Gaming and Gambling with the Gods of Cryptocurrency

One of the criticisms leveled against those who purchase cryptocurrency is that it is simply “gambling.” The implication is that gambling is bad; and if you are doing it with cryptocurrency, it must be really bad!

My first objection this is: I like to gamble. So, this is not a problem for me. I like to gamble at the Casinos, with lottery tickets and with select cryptocurrencies. I feel perfectly good about it.

My second objection is the indiscriminate use of the word “gambling,” as if it somehow carried enough weight to condemn whatever it is being associated with. I especially don’t like to see it come out of a politician’s mouth when they are gambling our futures away with their reelection money. While one might be able to level the charge of gambling with cryptocurrency, that same charge can be leveled against the stockmarket, life insurance, and other common vehicles of investment. The charge of gambling is just a silly attempt to discredit an investment device that someone doesn't like.

Gambling is as old as every other primary human need or desire that we know of; that is a fact. I like to define gambling as taking a chance on acquiring something of value, while utilizing something valuable for an exchange. The hope is that I will receive a greater portion of what I gambled with than when I began. As we shall explore, that covers a lot of areas of life where we gamble naturally and do not give it a second thought. 

Why is it ok to gamble? Especially with cryptocurrency? Let us explore that.

1. First, it’s your money (and you should only be gambling with your own money). Do with it what you want. Personally, I prefer to make sure that I only spend money on gambling that is my surplus, and that I am willing to lose. I ensure my food, medicine, transportation and shelter are taken care of before splurging on anything else. Be smart.
2. The impulse and desire to gamble is originally tied to interaction with the gods. It is, you might say, divine. Knuckle bones, dice, chess, senet are all forms of games and paraphernalia associated with either appeasing the gods or seeking divination. Often the games are related to either life and death; or gaining status in the afterlife. Apart from that, offering prayers, sacrifices or promises to the deity are almost exclusively connected with wanting something in return from the deity. (I’m working on a book draft for this right now).
3. Gambling as well as gaming seem to elicit in us the need to compete, to be entertained and to find a feeling of satisfaction engaging with the Other. I use Other in the sense that one believes there is a potential force bigger than themselves to feel a connection. These are primary human functions that find themselves coming to fruition with gambling.
4. Everyone gambles in some way. There are several things that all people do, every day, that reveal that life is just full of gambles. Getting married – you have a 50% chance of success. Driving a car – 100% chance of accident(s) in your lifetime and 1 in 106 chances of dying in a car crash. 1 in 78 chances of dying of drug poisoning. How about your retirement account? I’ve gone through two periods where outside circumstances wiped out my retirement accounts that were considered secure. Life happens, it’s a definite gamble – so live it to its fullest but be smart while you do it.
5. People like to have a better than average chance at success. That is why gambling in the US, including lotteries and scratch-off tickets, is played by billions of people and nets trillions of dollars. Cryptocurrency is just another potential example of a way to have obtain a large gain with a small investment. Keep in mind, because this is a predictable human desire there are many who are preying on your wishes to “get rich quick.” They know you want it, and they know how to get it from you – and because you want it bad enough your guard will be down, and you will trust someone when you should not.
6. The stock market is gambling, make no mistake about it. Penny stocks are the parallel to purchasing the small cap cryptocurrencies. I have made and lost money over the years, but the strategy was this, I wanted to invest as little as possible and gain as great an advantage as possible. If anyone tells you the stock market is not gambling, they really don’t understand the stock market and are under a severe form of delusion.
7. Only invest (or “play with,” “throw away,” use your own word here) what you are willing to lose. Do I need to say more? If you are squandering money that you don’t have, and it is hurting others you are supposed to be safeguarding; then you have a problem. Go easy with your money and spend only what you can safely lose. To do otherwise is to court sorrow and pain.
8. Bitcoin is my primary investment; smaller cryptocurrencies are my guilty pleasures. Even though I believe Bitcoin is solid and is the value to store up for myself – it is still a gamble. We can’t see the future; we don’t know what it has in store; but many of us believe is that it is the best place to put our assets and hope into for now. Anything that we place our assets into with an expectation of a return is a gamble. The point is, are we gambling wisely with information and strategy or shooting in the dark? If you shoot in the dark, and that gives you satisfaction, great – just don’t be too disappointed when you lose your money. The wiser you are with your money, the more you will have, and your chances of gaining wealth are increased.
9. I do not go all in on anything. If you like to go to the casino and put all your money on one spin of the roulette wheel, you either gain 100%, or you lose it in one shot; that is not my style. For me, if I can walk into a casino with $300 and spend 6-8 hours with it and have fun, that is money well spent. If I come away with money in my pocket I’m elated. Similarly, if I spend $100-200 on crypto, and it doesn’t tank on me I feel good; if it makes money I’m elated; if I lose it all, I expected that.

The only crypto I currently “gamble” with are small projects that: 1) have potential for growth, 2) that I can believe in, 3) has a great team and, 4) has a perceptible chance of going somewhere. This simple philosophy has paid off for me in many ways. I get to know people, share common ideas, and make some great money.  In the meantime, don’t worry about gambling with crypto, just be smart about it and be safe.

I would be interested in what you think about this topic. Thanks for reading.

• This is not financial advice; I’m just sharing my philosophy.
• If you have a gambling problem, I have great sympathy for you. All the best for your recovery and transformation.

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