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41  Economy / Gambling discussion / Re: How much of my salary should I use to gamble on: May 14, 2024, 09:38:06 AM
Answer is in my opinion, consider your country's inflation. If inflation is high enough your money is worthless anyways so you are more safe to gamble it without any issues.

In a way, yes, but also it would be better used in an investment rather than in a casino gamble.

And the faster you do it, the better returns.

Tomorrow's value of that money will be way less than what it is today in a high inflation environment.
42  Economy / Gambling discussion / Re: Gambling Wins: Your Money Was Returned to You. on: May 14, 2024, 09:36:29 AM
~snip~
In fact, winning in gambling is small return for losses that have previously been obtained, even winning can be bad start to losing streak that will be experienced in the coming days, these will always alternate and go hand in hand.
Recovering loss is simply an attempt to lose much larger amount and the small return of existing winnings will never be worth what have lost, but very few gamblers understand this.
When they can be responsible and really understand and study gambling algorithms, they can find all these truths, it's just that it will be very difficult to understand and learn them when the mindset is filled with ambition and emotions to achieve victory.

Gamblers will continue to make mistakes over and over again without any effort to learn and be able to make the right decisions, they will only care about winning without thinking about the risks of each decision they make.
This is one of the reasons why many people state that gambling is not place to make money or place to use it as source of income.

Yeah, gambling is highly addictive, and very entertaining to some people.

The thing is that you need to be careful with it, otherwise it is so easy to spend all your money in it.

The casinos know this, and they will try to keep you there as much as they can.
43  Economy / Gambling discussion / Re: Rich or poor gambler, who should risk more? on: May 14, 2024, 09:35:05 AM
~snip~
that's a nice thought to exercise
I haven't heard of Dennis Ritchie before so I went to check:
https://en.wikipedia.org/wiki/Dennis_Ritchie

programmer that created C language and many other things
that's really nice, thanks for sharing

I think part of our work to make a better society is exactly trying to align incentives so those who provide value get paid for it.

Yeah, almost no one in the world knows about Dennis Ritchie, even though most people use something that was created thanks to him at some point.

Many products from Apple for example were only possible because of many inventions from Dennis. But most people only think of Steve Jobs.

I think there is a place for everyone. Not everyone wants to become ultra rich. Some people are happy giving value for nothing, it's like playing.
44  Economy / Gambling discussion / Re: Why the rich win gambling more than the poor. on: May 14, 2024, 09:32:31 AM
~snip~
In this case, it can be easily said that both are taking the maximum risk of money from their respective positions and both are satisfied with their position by taking the maximum risk of money. If one person has a total of ten dollars and the other person has a total of one dollar, these two people will gamble based on their money. I have a dollar I used 10 cents to gamble and using 10 cents I gained 10 cents but my total wealth is 1.1 dollars. On the other hand, the one whose total wealth is 10 dollars used one dollar for gambling and by using one dollar he gained another dollar, but his total wealth increased to 11 times. In this case, two people are satisfied from their respective positions. So you have to try to match these things depending on your total amount of money.

Yeah, fair enough, you can compare what the rich and the poor have outside of the gambling allocated money.

There is clearly a difference there.

But also, the rich person already is rich, by definition, so there is less incentive to play at casinos.
45  Economy / Gambling discussion / Re: If we lose in gambling, what do we need to do? on: May 13, 2024, 07:54:36 AM
Some people have a never-give-up mentality, but this won't work with gambling. People out of their control keep trying, and very few succeed, whereas the majority ends up losing. We should have limits set, unlike winning and losing. This provides a better gambling experience than ending up with a huge loss. Whenever one is experiencing continued loss, it is good to take a break for some time. So that he or she'll have a relaxed mind to gamble later. It is obvious that when a person is gambling after a continued loss, he or she'll have the mind to chase the loss. This is where one should have perfect control.

Yes, it is actually the expected result in the long term to lose more money than what the person wins by betting. It's just math.

The only times a person can end up winning more than what they lose is if they somehow get super lucky once, earning more money than what they have ever spent, and then stopping gambling forever.
46  Economy / Gambling discussion / Re: Why the rich win gambling more than the poor. on: May 13, 2024, 07:53:08 AM
Rich people have enough financial backup so that if they lose a lot of money in a gambling game, they can gamble twice as much again, so that they lose twice the amount they lost in the previous gambling game. Money can profit. Although there are such facilities in the case of the rich, but in the case of the poor, they do not have such facilities because the poor do not have financial solvency, that is why they are poor. When the poor gamble, they will have a certain amount of money to gamble with, and when they lose, they will not have the money to gamble later. In that case, even if there is a chance, they will not be able to gamble later and they will not be able to recover their previous losses. This difference in money is what makes the difference between rich and poor gamblers.

The thing is that a rich person can only gamble more money, but the odds are the same.

Since the expected amount is negative, the rich person will simply lose more money than the normal person.

If a rich person was able to generate more money than what they gamble, then by definition the normal person would also win more than what they gambled.

Think of it as a multiplier. If the person loses money gambling, the rich betting more will lose more.
47  Bitcoin / Hardware / Re: Official FutureBit Apollo BTC Software/Image and Support thread on: May 13, 2024, 07:50:15 AM
~snip~
Yes sorry for the delay on this was supposed to have these out by now but ran into some issues with windows binaries..will at the very least release the linux binaries on Monday.

Are the binaries for Apollo I being updated as well or is that project abandoned?

It's been a few years since the last update.

December 2021: https://github.com/jstefanop/Apollo-Miner-Binaries/releases
48  Economy / Gambling discussion / Re: Do you blame someone for your gambling losses? on: May 13, 2024, 07:47:43 AM
People are greedy and they want to become a multi millionaire with a day with gambling, is it happens but putting yourself under that situation is not good because if you lose after every you have to win big then you will definitely have a strong financial problem.

Most of the gamblers want to have a quick win. That's pretty common in society, no effort and all benefits. That's what most people search for.

They want a pill that solves everything. They are happy to pay money for it. And even if it is simply the possibility of doing it, they are happy to pay for that service.
49  Economy / Gambling discussion / Re: Can Anyone +18 Play Gamble? on: May 13, 2024, 07:46:24 AM
To me anyone can gamble as long as you are up to 15 and above, may not necessarily be  up to 18 because some people really do wise a lot before they are even up to 18 and they may be even careful and more cautious than does that are above 18 and they even do things right and do what will help

Gambling can change how the brain works, and someone that has their brain still under development can be highly addicted to it.

I don't think it is a good idea to have under 18 year olds gambling, because the changes in their brains are way too powerful to control at that age.
50  Economy / Gambling discussion / Re: Gambling Wins: Your Money Was Returned to You. on: May 13, 2024, 07:45:10 AM
~snip~
People do not investigate the gambling site and when they enter into that site they lose a major part of their money but still they gamble because they are examining their fate.
There are also some people who are winning little from gambling but they are not satisfied with such a small amount and they put a huge sum at once in a desire to win all previous lost money but the situations are not cooperating with them so this huge sum becomes a cause of their huge failure.

At the start gamblers are very responsible but when they lose a huge amount then they don't think about the future, money affordability and daily uses but they want to gamble to fulfil their needs and recover their money.

Yeah, it is quite an irrational mindset really...

Many gamblers try to recover their lost funds with the same mechanism that made them lose their money in the first place.

It doesn't really make too much sense.
51  Economy / Gambling discussion / Re: Rich or poor gambler, who should risk more? on: May 11, 2024, 03:09:52 AM
~snip~
true, but sometimes value is intangible or not obvious at first glance
Van Ghog's artwork provides value to all humans but he didn't get rich at all during his life...
I guess it's trickier with art
but even with value it's not evenly distributed, otherwise bankers wouldn't make more money than the carpenter who grow our food (what do you think is more valuable?)

You can create enormous amounts of value for free if you want to (or don't know how to actually obtain payment for it)

For example, the entire modern society relies on a few open source projects that have a handful of developers, which mostly do it for free.

They provide a massive amount of value, for free, or donations based, etc.

The same concept applies.

For example, Steve Jobs and Dennis Ritchie had a very different approach to obtain fair payment for the value they created.
52  Economy / Gambling discussion / Re: Rich or poor gambler, who should risk more? on: May 10, 2024, 11:40:07 AM
~snip~
but, isn't it crazy that mind stuff is so much more valuable than body stuff (physical jobs, let's say)
and how speculation that most of the times doesn't generate anything at all pays way better than teaching or building stuff that truly changes people lives?

the world is crazy sometimes...

Yeah, value is king.

It doesn't matter who you are, if you can provide value, you will be rich.

If you are extremely talented, or smart, etc, but not provide value to people, you won't become rich. That's the reality.

That's just how the world works.
53  Economy / Gambling discussion / Re: Gambling Wins: Your Money Was Returned to You. on: May 10, 2024, 11:38:10 AM
~snip~
all you said is correct because gambling only becomes an issue if you try to lose the money that you cannot afford to rrisk but because of your greediness then you come to happen.
because before you even enter gambling site you knew that there is a small chance of you winning as it happened many times before not even when once or couple oftimes you manage to win .

It becomes a problem when a person pays more than what they are prepared to pay.

It doesn't matter if they are poor or rich, at the end of the day it only matters how much you put in there.
54  Economy / Gambling discussion / Re: A Max Win is the worst thing that could happen to you. on: May 10, 2024, 11:36:31 AM
~snip~
Do you think people won't give their KYC when they hit max win?

They will verify their accounts as fast as possible, even the casino ask documents that they didn't have yet, they will create it in order to withdraw their winnings. But, what if the casinos ask ridiculous or almost impossible KYC like street selfie?

KYC isn't the problem, the casino is.

Yeah, if they require KYC for withdrawal, then they will provide it. That's it.

The thing is that there's no chance that there is a casino without KYC these days.
55  Economy / Gambling discussion / Re: Why the rich win gambling more than the poor. on: May 10, 2024, 11:35:35 AM
~snip~
Not sure if we have the same observation but we are just calling because they are winning hugely but the truth is poor gamblers also winning mostly but the problem is that they are not contented and yeah they wanted to win more and ending them losing everything instead of going home with small winning.

Yeah, the thing is that poor or rich gamblers get the same probabilities.

The math behind it is the same for both of them
56  Economy / Gambling discussion / Re: Rich or poor gambler, who should risk more? on: May 09, 2024, 09:10:44 AM
~snip~
Both rich and poor people suffer almost the same thing when it comes to gambling, losing, and the amount they place on a bet. One thing you need to understand is that if I'm rich, the amount I will be willing to risk will be based on the wealth I have, which is also the same thing that the poor person will do; they will gamble based on what they have and what they can afford to lose.
 
Irrespective of whether the person is rich or poor, if they don't control their gambling, they can still lose it all, losing money without getting it back, and if you, as a gambler, don't draw a line to stop it, it will only lead the person to a day when they will have nothing to place a bet on.

This is true.

At the end of the day what matters is that the expected return of gambling is negative.

That means that the gambler is expected to lose their money over time.

It doesn't matter if you are rich or poor when you start, you will be poor when you end if you keep playing.
57  Economy / Gambling discussion / Re: Are online/crypto casinos the most profitable digital business? on: May 09, 2024, 09:09:13 AM
Online crypto casinos are yes profitable. You have heard the saying that, the house always wins, hence no matter how much is the bet, the casino always make money from all the single bet in the name of housedge. Yes what you need is a big investment and a great team at first. Many big businessman have money to invest, but they don’t know how to manage server and run casinos, hence they are unable to dive into this business. So yes crypto casinos do make tons of profits.

I wonder how it would be to run a casino. I'm sure that the day to day activities are not really about gambling, but probably more about banning people, and marketing to get new people.

I don't think they are constantly evolving, they just buy a few games and offer that. But maybe it depends on the casino.
58  Economy / Gambling discussion / Re: Do you think gambling every day is better? on: May 09, 2024, 09:07:28 AM
Yes, it is really true. When you keep trying something overtime you have a chance of getting it right one day it’s been applying in so many things around us. That is how so many people succeed in whatever they are doing because they keep moving forward and they don’t give up but I don’t see that applying in gambling gambling is something that is very risky, do you need time Make you have the chance of you losing a lot of money, and sometimes you can also win, and you definitely lose a lot of money, but we all pray that our Luck shines because everyone intention and government is to make money

The main difference is that the government usually takes a percentage of the gamble. They always win something, independent of what happens.

The gambler on the other hand wins and loses, based on the random outcome. If the odds are 50/50, the gambler will usually just keep their money in the long term. But the odds are against the gambler, which means that in the long run the gambler will eventually lose all their money. It's just math.

Meanwhile, the casinos, government, and any other middleman that gets a fee from gambling is getting richer.
59  Economy / Gambling discussion / Re: How much of my salary should I use to gamble on: May 09, 2024, 09:04:04 AM
Risk as much as you want. It's not a matter of % of salary but rather height of that salary compared to the %.

Someone who earns $100 a week can't gamble 1% because it's worthless. What are you going to do? Bet $1 on dice every week in hope of getting $2 one day? Cheesy
At the same time, someone who makes $10k a week can easily gamble with 1% because that's first guys total salary.

So, I won't tell you what to do. You have to know that yourself if 1% or 2% of your salary is enough to do some gambling and at the same time not use too much money.

You can bet $1 in some places, and in the end it doesn't really matter how much you bet.

It's just probabilities, and the amount is simply a multiplier of the odds.

The chances of winning in a bet can be modeled with a number between 0 (impossible to win) to 1 (guaranteed win). The amount you bet multiplied by this number will give you the expected amount you will end up with.

You can see that the odds of winning are independent of the amount you gamble.
60  Economy / Gambling discussion / Re: Why the rich win gambling more than the poor. on: May 09, 2024, 09:00:58 AM
Yes to me I do understand that the rich have more chances of playing more and more when they lose they still have some money to dream more and more games have just a few chances of playing after with what they have become afraid of losing the slowdown why the rich continues at last the rich wins that they have more about it it’s just that they level by the poor can give up and gambling because of financial strength to which can give up that way it’s all depends on it

The thing is that you can always bet more every time.

That means that a poor person can bet say $10 a time, but a rich person might bet $1,000 every bet.

This basically means that both might end up stopping after the same amount of bets.

They won't have more money to bet, but they probably spent the same amount of time there.
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