LiaRio - an hour ago
Gambling is different to investing or creating wealth. Gambling on Betfury is not a good example.
Also being rich is not the same as being wealthy.
I decided to make this post mostly because I couldn't reply to LiaRio in the comments ;-)
Yeah, I forgot I need to write more in comments nowadays, but meanwhile I had already wrote this post. Here the original post https://www.publish0x.com/crypto-ignorance-make-cryptos-knowing-nothing/being-rich-is-about-the-right-mentality-or-not-xgnlryl
1 -GAMBLING vs TRADING
First of all, gambling is a large term, going from betting on roulette to throwing money on NBA games. For my purpose, gambling means implementing structured systems such as martingale-style strategies with profit and stop loss (TP and SL respectively). Not so different to trading in my view.
Let me present you what I meant by "gambling" with an exemple:
- I had 123 stBFG tokens (a bit more than 1.2$). I kept betting 0.001 with 103% increase of the basic bet in case of loss and TP =1, SL= 3
- I had and still have an absolute limit to no go under 101 tokens.
- I get every hour, something like 0.000006 tokens has rakeback in BFG token
- I get every day a bit of BFG for having my tokens staked and I have other bonuses
So, as you can see I actually have less risk than a traditional trader. I’d need 12 consecutive losses before hitting SL.
Statistically, that’s rare enough that my long-term TP cycles tend to compensate for it.
Betfury's RTP (return-to-player) is 99.02%, so the house edge is extremely small.
Returning to my numbers above, you can risk scaling, like in trading.
You can bet 0.01 tokens but that means you will resist 9 consecutive losses instead of 12. Of course you can make money faster too but you are more subject to variance. Not so different from trading Turkish bonds or Argentinian companies' shares.
It's possible to bet with even lower gears (0.00001), in that case earnings and bonuses are lower but it would grant more bonus than doing nothing.
[The real target for low risk gamblers on Betfury is to increase rank and improve the free boxes until they give 1 cent in satoshis every hour and the wheels until those distribute real tokens or cryptos.
Sure, gambling is not trading but sometimes gambling is similar to trading and some type of trading are similar to gambling.
Trading benefits from market information, macro-economics, timing, so there is a substantial difference but both activities have risks integrated. While they aren't identical, the practical mechanics and risk involved can be surprisingly similar.
2 - TRADING VS INVESTING
Investing is a form of trading. You exchange money for something that's valuable in your view and that will keep/increase. Same as a trader. The bigger difference is the timeframe. One is usually short, the other is very very long.
But in some countries, in regards of cryptos, you are considered an investor, tax-savvy, if you keep your assets for more than 2 years. Again, an arbitrary time limits, divides traders from investors.
I think putting money in BetFury is a good investment (staking of BFG, free bonuses, faucet that gives satoshis, all came before the eventual winning on betting) and I will keep my chips there for some years. The same with Cointiply, a bit of self-growing money there are a good investment.
Viceversa I don't think investing money in AI image creator is a good thing, as you can see above (courtesy of ChatOn).
3- SUMMARY
Those 3 concepts are different. But they overlap a lot:
- All three involve risk
- All have an element of probability and variance
- All require some form of capital management
- All should use TP and SL logic
- All require psychology and discipline
- All rely on expected value (EV), even if people don’t realize it
The macro idea that you can't imitate the action of an actor that has a lot more resources than you is true in all 3.
BONUS : WEALTH
yes, being rich and being wealthy are two different concepts. But in that post I used them as synonymous and I think it worked fine, it was not the point of the post.
Ok, I wanted to write two lines, I took me too much. Get the referrals:
https://betfury.com/?r=User3109478
https://cointiply.com/r/pYjXEp
Hoping you all a good life,
Lazy
