I've been wondering for a long time about long term gambling profit myself. Recently I came across very interesting research done by Wall Street Journal.
The Wall Street Journal summarizes the results of two years worth of data from thousands of online gamblers playing virtual casino games and here is the result:
"On any given day, the chances of emerging a winner aren't too bad - the gamblers won money on 30% of the days they wagered.
But continuing to gamble is a bad bet. Just 11% of players ended up in the black over the full [two year] period, and most of those pocketed less than $150."
These numbers apply whether you're playing blackjack and roulette online, or in person at a casino. A change of location will not improve the statistics for you.
In other words, you'd be far better off financially picking up a single penny off the sidewalk, and then doing nothing else for two years, than you would be by gambling continuously for two years, even if you consider yourself the embodiment of luck itself.
But the house edge does matter. You can improve your odds by playing a smaller house edge game. In bitcoin, to my knowledge, the dice sites are your best bet to achieve that. |
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There are such a big market for entrepreneurs who can offer payment for services on here and so many desperate unemployed people or people willing to work for peanuts, that it's
Yes but isn't that the cause of the faillure of the system Bitcoin intends to supercede? If you pay peanuts... Sorry but prices and wages are determined by the free market and the supply & demand relationship. We all want more income for workers but if the market cant provide it, it is not possible. Minimal wages are an illusion can can only be done with printed fiat money. With real bitcoin money, you need real labour and productivity to earn more! |
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I think gambling will not provide full-time jobs. The only job leisure.
Who said here anything about full time jobs? I was only saying that you can be profitable if you are lucky. It all depends on luck. You can win big once, or you win small for longer, but the same goes for losing too. This is what differentiates losers from winners:  |
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And China will care because? China has an ambition to to kill off the US petrol dollar/reserve currency and replace it with their own. They are accululating tonnes of gold every month with the possibility of launching a gold back currency, like every reserve currency before the dollar sooner or later the US's turn will come to end.  Well they invested billions in the US and havent got anything but crappy low interest on it. If they cant recover their capital they will be angry. However it might not affect their economy, but it will their diplomacy. If China would sell all their US bonds that could collapse the US economy, but I dont think China wants that, after all they do exports to the US. So they have a strange relation, they both hate eachother, but they both depend on eachother. |
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Any other tips guys? I put all my ideas out there, let me know if you have other bitcoin earning methods to share with newbies!
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The will lift this to $20,000,000,000,000 or $21,000,000,000,000 very quick as usual.
A lot of noise but there will be no impact. This is now going on since some years and there was no effect at all (despite higher debt levels of course)
Until a few of the lenders want payment. The current situation cannot carry on indefinitely and sooner or later the house of cards will fall. Like china ? They do hold alot of US debt, and if they demand payment and US cant pay, it will put extra tensions between them. They already have big tensions between them. But the normal bond investor will definitely be wiped out (so pensions, savings accounts, and other low risk investments will be wiped out) |
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The will lift this to $20,000,000,000,000 or $21,000,000,000,000 very quick as usual.
A lot of noise but there will be no impact. This is now going on since some years and there was no effect at all (despite higher debt levels of course)
Remember the last crisis almost wiped out all banks, and it was only the FED's quick intervention that saved them. The next crisis will be the big one. Which could come as early as next spring, or after US elections (as no politician wants crisis on their election day) |
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I might be amateur to this but I think a larger blocksize will eventually be needed. Perhaps not forcing the network, but later on adopting it.
Of course the longer we wait the harder will be to convince miners, so its a big organization problem.
C`mon it's 2015 everybody has atleast 1 mb/s internet, they can download those stupid blocks in 10 minutes easily.
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learn to compromise ?
Sorry I dont compromize with childish people, it's not my style. If I want an intelectual debate, then there are some standards people must follow. If I want to talk childish , I go into a bar full of drunk people. |
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To think that not so long ago I was paid 50 BTC for two hours of work.
Damn!! This post is only 4 years old and yet it feels like from a different time altogether  Those simple characters '50 BTC' carry so much more weight these days. To think that he was doing the same comparison I'm doing now lol  I just love how most of the posters from page 1 quit after 2011-2012-2013. Hardly a few of them are still here and are hero members. The rest of them shilled for bitcoin so hard, yet they quit 1 year after like some cowards they are. |
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Flat betting would be just as hard as using any system, it actually seems that flat betting it's way harder because you only win the same amount of money in each of your bets, you would have better chances using a risky method because when you get lucky you win a lot, of course you have to be extremely lucky.
Actually from a risk standpoint, flat betting is the most efficient strategy. Sure you can use martingale or all-in if you want the big buck , but in terms of survival rate, flat betting is the only option. |
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BTC could go up alot but not in the next 3-4 years.
Project back in time 3-4 years. Make that same statement at that time. Was just as logical then as it is now. But you would have missed that express elevator. Just like your attitude will have your future self kicking you for missing the next. Hold on a second, I hold btc and will earn a lot in the future. So if btc will go up alot i`ll become rich. I wont miss the next train. I just said to him to not waste time. Waiting 10 years for something is foolish, better work on it to get more btc. |
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I`m still waiting for a lightweight client, perhaps if you can get it touch with electrum's devs ,they could implement it.
Just my 2 moneros.
I just use https://mymonero.com/ and https://monerodice.net/ for storage at the moment and get a bit of ROI bankrolling the house. A webwallet is not as secure as a lightweight. Plus I want to keep them offline and use the lightweight to broadcast the TX. |
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Do you think that a 30 year old will be able to retire in 10 years with about 20 BTC? I cannot stand a single day at work, too much stress, I just need more free time, I cannot develop my hobbies, I suffer from anxiety, please help me BTC  How about you develope some bitcoin earning method. Sitting on your BTC is just waste of time. Invest them or earn new BTC. BTC could go up alot but not in the next 3-4 years. |
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i do not understand why you guys always respond to those trolls. just ignore them. it is not worth the time and it will not change their mind.
I am trying to put forward reason and evidence in favor of NXT. But yes trolls seem to regurgitate the same stuff over and over again, plus this is not an ETH thread. So i think the OP should moderate it and delete all other altcoin posts. |
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OK, I should have used the term overpriced. My apologies  What I'm getting at is that if we look at your data, we can see that forum activity hasn't increased in line with the price vs before the $1200 bubble. To be fair it was even more out of whack during the bubble peak, but we're still behind on forum activity compared to price. It's not a small difference either. So what concerns me is that the community/buzz may not have grown in scale with the price, indicating a market cap that still hasn't fully settled after the bubble and therefore a high price vs 'value' ratio. Sure the value/useage has gone up steadily, but the price increased exponentially in a very short time, so has it been enough? If anyone is really motivated they could survey as many bitcoin communities as possible to get a better idea on where we actually are in terms of userbase (and therefore base value), because it's likely that other sites are getting more % of users as time goes by. But this forum doesnt make up all bitcoin. There are the vendors and the other websites where you can use bitcoin. So that is why the correlation is not perfect, because there is more to bitcoin than just this forum. |
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as one of the existing elite...didn't tim draper purchase 30000 bitcoins at auction for around $600 each. granted it was a miniscule part of his net worth and surely hes not panicking. I would think most who invest in bitcoin feel its a long term play and would not panic. Those who trade...it may be another story entirely.
I actually think its good if you are a bit in a drawdown. Why? Because then you will do anything to help bitcoin price rise. And actively involve yourself to build bitcoin. If you are always in profit, you dont care about bitcoin anymore and you become a freeloader. |
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Everyone on this site needs a dictionary.
It is POSSIBLE to win gambling on -ev bets (blackjack, roulette, dice) whatever.
That does not mean it is PROFITABLE LONG TERM. Words have meaning.
If you get a powerball ticket on your 18th birthday for free and win 100 million dollar jackpot and never spend a cent gambling for the rest of your life you will have made money on -ev bets. That doesn't mean powerball is profitable long term.
Self control has nothing to do with it, if a bet is -ev, it isn't profitable long term, if it's +ev it is.
Ok but it's still possible. I added a picture illustration so that it is easier to visualize what I`m talking about. |
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That's what I'm always saying. If you really only invest that money what you don't need to care about, there is absolutely no reason to freak out when BTC's price tanks. Just sit it out.In the long run we will succeed and be glad that hodling was the right decision.
Yea the higher the risk, the less capital should be invested. Those that put all their life savings into btc at 500$, and the price went to 1100 and didnt sold, then went down below 300, they panicked and sold at 300$. Now they are angry at bitcoin because they lost almost half of their savings. But they should be mad at themselves. If they would just bought a little bit then it would not be big deal. If you bought for 100$ when the price was 0.5$ , 200 BTC. You have no reason to sell, because the price can go up to 50,000$ and you will be amongst the elite. |
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The google trends high a new high between 1-7 november, now the interest is going down.
So many opportunists only looking for bitcoin when the price goes up. Thus we need the price to be high in order to find more people.
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