Re: Does bitcoin's price volatility affect your gambling habits?
So does this factor affect how you gamble?
If prices go up, do you lower you bets? For example, you normally bet 0.001 per bet, do you lower it to 0.0001 per bet?
If prices go down, do you place higher bets? For example, you normally bet 0.001 per bet, do you place higher bets like 0.01 per bet?
If prices go up, do you lower you bets? For example, you normally bet 0.001 per bet, do you lower it to 0.0001 per bet?
If prices go down, do you place higher bets? For example, you normally bet 0.001 per bet, do you place higher bets like 0.01 per bet?
Not just me, but most people would agree that the price factor does affect the way we use to gamble.
It was easy to lose even BTC0.1 when the price was $250 (a time when I gambled a lot). Then, a time came when it crossed back 1000 again and I have fixed my weekly betting size to BTC0.05 (not per bet, but total bets' wagering not more than BTC0.05). It means even if I lose, I would lose not more than $200 a month, which was affordable. Then, the price had a rapid increase and it gradually caught the attention of media as well as investors and 5x was made possible. I now bet not more than BTC0.1 a month (total wagering of BTC0.1) which means I can afford to lose $500-$600 a month (not compulsory that I lose only, but just a speculation). That's the difference it made to the betting sizes, hope you understood how I gamble.
This is how I imagined how this should be answered. Now my conclusion is that we, the users of bitcoins, are not using it as much as how satoshi envisioned it. From what I read and understood, bitcoins should not really be pegged at the USD price but that is how we do it. We still equate it to fiat. Though what's good is that we have an alternative to fiat which is far easier to use in gambling sites.