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What is the difference between gambling and speculation? It is the
interesting question by itself.
There is no question that there are skillful gamblers and lucky speculators.
I think that the difference is in the underlying reality. Games design to
be random (regardless of implementations that could have biases).
Speculator is trying to predict (and act on his/her prediction) an social
(economic) reality that has its nonrandom processes.
Alex.
At 11:20 PM 7/6/99 -0500, Robert W Cummings wrote:
>Speculation and gambling are similar, with a few important distinctions.
>One difference is the perception, sometimes true, that successful
>speculators profit due to their skill or an unseen advantage, while
>gamblers prosper due to chance or luck.
>
>Robert
>
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