Move the Cryptocurrency Forum From Investments to Gambling

Nika Bolokov

Hi

I'm becoming a little concerned at what's going on in the cryptocurrency forum. Whilst people have views as to whether buying this stuff is actually investing or out and out gambling that's for another day.

Threads are starting to appear whereby people are asking about investing large sums of money and when losses happen they are encouraged to keep going and buy more.

One poster this morning was asking about keeping his losses hidden from his wife.

There is a lot of completely irrational and risky behaviour going on and I think having this forum under investments gives it an air of credibility that encourages people to try to rationalise what they are doing by looking at similar and much steadier other investments.

A move to Gambling would frame this activity much better and make people think very hard about putting money here along with highlighting the risks.

Boards.ie: Mark

Hi Nika Bolokov,

While both can be speculative, threads about Cryptocurrency started life in the Investments forum and it was seen as a good fit as a result. One other difference between Cryptocurrency and Gambling is in relation to tax (you have to pay CGT on Cryptocurrency), which puts it in the same territory as a more traditional investment.

Whether it's in Investments or Gambling, I'm afraid it's up to people to do their research to understand what they're getting involved in and to follow the most important piece of advice which is to never invest more than they can afford to lose.

Nika Bolokov

Boards.ie: Mark wrote: »

Hi Nika Bolokov,

While both can be speculative, threads about Cryptocurrency started life in the Investments forum and it was seen as a good fit as a result. One other difference between Cryptocurrency and Gambling is in relation to tax (you have to pay CGT on Cryptocurrency), which puts it in the same territory as a more traditional investment.

Whether it's in Investments or Gambling, I'm afraid it's up to people to do their research to understand what they're getting involved in and to follow the most important piece of advice which is to never invest more than they can afford to lose.

Hi,

You have to pay CGT on the sale of any asset.

It may have started life there but that doesn't mean it's right.

A community like boards should aim to protect its vulnerable members and adding credibility to something widely touted in mainstream media as a mania and gambling will not help the many loyal boardsies who are being led astray.

I understand that this is now a private company and not about quake anymore but I really feel that this move would push people to consider more deeply staking thousands of euro on thin air.

Beasty

Like it or not, it is an investment. Yes an incredibly risky investment, but an investment nonetheless. There are other risky investments out there. As they say, prices may go up as well as down. With investments there's a whole range of potential results. With gambling there are only 3. You win, or lose, or get your money back. Investing is a lot more sophisticated than that and downplaying it by treating it as a form of gambling may actually entice more people to "have a dabble"

Wherever it is, there is a demand for discussion. Prior to the setting up of the new forum that discussion took place in the investment forum, which typically attracts a higher proportion of people who understand the basics of investing.

Ultimately everyone is responsible for their own actions, and should never invest more than they can afford to lose