Topic: 2014 USD/mBTC Price Prediction Contest - page 11. (Read 21851 times)

Just got mine in about 30 mins ago.

Looks like the price has squeaked in under 630.95,  which means I might end up with a positive score... 0.1 to be precise

Just finished my prediction. Will send it in a minute!

less than 3 hours to go... I Hope the exchange rate stays below 630.96

I'm about halfway through making the next round of predictions. I don't think I'll change my strategy too much.

EDIT: Done. Prediction sent.

Its looking pretty close!

Stop this rally! I want my maximum points... Exchange rate MUST stay below 630.95 USD 
 
(otherwise, I will get significant less points)

Anyway... Starting to making a draft for the next predictions.
I think I will be even more bullish than in the previous prediction 

New entrants: You have 4 hours to go, to participate in the contest starting from next month!

The entrance fee must be paid now, the prediction submitted before the month changes.

Welcome! 

When we break 530 we seem to be going quite a bit higher soon after.

562.34, here we come! 

This is one of my favourite books ever... http://en.wikipedia.org/wiki/The_Player_of_Games

This is one of my favourite blog posts ever... http://oliveremberton.com/2014/life-is-a-game-this-is-your-strategy-guide/

I used to play a game called earth 2025, and then later another called StargateWars. Both strategy/resource/efficiency type games, huge timesinks. I would spend hours thinking of how to optimise my play. Turn out these are transferable skills.

Money is just a sub game. Complicated by the fact you are compelled by your human desires and emotions to play a less than perfect game. That's just part of the challenge though. Knowing you can't play prefect you have to devise a strategy that still works. When BTC cam along it was like I'd discovered some crazy bonus side quest. Some secrete room that you stumble across in adventure games full of traps and treasure. Its interesting because its fairly easy to do pretty well, but the temptation to do *really* well could make you end up doing really badly.

So far I'm doing pretty well on this sub quest, I think all them years playing games give you a real advantage.

As for this contest, I devised a strategy that maximises my chance of winning. Not just to win the contest itself, but to try and ensure the best overall outcome for me. I placed more importance in winning in scenarios where the prize was worth winning, hence I weigh in heavily bullish in my guesses. My goal was/is if BTC goes nowhere, then I have no chance of winning the $600, but if it goes to $10k I want the highest chance of winning $16k. To win is to understand the scoring system and how best to use it to get points.

Because of the format - i.e. having to guess 8 months out, harvesting big points for black swan type events felt the most statistically sound (most +EV) way to play, especially given bit coins historic price volatility. I also based it on my experience of how people tend to assign probability to events. They often under assign probability to outliers, and over assign to stasis, in particular when long timescales are involved. In the trial round I played this way, because it was a short time. However in this contest the timespan is huge, and so the chance of 'black swan' is far higher than people intuit. Rpteila mentions this earlier in the thread when he talks about the potential for price to be vastly different from where it is now.

For this reason I knew I wouldn't have to assign too much probability to outliers and still be way ahead in terms of points if they came true. I would still have enough to defend from elimination in the case of no price action. Finally, it's impossible to get big points on no price action because everyone is going to cluster their probabilities around the current price, so even if you are right, you are fighting for scraps.

If you can accurately predict where the price is going over 8 months, then you would easily beat my strategy, but the odds are that you can't do that, if the price does start to rise quick I have already locked in big scores from the first round. So even if you assign high probabilities in the coming months, everyone else will be adjusting their distributions upwards too, limiting your winnings.

Its still a way to go and as other players see how I'm playing they might try and adjust accordingly, but I think by then it will be too late. This first month was the critical one, ensuring you get big points for any large movements over the coming months, whilst protecting yourself from elimination if the price doesn't move.

For those who would say this is gaming (well, yeah it is, see first few links!) ...my entries represent the most statistically likely spread of price action imho. That's why I think they are most likely to win. So yeah that's gaming - and I think is ultimately what rpteila wants out of this - the most statistically likely spread of future price action!

I get minus 0.35 for 501.19 through 562.33. I won't complain if it happens though.

Above $891 before the end of the month I'm out of the competition. I'll be quite content with that outcome as well.

I wouldn't mind an exchange rate between 501.19 and 562.33.
In that case, I get 1.97 points

With the current exchange rate, I get only 0.75 points

aha, this seems to be true. Hope I haven't misguided anyone. Sgbett really makes good bets.

Then I'm Glad to see the steady progress since, on this inspired Thread.

Thanks! Lol at my prediction for the test round, it was a semi-joke to show I would "bet" very concentrated. Of course my actual prediction (while still very focused) is far less concentrated

This thread did not exist yet at the time of the test round

Cross-post is fine.

click on the "Quote from: rpietila on Today at 06:51:21 AM" link in the quoted text

edit: around page 143 in that thread

Did I submit a test round prediction? Oh wait, I seem to recall something. Where can I find this prediction? (it was just posted in the open in a thread right?).

I do believe that this RP post should belong here, but correct me if I'm wrong :


Congrats market wizards!

Ofc price will be higher in future, only need some time for it.

My prediction, on the other hand, is based on my having paid the entry fee for the contest. Please refrain from spreading your nonsense in this thread until you're willing to put your money where your mouth is.