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Author Topic: Gambled away my tuition bitcoins  (Read 4215 times)
oprahwindfury
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January 29, 2014, 07:33:46 AM
 #21

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.

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January 29, 2014, 07:40:05 AM
 #22

Don't gamble what you can't afford to lose.
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January 29, 2014, 07:45:12 AM
 #23

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.

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January 29, 2014, 08:12:09 AM
 #24

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!

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.
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January 29, 2014, 10:17:45 AM
 #25

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

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.
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January 29, 2014, 10:18:31 AM
 #26

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!

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.

Simple truth. Good to share it though Smiley
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January 29, 2014, 12:15:46 PM
 #27

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 6 bitcoins, which would currently equate to about 4,800 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 are images of the majority of the dice bets. (-5.57 total bitcoins) http://imgur.com/a/taf7G

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.



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....

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January 29, 2014, 12:18:12 PM
 #28

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 6 bitcoins, which would currently equate to about 4,800 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 are images of the majority of the dice bets. (-5.57 total bitcoins) http://imgur.com/a/taf7G

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.



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.
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January 29, 2014, 12:20:03 PM
 #29

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

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.

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.

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January 29, 2014, 12:22:36 PM
 #30

I really want to know what he's studying.
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January 29, 2014, 12:36:00 PM
 #31

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

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.

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 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.
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January 29, 2014, 12:54:33 PM
 #32

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

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.

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 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 Sad
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January 29, 2014, 01:07:30 PM
 #33

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

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.

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 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 Sad

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.

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January 29, 2014, 01:14:23 PM
 #34

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

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.

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 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 Sad

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.
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January 29, 2014, 01:46:28 PM
 #35

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). 

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.
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January 29, 2014, 04:29:35 PM
 #36

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.

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.

All we have to decide is what to do with the time that is given us - Gandalf
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January 29, 2014, 05:10:04 PM
 #37


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 considering the physical labor involved.

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 Wink


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January 29, 2014, 06:22:34 PM
 #38

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

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.

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January 29, 2014, 07:19:33 PM
 #39

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

On a mission to make Bitcointalk.org Marketplace a safer place to Buy/Sell/Trade
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January 29, 2014, 07:52:26 PM
 #40

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.

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