Bitcoin Forum

So I just lost all my btc saving (1.6 btc) by gambling, in about a half hour. I lost just a little bit, and of course I gambled a little more trying to make it back. I lost even more, so I started putting even more to try to make up. Eventually I found myself down to .4, and I put it all down, and thought maybe I would double my money, and just stop at .8.

Well I lost that too, so now I am completely broke. I feel like such a schmuck. I honestly don't feel that I have a problem with gambling (probably have maybe 3-4 hours of online gambling experience under my belt) and one trip to Atlantic City, where I spent 50 bucks (which was "fun money" that I already figured was spent). I've never done anything so foolish before!

Now I'm flat broke. Like I have 5 dollars in my wallet, and that is it.

I don't really know where I'm going with this, I just feel like a jackass :(

Lady luck can be a bitch. I was thinking of gambling a little bit, maybe with a 5 Bitcent limit.

I think the trick is setting limits or not gambling at all.

The considering an X amount of funds gone strategy would work very well if you had implemented it.

If you feel like gambling again just send the BTC to me!

BTW: I feel your pain I've lost about 0.1 BTC in bitbet bets.

when it comes to gambling -- and i don't recommend it -- you need to have bankroll management. betting 1/2 or all your bankroll at once is a sure way to lose it all, every single time (because once you win once, twice or even a third time you will eventually lose it all)

You will never come out ahead if you gamble.  You may have a lucky streak and win a little.  The longer you play the more you'll lose in the long run. The casino always has the advantage.

Sorry about your luck, at least it was only 1.6 btc. I have a buddy that gambled away his condo.  The bank foreclosed because he kept gambling away his mortgage payments.

think of it as an expensive lesson, now you know to never gamble again

gambling is a mugs game, never gamble.

In terms of gambling, losing roughly $900 USD is a pretty cheap lesson.  Its a crappy way to learn, but it could be much worse.

For the most part I agree with the never gamble part. But it can be fun to go to the Casino with a bunch of friends with say a $20 limit.  It can make for an entertaining evening. 

sure, i guess sociable gambling is OK with friends at a casino but when you're sweating it out with all your money going to go busto or make it then where's the fun in that?

in this day and age, you have to think long term.. gambling is fun and all, but imagine if BTC went up to $10,000 per coin.. you'd think to yourself "i gambled away $16,000.

I gambled away at least 10 BTC in the past. So much regret. (This was when coins were between $2 and $15).

it's ok.  tomorrow i will be starting the 2450 btc public fund. 

All gamblers lose eventually.

You can verify this by measuring the size of the casino industry.

the old saying, "they didn't build vegas on winners"

Yeah, I'm just going to have to take it as a 900 dollar lesson. Oh well, it could always be worse, right? I have always gambled "just for fun." But I don't know... this last session I was just gambling a little more aggressively than I normally do, and I paid dearly for it.

Oh well, it's not the end of the world!  ¯\_(ツ)_/¯

imo i consider any bets where you are not more sure than 50% + house fee = gambling, since the odds are that you are gonna lose. if you're good with keynesian statistics or some form of logic, then do it.. but not impulse, because that's just stupid.

Casino always wins!

You needed some courage to confess here your loss, usually people don't do that. I hope you have the same courage against any stupid thinking like recovering your loss gambling again.

Considering I've lost more than 10x that, I know how you feel. I figured never gamble too much so you'll feel bad if you lose it, now I just play with $5, $10, something that I can throw away without care.

You dont gamble with money you need, you dont gamble to get money you need (as a source) , and you dont gamble to recover back your loses.

Simple rules but effective, next time try at least sport bets, there you have more chances

casinos only lose sometimes, and when they do, they ban you for life.

Not sure, but many people keep doing it in those situations.  I guess they're addicted though.  My buddy works with a guy that earns pretty decent money. He's a concrete mixer driver.  He gets paid on Friday and heads straight to the Casino.  He also plays a tonne of Keno at the pub.  He will call my buddy and go on about how he just won $1000 bucks or whatever the big winner is.  He doesn't take into account it cost him $1500 to win $1000.  Anyways, he's usually broke when he comes into work on the Monday looking to borrow money for food.

Should not gamble what you can not afford to lose.

At least you didn't lose 8 BTC like me. BTC that I needed to pay my university tuition no less. It will feel like shit and you will feel like a fool for a couple of days, but it will go away and you will remember it and laugh. You'll get over it. I did  :D

When you start gambling that much, you know there's a big problem. I personally don't gamble at all (aside from investments), and instead just live vicariously through others. I'd rather risk nothing and lose nothing than risk a lot and win a lot.

It's not a nice feeling.
When you are on-tilt, you need to just walk away.
Never gamble for profit. Only gamble for fun, and with no more than you can afford to lose.
A good rule from the outset is to expect that you will lose all the money you are gambling with.
If you can't afford to lose all of it, stop yourself immediately.

depends on your definition of gambling. dice, craps, roulette? this is gambling? poker -- not so much. i made a good living playing online poker before the dreaded Black Friday hit and threw a monkey wrench in my lifestyle...

Poker is still gambling. It's just considered as a "skill-based" game. We could really say that craps is also skill-based in the same way.

sure, it's gambling in the sense that betting on anything based on probability is gambling. trading equities, or bitcoin, is similar in that way. craps could be seen in the same vein -- though the house has odds on you; the probabilities are always against you. so, in that sense, it is a very different form of gambling and i would say more fitting of the definition.

Ahh, what you mean then is just the house has an edge when "gambling." FWIW, in poker the house has an edge as well: rake and antes (depending on the casino).

yes, but rake is very different than "playing against the house" (with bad odds). in poker, you are matching your analytical/statistical skills against other players. the rake might be more comparable to commission on an equity trade. you are paying the house for their services -- not playing against them.

I know how you feel, I once lost 10k doge, not as much as you, but still bad. Do not gamble, people but if want to, just send your btc to me. :D

That the problem, the bigger problem was that he didn't realize it until it was too late.  I know gambling addiction is apparently a thing, but I don't get it.  Whats addictive of losing everything you have?

I know the same can be said about drug addicts, since it ends the same way, but at least you get high.  I mean, I've tried an arrange of drugs and can see how they could become addictive.  I've gambled, I can't see how that can be addictive.

What is it about gambling that makes certain people grow an addiction to it?  

The lights and sound the machine makes?

When the house have odd against you, the longer you play, the sooner the odd realized itself in the form of losing money.

The rule with gambling is simple and well known: never bet more than you can afford to lose.
But most people just go in rage mode and cannot think about what they are doing.

Thought process is taken over by rage when people gamble.

If everyone think rationally, casino industry won't get this big.

That really sucks man, but you should never ever try to win your losses back.
That is one thing I learned in poker, because if you try to win your money back you just lost.
You are gambling on emotions, and not on rational thinking so you make decisions you would normally not make.
If you just lost just quit and play another day.

Gambling is fun when you know when to stop. I don't have a gambling problem but have lost more before. One thing I say to myself when I am on a loosing streak is: I do not have to winner everything back today, I can keep this loss on my 'tab' and continue tomorrow or next time I am here.

Famous last words.

Well, thats what happen when you gamble. The key is not to gamble any more to make up your lost 1.6 BTC.

Gambling requires a lot of logical thinking and calm nerves , to know when to stop or not. Gambling involves usually "big" risk factor but you should know that there are many many factors that can help you a lot and even get odds on your side. A lot of people who gamble gets into ardor and It will always end up in losing in case you stop at the right time. Professional gamblers knows where to play, what to play, how to play. If you are really smart you can really profit from this, but even people who do It usually learns It the hard way there Is no easy way to this, and others after big lose just stops or play till they lose everything. And If you about to blindly bet you should play with the money you "already lost" or willing to lose. In conclusion I would not recommend to gamble maybe If you want to have some ardor for fun, play ONLY POKER.  ;)

Oh man, I am so broke. I just asked for a small loan (not for gambling) over at lending and they basically told me to kick rocks.

Damn, I just lost all my PayPal coins on some gambling site. I worked so hard selling shit on eBay and what nut, but now I feel like a schmuck.

Now, I'm flat broke, only having a few satoshis to my name. I now feel like fucking a jackass.

My PayPal account is... My Dwolla account is... And, I accept barter if anybody desires to tip me due to my stupidity.

Please do not gamble anywhere on the internet. There is always some way or script which will go on the side of the house - gambling host.
There are some more or less fine sites, but if you gamble, be sure you have some secure level where you stop and try again, so that you have always profit.
I do not know which games you guys play, but it is better to stop several times during the day with small profit, than play for one hour, receive some bad row and then you lose all.
I do not recommend gambling, that I must say laud and clear. Watch out people.
All that what you see on internet about big profits, is maybe just a trick to invite people on gambling games.

Gambling in itself can be fun but there is a weird psychology to it that affects some individuals. I have seen people gamble away 50-60 btc in a few seconds on some of the gambling sites.

telling you do not gamble now will sort no effect. you have only to go ahead and don't forget this hard lesson

this is why i don't gamble....

Gambling is a sure way to lose money unless you're the casino or find a way to cheat or to get the odds in your favor. Dice sites on the internet always have the odds against you. You may get ahead for a short while but the long term trend is going to be your balance going closer to 0 the more time you play.

Once you know this then you won't bet a single satoshi on one of those sites.

Trust me, I knew this when I was betting and losing all my BTC. The problem is not that people don't realize that, it's that human nature makes you think that A) you can win big and stop and B) you HAVE TO chase your losses instead of getting out while you still can. I could've gotten out with half my BTC but instead I kept going like an idiot.

if you gamble, you have to have a better system. google "bankroll management" to see what % of your bankroll you should use on any one bet

That really sucks that you lost all of your btc.

But you did kinda had a gut feeling before I`m sure.. that if you`d lose then you would stop right?

Anyways, I learned from your valuable lesson to never use my hard earned bitcoin unless I have some plan before I go in.

did the SAME exact thing myself about a year ago. never rolled dice like that again....

Haha. The way I look at it though, there is nothing wrong with gambling with money that you can afford to lose. But people like OP (and myself) were gambling with money they couldn't afford to lose.

Low-stakes poker with friends. Everything else can go to Hell. (except Dragon's Tale, where I had the odd opportunity to buy an account once where it was nearly ev neutral and came out ahead, then gave the account back without a second thought)

I remember my first Omaha8 session and sweeping two back-to-back monster posts, both times with Quad Jacks. I thought I mastered the game as I was up over a grand. Later that night I went bust. Now, I can play and beat the game sans even looking at the cards (quasi-literally).

I knew of a team that traveled the country playing $1 slot machines via $2 token with the machine only registering 1 credit ($1), and were making a killing... Til they got arrested - twice. The first time, a judge tossed out the case because he won't accept the fact that the casinos were losing money with such a crazy proposition. The prosecutors did a better job the second time around in getting the charges to stick.

These guys were so good at their craft, that they pulled off this scheme right in front of security that they buddied up with, but would have turned them in if they had a clue as to what was up.

Sans any foreign objects used (just the coins, one a time, played regularly like a normal token), can you figure out how such was accomplished? It's genius once you learn how.

This sounds like advice coming from an online poker player   ;)

When I played dice, I used a variant of Martingale and did alright. Took profits early on every good run because inevitably you always, always end at zero (since you don't have a never-ending roll). Sorry to hear...

Well, I hope you learned your lesson, never gamble.

Well join the club!  Lost around 3btc to primedice (my favourite place to lose). Hope you feel better now   ;D

I feel sorry for you.I guess that's why gambling in prohibited in my religion Islam.

Oh really? I didnt know gambling is religion specific.

So what happens if you are from Islam, american born raised and you gamble? do you go to hell or something?

Or is it more of a shame on your kind of thing.

A fair number of Christian denominations don't gamble, either, sometimes justified with a story that Jews gambled on how long Jesus would live on the crucifix, which makes it particularly vulgar to some sects. It's basically considered a waste of precious life, and usually harmful to self, sometimes an addiction. Generally, self-harm (and unnecessary harm in general) is considered an insult to God, disrespect toward His creations. He probably won't eternally damn you just on that, though (for those believing in Hell). Fwiw.

Never bet what you cannot afford to lose.

Gambling, drinking etc are prohibited due to self harm and other evils associated with them and Islam is same for all its followers living everywhere in world.

i also lost 0.1btc gambling but thank  god ,a power cut saved my rest of money

i made a bet with keithers.. so i may have lost .1 btc. but it's okay, i can deal with losing that. that's the mentality i think the OP should adopt.

Totally agree with that. Unless you have plenty of money waiting to be given out to the casino.

read this story https://bitcointalk.org/index.php?topic=137.0
I'm sure you will feel much better  :)

Why were you gambling when you already had 1.6 BTC? you should have just hodled it. what strategies were you playing with?

Chasing losses will always bit you. I have seen people dropping 10 btc bets on some of these sites.

If you gambled it away wasn't it more like throwing it away rather than losing it since that's what ends up happening to gambling money in the end.  Having said that I lost $3.2K on a bad blackjack hand once.  I was counting on couple decks and I had 20 and dealer had 12... of course 21 shows up ...fuuuu

If you never gamble more than you can afford in your life it will be a very cheap lesson; if you only do your big mistakes once you will become extremely rich and happy

Try to save again and buy some BTC and you will forget about this story


If you play at a casino game, the more you play the more you expect to lose; no betting strategy is going to help your expected return, it can only help having more fun