Bitcoin Forum

I feel like a fool right now and I really need to just talk about this. This isn't an attempt solicit donations.

I didn't lose a ridiculous amount of money. In fact, I *only* lost about 7.7 bitcoins, which would currently equate to about 6000 dollars. But the problem is that as a full-time university student, this was 90% of my savings. And since student loans don't cover the full cost of my expenses, I don't have any money after this semester.

I was never a gambler. I've never gone to a casino. I've never played poker. Hell, I never even bought a lottery ticket. But for some reason when I saw a post about a website called just-dice.com, where you can bet bitcoins on a dice game, I was immediately hooked. I created a plan for myself - I said that I would play careful and control my bets. I would withdraw BTC after winning 50% of my initial deposit. Everything was going rather smoothly; although I went down a few times, I ended up hitting 9.5 bitcoins yesterday.

But then I couldn't control myself and thought that I could keep going, even in face of mathematical logic. I lost 1.5 bitcoins. Then I deposted two more. I lost those too. Then again the same. Until I saw all my money vanish and I realized the horror of what I had done. In case anyone is curious, here is the image of my loss (-7.7btc).

https://i.imgur.com/RjPodBl.jpg

I didn't sleep last night and all I could think about during class today was how much of a loser and moron I am. I just hate myself for throwing away my own hard-earned money.

edit: updated to final lost value of money from 5.7 to 7.7 I'm a broke ass fool.

*sigh* just as I've withdrawn my invest.

Well, that was stupid, but at least it will teach you something about gambling (namely: don't do it).

we all make mistakes. Unfortunately this mistake is hard to recover. Just learn from your actions and move on. Dont beat your self up and forgive yourself.

Gambling is bad, gambling with money you can't afford to lose is worse.

Get a part time minimum wage job preferably a really crappy one like flipping burgers.  The 600+ hours you will need to work will provide some negative reinforcement which should last the rest of your life.


(Before someone complains about being an ass, I worked crappy jobs through college, it sucked but it didn't kill me and it won't kill the OP either). 

Learn not to gamble OP. $4800 is a cheap lesson if you remember it for the rest of your life.

Chalk it up as a good life lesson.  

Gambling should be thought as something you do for fun and entertainment.... just like you wouldn't spend your life savings on dinner and a movie or a night of entertainment at the club , don't spend money you can't lose on the entertainment that is gambling.

You're young enough that it's not that big of a problem, might not feel like it to you right now but it's really not "that bad".  At least youre not older with a morgage, a wife, and kids , etc etc.

You are doing it wrong!
Always play on *2.1 or higher payout and always double the bet if you lose!

This is a very good point.  My buddy ended up losing his condo. His g/f left him, and ended up with custody of the kids.

If you think you might have a gambling addiction, go and talk to someone. It's a slippery slope that can spiral out of control really fast.

Am I seeing a pattern here?

I gamble... with hopes of winning (of course), but with realistic expectations that I might not win. But recently there's been a number of posts relating to a particular type of gambling - dice. I've tried it a few times, totally not my thing. I guess I'm wondering if dice is a different kind of beast?  

OP, it's happened to most if not all of us who engage in risky behavior such as this. This is definitely a life lesson for you... an experience/wise words you'd be able to offer to your children one day and perhaps deter them from a similar fate.

And you're in school anyways... how is sleep even an option for you! :P  jk

PLEASE IGNORE!!!

Yeah you guys are absolutely right. I googled some horror stories of people losing everything to gambling...I got off easy.


lol

Here's an idea:  Take a year off and get a job.  If you make sure to wear a raincoat you'll have a chance to get back in and finish it up if you want.

lol, another winning "strategy"  ;)

Gambling is a bad idea overall, but if you can afford to lose then do what you want. If you can't afford to lose then you're dumb as fuck.

You have my sympathy. You are a gambling addict but didn't realize it until it was too late. Go and get some support if available in your area. Don't think "the money has gone, I don't need support now". That is the addict trying to trick you. You will have money again in the future. If you don't get support, the pattern will repeat itself, believe me. I was married to a gambling addict .....

OP - you dumbass!

Congrats on trying to win big, and for taking the kinds of risk most people here clearly don't have the balls to do. If you have a small amount left I would play it again and try to get more of your money back. Just consider that 4g's gone and maybe your luck will change.

I probably wouldn't do it again though. At least now you know better and it's just money at the end of the day

That's terrible advice. You would need a huge bankroll and nerves of steel for that to be profitable. You are much better off taking this in as a learning experience...

Damn man everyone makes mistakes but that is a really bad mistake you made. I feel bad for you OP. :-\

Player    Number    Target    Bet size    Profit
Herminus (330377)   02.8036   <33.0000   0.00000004   +0.00000008
Herminus (330377)   46.5257   <33.0000   0.00000002   -0.00000002
Herminus (330377)   48.2695   <33.0000   0.00000002   -0.00000002
Herminus (330377)   78.3290   <33.0000   0.00000001   -0.00000001
Herminus (330377)   01.3940   <33.0000   0.00000001   +0.00000002
Herminus (330377)   08.0847   <33.0000   0.00000002   +0.00000004
Herminus (330377)   32.6580   <33.0000   0.00000001   +0.00000002
Herminus (330377)   09.1414   <33.0000   0.00000008   +0.00000016
Herminus (330377)   73.6157   <33.0000   0.00000004   -0.00000004
Herminus (330377)   90.3140   <33.0000   0.00000002   -0.00000002
Herminus (330377)   55.1715   <33.0000   0.00000002   -0.00000002
Herminus (330377)   91.2975   <33.0000   0.00000001   -0.00000001
Herminus (330377)   12.1702   <33.0000   0.00000002   +0.00000004
Herminus (330377)   80.3163   <33.0000   0.00000001   -0.00000001
Herminus (330377)   14.7930   <33.0000   0.00000004   +0.00000008
Herminus (330377)   40.2683   <33.0000   0.00000002   -0.00000002
Herminus (330377)   42.8177   <33.0000   0.00000001   -0.00000001
Herminus (330377)   28.7208   <33.0000   0.00000004   +0.00000008
Herminus (330377)   56.4517   <33.0000   0.00000002   -0.00000002
Herminus (330377)   69.6440   <33.0000   0.00000001   -0.00000001
Herminus (330377)   19.6360   <33.0000   0.00000001   +0.00000002
Herminus (330377)   21.2790   <33.0000   0.00000002   +0.00000004
Herminus (330377)   93.9323   <33.0000   0.00000001   -0.00000001
Herminus (330377)   29.2923   <33.0000   0.00000004   +0.00000008
Herminus (330377)   86.9031   <33.0000   0.00000002   -0.00000002
Herminus (330377)   74.4436   <33.0000   0.00000001   -0.00000001
Herminus (330377)   05.9175   <33.0000   0.00000008   +0.00000016
Herminus (330377)   36.6315   <33.0000   0.00000004   -0.00000004
Herminus (330377)   50.6931   <33.0000   0.00000002   -0.00000002
Herminus (330377)   93.6458   <33.0000   0.00000001   -0.00000001
Herminus (330377)   04.3561   <33.0000   0.00000002   +0.00000004
Herminus (330377)   57.2832   <34.0000   0.00000001   -0.00000001

As you can see there is a winning strategy you just need to be calm, play stress free and the winning will come
The only thing you need to know is when to STOP!
Take a break and continue the next day or never if you decided you won enough!

I really think converting all your fiat into Bitcoin was a bad idea for you. You say you never gambled before this which indicates that you had hesitations about gambling your dollars away. But the thing is when all those those thousands were converted into bitcoins, numerically they looked much less innocent; 6 btc as opposed to $4,800 dollars. There is a psychological phenomenon behind this. You don't really think of bitcoins as money anymore and it's much easier to gamble with btc than it is with USD online.

Those are the really dangerous factors that can snag people into a gambling addiction if they aren't careful. The kind of people who would never consider even betting $20 are fine when that $20 is only 0.024 btc. I'm guilty of this myself and have lost a bit of coin just because bitcoin was so easy to gamble with.

Don't gamble what you can't afford to lose.

Where's the forum's "idiot" tag when you need one?

Sorry to be so harsh, but gambling with money that you need is a really bad idea as most other folks have already told you.
Ignore the crap from the few who claim that you can make money gambling - no strategy can work in the long run, otherwise casinos would quickly be bankrupt.
Martingale (doubling when you lose) can mathematically work if you have infinite wealth to start with - well in that case gambling will not significantly change your wealth anyway, so you might just as well gamble. In any other case (less than infinite wealth), Martingale is not a winning strategy.

Onkel Paul

The only true winning strategy is to stop and not gamble.  Gambling is designed to keep you betting. You'll always lose in the end.

There's the worst possible advice. Please ignore it. You don't need "balls" to gamble, just like you don't need "balls" to become an alcoholic. Get some help. Your luck will not change. That's the addict talking.

Simple truth. Good to share it though :)

More importantly is that you remember your mistake and don't repeat it. Bunch of people telling you the "right way to gamble" but they are all wrong. Because there is a house edge....

Anyone telling you there is a "right way to gamble" online is an addict, pure and simple.

Yeah, this is what makes an addict when they attempt to win back the money they've lost. Gambling is dangerous because whatever happens it's hard to quit. Even if you win big you're likely to try win even more.

I really want to know what he's studying.

I never thought gambling was an "addiction" until I saw my buddy do this.  We all played pull tabs or keno at the pubs.  He started hitting the Casino. It got to the point where he had pulled out so many cash advances that he was broke the moment he got paid.  He then started borrowing money from other sources.

He was like a drug addict looking for his next high, I never knew that was possible when it came to money. 

Then again, people spend tonnes of money on facebook credits to beat a Candy Crush level.

Dude. I was married to a gambling addict for 7 years (didn't know for first 6). She sold the house, the car, the land, about 10 phones, her kids computers ..... I don't understand it either, but I guess we all have different buttons to be pushed. Worse than drug addicts in many ways. Can destroy a family in a weekend :(

Like any addictions or mental health issues it's hard to understand if you've not experienced them. It's not just as easy as saying "just stop" but only your own self-determination and willpower can overcome them.

Yep, definitely a mental health issue. and she didn't have any. As you say, like any addiction, you can't just stay "stop", it doesn't work like that. I agree self-determination and willpower are important, but so is a support network. Thats why AA-type programs tend to work better than "curing yourself". We all need support when our buttons are pushed.

This is probably the best advice. Unless you can get a job that pays better, do exactly this. Not only will it make you appreciate customer service more if you work in retail (you'll become nicer to service people for sure) but it's a good way to be social as well. I made so many friends working retail during college... It eventually became a fun way to be social and make money off of it at the same time.

And then, I graduated college with zero debt and a very nice savings account.

Results may vary, though.

That's a good point its exactly how I felt. But at the same time I spent months learning and reading about bitcoin so it hurts to throw that all away. I actually bought in at about 450 per btc.

As for what I'm studying - Im double majoring in geography and history at UBC, currently in third year. I've got a busy semester with 6 classes but I'm gonna try to work part time, I actually have a nice "backup" job as an apprentice electrician which pays okay, only problem is I have class 5 days a week so I can only work a couple of hours and only on some days.

If you've got any more electives left, and a semester which is a bit light, may I recommend some more training in probability-n-statistics?

I know, I know.  You already have an academic adviser.  Just trying to be helpful ;)

The only important advice. Stick with this and you`ll be fine.

So for me, I cant afford to lose anything so I use all the free btcs I earned instead.

Also if you think $4,000 is little money. Your a bit off in reality, break down the #`s of hours you have work for that money.

You shouldn't gamble at all if you don't want to lose it's almost set in stone that you will lose eventually.

Well, with the performance of most of these casinos lately...eventually isn't far off at all.

Only make bets that you know you can win...

For example:

If someone said "I bet you 100BTC that Peyton Manning will be the Suberbowl MVP on Sunday", then you take it as long as these conditions apply:

1) you own a high quality rifle
2) can get a good enough vantage point to take him out when he gets off the bus (pre-game)
3) you are okay with killing the face of Papa John's Pizza

Bonus:  You could probably extort Pete Carroll for extra money if you can somehow pin this on the Seahawks organization.

Summation:  Don't fucking gamble unless you are okay with losing everything you own and/or killing Peyton Manning.

The most I ever lost was £3 gambling my dinner money at school. Went hungry all day. Feltbadman.

Now you know how it feels to lose almost everything.

Its that feeling where you never want to feel again.

But people still do ..... lose, then come back for me, "to get the money back". Sad

Oh well, too bad. I wish I could learn from other people's mistakes, not my own.

Gambling Addiction & Problem Gambling -
Warning Signs and How to Get Help
 (http://www.helpguide.org/mental/gambling_addiction.php)

You have learnt. You have learnt you can't control your gambling habits. A very valuable lesson, unless you just pretend it never happened, in which case it will very likely re-occur in your future.

Sorry for your loss, you learned the hard way. Don't worry about it it's just money.

Although he has lost a lot of money and will not be able to pay his bills now.

Some of my buddies in college would take their student loan money and play blackjack at the Indian Casinos.  That never worked out well for them either...

Shame they didn't learn how to count cards first :) Unless that doesn't work anymore. I'm not up to date on the latest "how to get an edge on casinos" playbook.

Aaand I lost the rest of it. - 7.7 bitcoins. I literally have no self-control. At least I don't have anything else to gamble with...

You really need some help:

www.gamblersanonymous.org

Might be a good place to start.

Should have just bet it all on Red.

The next time you might get the itch to gamble just go out shopping and buy something nice for yourself as a reward for not gambling.

If that does not work download a piece of gambling software that has real casino odds... Play for 4 hours and realize you lost it all... And then figure out why the maths are stacked on the casino's side.

If that does not work... Well.. You will have to learn the hard way.

What a funny thing that you talk about gambling and saying how bad it is and at the same time you have those online casinos adverts in your signatures :D

As others have said, consider this a life lesson and the tuition was cheap. If it takes you a lifetime to re-learn this lesson it will be costly.

You're young, mistakes are part of the deal.

Gamble responsibly  ;).


Well, it's only a life lesson if he learns from it. Unfortunately if he is addicted then this probably wont be the last of it.

Have heard this story like about 1000 times now that too in the same variation anyways i believe you are honest so i'll give you a quick mantra on

gambling  'NEVER RISK WHAT YOU CAN'T AFFORD TO LOOSE'   :) :)

sad, but we all go through hardships. just get up n recover  :-[

Man, I remember my Martingale days...

After ~3,000 bets, I had lost, won, lost, won, and lost again ~40 BTC only to be lucky enough to recover most of it.

If you don't think you can flip 16 heads in a row, give it a few thousand go's and you'll be surprised.

Yep but don't feel to bad.

Most of us have done such silly shit as this.

Learn and don't do it again.

My $.02.

;)

You know, it's crazy how we get so full of ourselves.
I lost half my cash going from .7 to 1.0 because I thought I was invincible.
I made it to .985 and then down down down.
Ah BitVegas I miss you. Or do I?

I always broke even in the long run. I don't bet any longer.

Gamblers can have a problem, however, without being totally out of control. Problem gambling is any gambling behavior that disrupts your life. If you’re preoccupied with gambling, spending more and more time and money on it, chasing losses, or gambling despite serious consequences, you have a gambling problem.
If you walk down a UK high street all you see is betting shop after betting shop. They rake in millions every day. That money comes from Punters who have no chance of winning in the long run. Simple DON'T BE A FOOL

You guys resurrected my shame thread!  :-[

Thankfully I haven't touched any gambling for almost two months now so I think I cured myself. It's still really shitty when I remember that I wasted away most of my money but it's gotten better with time.

INTJs should know better than to gamble... being good with facts and logic, here are the facts:

The house always wins, the only real chance you have is if you play blackjack and count cards. Other then that, it's all up to chance.

This can be demonstrated without losing much at all.  There are a number of sites you can play with fake money for free that have the same payouts as a typical casino slot or keno machine... watch as you slowly lose all your money.

Go to a casino, play a keno machine, and bet only a nickel per hand... sit there for hours... play thousands of hands...  you'll probably end up down some money, and if you didn't, you just got lucky. The numbers generated are completely random.. the payout is designed so that the odds of winning are factored in and a certain 'percentage' comes back to the player.   I walked out with a free crab leg meal and 10 bucks today from my bi-weekly visit to the casino for some chow and thought I came out well. I  usually lose my 5 bucks and leave like clockwork.

For those who insist on gambling with machines, the best chance you have is to pick the highest progressive jackpots you can find and bet to try to win them... but don't forget about the taxes you'll have to pay for winning such large amounts.

Bottom line... don't gamble. Buy something that will retain or increase in value instead, like platinum, palladium, guns, land...

By the way... for those who like  poker, here's a little known game confined to around where I live called silverado stud for you to enjoy for free with fake money.  Every time I've played this unique and rather enjoyable poker game I've drained my fake money balance to zero. :)

http://www.silveradostud.com/HowtoPlay.htm

Gambling never pays in the end

Gambling is only for recreation. Do not treat it as a source of money. If you don't have money better don't gamble at all.

Hey, a little rminder now and again never hurt anyone!

Thanks for your kind reply, live long and prosper!

My $.02.

;)

That's nice to know, gambling is a tough to crack. I wish you good luck  :)

It Happens all the time with gambling u should not spend what u cant afford to lose

Yes thats true, but it is a fine line...because it isn't really gambling unless you risk enough to make it sting at least a little if you lose. 

The problem with gambling is that the thrill of victory isn't nearly as strong as the agony of defeat.

i'll sell u 7.7 satoshi coins for 0.00000004.  they are worth the price of a BTCitcoin, and my site also supports Satoshi dice and other fun games in the works (like Beehive mario)