Post
Topic
Board Bitcoin Discussion
Re: Losing your life savings on BTC? Hurting everyday?
by
dohh
on 25/06/2018, 09:00:58 UTC

if you think these two are the same thing then you are the idiot!

of course there is no argument that investing your whole life savings in bitcoin is a terrible idea but it is nothing like buying a lottery ticket. it is simply because of chances.
when you buy a lottery ticket first of all you have no way of speculating whether you will win or not and second you have a minuscule chance of winning.
on the other hand when you invest in bitcoin you do have a way of speculating whether you will make a profit (win) or not and also your chances are not at all small.

If we start to calculate, what are the odds of actually getting a coin via mining, You would find it VERY similar to lottery winning. If we want to look at Your expenses on electricity and hardware as a lottery ticket, the similarity even grows.

Its is actually written here very well: https://www.quora.com/What-is-the-probability-of-mining-a-bitcoin-over-one-minute-time-period-using-a-1-Gh-s-rig

I of course doubt, that You are able to understand the math at this level...