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Poll
Question: Do you think mining is like gambling at this point in time?
Yes - 30 (50.8%)
No - 27 (45.8%)
Don't know - 2 (3.4%)
Total Voters: 57

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Author Topic: Mining is Gambling?  (Read 4762 times)
allcoinminer
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November 19, 2014, 08:07:46 AM
 #1

Do you think mining with a hardware or cloud mining contracts is like gambling at this point in time?

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November 19, 2014, 08:59:45 AM
 #2

Do you think mining with a hardware or cloud mining contracts is like gambling at this point in time?
You can't call it gambling, as its clearly not it. However, some people think that there is a risk while investing in cloudmining contracts , however, if you take decisions in a wrong way, then it might just be.

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November 19, 2014, 09:01:14 AM
 #3

I'd change the poll if I was you. I can choose 3 out of the 3 options. So I am able to vote for yes and no at the same time Huh

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November 19, 2014, 09:13:11 AM
 #4

You'd have to define the term "gambling" to me first. Wikipedia defines it as:

 "Gambling is the wagering of money or something of material value (referred to as "the stakes") on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods. Gambling thus requires three elements be present: consideration, chance and prize"

By that definition, Id have to say it is indeed gambling. Your investment constitutes consideration, future difficulty is uncertain and for most people the intent is to profit. At the same time,  I have trouble seeing how any form of investment wouldnt constitute a gamble using the same definition.
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November 19, 2014, 11:10:31 AM
 #5

You'd have to define the term "gambling" to me first. Wikipedia defines it as:

 "Gambling is the wagering of money or something of material value (referred to as "the stakes") on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods. Gambling thus requires three elements be present: consideration, chance and prize"

By that definition, Id have to say it is indeed gambling. Your investment constitutes consideration, future difficulty is uncertain and for most people the intent is to profit. At the same time,  I have trouble seeing how any form of investment wouldnt constitute a gamble using the same definition.

Yes, it is gambling.
BitcoinExchangeIndia.com
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November 19, 2014, 12:01:00 PM
 #6

Do you think mining with a hardware or cloud mining contracts is like gambling at this point in time?

According to Bitcoin protocol, luck is the inherent factor of Bitcoin mining, say it is hardware mining or cloud mining, because, given the same hash power, you never know who is going to find the correct hash before the other.

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November 19, 2014, 05:09:34 PM
 #7

Do you think mining with a hardware or cloud mining contracts is like gambling at this point in time?

According to Bitcoin protocol, luck is the inherent factor of Bitcoin mining, say it is hardware mining or cloud mining, because, given the same hash power, you never know who is going to find the correct hash before the other.

This. I don't say "mining bitcoin", I say "lottoing". It's only by chance that one finds a block. Mining in a pool makes it more steady, but it is gambling nevertheless. No problem though, it's possible to make money gambling and mining is very predictable. no deep strategies are needed either.
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November 19, 2014, 05:17:00 PM
 #8

mining is very predictable. no deep strategies are needed either.

Really? Then please predict me the next difficulty change and the difficulty in 6 months.
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November 19, 2014, 05:17:12 PM
 #9

IMO mining is gambling. Mining is gambling on the difficulty hikes. If difficulty do not continue to rise exponentially, miners win.
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November 19, 2014, 05:18:33 PM
 #10

IMO mining is gambling. Mining is gambling on the difficulty hikes. If difficulty do not continue to rise exponentially, miners win.

If miners "win", ie, profit, then difficulty will continue to rise exponentially until they no longer win.
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November 19, 2014, 06:35:50 PM
 #11

IMO mining is gambling. Mining is gambling on the difficulty hikes. If difficulty do not continue to rise exponentially, miners win.

If miners "win", ie, profit, then difficulty will continue to rise exponentially until they no longer win.
If they reach 2x and more profit after the difficulty will rise this is a big "win"
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November 20, 2014, 01:19:11 PM
 #12

IMO mining is gambling. Mining is gambling on the difficulty hikes. If difficulty do not continue to rise exponentially, miners win.

If miners "win", ie, profit, then difficulty will continue to rise exponentially until they no longer win.
If they reach 2x and more profit after the difficulty will rise this is a big "win"

But you have to reach it.
When you look at thinks from perspective it sometimes a big gamble.



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bajlox
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November 20, 2014, 01:20:01 PM
 #13

This is not gamble it luck.
Who is lucky will have more who is not wont.

Simple

Veridis
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November 20, 2014, 01:36:14 PM
 #14

Not really.
These Cloud miners are just a risk. Is crossing a road without looking both ways necessarily gambling?
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November 20, 2014, 10:21:04 PM
 #15

BTC mining at favorable odds is investing.
BTC mining at unfavorable odds is gambling.

  Most people use definitions as they want.  Some say putting up any money of any kind is a gamble even when odds are in their favor.

Please support sidehack with his new miner project Send to : 1BURGERAXHH6Yi6LRybRJK7ybEm5m5HwTr
I mine alt coins with https://simplemining.net I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
Seketsuna
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November 21, 2014, 05:24:34 AM
 #16

This is not gamble it luck.
Who is lucky will have more who is not wont.

Simple

google translate has failed you my friend.




Simple
botija
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November 21, 2014, 07:01:39 AM
 #17

Do you think mining with a hardware or cloud mining contracts is like gambling at this point in time?

Yes, you're taking a gamble, because you don't know what the price of Bitcoin will be in the future.
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November 21, 2014, 02:06:45 PM
 #18

Risky investment, like all good investments.  Cool

SpanishSoldier
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November 21, 2014, 10:06:15 PM
 #19

BTC mining at favorable odds is investing.
BTC mining at unfavorable odds is gambling.

  Most people use definitions as they want.  Some say putting up any money of any kind is a gamble even when odds are in their favor.

WoW... golden words. I love the way u put it Smiley

Odds can be calculated in mining and none can cheat u here in terms of odds like a gambling site.
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November 22, 2014, 02:07:47 AM
 #20

Can you do me a favour.. please change your signature.. please please.. Grin

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