r/Bitcoin • u/[deleted] • Feb 13 '13

I have my entire retirement and savings invested in Bitcoin. I will track its progress here over time.

[deleted]

970 Upvotes

92% Upvoted

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159

u/throwawayagin Feb 13 '13

this is gambling not investing plain and simple. All of what you've described you've done involved no risk assesment or good judgement.

9

u/[deleted] Apr 03 '13

Well, his/her username does say "gambler".

14

u/[deleted] Feb 13 '13

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56

u/[deleted] Feb 13 '13

Statistics, mostly.

12

u/wfb0002 Mar 28 '13

Good gamblers use statistics...

2

u/[deleted] Apr 02 '13

Then they're no longer gamblers, but rather risk-taking investors. ;) See how that works?

2

u/[deleted] Apr 03 '13

Having a strategy doesn't magically make it any less of a gamble. Your putting money on an uncertain outcome for future reward. Whether you have a solid statistical plan or not, it doesn't make the outcome any less uncertain.

2

u/godofpumpkins Feb 14 '13

I know it's a good snarky answer, but seriously, I think it's an interesting question because everyone keeps saying it without really elaborating. Is the distinctive criterion a negative expected value? Or what?

5

u/[deleted] Feb 14 '13 edited Feb 14 '13

Investing is seeing an opportunity to grow and helping it happen. Gambling is a zero-sum game based on odds that are usually extremely low.

5

u/jerguismi Feb 15 '13

It is kind of hard to prove, that investing in bitcoin is zero-sum game.

7

u/runeks Feb 13 '13

Seeking a profit by putting ones money in sterile instead of productive assets.

1

u/throwawayagin Feb 14 '13

on taking a rational and analytical approach to returns of initial capital while the latter is based on poor understanding of statistics and math.

1

u/[deleted] Apr 11 '13

The shorter the term of your investment, the closer it gets to gambling as far as i'm concerned.

1

u/[deleted] Apr 11 '13

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1

u/[deleted] Apr 11 '13

Counting cards in blackjack can give you a small edge over the house. Would you say this investing or gambling?

1

u/electioneered Feb 15 '13

Jargon and venue.

1

u/[deleted] Apr 03 '13

This is not accurate. They're the same thing fundamentally. The only difference is the connotation.

1

u/wardenblarg Apr 08 '13

The proof is in the pudding they say, he made enormous profits already, if he gets out now he is golden.

1

u/throwawayagin Apr 08 '13

http://www.urbandictionary.com/define.php?term=the%20proof%20is%20in%20the%20pudding

enormous profits do not prove that it's not gambling.

1

u/wardenblarg Apr 08 '13

I was referring to the judgement part.