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[QUOTE="dj11, post: 1631202, member: 13851"]
This is a reasonable definition for gambling.  But brings up the question, what would you call wagering on coin flips (actual coin flips) where you can never have the nuts, and everyone knows coin flips are gonna be a 50-50 proposition?:confused::confused:  Coin flips also assume we would have complete information with the exception of the outcome.  Only a dishonest coin would affect the long term outcome.

But in a coin flip situation, you pretty much have to be in every flip, whereas in poker, or horse racing or Stock Market investing, you use the available information, (all of it hopefully) to make decisions.  So 3 years ago gold would have been a knowledge based investment (the market is crashing, real estate is dumping, jobs being lost, etc.), and shown great returns over the last 3 years, whereas today it might be at it's peak (might not be still) and is less of a knowledge based decision and more of a hunch based thing compared to 3 years ago.
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