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Author Topic: I made 100BTC with Satoshi's dice. Is this normal?  (Read 13985 times)
Shadow383
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July 21, 2012, 08:05:20 PM
 #41

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.

What kind of reserves do you need to run the site?

Also, couldn't help but notice that someone making the max bet on the 64000x multiplier would win 3200BTC if they won  Shocked
Do you have enough to pay that out instantly?
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wachtwoord
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July 21, 2012, 08:15:16 PM
 #42

But how much did you lose?


(sorry had to ask Tongue)

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July 21, 2012, 08:18:13 PM
 #43

The warning on SD says that you need a wallet that can receive from the same address that you send.  I have Bitcoin-QT.  Anyone know if that'll work?
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July 21, 2012, 08:23:38 PM
 #44

Yes it will. With any full client you onw addresses you use to send (they are in your wallet.dat file). It can only be problematic with online wallets where you don't actually have wallet software running yourself.

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July 21, 2012, 08:27:24 PM
 #45

Yes it will. With any full client you onw addresses you use to send (they are in your wallet.dat file). It can only be problematic with online wallets where you don't actually have wallet software running yourself.

blockchain.info wallet actually can receive bitcoins from SD, it even has links to dice set up or something like that (haven't used it myself). But since he's asking about official client it doesn't matter that much :p
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July 21, 2012, 08:29:38 PM
 #46

That's true. I said it can be problematic (depending on the online wallet).

VelvetLeaf
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July 27, 2012, 09:19:13 AM
 #47

Well, you guys were right. I ended up losing it all in a couple big bets, then I got back up to 30 BTC before losing most of it with the martingale strategy. Now I'm at zero. It's a weird feeling, to go from $0 to making $1000, then back to zero in a few days. Maybe I'll try Satoshi's dice again, but I've learned to quit while on top, since it's incredibly easy to lose massive sums of bitcoins QUICK.

I guess I just answered my original question. This is how the site stays afloat.

Which multiplier that you use ?
50.0000%, 1.957x
73.2422%, 1.33x
79.3457%, 1.235x

I just tried this SatoshiDice and it's damn addictive.
Should've stopped while I'm winning but the addiction is already flowing in my blood Grin
Tried twice, still winning so far with that 73.2422% percentage.
Quit or not, quit or not,  Huh Huh Huh

BTC : 1GN81dxzxyFPQsyAtdocXr5S9Mcg4wcfFG
LTC : LgmYvXsYXc4xdjsMKXJWqtagxVvioK6iaw
FC : 6dpSnKMtttUUYzaRu1EB7Lu18PBRVHU3V7
TingCoin
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July 27, 2012, 04:16:19 PM
 #48

Me and my bud played some Satoshi with 1.99 coin, aiming for 6. We were doing a variation of all bets,  mainly the 25% 30 odd % and 50%. Had a lot of fun, got to 4.6 then back to 2.08 and stopped.

I'm an online poker player whose made £700 from a bit of casual and often play over the course of the year. Been a poker player for a very long time - and the key to winning is self control. When I have a big loss, I won't play for up to a week till I feel confident again to avoid playing on tilt.

I'm definitely going to play Satoshi again in the future when I'm in the mood. I know it favors the house but who cares? Bit of fun init Smiley.

Are their any good online poker sites which use BTC, and have proper algorithms and a large playerbase? It's always a bitch having to wait 6 days to pull my money out - and BTC is near instant! Never really thought of searching for some poker bitcoin sites...
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July 27, 2012, 04:31:27 PM
 #49

I've personally lost 8 or 9 50% bets in a row doing manual Martingale on Satoshidice. Luckily this was when I started at .1 BTC.

The real problem with the Martingale strategy is this: Either you or Satoshidice has a limit. Let's say you start with 1 BTC, then 2, then 4, then 8, etc. You're willing to keep going up to your limit, say 128 BTC is all you have (or all that Satoshidice will let you wager at once).

That means that each round of run-until-you-win-or-bust is essentially wagering that 128 BTC for a possible winning of 1 BTC. (minus house take & tx fees.) So, if you bust at 128 after 8 straight losses, there's a .5^8 or 1 in 256 chance of losing everything, and a 255 in 256 chance of making 0.78% (minus house take and tx fees).

So it's really not any better than betting on one of the high-probability, low-win-ratio games.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
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July 27, 2012, 06:11:57 PM
 #50

It's much much simpler to see why Martingale is a losing strategy when applied to a game in which the house has an edge. When you play a game which in isolation has an EV (expected value) of less than the amount your wagering any permutation of such bets can never magically become a bet with a positive EV. Your merely playing with variance Smiley

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July 28, 2012, 03:14:08 AM
 #51

It's much much simpler to see why Martingale is a losing strategy when applied to a game in which the house has an edge. When you play a game which in isolation has an EV (expected value) of less than the amount your wagering any permutation of such bets can never magically become a bet with a positive EV. Your merely playing with variance Smiley

What about changing bet value ?
I keep winning 4 times in a row with 73% chance, and I have a feeling I will lose on the 5th bet but I read somewhere that changing your bet value isn't good.
So I didn't change it and as expected, I lose.
If I reduce the bet to 25% I will minimize my loss.

BTC : 1GN81dxzxyFPQsyAtdocXr5S9Mcg4wcfFG
LTC : LgmYvXsYXc4xdjsMKXJWqtagxVvioK6iaw
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Deafboy
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July 28, 2012, 04:03:19 AM
 #52

I've never been into gambling, but after trying the php bot mentioned above (just because I think automating any task increase the coolness factor to over 9000) and winning more than 100% of the original value.. the temptation is so strong!
I'm not sure what's so special about SD... maybe the fast speed ensure the dope of adrenalin every few seconds Tongue
dooglus
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July 28, 2012, 05:25:42 AM
 #53

I've never been into gambling, but after trying the php bot mentioned above (just because I think automating any task increase the coolness factor to over 9000) and winning more than 100% of the original value.. the temptation is so strong!
I'm not sure what's so special about SD... maybe the fast speed ensure the dope of adrenalin every few seconds Tongue

* Almost instant feedback
* Provably fair
* Low house edge

A winning combination.

wachtwoord
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July 28, 2012, 08:59:31 AM
 #54

It's much much simpler to see why Martingale is a losing strategy when applied to a game in which the house has an edge. When you play a game which in isolation has an EV (expected value) of less than the amount your wagering any permutation of such bets can never magically become a bet with a positive EV. Your merely playing with variance Smiley

What about changing bet value ?
I keep winning 4 times in a row with 73% chance, and I have a feeling I will lose on the 5th bet but I read somewhere that changing your bet value isn't good.
So I didn't change it and as expected, I lose.
If I reduce the bet to 25% I will minimize my loss.

If every single bet you can make has a negative EV (cost larger than profit in the long run) how would changing the bet value make it long term profitable? Answer: it cannot. It's just another fallacy.

SRoulette
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July 28, 2012, 12:46:03 PM
 #55

That is an amazing run with a traditional martingale strategy, congratulations.

stoppots
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July 31, 2012, 03:20:19 PM
 #56

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?

shill much?

https://bitcointalk.org/index.php?action=profile;u=57646;sa=showPosts
dooglus
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July 31, 2012, 04:00:47 PM
 #57


What's your point?  His only 7 posts are on this thread.  Is that suspicious?

stoppots
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August 01, 2012, 12:01:15 AM
 #58


What's your point?  His only 7 posts are on this thread.  Is that suspicious?

Wouldn't call it suspicious. His 7 post are in the thread he created titled,

"I made 100BTC with Satoshi's dice. Is this normal?"


Is this normal?

My point being its shilling.
Scott J
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August 01, 2012, 12:18:03 AM
 #59

Me and my bud played some Satoshi with 1.99 coin, aiming for 6. We were doing a variation of all bets,  mainly the 25% 30 odd % and 50%. Had a lot of fun, got to 4.6 then back to 2.08 and stopped.

I'm an online poker player whose made £700 from a bit of casual and often play over the course of the year. Been a poker player for a very long time - and the key to winning is self control. When I have a big loss, I won't play for up to a week till I feel confident again to avoid playing on tilt.

I'm definitely going to play Satoshi again in the future when I'm in the mood. I know it favors the house but who cares? Bit of fun init Smiley.

Are their any good online poker sites which use BTC, and have proper algorithms and a large playerbase? It's always a bitch having to wait 6 days to pull my money out - and BTC is near instant! Never really thought of searching for some poker bitcoin sites...
I have been playing on SealsWithClubs.eu recently; every Sunday they have a 60 BTC guarantee tournament.

I bubbled last time  Angry

payb.tc
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August 01, 2012, 12:39:35 AM
 #60


What's your point?  His only 7 posts are on this thread.  Is that suspicious?

Wouldn't call it suspicious. His 7 post are in the thread he created titled,

"I made 100BTC with Satoshi's dice. Is this normal?"


Is this normal?

My point being its shilling.

according to mtgoxlive + google, 100 btc is exactly 11802.8 shillings.
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