zlacker

[parent] [thread] 32 comments
1. random+(OP)[view] [source] 2024-09-27 05:19:02
> We would improve society if we agreed that all gambling is bad.

As a professional gambler (aka farmer) I understand I am biased, but I have a hard time squaring that society would improve if we all agreed my gambling habit is bad. Especially if that means going as far as a ban. What would people eat? If you think Mother Nature is going to give up her bookie position, you're wrong.

replies(7): >>gomers+02 >>safety+93 >>baq+B7 >>forgot+h8 >>rightb+s8 >>nuance+Gc >>throwa+ut
2. gomers+02[view] [source] 2024-09-27 05:47:08
>>random+(OP)
What is bad for society is zero sum games. They are profitable for individuals but take the same or more from elsewhere so they raise nothing. There are a few zero sum games where we think the side effects are good (i.e. in the pricing of stocks,) but in general they consume societies best minds in return for no progress.
replies(5): >>chgs+H3 >>chii+P3 >>smabie+c4 >>throwa+0v >>marcus+xH6
3. safety+93[view] [source] 2024-09-27 05:57:42
>>random+(OP)
One of the things that's getting confused in this thread is the distinction between games of skill and games of chance. Most outcomes in life are the result of a combination of skill and chance - so there's admittedly a gradient and a big gray area between the two.

But to use farming as an example, you undoubtedly apply skill in your trade to get a better outcome. Sure, your results depend heavily on things like the weather, but someone with zero experience and skill as a farmer will have less success at it than you do. This is a skill intensive game.

On the far other end of the spectrum is the slot machine - you pull a lever and wait. Labor is nonexistent, knowledge or skill is irrelevant. This is entirely a game of chance.

So one place where we run into problems and governments need to apply some regulation is when a game of chance gets misrepresented as a game of skill, or its odds are hidden or misrepresented. When any of those things happen it means we are actually looking at a form of fraud. The operator of the game is claiming you can do really great at his game but the matter is actually out of your hands, he's lying about the probable outcome of your participation. That is fraudulent and most members of our society agree that committing fraud should be discouraged and even punished when it occurs.

replies(3): >>random+b8 >>kortil+w8 >>erfgh+Z8
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4. chgs+H3[view] [source] [discussion] 2024-09-27 06:03:08
>>gomers+02
Advertising - one of the largest industries on the planet. It’s not even zero sum, it’s a net loss. The views loses $50 and 100 hours, the winners gain $50
replies(2): >>echoan+m5 >>nuance+Tc
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5. chii+P3[view] [source] [discussion] 2024-09-27 06:04:16
>>gomers+02
> society is zero sum games

so do you believe the olympics are good or bad? because they're zero sum.

replies(3): >>HKH2+n7 >>komali+0j >>gomers+c82
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6. smabie+c4[view] [source] [discussion] 2024-09-27 06:08:11
>>gomers+02
People like to play these games and thus probably good for societies

World would be pretty full without competitive games / sports

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7. echoan+m5[view] [source] [discussion] 2024-09-27 06:17:15
>>chgs+H3
Advertising improves information for consumers though, as long as you get advertised stuff you actually want but didn’t even know existed. I’m not saying it’s a net positive as it’s currently done, but advertising as a concept doesn’t have to be net negative.
replies(1): >>chgs+2e2
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8. HKH2+n7[view] [source] [discussion] 2024-09-27 06:31:40
>>chii+P3
Not OP, but they're clearly a net loss. I would vote against them being hosted in my country.
9. baq+B7[view] [source] 2024-09-27 06:34:05
>>random+(OP)
It isn't gambling if there's no house. You're playing the odds, but so am I when crossing the street.
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10. random+b8[view] [source] [discussion] 2024-09-27 06:39:08
>>safety+93
> On the far other end of the spectrum is the slot machine - you pull a lever and wait.

In the narrowest view, sure. But, for example, not all casinos, hell not even all machines in the same casino, offer the same odds. What about the work you put into determining which machine offers the best outcome? Is that not a skill? Obviously you can just sit down at any old random machine and see what happens, but that's the same as your "zero skill" farmer throwing some uncertified seeds on the ground and hoping for the best. In both cases there is an opportunity to improve your chances of success if you so choose.

Some aspects of farming lean on skill, but other aspects are pure chance. "Pull the lever and wait" is often all you can do. I'm not sure you are being fair in diminishing slot machine playing down to just one event, while happily considering farming as the sum of all its events.

replies(2): >>komali+Ii >>throwa+Wt
11. forgot+h8[view] [source] 2024-09-27 06:40:24
>>random+(OP)
This is disingenuously stretching the definition.

Gambling, in a colloquial and legal sense, generally refers to putting in money for a game of mostly luck or beyond your control in hopes of getting a payout. The less influence you have over it, the faster the payout (or loss), and the higher the chance is of you coming out at a loss, the more strongly it fits into the understood definition of gambling.

Doing anything that takes a risk isn't gambling. Bending over to tie your shoes is a risk. There's a chance you'll strain your back and be immobile for a week. But if you don't take that chance, you won't be able to work. But if you don't do it stupidly, barring the heavens simply being against you that day, you'll be fine.

Farming is the same. If you're not being careless and the heavens don't decide to destroy your crops, and particularly if you're at a point where you can call it a job, you'll be fine. Once a risk is on a long scale, like farming, it's called an investment.

replies(2): >>random+k9 >>mythrw+9r1
12. rightb+s8[view] [source] 2024-09-27 06:42:06
>>random+(OP)
The stringent definition of gambling is that it is low effort to make the bet.
replies(1): >>random+Hc
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13. kortil+w8[view] [source] [discussion] 2024-09-27 06:42:23
>>safety+93
No skill at all. The farmer is referring to futures contract to derisk the things outside of the skill.
replies(1): >>throwa+mu
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14. erfgh+Z8[view] [source] [discussion] 2024-09-27 06:47:35
>>safety+93
I don't believe games of chance are misrepresented as games of skill. But anyway, this article is about sports gambling which most certainly is a game of skill.
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15. random+k9[view] [source] [discussion] 2024-09-27 06:51:20
>>forgot+h8
Are you trying to tell us that you think cryptocurrencies and venture capital fit the legal gambling definition, or are you trying to tell us that you didn't bother to understand the context under which the comment was posted?

Either way, you are out to lunch. Your definition is on point, but has nothing do with the discussion taking place.

16. nuance+Gc[view] [source] 2024-09-27 07:23:28
>>random+(OP)
> As a professional gambler (aka farmer)

You guys invented the option so ... yes.

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17. random+Hc[view] [source] [discussion] 2024-09-27 07:24:12
>>rightb+s8
I'm not sure sitting in a comfortable air conditioned cab is all that much effort. It is fun! But as we're on the precipice of it going the way of full automation removing even that minimal effort, just how low effort is your bar?
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18. nuance+Tc[view] [source] [discussion] 2024-09-27 07:25:59
>>chgs+H3
Not ads in general.

Modern social media that makes and sells ads and panopticon datasets.

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19. komali+Ii[view] [source] [discussion] 2024-09-27 08:27:29
>>random+b8
Slot machines are guaranteed to provide a significant ROI to casinos. They're purely extractive. Comparing them to farming is really silly in my opinion.
replies(1): >>random+Zi
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20. random+Zi[view] [source] [discussion] 2024-09-27 08:30:24
>>komali+Ii
Does anyone have a differing opinion? I expect there is good reason they have never been compared. Your opinion is noted, I guess, but what lead you to think it was worth sharing?
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21. komali+0j[view] [source] [discussion] 2024-09-27 08:30:27
>>chii+P3
The current hyper capitalized form of the Olympics may have been demonstrated to be economically harmful to the city that hosts it, but the Olympics have had huge societal value and impact especially in sociological aspects. I mean it's hard to put a price tag on Jesse Owens spitting directly into the eye of white supremacy but it certainly has value.
22. throwa+ut[view] [source] 2024-09-27 10:04:46
>>random+(OP)
As a farmer, can you tell us about the direct and indirect support you received from your govt to wear the risk of farming? In all highly industrialised countries, there are a huge amount of govt support for farmers.
replies(1): >>random+M31
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23. throwa+Wt[view] [source] [discussion] 2024-09-27 10:09:09
>>random+b8

    > Some aspects of farming lean on skill, but other aspects are pure chance.
I frequently use this phrase when talking with people about their career path. Replace farming with (office work) career. Mike Bloomberg famously wrote: "Work hard and you might get lucky." I like that phrase because it appreciates the nuance of success.
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24. throwa+mu[view] [source] [discussion] 2024-09-27 10:11:48
>>kortil+w8
And crop insurance which is usually heavily subsidised. To be clear, the range of agricultural commodities is surprisingly small. Example: There is no coverage for any fruits (except orange juice), not most vegetables.
replies(1): >>random+iY
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25. throwa+0v[view] [source] [discussion] 2024-09-27 10:17:20
>>gomers+02
To be clear, interest rate derivatives (futures, swaps, [edit] options, etc.) are very important for banks and corps to manage their interest rate risk. By definition, these are zero sum products.

Also, economists would not term the stock market as zero sum game. All boats can and do rise together. Look at the S&P 500 index since the 2008 GFC. Spectacular success that reflects the wider US economy.

replies(1): >>gomers+F62
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26. random+iY[view] [source] [discussion] 2024-09-27 13:35:29
>>throwa+mu
Crop insurance, even of the subsidized variety, could refer to all kinds of different systems. But, I'll assume that which is under the USDA RMA. You don't consider any of the following to be fruit?

Apples, Apricots (Fresh, Processing), Avocados, Bananas, Blueberries, Caneberries, Cherries, Citrus (Grapefruit, Limes, Oranges), Cranberries, Figs, Grapes, Kiwifruit, Lemons, Mandarins/Tangerines, Nectarines (Fresh), Olives, Papaya, Peaches (Cling Processing, Freestone Fresh, Freestone Processing), Pears, Plums, Pomegranates, Prunes, Raisins, Strawberries, Tangelos, Tangors, Tomatoes (Fresh, Processing).

Maybe you meant Agricorp? None of the following are fruits?

Apples, Grapes, Peaches and nectarines, Pears, Plums, Sour cherries, Sweet cherries.

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27. random+M31[view] [source] [discussion] 2024-09-27 14:01:14
>>throwa+ut
Crop insurance is partially subsidized, but I am personally not a buyer. What fun is gambling if you’re going to insure the gamble? But I could theoretically benefit from that, to be sure. The farm property tax rate is lower than the commercial rate, so I guess you could say we're subsidized like residential property owners are. I can't think of anything else that is applicable to my farming operation. My country only really likes dairy and poultry producers, of which I am neither.

Hard to say what indirect support is out there. What is and isn't an indirect subsidy is always debatable. The government brings in temporary workers from foreign countries to work at the coffee shop in town, which perhaps, if you believe such action reduces the price of labour, makes life around agricultural areas more affordable. Would you consider that an indirect subsidy to farmers?

The roads are maintained which helps get our product out. Is that a subsidy to farmers? Or is that a subsidy to those on the receiving end? Or is it really a subsidy to the “city folk” driving on those roads to get to their cottage?

The government recently paid a privately-owned ISP to put in a second fibre line in the rural area alongside where the cooperatively-owned ISP already placed one a decade earlier. That is a clear subsidy, but do you consider that a subsidy to the farmer (We theoretically gained some redundancy, although I doubt anyone is making use of it. Internet service to the farm isn't usually that critical, especially when you also have wireless – both mobile and fixed – service available as a backup. Frankly, it was a complete waste of money), or to the ISP?

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28. mythrw+9r1[view] [source] [discussion] 2024-09-27 15:52:18
>>forgot+h8
In gambling a risk is created simply for fun and profit.

This is different from speculation (or bending over to tie shoes) in that a risk is being assumed with an outcome in mind.

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29. gomers+F62[view] [source] [discussion] 2024-09-27 19:30:58
>>throwa+0v
Sure, the stock market is clearly grounded in a positive sum game of enabling more investment options. Things like whether to penalize day trading for its zero sum aspects or appreciate it for side effects are an argument in legislation/regulation debates.
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30. gomers+c82[view] [source] [discussion] 2024-09-27 19:39:01
>>chii+P3
Every zero sum game has some side effects people try to focus on.. When I look at the number of children who have been abused for the Olympics, I think there are better ways to have an international convention and to push a healthier level of fitness.
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31. chgs+2e2[view] [source] [discussion] 2024-09-27 20:14:58
>>echoan+m5
If advertising was for my benefit it would be optional. It’s not.
replies(1): >>echoan+Vi2
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32. echoan+Vi2[view] [source] [discussion] 2024-09-27 20:48:16
>>chgs+2e2
As I said, I’m not claiming that it currently is a net positive for consumers. But even then, I don’t agree with your assertion. There are things that benefit the average person that aren’t optional, and not being optional doesn’t indicate it isn’t for your benefit. It could hypothetically be possible that people benefit from advertisement overall but would irrationally choose to opt out if they could. Just as some people would opt out of social security if they could but would probably regret it once they need it. Just to clarify, I’m not saying this is happening here, but the argument „I can’t opt out so it can’t be for my benefit“ is flawed.
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33. marcus+xH6[view] [source] [discussion] 2024-09-30 00:46:58
>>gomers+02
I like this take. And yes, you're right, it's not so much speculation as speculation where no value is being generated.
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