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> Crypto is good, even it's just a big global casino. I believe we need a big global casino and gambling should be legal and fun. But people should be educated
by oneoff786 5y ago
> Crypto is good, even it's just a big global casino. I believe we need a big global casino and gambling should be legal and fun. But people should be educated about gambling and probability theory.
People like to say investing is just gambling but gambling in games of chance is not at all like putting money into a market full of asymmetric information, irrational players, and fraud.
Probability theory won’t help you parse the outcomes of crypto markets
- mywaifuismeta 5y agoPart of thinking probabilistically is understanding when not to place a bet. You take into account your own technical savviness, your own understanding of blockchain technologies and protocols, the amount of scams and rug pulls and insider trading, and then you can make a decision on whether you want t gamble on something in crypto or not. But you are right that the casino analogy is bad since games inside a Casino are fairer on average and easier to model probabilistically. Still, that doesn't change my point about thinking of investments as gambles.