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Author Topic: Gambled away my tuition bitcoins  (Read 4215 times)
the joint
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March 21, 2014, 10:46:17 PM
 #61

Man, I remember my Martingale days...

After ~3,000 bets, I had lost, won, lost, won, and lost again ~40 BTC only to be lucky enough to recover most of it.

If you don't think you can flip 16 heads in a row, give it a few thousand go's and you'll be surprised.

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LostDutchman
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March 21, 2014, 10:50:20 PM
 #62

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 7.7 bitcoins, which would currently equate to about 6000 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 is the image of my loss (-7.7btc).

http://i.imgur.com/RjPodBl.jpg

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.

edit: updated to final lost value of money from 5.7 to 7.7 I'm a broke ass fool.



Yep but don't feel to bad.

Most of us have done such silly shit as this.

Learn and don't do it again.

My $.02.

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Taras
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March 21, 2014, 11:56:30 PM
 #63

You know, it's crazy how we get so full of ourselves.
I lost half my cash going from .7 to 1.0 because I thought I was invincible.
I made it to .985 and then down down down.
Ah BitVegas I miss you. Or do I?

I always broke even in the long run. I don't bet any longer.

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March 22, 2014, 08:21:25 AM
 #64

Gamblers can have a problem, however, without being totally out of control. Problem gambling is any gambling behavior that disrupts your life. If you’re preoccupied with gambling, spending more and more time and money on it, chasing losses, or gambling despite serious consequences, you have a gambling problem.
If you walk down a UK high street all you see is betting shop after betting shop. They rake in millions every day. That money comes from Punters who have no chance of winning in the long run. Simple DON'T BE A FOOL
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March 22, 2014, 08:31:39 AM
 #65

You guys resurrected my shame thread!  Embarrassed

Thankfully I haven't touched any gambling for almost two months now so I think I cured myself. It's still really shitty when I remember that I wasted away most of my money but it's gotten better with time.

All we have to decide is what to do with the time that is given us - Gandalf
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March 22, 2014, 11:05:08 AM
 #66

INTJs should know better than to gamble... being good with facts and logic, here are the facts:

The house always wins, the only real chance you have is if you play blackjack and count cards. Other then that, it's all up to chance.

This can be demonstrated without losing much at all.  There are a number of sites you can play with fake money for free that have the same payouts as a typical casino slot or keno machine... watch as you slowly lose all your money.

Go to a casino, play a keno machine, and bet only a nickel per hand... sit there for hours... play thousands of hands...  you'll probably end up down some money, and if you didn't, you just got lucky. The numbers generated are completely random.. the payout is designed so that the odds of winning are factored in and a certain 'percentage' comes back to the player.   I walked out with a free crab leg meal and 10 bucks today from my bi-weekly visit to the casino for some chow and thought I came out well. I  usually lose my 5 bucks and leave like clockwork.

For those who insist on gambling with machines, the best chance you have is to pick the highest progressive jackpots you can find and bet to try to win them... but don't forget about the taxes you'll have to pay for winning such large amounts.

Bottom line... don't gamble. Buy something that will retain or increase in value instead, like platinum, palladium, guns, land...

By the way... for those who like  poker, here's a little known game confined to around where I live called silverado stud for you to enjoy for free with fake money.  Every time I've played this unique and rather enjoyable poker game I've drained my fake money balance to zero. Smiley

http://www.silveradostud.com/HowtoPlay.htm
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March 22, 2014, 11:47:31 AM
 #67

Gambling never pays in the end
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March 22, 2014, 12:01:23 PM
 #68

Gambling is only for recreation. Do not treat it as a source of money. If you don't have money better don't gamble at all.
LostDutchman
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March 22, 2014, 03:13:28 PM
 #69

You guys resurrected my shame thread!  Embarrassed

Thankfully I haven't touched any gambling for almost two months now so I think I cured myself. It's still really shitty when I remember that I wasted away most of my money but it's gotten better with time.

Hey, a little rminder now and again never hurt anyone!

Thanks for your kind reply, live long and prosper!

My $.02.

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Emill
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April 04, 2014, 01:23:47 PM
 #70

You guys resurrected my shame thread!  Embarrassed

Thankfully I haven't touched any gambling for almost two months now so I think I cured myself. It's still really shitty when I remember that I wasted away most of my money but it's gotten better with time.
That's nice to know, gambling is a tough to crack. I wish you good luck  Smiley
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April 04, 2014, 06:21:03 PM
 #71

It Happens all the time with gambling u should not spend what u cant afford to lose

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April 04, 2014, 07:11:30 PM
 #72

It Happens all the time with gambling u should not spend what u cant afford to lose

Yes thats true, but it is a fine line...because it isn't really gambling unless you risk enough to make it sting at least a little if you lose. 

The problem with gambling is that the thrill of victory isn't nearly as strong as the agony of defeat.
Bitcoin Magazine
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April 04, 2014, 07:33:20 PM
 #73

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 7.7 bitcoins, which would currently equate to about 6000 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 is the image of my loss (-7.7btc).

http://i.imgur.com/RjPodBl.jpg

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.

edit: updated to final lost value of money from 5.7 to 7.7 I'm a broke ass fool.



i'll sell u 7.7 satoshi coins for 0.00000004.  they are worth the price of a BTCitcoin, and my site also supports Satoshi dice and other fun games in the works (like Beehive mario)

i am here.
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