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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 4763 times)
picolo
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November 22, 2014, 03:19:09 AM
 #21

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

It's like betting on sports; you are not sure you will profit. You do a calculation (or you don't) and you go with it.

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November 22, 2014, 12:04:56 PM
 #22

It might be compared to gambling, nowdays specially when price is so low. But before, it has always been profitable, if you have electricity available at a cheap cost.

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November 23, 2014, 11:24:45 AM
 #23

No, mining is not gambling.  you know going into it what you will earn daily with a fair certainty.  a better question would be, do most mining profits end up getting gambled ?   A LOT  Grin

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November 23, 2014, 02:14:44 PM
 #24

In gambling you can win or lose, though on the average there will be a small loss due to house edge. In mining you can only lose, so its worse than gambling.

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November 23, 2014, 11:17:49 PM
 #25

No, mining is not gambling.  you know going into it what you will earn daily with a fair certainty.  a better question would be, do most mining profits end up getting gambled ?   A LOT  Grin

If you invest 100 and you get back 80 you lost money.

Mining is betting.

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November 23, 2014, 11:42:12 PM
 #26

It's like gambling only with the 100% probability you will lose. So you might want to take your money to a texas holdem table  Wink
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November 24, 2014, 12:53:23 AM
 #27

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

I think it is a pretty big gamble for cloud mining just because of how throughout the year there has been bitcoin companies losing bitcoin through hacks.

Plus if they go out of business you would lose whatever contract you purchased.

I see this as a much larger risk since you are trusting a third party to follow through with the contracts.

Also there is the risk of them just not paying you at all cause you just never know?

On the other side for hardware I think this one is pretty much playing with words and does fit into yes and no.

I think at this point if you are trying to go in it now to get rich in a short period, this would be a gamble.

Then there is also just helping the bitcoin community on your own especially if you get free electricity.

If electricity start getting to high can always sell the miners for something instead of leaving it off like I did during the summer.

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November 24, 2014, 01:28:14 AM
 #28

I think all stock market investments are close to gambling, same as all crypto investments even the praised by all "hodling". The difference is in the risk. Cloud mining is more risky than mining and mining is more risky than holding coins, which is more risky than holding fiat Wink

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November 24, 2014, 02:17:49 AM
 #29

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

I think it is a pretty big gamble for cloud mining just because of how throughout the year there has been bitcoin companies losing bitcoin through hacks.

Plus if they go out of business you would lose whatever contract you purchased.

I see this as a much larger risk since you are trusting a third party to follow through with the contracts.

Also there is the risk of them just not paying you at all cause you just never know?

On the other side for hardware I think this one is pretty much playing with words and does fit into yes and no.

I think at this point if you are trying to go in it now to get rich in a short period, this would be a gamble.

Then there is also just helping the bitcoin community on your own especially if you get free electricity.

If electricity start getting to high can always sell the miners for something instead of leaving it off like I did during the summer.

You can make money cloud mining with low maintenance fees, cheap GHS and a company that does business the right way

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November 24, 2014, 03:05:29 AM
 #30

I think it depends on what your doing.   Some will invest with little to no ROI math.   Or invest in cloud companies that are unproven.  Truly a throw of the dice.

Others put more time in it.  It is more of a investment.  Yes a risky investment, it's no bond or safe yield.  It would be considered a risky investment.  But if you have cheap electricity you might just make a gain and have a good time if you enjoy mining.  You have to enjoy it if you don't you should buy direct.
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November 24, 2014, 03:47:10 AM
 #31

Mining is long term gambling Cheesy

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November 24, 2014, 07:26:18 AM
 #32

In gambling you can win or lose, though on the average there will be a small loss due to house edge. In mining you can only lose, so its worse than gambling.
This is not true. If the difficulty increases at a slow enough pace then you can potentially earn more then the cost of the miner (or cost of mining contract for cloud mining) plus the cost of electricity. Although generally speaking, the cost of most miners is so high that the difficulty will need to increase at an unrealistically low pace
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November 24, 2014, 08:35:33 AM
 #33

This is not true. If the difficulty increases at a slow enough pace then you can potentially earn more then the cost of the miner (or cost of mining contract for cloud mining) plus the cost of electricity.

If/when there is that potential, then why would it not be exploited by other miners, or more likely, the asic vendors themselves?  And as they exploit it with their cheaper hardware and usually, cheaper bulk electricity rates, in smoke goes your potential profit.

The comparison with gambling wasnt bad at all, some gamblers will win, but the average gambler will make a small loss due to the house edge. Just like the average miner will lose, just substantially more and it all goes to the asic vendors.
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November 24, 2014, 10:54:31 PM
 #34

This is not true. If the difficulty increases at a slow enough pace then you can potentially earn more then the cost of the miner (or cost of mining contract for cloud mining) plus the cost of electricity.

If/when there is that potential, then why would it not be exploited by other miners, or more likely, the asic vendors themselves?  And as they exploit it with their cheaper hardware and usually, cheaper bulk electricity rates, in smoke goes your potential profit.

The comparison with gambling wasnt bad at all, some gamblers will win, but the average gambler will make a small loss due to the house edge. Just like the average miner will lose, just substantially more and it all goes to the asic vendors.

It's a bit like a gambling game where some can have a positive edge

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December 02, 2014, 02:33:23 PM
 #35

In gambling you can win or lose, though on the average there will be a small loss due to house edge. In mining you can only lose, so its worse than gambling.
This is not true. If the difficulty increases at a slow enough pace then you can potentially earn more then the cost of the miner (or cost of mining contract for cloud mining) plus the cost of electricity. Although generally speaking, the cost of most miners is so high that the difficulty will need to increase at an unrealistically low pace

Even if the price doesn't increase, the difficulty will increase as newer miners are made. Their is only ones making a profit in all these are the mining companies.

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December 02, 2014, 04:46:56 PM
 #36

In gambling you can win or lose, though on the average there will be a small loss due to house edge. In mining you can only lose, so its worse than gambling.
This is not true. If the difficulty increases at a slow enough pace then you can potentially earn more then the cost of the miner (or cost of mining contract for cloud mining) plus the cost of electricity. Although generally speaking, the cost of most miners is so high that the difficulty will need to increase at an unrealistically low pace

Even if the price doesn't increase, the difficulty will increase as newer miners are made. Their is only ones making a profit in all these are the mining companies.

If you buy some cloud mining services or cheap hardware, you have free or very cheap electricity and the difficulty doesn't increase too much, you will theoretically ROI in BTC.

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December 02, 2014, 11:21:53 PM
 #37

Mining is risk taking with a possible outcome of profit or loss. Gambling always ends in a loss over the long term.

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December 02, 2014, 11:36:24 PM
 #38

Mining is risk taking with a possible outcome of profit or loss. Gambling always ends in a loss over the long term.

If you mine buying up 0.6-2$/GHS with high maintenance fees you will lose in the long term with no chance of winning in BTC even in the short term.

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December 05, 2014, 03:02:07 AM
 #39

In gambling you can win or lose, though on the average there will be a small loss due to house edge. In mining you can only lose, so its worse than gambling.
This is not true. If the difficulty increases at a slow enough pace then you can potentially earn more then the cost of the miner (or cost of mining contract for cloud mining) plus the cost of electricity. Although generally speaking, the cost of most miners is so high that the difficulty will need to increase at an unrealistically low pace

Even if the price doesn't increase, the difficulty will increase as newer miners are made. Their is only ones making a profit in all these are the mining companies.
Well the difficulty recently decreased (by a very small amount) the last difficulty adjustment, and could potentially decrease this adjustment as well. With a very low increase adjustment (or negative increase adjustment) environment miners could earn more money. Anyone buying a miner is essentially betting that the difficulty is not going to rise at a very fast pace
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December 05, 2014, 06:14:16 AM
 #40

Having less difficulty prolongs the profits for you.

But as the gambling idea goes it is pool mining vs solo mining.
Pool mining- with a large enough pool there is a good enough chance to have constant ROI
Solo mining- Solo luck of the draw vs the rest of the network.

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