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

[UnitClick]

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?

[Kluge]

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!

[drakahn]

>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

[Clipse]

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.

[UnitClick]

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. 

[ildubbioso]

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

And how much have you spent?

[Murdaversa]

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. 

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?

[UnitClick]

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

And how much have you spent?

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

[finkleshnorts]

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.

[CoinDiver]

The house should easily beat Martingale with a bet cap.

[doobadoo]

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.   

[nimda]

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

[evoorhees]

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!!!  

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.

[evoorhees]

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.

[elux]

Is this normal?

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

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]

Woah, that's amazing. What was the bet? Or was that from one of the progressive games?

[UnitClick]

Is this normal?

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

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 

[elux]

Is this normal?

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

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 

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

Congrats, by the way.

[UnitClick]

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

[elux]

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