I am a coin roll hunter, that is my form of gambling. Most of the time I make minor finds, but occasionally I hit jackpots and that is what keeps me going.
In memory of my kitty Seryozha 14.2.1996 ~ 13.9.2016 and Shadow 3.4.2015 - 16.4.21
I have spent far too many hours reading/debating the "gambling" aspect of poker on various poker forums over the years. In short, a good definition of "gambling" (for poker, coin collecting, stocks or whatever else) is that the potential outcome is both unknown and has a very significant element of risk.
Investing in markets when done by someone with the proper education and experience is often low risk and has a positive outcome when averaged out over the long term. Investing when done by J6P (inexperienced) often ranges from a significant gamble to a moderate one.
Same goes for poker and coins. An experienced coin dealer or poker player who has proven to be profitable over the long term is making calculated risks over and over again. A positive outcome isn't guaranteed, but the risks are reduced where possible and they (should) have the experience to avoid situations or deals which are risky or with insufficient reward vs risk ratios.
<< <i>I have spent far too many hours reading/debating the "gambling" aspect of poker on various poker forums over the years. In short, a good definition of "gambling" (for poker, coin collecting, stocks or whatever else) is that the potential outcome is both unknown and has a very significant element of risk.
Investing in markets when done by someone with the proper education and experience is often low risk and has a positive outcome when averaged out over the long term. Investing when done by J6P (inexperienced) often ranges from a significant gamble to a moderate one.
Same goes for poker and coins. An experienced coin dealer or poker player who has proven to be profitable over the long term is making calculated risks over and over again. A positive outcome isn't guaranteed, but the risks are reduced where possible and they (should) have the experience to avoid situations or deals which are risky or with insufficient reward vs risk ratios. >>
There are no guarantees. There are a ton of factors that go into play with ruin, and the magnitude of one over the other is often misunderstood.
Risk/reward ratios are also an interesting item. In a coin environment, that are not as cut and dried. That's why they call it a "calculated risk."
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"The biggest impediment to our success is our impending fear of failure."
One of my breakfast club buddies gambles, but he will say he's never gambled a day in his life. Last year he spent nearly a million on a farm and the flood came. This year there's a drought. He tells me he prefers dealing with land more than coins because he says, " I know land,... it's the weather that screws me up "
1) On a stock investment: 50% (I know very little about them)
2) In a Texas Holdem game: 40% (I'm a pretty proficient poker player, but hey, it's poker)
3) On a substantial rare coin investment: 10-15% (It's my comfort zone).
It all depends on your perspective, I guess. Many on these forums would have the order of these shuffled due to varying levels of expertise. I feel more comfortable with rare coins than any other form of investment, but that's just me.
I used to gamble alot I had to hit a bottom.I had one t shirt I used to tell people I paid 50,000 for(a casino shirt) and a race track shirt I would say I paid 30 k for.Then once i hit a spot where I couldnt afford nessatiys I stopped.It caused enough pain...and yes..I collect coins.I turned my unheathy hobby into a healthy hobby buy never won on the earlier.
It shows how addictive personalities can be consumed by it (which is why so many gamblers smoke) and lose all rational thought when in a casino. Sad, really.
Any investment is a gamble bc one is uncertain of the future. I have made money on both coins and stock.
I have made more money on bullion coin appreciation than numismatic coins but can make more money in the short term churning numismatic coins and flipping deals. I do not hold numismatic coins for long term appreciation. They are an inventory commodity I plan to make plan ROI on according to my business plan. For my numismatic business I keep a plan mix of cash, bullion coins, and numismatic coins and currency.
Comments
Investing in markets when done by someone with the proper education and experience is often low risk and has a positive outcome when averaged out over the long term. Investing when done by J6P (inexperienced) often ranges from a significant gamble to a moderate one.
Same goes for poker and coins. An experienced coin dealer or poker player who has proven to be profitable over the long term is making calculated risks over and over again. A positive outcome isn't guaranteed, but the risks are reduced where possible and they (should) have the experience to avoid situations or deals which are risky or with insufficient reward vs risk ratios.
<< <i>I have spent far too many hours reading/debating the "gambling" aspect of poker on various poker forums over the years. In short, a good definition of "gambling" (for poker, coin collecting, stocks or whatever else) is that the potential outcome is both unknown and has a very significant element of risk.
Investing in markets when done by someone with the proper education and experience is often low risk and has a positive outcome when averaged out over the long term. Investing when done by J6P (inexperienced) often ranges from a significant gamble to a moderate one.
Same goes for poker and coins. An experienced coin dealer or poker player who has proven to be profitable over the long term is making calculated risks over and over again. A positive outcome isn't guaranteed, but the risks are reduced where possible and they (should) have the experience to avoid situations or deals which are risky or with insufficient reward vs risk ratios. >>
There are no guarantees. There are a ton of factors that go into play with ruin, and the magnitude of one over the other is often misunderstood.
Risk/reward ratios are also an interesting item. In a coin environment, that are not as cut and dried. That's why they call it a "calculated risk."
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"The biggest impediment to our success is our impending fear of failure."
https://www.omnicoin.com/collection/colind?page=1&sort=sort&sale=1&country=0
HE>I
1) On a stock investment: 50% (I know very little about them)
2) In a Texas Holdem game: 40% (I'm a pretty proficient poker player, but hey, it's poker)
3) On a substantial rare coin investment: 10-15% (It's my comfort zone).
It all depends on your perspective, I guess. Many on these forums would have the order of these shuffled due to varying levels of expertise. I feel more comfortable with rare coins than any other form of investment, but that's just me.
I used to pick individual stocks. I think every individual stock I ever bought is underwater except Chevron. Now I just buy index or mutual funds.
I play a little poker and texas hold 'em.
-KHayse
It shows how addictive personalities can be consumed by it (which is why so many gamblers smoke) and lose all rational thought when in a casino.
Sad, really.
I have made more money on bullion coin appreciation than numismatic coins but can make more money in the short term churning numismatic coins and flipping deals. I do not hold numismatic coins for long term appreciation. They are an inventory commodity I plan to make plan ROI on according to my business plan. For my numismatic business I keep a plan mix of cash, bullion coins, and numismatic coins and currency.
peacockcoins