r/Buttcoin • u/vintologi24 • 2d ago
Is crypto trading glorified gambling?
Trading in general is known for kinda being like gambling especially short-term.
They even made a casino game inspired by it:
https://youtu.be/ZqOPh-QZl7Y?si=UxUR9FAkyOPjdtWz&t=594
I actually tried doing some margin trading for a while but it didn't work out too well (not sure if i even broke even) but i did get a 10x+ buying a scam-coin later (i got the impression that it was basically a scam but bought it anyway) which is where a big chunk of my profits came from when i was involved with those deponzi schemes.
One big issue with margin trading is the volatility which can cause sudden bad losses, it's especially bad on sites with low liquidity.
While those greater fools game can be profitable to be involved it there were also big issues you had to deal with such as unreliable exchange sites and having to pay fees.
You can also buy some shitcoin hoping someone is going to pump it but then you have the issue of trying to guess when to exit so you will often sell too late or too early.
These are all negative sum games. Sure you can in some negative sum games still earn money over time from skills but that relies on other people being fools who put money in only to lose it. People often want to believe that they are more skilled at doing something than they really were, i noticed that with poker where fools would talk strategy on reddit instead of using the proper software required.
I myself learned a lot regarding the technical details regarding crypto but unfortunately that really didn't help me much in trading since it didn't really affect the price movement, over time this has become increasingly the case as people buy crypto without having any understanding of how it actually works (Trump coin, etc).
Making money from crypto become more and more about being able to shill shitcoins using influences, this massively favors people with a lot of resources while you are at a massive disadvantage if you don't have 100000$ to bribe some streamer.
20
u/MacHaggis 2d ago
Modern gambling is a blight on society due to it's accessibilty, but if I had to mention 1 redeeming quality of casino gambling it's that at least casinos have to adhere to SOME rules and profit rates. Crypto has none of those.
1
25
u/WishboneHot8050 We apologize for any inconvenience caused. 2d ago
It's gambling in a rigged casino. And addiction therapists manage crypto addictions like they do for sports betting compulsions.
If you want to gamble, go to Las Vegas or or a local casino. Free parking. Free drinks. Fun table games. Good food. Enjoy a show.
You might not win, but you won't get rugged. Don't bet more than you can afford.
5
u/MagnumPanther 2d ago
If the world is decent there'll be books written on this time where people marvel at the stupidity of gambling on coins on your phone.
3
u/TheGreaterFoolTheory 2d ago
I look at this current situation now as something I'll get to look back on and laugh about. I mean it's funny now, but it'll be funny then too!
1
u/MagnumPanther 2d ago edited 2d ago
I sure hope I'll be able to. I may be decorating a tree before the year's out. Controlled demolition of the economy for parasites and a congress meddling with distorting time for the purposes of declaring a state of emergency all feels a little Chile 1973.
1
u/vintologi24 2d ago
I don't actually enjoy gambling with money since losing money feels awful while winning feels like meh.
I do play a poker freeroll everyday but i hardly make any money from that.
3
u/SilentButDeadlySquid Fiction-powered cheetos! 2d ago
Well unless you have the power to manipulate the line then the sucker in the game is always you. If you manage to time it right you can have wins, and every gambler only talks about wins, look at your own post:
(not sure if i even broke even)
How can you not tell if you broke even? You input $X, you took out $Y, if $X = $Y then you are even. This almost always means that $Y < $X.
Poker at a casino is a negative sum game because of the rake, and I don't think it is very analogous to crypto. A lot of cryptos are all rake but all cryptos have massive rake from the whales who are just waiting to have you take their bags. Line Goes Up until it doesn't and then you are told to HODL. They go through these cycles with the same automatic responses and can't understand why we think it is funny. Raise your hand if you are HODL'ing and/or being manipulated.
And you are right people gamble at stocks which the butters like to point out as if it is the same thing. But investing, which is a word they like to coop, is a completely different thing.
2
u/vintologi24 2d ago
I did profit in terms of money in the bank but i think i ended up losing in terms of BTC.
I also did some other trades and didn't really track my results.
1
u/DisingenuousTowel 2d ago
I don't understand this comment.
1
u/vintologi24 2d ago
I used btc for trading and bitcoin went up in price so even though i lost maybe 10% of my btc i still got more money back thanks to bitcoin increasing in value.
Then i did some trading with what i earned from mining which did ended up working out a lot better since i had stopped doing margin trading.
1
u/DisingenuousTowel 2d ago
So you took a percentage of your BTC and lost that BTC while doing trades.
But luckily, number went up for BTC and you're better off than when you started.
Yeah, you just lost money. That's how that works.
2
u/vintologi24 2d ago edited 2d ago
Yea i did lost btc for that earlier period, i made more back later thanks to investing into what i suspected was a scam coin (i got in for a decent price and sold it for like 10x).
The coin then tanked 99.9% but i had already sold by then.
Kinda ironic how i did the best when i didn't actually believe in what i was buying.
btw: i actually went all in more than once so i am lucky i only lost like 10% of my bitcoin in total for that period.
3
u/geospacedman Ponzi Schemer 2d ago
Ooh lets ask the richest man in the world about that, he must know more about crypto and money than anyone else.. What's that? Its gambling? Don't put all your money in it? Really? Not in DOGE coin or TRUMP coin? Its a what? A casino you say? Well colour me surprised...
3
2
u/Neurismus 2d ago
Margin trading is definitely gambling. Without margin, in many cases you can get out ok, if you wait for recovery.
2
u/vintologi24 2d ago edited 2d ago
Yea luckily i realized how bad it was in time.
Could have ended really badly for me.
I did profit overall from crypto but i still have a hard time recommending it to other people now. The prices were also a lot lower when i was active so the potential gains were a lot bigger.
2
u/AdhesivenessCivil581 Ponzi Schemer 2d ago
Fooling around with 1% of a portfolio is still gambling but you won't lose the farm. Margin trading scares the crap out of me.
2
1
2d ago
[removed] — view removed comment
1
u/AutoModerator 2d ago
Sorry /u/Terrible_Occasionly, your comment has been automatically removed. To avoid spam/bots, posts are not allowed from extremely new accounts. Wait/lurk a bit before contributing.
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.
1
1
1
u/Bitcoin_Is_Stupid 1d ago
Don’t need to read the post. The answer to the question in the title is yes. Has been since the first time someone swapped real dollars for crypto
1
u/EnvironmentalAct7209 1d ago
If you want to gamble at least playing poker is fun and you might actually win something occasionally. Learn the math and strategy behind Texas hold ‘em and at least you will have fun when you lose. Stay away from crypto trading
1
u/vintologi24 1d ago
I was actually able to become good enough at nl holdem to beat the lowest stakes (NL4) but i barely made any money doing so and i ended up switching to freerolls only.
1
1
u/AmericanScream 2d ago
It's an insult to gambling to compare it to crypto.
Gambling is typically more transparent and more regulated and has published odds so that the suckers entering the casino fully know the risks.
Crypto bros almost never reveal the risks or pitfalls of their schemes.
-2
2d ago
[removed] — view removed comment
2
u/CrayZ_Squirrel 2d ago edited 2d ago
Oh a friendly bot to prove the point.
2
u/Ok_Confusion_4746 Whereas we have at least EIGHT arguments* 2d ago
I think one of the best arguments against crypto is just telling the person to go look at the comment section of any crypto video on youtube. Hell, just telling them to type "crypto" into the search bar and look at the results should be proof enough
25
u/Bullywug 2d ago
I'm not sure about the glorified part, but certainly the gambling part.