Agree or Disagree: Cryptocurrency is Gambling

[Suba]

Not everyone likes crypto, in fact many famous people hate crypto such as Warren Buffett and Berkshire Vice Chairman Charlie Munger. Buffett considers crypto to be gambling because it has no intrinsic value, Buffett even considers crypto to be rat poison.

Charlie Munger hates crypto so much that he wrote an op-ed in the Wall Street Journal in February 2024, urging US lawmakers to ban cryptocurrencies. Murger considers crypto not a currency, not a commodity and not a security, but crypto as a gambling contract with almost 100% profit.

What do you think about cryptocurrency?

 

[Starmix]

It might be true that crypto is gambling as based on the explanation of Munger. He might have a bad experience of crypto. In your own opinion, is crypto gambling? I think it's business.

 

[Suba]

If you say crypto is gambling, it means there is no fundamental and technical analysis, let alone sentiment analysis. Crypto also has intrinsic value, namely the blockchain and its users. The more crypto users there are, the higher the intrinsic value. Shares have intrinsic value because there are companies run by humans. If in a remote island I find a lump of gold, it will have no value or benefit if there are no other people. If crypto is not a currency, why is it used as a means of payment? If crypto is not a commodity, why is it traded on the crypto market and capital market, and more importantly, the Bitcoin ETF is also bought and sold on the New York stock market, etc. But if someone already hates something then there is no good from that person or thing.

 

[eLdavis]

I think gambling is mostly taking or should I say putting blind faith in a particular thing without any logical calculations and the likes.

 

[Suba]

I think gambling is mostly taking or should I say putting blind faith in a particular thing without any logical calculations and the likes.

So what you mean is, disagree if people say, crypto is gambling, then you agree with me, because cryptocurrency requires analysis,

 

[Stardom22]

I think the cryptocurrency is not gambling but it's something that is not a guaranteed kind of investment. lts outcome would rely on many things like the lucky, market trends with some dynamic factors.

 

[magnus2022]

Cryptocurrency is not gambling but the problem with most wealthy people is that monetary change can upset their financial status. They are afraid of cryptocurrency and don't want anything that can affect their accumulated assets. Nobody trusts what he or she don't understand. They simply don't understand the digital currency.

 

[mrki444]

It is not gambling if you know what you do and don't invest money you can't lose. Gambling is invest in coin you read on fishy website without proper research.

 

[riberet19]

It's not really gambling, but for many the crypto market is like a casino, they look for tokens that can appreciate a lot without any fundamental and they hope to make many Xs as without slots, and it all started with a Cypherpunk project called Bitcoin that sought freedom of users with a P2P money system between users, and there is little left of that.

 

[Suba]

I think the cryptocurrency is not gambling but it's something that is not a guaranteed kind of investment. lts outcome would rely on many things like the lucky, market trends with some dynamic factors.

I also think crypto does not have elements of gambling. You are right, crypto is not a guaranteed kind of investment. There is also no guarantee for stocks and bonds if the issuing company goes bankrupt.

 

[Fidelia]

Crypto is not gambling unless you are investing in shit coins. But when you invest strategically, it is never a gamble.

 

[eLdavis]

So what you mean is, disagree if people say, crypto is gambling, then you agree with me, because cryptocurrency requires analysis,

Yes I completely agree with you, before you can trade in crypto, there are so much analysis that needs to take place first.

 

[Nomad]

Gambling is a game of luck, crypto is a strategy. If you use proper strategy you will always be on profitable side

 

[King Belieal]

Crypto is an investment and not a gambling scheme. You can easily equate it with gold. Would you call gold a gambling scheme? Crypto has almost the same characteristics with gold.