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Author Topic: I made 100BTC with Satoshi's dice. Is this normal?  (Read 13984 times)
UnitClick
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July 20, 2012, 08:14:58 PM
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I bought my first 30 BTC the other day, and decided to try my hand at Satoshi's dice on the 50% slot. Kept betting 3BTC, if I lost I bet 6 BTC, and if I lost that then I bet 12BTC. If I won, I kept betting 3BTC. I believe this is called the martingale strategy. In the last 3 days and over 600 transactions, I've made over 100 BTC. I'm amazed.

This seems incredibly easy and too good to be true. What am I missing here? The coins are confirming and all is well, but I can't imagine how this site stays profitable giving away $1000+ to a user. Does everyone usually win this much?

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Kluge
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July 20, 2012, 08:21:34 PM
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I bought my first 30 BTC the other day, and decided to try my hand at Satoshi's dice on the 50% slot. Kept betting 3BTC, if I lost I bet 6 BTC, and if I lost that then I bet 12BTC. If I won, I kept betting 3BTC. I believe this is called the martingale strategy. In the last 3 days and over 600 transactions, I've made over 100 BTC. I'm amazed.

This seems incredibly easy and too good to be true. What am I missing here? The coins are confirming and all is well, but I can't imagine how this site stays profitable giving away $1000+ to a user. Does everyone usually win this much?
Nope. That's fairly improbable.

Congrats!

Don't mix your coins someone said isn't legal
drakahn
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July 20, 2012, 08:22:43 PM
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>martingale strategy
It could have easily led to a total loss, and, over the long run enough of them do to cover any perceived winnings

though iirc satoshidice was running at a loss for a while, i do not know if that is the case now

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July 20, 2012, 08:28:34 PM
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Martingale strategy is the process of burying yourself into one big pile of shit.

Thats the most direct way of understand what you did on satoshidice.

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UnitClick
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July 20, 2012, 08:30:06 PM
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Martingale strategy is the process of burying yourself into one big pile of shit.

Thats the most direct way of understand what you did on satoshidice.

If that's true, then how did I get 100BTC? I still can't get my head around that.  Shocked

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ildubbioso
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July 20, 2012, 08:35:12 PM
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If that's true, then how did I get 100BTC? I still can't get my head around that.  Shocked

And how much have you spent?


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July 20, 2012, 08:37:40 PM
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Martingale strategy is the process of burying yourself into one big pile of shit.

Thats the most direct way of understand what you did on satoshidice.

If that's true, then how did I get 100BTC? I still can't get my head around that.  Shocked

I believe it was sheer luck, i have messed around with satoshidice from time to time and the results always varied, one time i turned 12 btc into 65btc in a matter of 200 transactions, other times i started with 10 and lost all of it in a matter of 30 transactions... i think its all luck...
can someone else explain anything different?

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UnitClick
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July 20, 2012, 08:38:41 PM
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If that's true, then how did I get 100BTC? I still can't get my head around that.  Shocked

And how much have you spent?



I started with 30 BTC. I made it to 100 BTC without going into the red.

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July 20, 2012, 08:57:43 PM
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I messed around with a geometric progression (the one time I chose to waste my time on dice) where i would bet
1%
2%
6%
18%
54%.

 I made a lot of money, then I lost it all. It was quite addictive, because with each subsequent loss, your possible return multiplies. Great, expensive fun.
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July 20, 2012, 09:02:06 PM
 #10

The house should easily beat Martingale with a bet cap.

http://mises.org/daily/3229
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July 20, 2012, 09:24:05 PM
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I bought my first 30 BTC the other day, and decided to try my hand at Satoshi's dice on the 50% slot. Kept betting 3BTC, if I lost I bet 6 BTC, and if I lost that then I bet 12BTC. If I won, I kept betting 3BTC. I believe this is called the martingale strategy. In the last 3 days and over 600 transactions, I've made over 100 BTC. I'm amazed.

This seems incredibly easy and too good to be true. What am I missing here? The coins are confirming and all is well, but I can't imagine how this site stays profitable giving away $1000+ to a user. Does everyone usually win this much?

Fucking noobs...

I've had nothing but terrible luck at SD.   

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July 20, 2012, 09:26:50 PM
 #12

That strategy will eventually lose when one of these happens:
- You lose all of your money without a win
- You hit the maximum bet cap before regaining your losses

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July 20, 2012, 09:29:03 PM
 #13

As the proprietor of SatoshiDice, I can tell you that because you won that 100btc, my family will now not be able to eat this week. So enjoy your winnings!!!  Cry

Actually, someone won 900btc from SatoshiDice a few weeks ago on one bet. THAT really hurt.

People win and lose all the time on the site, but please remember that gambling should always be considered fun entertainment, never let it become an addiction. Also, for those of you who win money from the site, I encourage you to spend some portion of it in the Bitcoin economy. It helps nurture the ecosystem and Satoshi will bless you with good luck.
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July 20, 2012, 09:35:39 PM
 #14

Oh also, the best way to play SatoshiDice is using an ewallet account from Blockchain.info/wallet.  Inside the wallet, click on the Send Money tab, then on the left side you'll see a SatoshiDice link. The transactions are usually processed faster through this method, and Blockchain.info made a really nice interface IMO.
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July 20, 2012, 09:37:01 PM
 #15

Quote from: UnitClick
Is this normal?

Well, it's 1.9% less normal than to lose 100 BTC. You should probably stop now. Smiley

If not: Be sure to post when you lose.

It's not good to have gamblers speak only when they're on a winning streak.
UnitClick
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July 20, 2012, 09:38:02 PM
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Woah, that's amazing. What was the bet? Or was that from one of the progressive games?

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UnitClick
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July 20, 2012, 09:41:29 PM
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Quote from: UnitClick
Is this normal?

Well, it's 1.9% less normal than to lose 100 BTC. You should probably stop now. Smiley

If not: Be sure to post when you lose. It's not good to have gamblers speak only when they're on a winning streak.

Will do! I'm thinking of stopping when I hit 150 BTC. That'll give me enough bitcoins to buy some cool stuff from the forums and invest some for the long term. That is, if I don't lose it by then. Besides, I wouldn't want to let evorhees go hungry with my luck  Grin

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elux
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July 20, 2012, 09:59:04 PM
 #18

Quote from: UnitClick
Is this normal?

Well, it's 1.9% less normal than to lose 100 BTC. You should probably stop now. Smiley

If not: Be sure to post when you lose. It's not good to have gamblers speak only when they're on a winning streak.

Will do! I'm thinking of stopping when I hit 150 BTC. That'll give me enough bitcoins to buy some cool stuff from the forums and invest some for the long term. That is, if I don't lose it by then. Besides, I wouldn't want to let evorhees go hungry with my luck  Grin

Predicted outcome: Reversion to mediocrity. If sufficiently persistent: House wins by mathematical advantage.

Congrats, by the way. Smiley
UnitClick
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July 20, 2012, 10:01:02 PM
 #19

Maybe you're right, I'm back down to 50 BTC right now. Big bets are terrible when you lose.  Cry I'm still trying though!

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July 20, 2012, 10:09:49 PM
 #20

Maybe you're right, I'm back down to 50 BTC right now. Big bets are terrible when you lose.  Cry I'm still trying though!

Predicted outcome: Reversion to mediocrity. If sufficiently persistent: House wins by mathematical advantage.

If you can't do the math, you shouldn't play the game. If you can do the math, you wouldn't play the game. (Other than for fun, of course.)

This is a bit of a bad sign:

Will do! I'm thinking of stopping when I hit 150 BTC.

Still, good luck!
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