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Josepht (OP)
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April 19, 2014, 10:13:52 AM |
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I don't know if this is the right place, but I wanted to share this with you. I want to give you a little advice: don't use the martingale betting system. I just visited just-dice.com and noticed this user:  |
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Pony789
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April 19, 2014, 10:56:39 AM |
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Wow, she just lost 127.5 BTC in 30 seconds  |
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Light
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April 19, 2014, 11:03:09 AM |
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Wow, she just lost 127.5 BTC in 30 seconds Well that's degenerate gambling for you. I mean she literally burned $60,000 USD in under a minute which I'm pretty sure some people would explode over. Anyways, it only goes to show there's never a 'system' mathematics and probability will always get you in the long term unless you manage to get out with a profit and run. |
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Pony789
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April 19, 2014, 11:05:10 AM |
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Wow, she just lost 127.5 BTC in 30 seconds Well that's degenerate gambling for you. I mean she literally burned $60,000 USD in under a minute which I'm pretty sure some people would explode over. Anyways, it only goes to show there's never a 'system' mathematics and probability will always get you in the long term unless you manage to get out with a profit and run. Unless you are the house, and probability will be on your side  |
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Caesium
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April 19, 2014, 11:28:38 AM |
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That's not even my money and I still feel a little bit sick looking at that  I went through a (very short) phase of trying gambling systems but fortunately it was a lot less than $60k lost to stop :p |
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icey
Legendary
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Activity: 1578
Merit: 1000
May the coin be with you..
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April 19, 2014, 12:22:01 PM |
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ouch, That's some serious money. I wondered where all the profit came from this morning, I guess this is my answer!
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Shogen
Legendary
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Activity: 966
Merit: 1001
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April 19, 2014, 01:23:30 PM |
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That's pretty insane. A martingale with base value at 0.5 btc.
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Caesium
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April 19, 2014, 01:25:17 PM |
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That's pretty insane. A martingale
Fixed that for you |
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seandaniel
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April 19, 2014, 06:07:06 PM |
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all i can say is OUCH..
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Evil-Knievel
Legendary
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Activity: 1260
Merit: 1168
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April 19, 2014, 06:09:56 PM
Last edit: April 17, 2016, 09:43:49 PM by Evil-Knievel |
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This message was too old and has been purged
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Josepht (OP)
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April 19, 2014, 06:43:08 PM |
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What a highly unlikely loss streak. I would go ahead and carefully double check the "provably fair values". It is going to be alright, I would still double check ... "just in case". Why is this highly unlikely? Losing 8 times in a row is just normal. It happens on average once every 256 times. |
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Financisto
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April 19, 2014, 09:11:47 PM |
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What a tragedy: thousands of $$$ turned into dust within seconds... |
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Josepht (OP)
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April 19, 2014, 09:24:02 PM |
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What a tragedy: thousands of $$$ turned into dust within seconds... Into dust? Is is transferred to the investors of the site. |
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Financisto
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April 19, 2014, 09:41:29 PM
Last edit: May 19, 2015, 06:26:02 AM by Financisto |
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Poor mary lou...
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TwinWinNerD
Legendary
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Activity: 1680
Merit: 1001
CEO Bitpanda.com
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April 19, 2014, 11:34:39 PM |
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Well, I guess if you gamble with >100 BTC you know that there is the risk of losing it all, right?
Then I don't feel so bad, also she had 100 BTC to begin with, can't be that poor!
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xetsr
Legendary
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Activity: 1120
Merit: 1000
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April 19, 2014, 11:45:28 PM |
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Was the 64 one the final roll? Should have started out smaller if that's all she had for martingale.
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DiamondCardz
Legendary
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Activity: 1134
Merit: 1118
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April 19, 2014, 11:46:14 PM |
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Strange, although it doesn't change anything it's unlike the human mind to decide that after getting a low your best bet is to bet low the 2nd time round. If she didn't change at all that losing streak wouldn't have happened.
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BA Computer Science, University of Oxford
Dissertation was about threat modelling on distributed ledgers.
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zolace
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April 20, 2014, 12:49:46 AM |
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See as long as there is a max profit you cant beat the house. its not only edge that effects you, is the Max limit, the amount of money you have to bet. if the investment is 31,000 you will need a max cap of 1 million to beat the house. Since Dice sites have limites I dont bet is only good to do small bets
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TwinWinNerD
Legendary
Offline
Activity: 1680
Merit: 1001
CEO Bitpanda.com
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April 20, 2014, 12:55:53 AM |
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See as long as there is a max profit you cant beat the house. its not only edge that effects you, is the Max limit, the amount of money you have to bet. if the investment is 31,000 you will need a max cap of 1 million to beat the house. Since Dice sites have limites I dont bet is only good to do small bets
What if I told you that you can't beat the house even if you had no maxbet restriction? http://en.wikipedia.org/wiki/Martingale_%28betting_system%29 |
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Light
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April 20, 2014, 01:26:35 AM |
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if the investment is 31,000 you will need a max cap of 1 million to beat the house. Actually, that maximum may not be enough - you'd need an infinite amount of money and a limitless maximum bet in order to be able to guarantee a profit. Unlikely as it is, it is possible to lose n times in a row (probability prior to rolls occurring is 1/(2^n)), so unless you have money to cover the previous loss (ie infinite) you'll eventually bust in the long term. |
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