traumfisch t1_is4w2ju wrote on October 13, 2022 at 9:48 AM

Reply to comment by LauraDourire in New AI Algorithms Predict Sports Teams’ Moves With 80% Accuracy by Shelfrock77

you missed the point, please read again

if crypto (or investing in stocks) is just "fancy gambling" because of the risks involved, couldn't you say the same about any method of making money? there is always a risk involved.

Mr_Hu-Man t1_is4wjd0 wrote on October 13, 2022 at 9:54 AM

No because the risk involved isn’t what makes it gambling. In traditional work you’re literally trading your time/effort/expertise for money, whilst in crypto, stocks and speculative assets like NFTs you’re just rolling the dice and hoping the outcome is positive. Can those hopes be calculated? Sure. But it’s still gambling.

traumfisch t1_is4wpwg wrote on October 13, 2022 at 9:57 AM

I see. So it's just that investing = gambling 🤔

Rolling the dice? What is that an analogy for? I don't think most people invest at random. In fact I think very few do.

LauraDourire t1_is4wqxe wrote on October 13, 2022 at 9:57 AM

The point was that crypto investments or whatever share with gambling the fact that they're made appealing to a large number of people, used to lure in people who want to become millionaires (or are made to believe that), and are extremely dangerous, because realistically if you don't exactly know what you're doing (and even then, to be honest), it is way more probable you're gonna lose everything than having a positive result. They are both a trap to steal poor people's money.

The way they are presented to us in ads, or false corpo conferences from bullshit entrepreneurs, shares the same idea of "you can become a millionaire right now, yes, you, specifically" that is the very reason of being of gambling or sports bets and whatever.

traumfisch t1_is4wul5 wrote on October 13, 2022 at 9:59 AM

I didn't know this was about ads.

But if that was the point, I'd like to point out that most of investing at large is not advertised at all.

You're absolutely right, though, about the probability of losing all your money if you don't know what you're doing. A lot like with enterpreneurship, for example...

LauraDourire t1_is4y4hf wrote on October 13, 2022 at 10:16 AM

Not comparable in that regard imho. Investing in crypto is made available to anyone with an app on their phone. Everyone knows that building a business is not an easy way of becoming millionaire. Crypto bullshit is made and presented to people as exactly that : an easy way of becoming millionaire, and in reality, it is an easy way of losing everything you invest, because it's mostly a pyramid scheme.

traumfisch t1_is4yjkh wrote on October 13, 2022 at 10:22 AM

I think you've made clear how you feel about cryptocurrency. I don't have any interest in trying to defend it. But that rap about building (an online) business in order to become a millionaire... you haven't seen the ads??

Anyway the comment I was responding to said "crypto, NFTs, stocks".

I think equalizing all investing with gambling is way over-simplified and inaccurate. The dynamics of it all as well as the skillsets required to succeed are way different.

Feel free to disagree, I don't mind.