Crypto Currency Poll - Question #5

Debi · Jun 21, 2022

Let us know your thoughts on using Crypo Currency. Please answer the poll question and add comments in this thread. (There will be 4 other poll questions in separate threads).

Crypto Currency Poll - Question #1
Crypto Currency Poll - Question #2
Crypto Currency Poll - Question #3
Crypto Currency Poll - Question #4

bapfel · Jun 21, 2022

I think the point is, you can transfer money easily and cheap to foreign poker rooms, when exchanging the accounts currency into crypto, e.g. Litecoin which is cheap to transfer (Bitcoin is too expensive for example) but I wouldn`t choice a crypto currency as poker account currency, due to the volatility you are right.
In your crypto currency board you can exchange transfered cryptos into a stable coin..but as we recognised the last weeks --> even stable coins are not stable

Andyreas · Jun 21, 2022

I agree very much with @bapfel's post.

Cryptocurrency are too speculative to use it as a poker currency in my opinion.

Your bankroll will be much more influences by the change in value of the currency rather than your poker play or success. 😅

ASMautoneJr · Jun 21, 2022

I use some sites that pay in crypto and I reinvest in these sites, until it works, it's little by little, but it's a joke that bears fruit.

jaymfc · Jun 21, 2022

slightly, as it would be more gambling and hoping for a bigger payday.

Chica_bonita · Jun 21, 2022

I think the volatility of cryptocurrencies is very flexible compared to any other currency. This is what increases my skepticism about this type of currency. Despite the fact that playing online poker, we had to get used to virtual money, I still see certain differences. I don't think this currency is stable and its volatility doesn't particularly attract me. I believe that most players, when choosing currencies, will not stop their choice on cryptocurrency.🤓

SopianaeExtra · Jun 21, 2022

At the end of the day, everyone of us wants money for exactly one reason: To buy stuff. What good is a colorful slip of paper or a number on your computer screen if you can't do anything with it?

I consider the investment in crypto currencies an unpredictable gamble and poker players are, compared to the general population, more inclined to take risks and patiently await a future day when they will 'score big time', no matter how slim the chances for that may look like.

FastOne · Jun 21, 2022

Not to me. That's a negative aspect of it, IMO.

Gritz18 · Jun 21, 2022

It is not attractive to me, as I have never traded with this currency, as I have no knowledge of the subject, and as I am an old-timer I prefer to use coins I know.

Johnny78B · Jun 21, 2022

Slightly, some of poker rooms like ACR are really interesting in that but did not see many of them are using it. At this moment at least, do not really know what happens in future.

makisaa · Jun 21, 2022

The market of cryptos is a different thing and it has its rules, which are different from poker rules. In cryptos market there are moves and events in the backround which affect the price and we are not aware of them at least from the beginning. We must try to predict them, or to predict the affect to the price of each crypto. In poker the moves are made from us and from the software or the function of the game generally.

Poker_Mike · Jun 21, 2022

I missed investing in cryptocurrency when bitcoin was $0.10 each!

Of course I am sure I would have lost the password for my crypto account.

And I am sure my bitcoin would have been lost in the Mt Gox theft.

Poker_Mike · Jun 21, 2022

Volatility is not good for any investment....unless you are trading it.

Buy low and sell high. That is the key to any investment.

Ron112355 · Jun 21, 2022

Not to an old Nit like me, just the opposite in fact.

puzzlefish · Jun 21, 2022

It's about as appealing as having your pension based on a high risk investment portfolio.

Tigroslav · Jun 21, 2022

It can be somewhat appealing to use the volatility factor occasionally to speculate on price movements and try to capitalize on it
but mainly the appeal of cryptos for me is having full control of your funds while being able to easily and conveniently use them.

PSSucks · Jun 21, 2022

Any decent card player likes to know the odds of the game they enter into, and herein lies the lack of appeal for me (not that I actually count myself in the crowd of a decent gambler

). But at the very least, I understand the odds of poker and want to have good understanding of anything I get into involving finances. It all comes back to that murky aspect of crypto, and that seemsto be confirmed by its tenuous situation.

rifflemao · Jun 21, 2022

Can’t believe I’m the only Very at this moment lol. The very thing that drew me to poker was the potential to turn a small amount into a large amount.

The reason I joined CardsChat was to learn how to do that very thing in poker, and it eventually worked. Turning .11 into $8+ was thrilling because of the upside volatility implication. My family rolled their eyes at $8 lol.

I nearly fainted once when a $11 buyin turned into $800+ before I busted out lol. I know many of you have done far better but that moment was a very big deal to me.

Yes, the risks are there in both poker and crypto, and the downswings can be severe. In both arenas, a few people have ended their lives over the downswings, and one of them was only a computer glitch where the kid didn’t actually lose money in crypto but thought he did.

Poker and crypto aren’t for everyone.

But…we’re here to get better at poker. Why shouldn’t we be here to get better at crypto, and learn to participate in both responsibly and profitably?

So yeah, I am just as excited about crypto volatility as poker volatility, and how to manage both.

What does bankroll management in crypto look like, for example. How do you “right-size” your investment? Would love to see these conversations happening more here.

Propane Goat · Jun 21, 2022

If you are a risk-taker and can afford to gamble then crypto isn't necessarily a bad choice, but bankroll management also applies to your personal finances and not just your poker game. In other words, you shouldn't be making the choice of taking the rent money and putting it into cryptos instead because you're hoping to double it within a week or two.

MattRyder · Jun 21, 2022

I’m a bit concerned about the implication of this question. I mean - we’re not all crazed craps shooters looking to bet the family farm on a single roll of the dice, ……. are we? 🤡🤡

JOSEALBERTV · Jun 22, 2022

I can't afford to take so many risks I don't like so much volatility, it's not something that anyone can handle, and since it's not my strong suit, I prefer to leave it to the experts and the kamikazes, I go quietly little by little and without haste

SopianaeExtra · Jun 22, 2022

Rowdy Greg said:
I’m a bit concerned about the implication of this question. I mean - we’re not all crazed craps shooters looking to bet the family farm on a single roll of the dice, ……. are we? 🤡🤡

Not really, but I know that many of us would love to be in the financial position to lead that sort of lifestyle. Plus, gamblers are the most optimistic people on planet Earth, and even when their lives turn into a nightmare due to their habit they still crack jokes and keep on trying. At least that's the stereotype ... The money you lost in the process was the price for the excitement and thrill you felt when the game was still open-ended, and why should it be different with crypto currency?

rifflemao · Jun 22, 2022

I found a few articles on position sizing and risk management in crypto trading, and one even discussed crypto bankroll management concepts. Worth a search for anyone who may want to typtoe into crypto.

pegasus888 · Jun 22, 2022

I just wished I have bought it in the beginning

barbados · Jun 22, 2022

It seems to me that this is a secondary value. Or maybe I'm just behind the times?

Crypto Currency Poll - Question #5

Do you believe the volatility of crypto makes it appealing as a poker player?

Very

Somewhat

Slightly

Not at all

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