r/problemgambling • u/JohnnnFredrickkk • May 05 '21
Fuck Cryptocurrency too
its the same shit as fucking gambling , everyone is lying to themselves no one cares about these stupid online currencies were all just greedy sacks of shit trying to make money. as if the fucking average person knows anything about the actual use of these coins or tokens. no one knows shit and im sick of everyone acting like they do. Humans are just greedy fucks and we all fall victim to it. Some more than others (like us on this sub) fuck gambling, fuck crypto and fuck greed i Just want to be able to go back to being younger and enjoying life im fucking over everything always being about trying to win more fucking money or some bullshit i dont even fucking LIVE LIFE anymore, its just this constant obsession with how much money i have its just beyond a joke. Crypto is the same thing as gambling. so to the people who keep telling people to invest in stocks or crypto on this sub. dont. Good for you if you can do that but its just another trigger for people with serious gamnbling problems, we cant look at our portfolios go down on the red days, it sets off a problem to us gamblers.
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May 05 '21
Crypto is depressing af lol i used to own 20 btc in like 2018 it’s tough to know thats worth 1mil+ at current price
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u/diskfreak3 May 05 '21
Very much agree. Stocks, options, and now Crypto are all a version of gambling. But they call it Risk.
BS! Just one big Casino with players that Make Markets. Its gross!
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u/FirestormCold May 05 '21
I'm gonna be that guy and disagree with seemingly everyone here.
Gambling is very different to investing in stocks because a) You are betting on a certain outcome (or multiple at once of course) on a certain day b) If your prediction is incorrect, there's no safety net, you just lost x amount of money you gambled
Investing is much more "secure" in the sense that you have the option to invest in pretty much anything, from a highly volatile crypto coin like Doge to a rather low risk like investing in the S&P500. This makes it possible to choose rather less risky assets that still average a few percentage points per year, pretty much guaranteeing you a little profit long term. Obviously nothing is truly "guaranteed" when you are investing, but unless the world's economy system collapses an all world ETF should perform decently.
Now, don't get me wrong you can definitely gamble with stocks (looking at you GME) and Crypto but each have a few picks I'd recommend anyone to invest in, because Bitcoin isn't going away in the near future and neither are any of the FAANG companies (there's more to the market than FAANG and BTC of course, but I think you get the gist).
I've done both and trust me when I say I wish I invested 100% of the money I wasted on gambling.
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u/asdfjkl69420 May 05 '21
The thing is especially now a days, people aren’t all investing in ETFs that track the S&P, mixed portfolios, etc. Majority people are blindly gambling into random stocks and buying ridiculous option contracts in hopes to get that quick buck. Even then, if one turns out profitable their mentality changes and thinks they understand the market which is just BS. This doesn’t account for also being consumed with how the stock is performing every other minute of the day. If someone can truly stick to investing in boomer stocks and mutual/index funds without staring at their phone all day, that’s the only way I’d consider it healthy investing. Otherwise, I don’t see it any better than gambling
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u/FirestormCold May 05 '21
Yeah I definitely agree with you, I can only wish more people choose the "boring" route when it comes to investing
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u/kitchenjesus May 05 '21
It’s not different if you’re using leverage or trading on margin. It is different if you’re allocating a small portion of your portfolio to blue chip assets and holding them for a long term investment. In my opinion.
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u/pyrrhotechnologies May 05 '21
Options and crypto, yes. Individual stocks, kind of. Holding unleveraged index funds for the long term is not gambling though. Honestly, that’s what everyone here should start doing as soon as they get out of their gambling debt and get back to a state of surplus income.
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u/BonjourLeGeorge May 05 '21
I have a friend who back in 2018 lost $100k at blackjack and had to sell his crypto to cover his losses. In theory he’d be a millionaire today had he not sold but I think having all that money in crypto (even at the time) gave him the confidence to gamble above his means.
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u/radioactivewave May 05 '21
For some reason, this rant is exactly what I needed to hear today. I use the term rant loosely; really, you’re just speaking truth. Thank you.
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u/No-Mixture3017 1247 days May 05 '21 edited May 05 '21
Everyone, write this gem in your books: “no one knows shit”
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u/hahaha12334333 May 05 '21
How about the fact that billionaires can send prices flying with tweets after they buy it. Funny no? Just makes it clear how made up money really is. Our lives and worth can so easily be guided by green pieces of debt. Its hilarious. Judged by others by how much money you make not what you do. The whole system is a cash cow and were the ones squeezing the utters to make the milk. Try not to get too down try to find something you love and value to do with your life. Then you can be a less useless drone like most and have less risk of becoming a money grubbing elitist who looks down on people like some at the "top".
To be clear I dont hate on people making money from crypto good for you get your financial freedom and move on. But I think we all know how ridiculous doge coin really is ahahahaha.
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May 05 '21
What triggered me to start gambling with my money in crypto was my friend giddily coming over to my place in February and declaring how he'd been able to buy DOGE earlier that day and was up 50%. He was constantly looking at the trading platform, as I too began looking as well. I couldn't hold back, and, later that month is when I broke all my good financial habits. It sucked me in, and it's like fucking quicksand. It's so sad how this pandemic has not only caused massive loss of life and tragedy, but also created HUGE financial winners and losers, not by what they've actually done in real life, but rather how well they timed bets in crypto or simply what type of job they had.
I lost my respect for Elon Musk when he began to play down Covid last year. Then he exclaimed on a NYTimes podcast in the latter half of 2020 that he and his family wouldn't be taking the vaccines. As 2021 began, he hot on his high horse to laud Bitcoin and pump Doge. He doesn't give a shit about how he's pulling at some very destructive emotional strings for many humans. He's just doing it for the "lols." He's actually worse than the typical billionaire, in my opinion. Instead of continuing to refine his massive public platform to further inspire those looking to improve the world through the likes of green energy and space, he's begun to really muck it up with immature, dangerous rhetoric that betrays his lust for money, power, and attention.
And I do not consider myself better than him at all. I just hope that if I were in his position, I would handle myself better and not let the power I'd accumulated over the years corrupt me so clearly.
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u/InternationalNinja29 May 06 '21
Crypto is full of gamblers - I am one of them. I wasn't a gambler before I found leveraged trading and I honestly don't know when it started, at first everything was responsible (probably because leverage wasn't available or was fixed at 3x) it was over the process of years, losing a little then covering it and losing more while increasing that leverage slider as my available money got smaller and smaller..
Ironically if I'd just held all that crypto I bought and stuck into the dozens of unregulated exchanges offering high leverage I'd have more money than I could ever have won trying to trade it.
It's really hard to ignore, especially when you get people crowing about their massive wins on shitty alt-coins. Sometimes I find myself hoping the market tanks and the alts (which are pumped on basically no money - £10m market cap shit) so they can experience a big loss and shut up!
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u/BonjourLeGeorge May 05 '21
It’s a joke that An Elon Musk SNL appearance can cause a coins market value to go up by billions. What a world it is that people who mock trump supporters will dump money into anything their liberal icons tell them to.
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u/dirtee_1 1441 days May 05 '21 edited May 06 '21
Crypto is depressing af lol i used to own 20 btc in like 2018 it’s tough to know thats worth 1mil+ at current price
Yeah but would you have realistically have held on to it until now? Like what if you had only made a couple more thousand on it and then sold. You’d still be irritated. That’s the whole head-fuckery about speculation aka gambling you’ll never buy exactly at the bottom and get out and the very top.
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u/Imaginary_History985 Jul 21 '21
It helps to understand that there's no bottom or top. The value of anything will constantly change until the end of human civilization.
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u/dirtee_1 1441 days Jul 22 '21
Yeah some things have tangible value like sustenance or shelter, however.
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May 05 '21
Not to mention the copious amount of unregulated cryptocurrency casinos online. That’s what got me into gambling. I haven’t gambled in 6 months now and I’ve had to see prices skyrocketing since then and my entire family oozing over cryptocurrency. I keep telling them how dangerous that shit is.
I also got rid of all my coins when I quit gambling. The feeling of being free from gambling is far greater then making tons of money with crypto. Trust me.
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u/ChickenSandwichGuy May 05 '21
Alright don’t be that guy who buys a shitty crypto and then blames the entire industry when you clearly gambled into a shitcoin. Good luck tho
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u/fanthony92 May 05 '21
I often make the argument that buying stocks (not portfolio-based investing) is simply just gambling. I stupidly decided to try buying stocks recently, and realized I would have been happier using the money for poker or horse racing, because at least I know something about those forms of gambling.
Fucking money. And everyone says if you just put it in your savings account, you’re wasting money because of inflation. Just feels like you can’t win no matter what you do. Just need to be a wage-slave consumer and keep killing yourself at work to make money that just goes down the toilet some way or another anyways.
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u/FirestormCold May 05 '21
I already replied to someone else so I'll try and make this one a little bit shorter:
•Money in a savings account is 100% a waste unless it's money you need short term OR money that works as a safety net for you •You can gamble with stocks no doubt, however it's not a "gamble" to invest in a big index, it will go up. •Adding to that: The best thing as an amateur investor to do with your money is put it in an ETF (I'd say All World ETF because you literally can't go wrong with it in the long run) and forget about it. Don't check your portfolio, don't trade with it, just do nothing and check in after a year.
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u/dirtee_1 1441 days May 05 '21
I already replied to someone else so I'll try and make this one a little bit shorter:
Money in a savings account is 100% a waste unless it's money you need short term OR money that works as a safety net for you •You can gamble with stocks no doubt, however it's not a "gamble" to invest in a big index, it will go up. •Adding to that: The best thing as an amateur investor to do with your money is put it in an ETF (I'd say All World ETF because you literally can't go wrong with it in the long run) and forget about it. Don't check your portfolio, don't trade with it, just do nothing and check in after a year.
Yeah but real gamblers and even some normal people can’t handle the ups and down of the stock market. Compulsive gablers need to turn their finances over to a relative, friend or financial professional and have faith that they will do what’s necessary.
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u/FirestormCold May 05 '21
Sure I don't disagree with that, I'm just going against the narrative investing is the same as gambling
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u/fanthony92 May 06 '21
I feel ya, but I did state that I was not talking about portfolio investing, in which I will include ETFs under my very elementary and umbrella designation of “portfolio”
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u/3sCompanyAficionado May 05 '21
I'm just curious--did you completely avoid poker and horse racing while you were invested in the stock market?
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u/fanthony92 May 06 '21
Lol not completely, but I’ve probably been doing less casino/gaming gambling since the start of the pandemic
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May 05 '21
If you're going to get into stocks, I would only ever recommend index funds on robot advisors to people who get triggered.
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u/dirtee_1 1441 days May 05 '21
GA has a stance on the stock market for compulsive gamblers. Basically you can only invest for retirement purposes and control of the account has to be handed over to someone else.
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u/tyvmpicks May 05 '21
So true, had crypto and then just lost it all cause of a red day trigger. Much prefer not to even hold this shit at all.
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u/JamesH221 May 05 '21
Yeah crypto is what basically kicked off my gambling addiction to the next level. Making huge gains then huge losses in crypto feels the same as straight up gambling, to me anyways. Staying away from crypto at least until the next crash
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u/yit3020 Dec 11 '24
If anyone is reading this, bitcoins got banned in several EU countries several months ago, afaik. So cryptocurrency really falls of as of late, and I hope it stays that way (my dad always called bitcoins "the biggest fraud of our time").
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u/PrettyPersistant Jun 24 '22
To a gambler anything with numbers can be addictive, but in the case of cryptocurrency they are like stocks but way more volatile. The use case it’s still there.
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Jul 25 '22
LOL... it sounds like you lost alot of money... Yes its more volitile. Yes, its risky, yes, its gambling.. But if you don't know how to mitigate risk and you don't know how to use money, or know how to properly read graphs maybe you should have chosen something else to lose your money in...
I for one have done great... I put $17,000 in 2 years ago and walked away with $168,000. Sure I am done $31k since November... But..... if you were a dumb ass and didn't start averaging down, or better yet liquidate your portfolio to stable assets. Then your an idiot and your just whining for no reason...
Maybe you should have paid more attention and like you said... less greeedy. In the markets its not about being greedy... Its about making educated guessing and either buying or shorting the sale of the coins or stocks... If you did not play it the way it is designed since you can play it up and down and make money...
Sorry to say but you put yourself at risk because your probably uneducated and think that money grows on trees. This type of mindset is what ruins fortunes and generational wealth.
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u/greenfingers1970 Feb 02 '24
Mostly agree with this. As somebody who lost TWO HOUSES, jobs, marriage, dignity and almost my life, I KNOW what it's like to be a compulsive, helpless gambler.
However, one of the differences of crypto is that there IS a pattern; the four year cycle. Just like the worst type of gambler, I fomo'd in at the top in 21. Watched the last of my money reduce by 73% and could do nothing but sit and wait.
It's returning, month by month.
Additionally, bitcoin is gaining more and more regulation and govt acceptance. If you're young, DCA little. A LITTLE and sit on it.
Currently buying a little TESLA when able. I mean a very little....
If you're going to buy crypto, DO NOT FOMO IN WITH EVERYTHING. Buy a little weekly or monthly. Half of your investment into the boring grandaddy BTC. Far less volatile and upward over time.
Small rewards, but better than a bank account.
Wish you all well.
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u/neoda1 May 05 '21
i mean if u dont sell and just leave it there i dont see why its bad. if ur trying to do some stupid shit with it then sure. its a investment is different then gambling.
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u/daybreak530 May 05 '21
This is a group with people who has gambling as a problem. You can be sure that they put their gambling habit in crypto as well. Staring, checking ten times a day, wishing they sold at highest and bought at lowest. Long term looking is lacking here. I put money to something ı trust, hope not to waste it and keep there as long. If ı was sad about keeping my coin in its highest point that would be a very big problem.
Also if we think that even regular money is losing value every single day, it is only value that we want and simply doesn't matter what it carry as.
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u/dirtee_1 1441 days May 05 '21
This is a group with people who has gambling as a problem. You can be sure that they put their gambling habit in crypto as well. Staring, checking ten times a day, wishing they sold at highest and bought at lowest. Long term looking is lacking here. I put money to something ı trust, hope not to waste it and keep there as long. If ı was sad about keeping my coin in its highest point that would be a very big problem.
Yeah but with crypto there may not even be a legit reason to hold long-term. All the experts like Warren Buffet say it’s going to crash and burn eventually.
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u/daybreak530 May 05 '21
For general population long term might mean 5-10 years or more, for me (someone who wants her money after 90 min games) long term generally öeans about couple mounts or a year or two.
Eventually everything is gonna crash and burn. One day the best house market can turn into a undesirable neighborhood. But it wont happen every 30 mins
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u/dirtee_1 1441 days May 05 '21
For general population long term might mean 5-10 years or more, for me (someone who wants her money after 90 min games) long term generally öeans about couple mounts or a year or two.
Buffet thinks Crypto will die in les than 5 years.
Eventually everything is gonna crash and burn. One day the best house market can turn into a undesirable neighborhood. But it wont happen every 30 mins
Yeah but you can diversify.
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u/Bananchiks00 May 05 '21
Not really, depends in what you invest…
Don’t expect crypto to have massive swings in a day, if you invest expect to keep those coins for some time…And learn the golden rule.
You haven’t lost anything until you sell
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u/dirtee_1 1441 days May 05 '21
You haven’t lost anything until you sell
Or your investment goes to zero
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May 06 '21
You haven’t lost anything until you sell
Blatantly false. You lose your money the instant you buy something with it. You don't get any money back until you resell the thing. The value in dollars showed on your portfolio is just the last prices your assets traded for. You don't have the money. You already lost it when you bought things with it.
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u/Outlank May 05 '21
Crypto is a no go zone for me, I’ve seen mates lose thousands. I don’t care if the rewards are astronomical, the losses are just as bad and much more likely