Preliminary findings on cryptocurrency trading among regular gamblers: A new risk for problem gambling?

Mills, Devin J.; Nower, Lia

doi:10.1016/j.addbeh.2019.01.005

Cited by 80 publications

(64 citation statements)

References 12 publications

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“…There needs to be further research to predict the movement of Bitcoin. This, however, may support Mills and Nower (2019) who classify trading cryptocurrency as similar to gambling, which cannot be predicted accurately.…”

Section: Discussionmentioning

confidence: 86%

“…Money should be able to cover any transactions as they are available for the transaction. Mills and Nower (2019) found that cryptocurrency trading is similar to gambling. However, it has low depression and anxiety.…”

Section: Neutral Groupmentioning

confidence: 99%

“…This is also supported by other factors, such as low growth supply, reliable network, and not much interference, which may not be found by other cryptocurrencies. Mills and Nower (2019) found that most traders faced high risk, but low depression, and anxiety concerning cryptocurrency trading. This is experimental to gamblers.…”

Section: Introductionmentioning

confidence: 99%

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The requirements of cryptocurrency for money, an Islamic view

Siswantoro

Handika

Mita

2020

Heliyon

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This research aims to evaluate the suitability of cryptocurrency as money from the Islamic perspective. Money, in the Islamic perspective, has specific characteristics and requirements, such as stability and is based on assets. Cryptocurrency may not fulfil this as it has queries as money from the Islamic perspective. The research method applied data of 23 cryptocurrency prices and related information. The result shows that cryptocurrency is hugely volatile and has limits to being called 'money,' as it is limited and used for speculation, which is prohibited in Islam. The research implies that Muslims would be reluctant to use cryptocurrency as money, as a currency of transaction. This reason raise an expectation that the cryptocurrency will not develop rapidly in Muslim countries.

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Section: Discussionmentioning

confidence: 86%

Section: Neutral Groupmentioning

confidence: 99%

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The requirements of cryptocurrency for money, an Islamic view

Siswantoro

Handika

Mita

2020

Heliyon

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“…Evidence that trading can be used as a substitute for gambling comes from studies that document a significant decrease in stock trading volume by individual investors on days with drawings of large lottery jackpots ( Dorn et al, 2015 ;Gao and Lin, 2015 ). Further, Mills and Nower (2019) report that more than half of frequent gamblers in the U.S. also trade crypto-currencies like Bitcoin.…”

Section: Introductionmentioning

confidence: 99%

Compulsive gambling in the financial markets: Evidence from two investor surveys

Cox

Kamolsareeratana

Kouwenberg

2020

Journal of Banking & Finance

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This study shows that a group of individual investors in the financial markets displays symptoms of compulsive gambling, or an addiction to trading, based on a standard diagnostic checklist from the American Psychiatric Association. In a representative sample of Dutch retail investors, we find that 4.4% of the investors meet the criteria for compulsive gambling in the financial markets. Another 3.6% meet the criteria for problem gambling, which is a less severe form of gambling disorder. Investors with symptoms of compulsive gambling problems tend to follow a more active and speculative trading style, indicated by a higher frequency of stock trading, day-trading and investing in derivatives and leveraged products.

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“…Omane-Adjepong and Alagidede (2019) studied the volatility spillover among different cryptocurrencies and found that diversification provided benefits for only short-term investment. Mills and Nower (2019) collected crosssectional data from an online survey and showed a correlation between the tendency to gamble and cryptocurrency investment. They also found that trading cryptocurrencies overlaps strongly with trading high-risk stocks.…”

Section: Introductionmentioning

confidence: 99%

The relative importance of competition to contagion: evidence from the digital currency market

Xie

2019

Financ Innov

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How does the valuation change of an industry leader influence its competitors? Does it induce a competitive effect or a contagion effect? What are the driving forces of such influences? We attempted to answer these questions within digital currency markets. We found that both close and distant competitors against an industry leader experience high competitive effects, while moderate competitors experience high contagion effects. Next, we empirically demonstrated how this Ushaped pattern reduces to a linear relationship depending on the industry concentration. Lastly, we identified eight distinct information categories from a social media platform of the industry leader and compared the influence of the eight information categories on the industry leader's competitors. Our analysis suggests that the relative importance of the competitive effect to the contagion effect in the industry depends on the category of the information.

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Preliminary findings on cryptocurrency trading among regular gamblers: A new risk for problem gambling?

Cited by 80 publications

References 12 publications

The requirements of cryptocurrency for money, an Islamic view

The requirements of cryptocurrency for money, an Islamic view

Compulsive gambling in the financial markets: Evidence from two investor surveys

The relative importance of competition to contagion: evidence from the digital currency market

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