I’ve been thinking about the psychology of cryptocurrency. To what degree is crypto just a gambling product?
How many people got into crypto because of COVID but will move on now that traditional gambling venues such as casinos are more open for business (no masks in Vegas) after experiencing the most recent dip? Is there a boost in cryptocurrency trading volume when there are fewer good sports events to bet on because it’s an easy way to scratch that itch? Is there an increase in activity after the Super Bowl or March Madness because people are trying to roll over their profits into more gambling or trying to make up for losses?
Has anyone looked into any correlations between crypto trading and sports betting volume?
definitely was overheated like collectibles due to COVID everyone at home, now that’s lifted gonna be rough for a bit.
Also am I nuts or is every morning the low point of the day then it goes up to some high point at night and this just happens every day and it’s thousands difference for btc. Instead of hodl’ing just trading it might be the play.
Is that just driven by the trading done in countries outside the US?
I’m starting to think about trying to understand crypto. My misgivings about it as a libertarian tax evasion scheme belongs in another thread, but if I can convince myself it is really just a gambling product that won’t destroy society, maybe I can dip my toe in the pool. I still need to get a theoretical understanding of why things happen, though. I don’t feel comfortable with black box correlations.
Nah, they’re right, it is stupid and ridiculous. I’m just interested in knowing what isn’t. We’re all stuck in this capitalist hellscape trying to make a buck, but it’s utterly bizarre for somebody to be derisive when they’re essentially saying, “See, you need to make smart and safe and low-risk investments. Take APPL for example, Foxconn is never going to have a reason to remove those suicide nets so that’s a strong buy!”
It would be better to look into the correlation between disposable income levels and overall market investing/crypto/meme stock trading. Noobs have money right now, and they are going to have less of it on average this time next year.
It would probably take me a year before I attain enough information to be comfortable doing any crypto/stock investing.
My mentality is that I am a poker player who somehow seems to grind out a solid winrate despite having a default tight-passive style (albeit with the ability to change gears) that the experts say shouldn’t be possible. I don’t click buttons because I’m bored and I have zero FOMO. I am absolutely not an action junkie and if I were to start investing in stuff, I’d go after solid, steady, boring profits over seeking out quick big scores.
It’s a bit ridiculous. Price was 11k just last October and who wouldn’t have snap called the price being 30k less than a year later, but COVID really threw expectations out of wack.
A thought. Multiple reports say governments will adopt fiat digital currency. This would significantly limit the potential for the bit coins. However, I’ve read that Monero is special – truly anonymous, untraceable transactions. This would preserve a place for Monero after fiat currency becomes common. The illegal markets will be a preserve for Monero. Hence, it might thrive as the rest are displaced by eDollars.
