Crypto feels like winning a poker tournament
And this bear market is no exception.
I have no idea how many of my readers have won a poker tournament.
Probably not too many.
I'd highly recommend it if you get the chance!
Still, there are many similarities between crypto and poker.
- It's a game of gambling.
- On a short timeline, it's pure luck.
- On a long timeline, it's pure skill/discipline.
- The market is competitive, but learning is cooperative.
- There are communities and regulars.
Poker tourney walkthrough
- Poker is a game of massive volatility.
- One round you're up huge and the next thing you know you've busted out.
- This volatility shares the most common ground with crypto.
Every time I look in my wallet, I'm thinking 'wow'.
Just like a poker tournament that I'm crushing, I may have only started out with 1500 chips/coins, but now I'm making bets 5000 at a time. Just recently I stopped powering down 5000 Hive a week, and I constantly remind myself that when I got here in 2017 I thought I'd NEVER become a dolphin. I thought I'd never acquire 5000 coins in the first place, let alone be nonchalantly be buying and selling 5000 at a time like it was nothing. Exactly like a poker tournament after surviving the first two hours of play.
The key differences
The similarities are striking but the differences are even moreso. In crypto, we are not playing a zero-sum game. We are building community and trying to create a new economy where everyone can win, not just the elite upper class. The struggle is real, but the struggle also helps remind us that we have a job to do. Nobody said it was going to be easy.
This bear market fits right into the whole poker scenario.
It's the sting of losing a huge hand but still having a solid chance to win. Except in crypto, there doesn't need to be one winner. We can all win. That's the ultimate difference that zero-sum game theorists are never going to understand. This new economy is an open-source cooperative, and those that alter their mindsets to harmonize with this frequency will find themselves at a huge advantage compared to everyone who's coming at it from the VC angle.
It's crazy to see Hive doing things like building a water pump in some random developing nation (I've seen this happen like 3 or 4 times now). Imagine how much more we'll be doing when this network grows exponentially in size. Imagine Hive first-responders helping random people after a natural disaster occurs. A world-wide network that can turn clicks into real money is easily capable of such a feat. We will have members everywhere with access to money anywhere. The more broken the old system becomes the more relevant we become.
Conclusion
Crypto is competitive gambling on short-term timelines, but in the long-term it's completely the opposite. It's not about timing the market, but time in the market. The longer we are here the more we are able to accumulate. We just need to make sure we have to big enough bankroll to avoid going bust.
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Reading this while grinding on PokerStars ;))
Cheers
!LUV
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@lordneroo(1/1) gave you LUV.
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Crypto really has some mutual points with gambling but not sure which one requires more luck to get what you want from it 😅
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Shuffle up and deal.
I’ve hardly played any live poker since Covid hit. But my local card room has a Crazy Pineapple tournament once a month that I need to find time for.
I think that I have heard similar thoughts somewhere. They were like “Investing in crypto is like winning the lottery, EVERYDAY.” I guess we are a bit far from this now, but really, that’s the whole point!
I won a 10-player Hold 'em tourney on this really cool automated table on our honeymoon cruise in 08. First hand three of us went all in. I had the high end of the straight. Good fun. It's not really relevant to your post, but I wanted it on the chain :)
I won a ticketed 100 HIVE freeroll at @lucksacks.com this Sunday. Half of the six people eligible did not show up, one was a total moron. The other player and me had a nice heads-up match so winning the tourney gave me the rush you would expect to get after winning a game of backgammon or gin rummy.
I like the concept of Cooperative learning. Hive is a prime example of how to learn and figure things out in the Cryptoverse as we more or less help each other out
I accidentally won a poker tournament. It was at a bucks party and by the end I was really bored and wanted to hang out with the dudes who had already been kicked out of the game, I kept trying to go all in so I'd be done, but somehow won like 17 hands in a row. I won $300 but it took ages.
Comparing crypto to poker is a pretty good comparison in my opinion.
Both with crypto and poker luck plays a role, but so many other factors come into play as well.
A crypto trader who's short minded and ultra spontaneous may take more gambles and increase the odds of both losing and winning, this is similar to a poker player who goes all in a lot and get's funny looks when he just all in pre flop 7/2'd his way to a big winning pot.
I've won a few poker tournaments, I've lost more than I've won.
I'm patient enough to play for 30 hours straight as long as I can keep my eyes open.
Oh shit we didn't even bring blinds into the conversation...
Thisssssss!!! Edicted thissss! Same for Bitcoin, and Thorchain…….people aren’t bullish enough on Thorchain. Well, neither are they on Hive.
Sadly…….This tooo…
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This is a pretty short post for you! :) Very good points though. I agree. It has been cool to see villages fed and and stuff like that because of Hive. There are so many lives in Venezuela specifically that have been impacted by Hive.
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and in tournament Poker you never want to be the Bubble Boy, so the Big stacks put pressure and keep scooping pots as all the small stacks fold and fight to survive into the Money spots.... kind of like how whales can manipulate the market an scare all the fish
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this is a really great message for us that are just starting, looking at some portfolios I will like those people really took the time to invest in their safe and the community and the wallet is the result of their diligence, nice post we will soon get there.
Apt article I must confess. While we can’t avoid all risks, we can manage them if we are well prepared. Risk is inherent in poker and crypto investment but if you’re aware of the current conditions in the market or the different ways that you could play all the cards in a bad hand, you’ll be able to mitigate it as much as possible. Knowing when to fold, for example, or when to buy or sell are good management strategies.
As long the rake keeps sustainable all is fine!
I'll just leave this here for your next Hive post 😅
https://peakd.com/hive-167922/@tobetada/crypto-analysis-or-follow-up-the-hivebtc-potential
ah nice catch
Greetings @edicted great comparison you make between poker and cryptocurrencies, certainly hear your opinions guide us and encourage us to continue working on our growth.
Thanks for your contribution.
I totally agree with you, cryptocurrencies have many similarities with poker. By the way, I have had the opportunity to win a few online poker tournaments, and I think that the best way to win both in poker and in something like cryptocurrencies is to endure the vicissitudes, making use of our understanding of the situations and managing our capital well in conjunction with the risks and opportunities that arise at all times.
As in a poker tournament, I think that the most important thing in the field of cryptocurrencies is that we traders and investors be persistent in the long term, because that will be what will define who will continue in the market in a few years. Persistence is the key, and as you said, realizing us that with cryptocurrencies we can all win.
Very interesting post. Thanks for sharing. Greetings.
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