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Is crypto investing / trading gambling?

 
Martin91
(@martin91)

Hi everybody , I was / am gamble free depending how you view this …

long story but here’s the short version…

basically end of July I was made redundant and got given a healthy redundancy package. With that money I said I’d do everything I would so ive paid off all debts (except the mortgage) and covered the bills with it. 4 weeks ago I got a new job and had some money left over so rather than leaving it in a bank at 0.0001% interest I decided to put it into crypto, basically after 2 weeks I was up by triple but then kept changing and swapping crypto I was in to it basically now being virtually nothing.

im myself more upset that if I left it to begin when I started it would be worth 6 times today what I started with but where it goes up and down and I kept changing what coin I was in it went down as every new coin I entered seemed to plummet the second I entered it.

so my wife found at yesterday and she’s fuming saying I’ve started gambling again , but I can’t see it ! Am I being blind? I’ve literally not gambled or anything for a couple years now. Have I really stumbled down a gambling path again without even realising by buying / selling crypto? 

Quote
Topic starter Posted : 28th November 2021 10:35 am
c43h
 c43h
(@c43h)

so my wife found at yesterday and she’s fuming saying I’ve started gambling again , but I can’t see it ! Am I being blind? I’ve literally not gambled or anything for a couple years now. Have I really stumbled down a gambling path again without even realising by buying / selling crypto? 

 

Well did you gamble earlier? "Again"seems to indicate another story. I think you know that most things we do is speculation and it can get addictive. The saying goes  if you don't speculate you won't accumulate. Addiction is repeat behaviour gone wrong but there are some very worked out rules for gambling addiction and you should try the self assessment tests that you can find here and other places to see where you land.

It is never a problem till there is a problem but the answer to your question is yes. You can get hooked on crypto trading / day trading/ currency / option turbo warrants/ futures/ oil  and precious metals trading and on and on. It is about the amount of time money and damage it is doing to your daily life that matters.

Best

C

 

ReplyQuote
Posted : 28th November 2021 12:33 pm
maxmaher
(@maxmaher)

The FCA has banned crypto exchanges in the UK a few other countries have gone a step further and banned it all together 

i think ultimatley that says enough for me to know something isnt quite right with it 

The states are working day and night to try and bring much stricter regulation to the scene but its difficult as a bulk of the market is there 

A lot and i mean a lot of people have been brainwashed by the crypto spin doctors , the fundamental issue is that a lot of the coins are only worth what someone else is willing to give you for them 

They have zero real world application , so the sentiment around crypto constantly needs to remain positive or "investors" are in big trouble 

Very similar to how a ponzi scheme works 

To summarise yes you are blindly gambling on a lot of crypto coins hence why you have lost so much 

 

 

 

 

ReplyQuote
Posted : 30th November 2021 9:29 am
Joydivider
(@joydivider)

YES its all a gamble if the money can go up or down. 

lets face that investing is a loose term used by all sorts of schemes and even scam companies. 

There is a tendency to think its the clever side of gambling but the structures in place dont really suit the little guy or amateur. They are quite happy to take the commission from people failing

There was almost a full run on the banks in 2008 but they were " too big to fail" and were bailed out with taxpayers money.

Yes interest rates are at an all time low on savings but investment schemes are not the easy answer.

many many people lose out on crypto currency. Some call it a scam which suits the chosen few. Some call it fun and a few tell us about their amazing gains...... just like gambling.

I am a compulsive escape gambler. I tend to see the real risk with "investing" and its a bit serious/hard work for me. 

What sums up the financial world is the interest rate on savings vs the interest rate on amounts borrowed on personal loans and credit cards

Non guaranteed investment is all based on money you can afford to lose. Compulsive gamblers should be nowhere near it

Best wishes to everyone on the forum

ReplyQuote
Posted : 1st December 2021 5:59 pm
J.D
 J.D
(@j-d)

I have to say I absolutely agree that gamblers should go nowhere near it. During the pandemic I started to dabble in trading, shares and CFD's and it all ended in more debt. In effect I was just using it to gave the same gambling fix, the dopamine hit and so on and so forth. So I would definitely encourage you not to bother with it.

Take care

ReplyQuote
Posted : 6th December 2021 1:28 pm
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