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Author Topic: Dear Newbies, DONT BET  (Read 1135 times)
nahtnam
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November 23, 2013, 03:29:53 AM
 #1

I dont know how to say this to you... Basically I started winning large amount and i was happy. Then I started stretching my luck and ended up losing 1.1 BTC. The thing is that you may seem that this is just a one time thing and it wont hapen to you, but I hate to break to you but IT WILL. Please do not face the same fate as I did and lose everything! Please avoid betting and losing $900. Although I havent lost any of my money (I hard earned it) it still sucks. Thanks!

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November 23, 2013, 03:44:57 AM
 #2

I dont know how to say this to you... Basically I started winning large amount and i was happy. Then I started stretching my luck and ended up losing 1.1 BTC. The thing is that you may seem that this is just a one time thing and it wont hapen to you, but I hate to break to you but IT WILL. Please do not face the same fate as I did and lose everything! Please avoid betting and losing $900. Although I havent lost any of my money (I hard earned it) it still sucks. Thanks!

Where were you betting?

I'll take freebitco.in's multiply 2x as an example, since you don't really lose money there. It's only fictional money.

You can win lots at first, but on average for every amount you bet, you will lose 5% on average. This is because there is a 500 house edge on the whole 10000 range which you can spin. It's 5% of your total bet.

Not everyone would have been lucky enough to earn $900 and then lose it. You are very lucky indeed. Most people would just lose more and more as they bet more.

I hope you are playing with provably fair games. Either way, provably fair is fair in that it is transparent but it's not "fair as in 50/50 chance" of winning. This is just an example, the odds will usually be provided when you log onto the gambling website.

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November 23, 2013, 03:47:02 AM
 #3

I dont know how to say this to you... Basically I started winning large amount and i was happy. Then I started stretching my luck and ended up losing 1.1 BTC. The thing is that you may seem that this is just a one time thing and it wont hapen to you, but I hate to break to you but IT WILL. Please do not face the same fate as I did and lose everything! Please avoid betting and losing $900. Although I havent lost any of my money (I hard earned it) it still sucks. Thanks!

Where were you betting?

I'll take freebitco.in's multiply 2x as an example, since you don't really lose money there. It's only fictional money.

You can win lots at first, but on average for every amount you bet, you will lose 5% on average. This is because there is a 500 house edge on the whole 10000 range which you can spin. Not everyone would have been lucky enough to earn $900 and then lose it. You are very lucky indeed. Most people would just lose more and more as they bet more. It's 5% of your total bet.

I hope you are playing with provably fair games. Either way, provably fair is fair in that it is transparent but it's not "fair as in 50/50 chance" of winning. This is just an example, the odds will usually be provided when you log onto the gambling website.


I bet on JD. The point of this post was to tell everyone that betting was addicting, and you will play until you lose a great sum. Then you will realize what betting is. I am trying to save people from this fate that I have reached.

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November 23, 2013, 04:00:53 AM
 #4

people won't listen, so there's not much of a point in telling them. they're gonna do what they want to do.

i usually don't bet.. only when i feel the odds are stacked in my favor would i do it. if i had bet on anything recently, it would have been on obama's win over romney.
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November 23, 2013, 04:01:44 AM
 #5

people won't listen, so there's not much of a point in telling them. they're gonna do what they want to do.

And thats what going to get them screwed. I am trying to stop people from losing!

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November 23, 2013, 04:12:58 AM
 #6

I know my "winnings" are nothing like as good as yours (.5 BTC at my peak), I feel like I should second your advice. Even people with a policy of "withdrawing their BTC every 5mbtc" are prone to occasionally losing their cool on an unlucky streak and betting more than they can afford. Don't forget BTC *is* money, not just a representation of your US dollars.
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November 23, 2013, 04:14:27 AM
 #7

I dont know how to say this to you... Basically I started winning large amount and i was happy. Then I started stretching my luck and ended up losing 1.1 BTC. The thing is that you may seem that this is just a one time thing and it wont hapen to you, but I hate to break to you but IT WILL. Please do not face the same fate as I did and lose everything! Please avoid betting and losing $900. Although I havent lost any of my money (I hard earned it) it still sucks. Thanks!

lol, nahtnam, you're the newbie now Tongue
Just-dice really draws in the bitcoin lovers, until we lose it all.  I've lost more than 4 BTC there, which is kinda sad considering that's now over $3000 USD.

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I am trying to stop people from losing!
Tell them to kill themselves then, because in life, you lose.

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November 23, 2013, 04:19:35 AM
 #8

I dont know how to say this to you... Basically I started winning large amount and i was happy. Then I started stretching my luck and ended up losing 1.1 BTC. The thing is that you may seem that this is just a one time thing and it wont hapen to you, but I hate to break to you but IT WILL. Please do not face the same fate as I did and lose everything! Please avoid betting and losing $900. Although I havent lost any of my money (I hard earned it) it still sucks. Thanks!

lol, nahtnam, you're the newbie now Tongue
Just-dice really draws in the bitcoin lovers, until we lose it all.  I've lost more than 4 BTC there, which is kinda sad considering that's now over $3000 USD.

Quote
I am trying to stop people from losing!
Tell them to kill themselves then, because in life, you lose.

Yeah well I value bitcoin much more. I hope I can make it all back. Since its thanksgiving break (1 week of no school), I am going to aim for 2000 posts!

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November 23, 2013, 04:30:13 AM
 #9

betting is almost impossible to win money in the long run
sure you can win some money now but in the end you will most likely lose everything

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November 23, 2013, 04:31:12 AM
 #10

betting is almost impossible to win money in the long run
sure you can win some money now but in the end you will most likely lose everything

Yep. Great you have learnt this (hopefully without losing anything).

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November 23, 2013, 04:36:50 AM
 #11

betting is almost impossible to win money in the long run
sure you can win some money now but in the end you will most likely lose everything

Yep. Great you have learnt this (hopefully without losing anything).

nowadays I only bet from the free bitcoins given here

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November 23, 2013, 04:37:49 AM
 #12

betting is almost impossible to win money in the long run
sure you can win some money now but in the end you will most likely lose everything

Yep. Great you have learnt this (hopefully without losing anything).

nowadays I only bet from the free bitcoins given here

Well thats what I did, except with EXTREME HIGH AMOUNT. I feel like crying. Hopefully I can slowly make it back. Note that I am only 14 and getting my own mac was pretty much my dream.

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November 23, 2013, 04:45:17 AM
 #13

This is really valuable advice

I can only urge folks new to btc to heed it

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November 23, 2013, 04:48:27 AM
 #14

I would disagree; it really depends on your self-control. I bet on sports every day, but do so in moderation, and enjoy it. If you start betting more than you should, then it becomes a problem.


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Soma
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November 23, 2013, 04:50:39 AM
 #15

haha everybody in here (including myself) has a gambling signature. SO PLEASE DONT GAMBLE AMIRIGHT?

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PRIMEDICE
The Premier Bitcoin Gambling Experience @PrimeDice
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November 23, 2013, 04:51:13 AM
 #16

Never get greedy Cheesy when u win some good amount just withdraw it  Cool
nahtnam
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November 23, 2013, 04:52:41 AM
 #17

haha everybody in here (including myself) has a gambling signature. SO PLEASE DONT GAMBLE AMIRIGHT?

Thats to make up what we lost Cheesy

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November 23, 2013, 04:53:56 AM
 #18

haha everybody in here (including myself) has a gambling signature. SO PLEASE DONT GAMBLE AMIRIGHT?

Oh wow, the irony Cheesy I didn't even notice. I never cared for dice, because with that, you can't overcome the percentage in the long term. With sports on the other hand, overcoming ~3% is quite possible, if you are good.


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Soma
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November 23, 2013, 04:54:11 AM
 #19

haha everybody in here (including myself) has a gambling signature. SO PLEASE DONT GAMBLE AMIRIGHT?

Thats to make up what we lost Cheesy

Or support an addiction Cheesy


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Soma
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nahtnam
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November 23, 2013, 04:58:02 AM
 #20

haha everybody in here (including myself) has a gambling signature. SO PLEASE DONT GAMBLE AMIRIGHT?

Thats to make up what we lost Cheesy

Or support an addiction Cheesy

An addiction that hopefully no one gets (and that I have lost)!

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