Bitcoin Forum

Hi gamblers,

I just gambled for the first time with my Bitcoins. I tried it at Just-dice.com

I made a video of my gambling session and like to share it with you:
http://www.shortingbitcoins.com/how-i-doubled-my-bitcoins-on-just-dice-com-betting/

As you can see I doubled my bitcoins using the "Martingale" strategy with a little twist of mine.

Let me know what you think of it :)

Strategies don't exist  ;D

Grats on doubling your coins though!

Yeah, if it's truly random there isn't really a strategy that can adequately deal with variance, even with a giant bankroll.

Good thing I bookmarked this link, got to use it so often already instead of having to explain it myself every time.:
http://coinbits.com/2013/01/05/how-to-bet-efficiently-on-satoshidice-and-why-you-shouldnt-use-the-martingale-method/

TL;DR: Martingale is no trick to give you better chances.

Nice link. I think I was just super lucky then.

In fact martingale is the worst beting system for long run - usually works well for short ones (still with some risk, especially with too high inital bet), but will almost always rape Your ass totally if You'll try to rely on it for longer time. Non-progression based systems, or at least "weaker" progression is advised.

Yet they won't work in the long run either. The only real 'strategy' to win in gambling is to be the house ;)

I have an other strategy, based on variance :P

There is no strategy involved in pure gambling games, it's chances and luck only.
If you want strategy, you will have to play games like poker that aren't 100% luck (e.g. bluffing is possible)

Poker is still based on odds. What are the chances that your hand is the best etc

True, the strategy part is rather small, but there is some.

I did this too a year or two ago. I doubled my coins, then lost them all.

This is usually what happens in the end when doing martingales

True, you must know when stop gambling and enjoying the profits, or you loose all

I was unfortunate enough to think of this strategy myself before reading about it. Damn it was addictive, for a few days I was getting twice the income I get by working :D

Wow, you should have stopped and go for a world trip :)

Funny the bell in your head doesnt ring "If it sounds too good to be true, it is"

I tried a martingale, lost 8 btc. :P

Ahw crapp !

The first time, I actually tried with 0.05 and I ended losing it after I got 0.10. I was betting Hi all the time.

In the video you can see I switch Hi and Lo and ultimately it let me double up again. Probably just really lucky again but I'll try it again soon and make a video.

Ok, good luck :)
:P

Of course I was aware of the risks, the first day I lost half of moneys but then started to use smaller bets and so on. It was very addictive like I said. ;)

I've taken it as an important lesson. And this lesson actually had an overall good impact on my life and monetary situation. I worked hard for a few weeks and bought coins till I had more than I ever had before. Without gambling and losing I would have never worked and gotten so many coins.

Of course. (it's not sarcasm)

There's some beting systems that "changes" (simplified definition) win chances, but only for short run, and finally You'll end up with pure randomness anyway - but mixing systems, changing them during gameplay, testing it, researching and such is very funny. For example when I play with 0.1 bankroll, I like to make it 0.15 or so with Oscar's progression, then bet for a while without any system, run Labouchere with 5% target after, then some small, risky Martingale et cetera - gambling is fun if You assume that Your bankroll is "payment" made for game, and winnings are just optonal. If someone gambles only for profit - it's not way to go. Of course we are all only humans, sometimes even I "want to win", falling into addiction or just blinding myself - no shame here, that's part of gambling too.
By the way, are Your nick is related to Wharton's art?

I am trying a new method.

what method?

Yes, and with pure chance games there's a fallacy of winning and losing streaks.  Streaks exist, but you can't predict when they'll start or end.

Pretty much sums up all of the dice games (except the non provably fair, those one's can have predictable streaks usually losing tho). Yeah, if you want to put actual skill into winning something while betting, sports betting or games like poker are the best way to go.