll never recover them any longer for with that, it causes the desire to gamble more. Gamble and save your assets and capital without even thinking of spending it.

[Orpichukwu]

There is difference between taking risk and being idiotic, I see no reason why folks should want to sell their Bitcoin to use the proceedings to gambling... Bitcoin is a long term scheme and even though we are experiencing some corrections in the market, the price will still eventually shoot up, that's just the cycle with Bitcoin .... Gambling are games, they aren't investment and it's outcome is mostly uncertain and their is no guarantee that gamblers would get back the money they used to gamble, that is why it is always best that folks gamble using the money that they could comfortably afford to lose, and that money shouldn't be your investment money..

The way most people do act without considering the benefits and the side effects of it, it’s becoming alarming and it’s very bad, because it’s making most people to make decisions that are not of benefit to them, instead it will cause them to make mistakes that they will later regret about it, gambling is a luck and chance game, which people are not even guaranteed to get any profit from it but Bitcoin has come to stay, though it does fluctuates which is its nature but surely it does profit and add more value than gambling, just as you have highlighted.

[len01]

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

I'm sure it's just a form of frustration when you see the value of your investment decreasing and looking for alternative ways to restore that value. In the past I have done it but for now I will not repeat the same mistake.

As a true gambler who actually has savings in bitcoin, you should consistently not use this asset to bet under any circumstances. And as we know that gambling is not a financial alternative.

[Yamifoud]

While others are busy buying to maximize their bitcoin purchase at a low price, and here you are gambling your bitcoin just because its less valuable now. Well, gambling with bitcoin seems off for me, I would not waste my bitcoin into gambling, but maybe if its trading, I can do that.

Instead, let's just focus on accumulating funds to maximize our bitcoin portfolio, not to end up gambling and rely to luck wishing it could double or triple the amount of our bitcoin.

[Vaculin]

Gambling your bitcoin means you allow yourself to spend your bitcoin and lose it in the process, and that's something I won't bite because that is just wasting your hard-earned bitcoin when others are dying hard for it just to own even a small portion.

However, we all have different concept and perspective with regards to gambling bitcoin. But it definitely won't work for me, not because I'm not capable with gambling, but because I can't stand the risk easily losing my bitcoin with gambling when it take years for me to finally own a good amount of it.

[Kavelj22]

I will never do that, and I don't confuse gambling with my portfolio, and also in recent times I switched to stable coins because it is more convenient, as I often calculate my deposits in fiat value, so with stable coin,s I don't have to calculate or worry about the volatility. Added benefit is when you withdraw you get cheapest withdrawal fee and almost instant confirmation.

I think how much dumb is the idea to gamble with my portfolio to recover loss caused by the market decline. At the same time others take advantages from the dip season to fill their portfolio with more bitcoin. I doubt if anybody might think this way just because he lost a lot in the actual decline wave. Afaik, regular gamblers can't ever be crypto traders or btc long-term investors.

A clear rule in trading like in gambling; never use money that you can't afford to lose. After a big loss, i don't think you can afford to lose the rest in gambling.

[Ziskinberg]

Just like some other people said, its better safe than sorry. Because once you take the risk to gamble your bitcoin, its as good to say that you'll lose eventually your bitcoin in the end.

So that's something unacceptable for me. I would rather take the risk with trading and may find a good market opportunity to make some profits than to end up everything in gambling wherein returns are not guaranteed.

[coinlary]

Taking funds out during a bear to double sounds like a dumb  thing to do using gambling and  it sounds more like taking a shot cut to reduction of  what's  already in loss to half or losing everything  entirely.
The moment you pull out , and started finding a means to double it shows you're  gambling  even if not used  for gambling

[kotajikikox]

Just like some other people said, its better safe than sorry. Because once you take the risk to gamble your bitcoin, its as good to say that you'll lose eventually your bitcoin in the end.

I do not get risking losing even more bitcoin when it’s declining already. Most would want to save and hold on to their remaining bitcoins instead of selling and using it on things that don’t matter.

[ralle14]

In this situation, i'd rather preserve my balance than chase those losses that are not yet set in stone. Overreacting like that after a price drop will only cause your losses to escalate faster. And if they can't deal with those kinds of losses, then I think they shouldn't be gambling to begin with.

If i'm playing with house money, then I don't mind taking risks. If I bought some bitcoins and lost some fiat value through the price drop, then i'm taking it slow until the market returns to the usual price levels.

[Outhue]

There is no better way of throwing Bitcoin into the bin than this, now that Bitcoin is losing its value it's the best time to start accumulating Bitcoin for long term rather than wasting it away in gambling, do you think that casinos aren't smart themselves? They will be happy to see gamblers burning their Bitcoin away, all they have to do is gathering the lost Bitcoin and hold them, casinos sees bitcoin more than any business ventures out in the world today.

[SFR10]

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

Experiencing a dump or rather a bear market, doesn't have any impact on my confidence or a possible mood change... Having said that, I'd have to spend a little more than the usual for similar bets, but my gambling behavior remains the same as before ^{[chasing losses and not being able to control our emotions is a recipe for disaster]}.

[Charles-Tim]

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

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.

He isn't loosing, so far as he keeps holding the required quantity of Bitcoin in his wallet, the coin is still intact, what makes him lose is when he'll sell off and start using it to gamble to be able to grab more quantity, that's when frustration comes in, that's where the trap of bear season kicks in and get such trader to be a victim of crypto crash and dump time.

What you corrected is very right. I mean I am very correct about it and it is simple English.

Also your correction is highly unnecessary and I do not see anything useful about the correction  related to this discussion.

Frustration can begin immediately he is having unrealized loss.

From how I posted it, it can easily be known that I meant unrealized loss. You can read what unrealized loss, actual loss, and final loss are about.

[Awaklara]

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

Becoming more confident to stake Bitcoin, maybe not. But if you win with staked Bitcoin, it also looks good. 
I still bet with Bitcoin, although sometimes I use USDC. but still of the same value. We know the risks of gambling, and most of us lose. I would not stake a larger amount. Most people are more confident to hold Bitcoin in the current situation.