Topic: A bitcoin gambling story and current goals (Read 843 times)

Every forum has at least one smart ass. Good job sir! You scrutinized and mocked the only spelling error in this thread.

Well looks like you were right. My betting unit was 10/100,000 simplified as 1/10,000 this allows for 13 martingale losses in a row which was my highest losing streak. Today I had 14 losses in a row. Total balance before bust was μBTC 559,000 or about $56 and more than 100,000 hands played (<-guesstimate). Over all I'm happy with the results though. My balance doubled 2 1/2 times before going bust. If someone where to find a online casino with no max limit and had 1,000 dollars to burn I'd totally recommend this system.

Ultimately what I would do with 1,000 dollars is play it as if it were 200. This way one unlucky loss doesn't blow the bankroll. So for example lets say I had started with 200 and doubled up 2 1/2 times then lost 200 that's still a $1,000 profit. Even though the eventual loss of $200 is inevitable it's likely you'd still be in the money long term since a 14 loss streak doesn't happen vary often. As in the chances are 1 out of 100,000 about 0.00001% which gives you an idea how many hands I played.

This would also work with field betting in craps except with different bonuses. 3:2 for blackjack vs 2-3x for 11 and 66. I actually tested this on the craps table at bitzino it worked well with the same number of max losses in a row 13 probably 14 with enough rolls. It also works for red/black odd/even betting in roulette with no bonuses so roulette is not worth the time invested. Bonuses can be and are big earners. One time when I testing field betting on the craps table I'd gotten to the 7th martingale level and hit 66 for a 3x bonus. Actually craps field betting may be better than blackjack since the odds of hitting a bonus are better.

All in all this was a fun experience. Would I do it again? Maybe, you'll wait for my next thread to find out.

Yes, I have been playing for 10+ years and have read over 30 poker books, including both Harrington series (tournaments and cash games) so I am pretty well versed in poker theory.  He is indeed a good writer and easy to understand.  The only issue is that his books are a bit dated at this point, but still more than what is needed to beat the low stakes.  If you are interested about some of the new tournament styles that the younger players such as Elky and Selbst are using, I would recommend "Kill Everyone" and "Raiser's Edge."  They incorporate some new concepts and more advanced theory concepts.  Helpful to read even if you are not interested in a LAG style as you can better understand how the younger, online kids are playing.

Anyway, best of luck!

Is a "gameling" some kind of mutation of a zergling? How do I unlock it?







P.S.: Sorry I just could not resist making that sad joke about a minor spelling error. I feel funny currently.

You may vary well be right about blackjack however I will continue to play this round of bitzino.

Poker can and often times is a vary difficult game to understand and play effectively especially no limit. BTW if you are a tournament poker fan I 100% recommend reading Harrington on Holdem. This is one the the best poker book ever made. It also is one of easiest to understand. Sometimes poker authors have a way of writing that can be a bit confusing. Anyways, As far as SWC sorry can't help you there I'm already a member. Maybe someone viewing this thread will join for you though.

Best of luck on your journey!

If you really want to earn money at gambling, you must ditch the Blackjack at online casinos.  Playing a hand of blackjack has negative expected value (ie if you place infinite bets you will lose it all).  There is no way that you can structure negative EV bets (using martingale strategies or others) so that they become positive EV.  It is impossible, if you want to earn money at gambling you must stop playing blackjack online.  Any book that advocates martingale strategies is giving you terrible advice.

You can definitely count at live casinos, but it is very tough now.  Floors are very well trained to spot it and you will get banned quickly from the major properties.  Now the best time to count is when casinos are super busy that the floors can't stop the counters (ie New Year's Eve, March Madness, the night of big fights in vegas, etc).  Also you would want to work on a team, but you should have capital in the 200k+ range.  Just to be clear, even with counting you are chasing a VERY SMALL EV and the is VERY HIGH variance.  Many of the former counters that I know now play poker exclusively.  Given your bankroll,  I think it is better to stick with poker.

Poker on the other hand, can be very profitable.  Especially the bitcoin poker rooms that are full of inexperienced players.  But if you want to excel at poker it takes hard work, study, and patience.  You must learn the game and be able to withstand the winds of variance.  I am pretty sure you know this, but just reiterating.

Also you should consider signing up with me as a referral (PeterB) at Seals with Clubs, by far the best Bitcoin poker room (in terms of players and action):

https://sealswithclubs.eu/aff.php?aff=297

If you sign up with me I can help you out with good eBooks, articles and other resources.  Anyone else interested in gambling / poker should also feel free to PM me.

Run good!

This story will mostly focus on blackjack

First of all I am a gambling enthusiast from the US which really limits my choices for gambling online except for bitcoin casino's. I play Tournament NL Holem (Bitcoin and $$$), Blackjack, and some Craps mostly all online.  After depositing about $12 to juciystakes to play poker I decided to gamble and play some blackjack. This was the first time I'd ever played blackjack for real money. Not knowing the ins and outs of blackjack I of course searched online for some sort of strategy. After finding a basic strategy card and reading a martingale system I was ready to play. The first few hands were the most nerve wracking. Because martingale has you double the bet after each loss within the first 5 minutes of play I was risking half my bankroll to win one hand.  After maybe 2 or 3 days I'd not only doubled the starting bankroll of $12 but grew it to $180 all was good till the inevitable happened. I had a losing streak and lost it all. Did I go and blame the casino and post to every forum that they cheat? NO! This also happened again on a bitcoin casino which I will not name. After almost exactly doubling up I'd hit a huge losing streak and lost it all. Only this time it was my mistake... One hand played "by the book" or in this case by basic strategy would have actually won and I'd probably still be playing at said casino.

After these two rather discouraging losses I searched for a casino offering micro or super micro stakes blackjack. Most of the bitcoin casino's minimum bet is 0.001 or roughly $0.10 I however wanted to find a casino offering 0.0001 bitcoin or smaller. This way one can risk less and survive the longer losing streaks if using a martingale system. The major disadvantage to martingale is after 5 -10 losses in a row your either busted or risking half the total bankroll. The idea here is if you start at small enough stakes the odds are in your favor because losing 20 hands in a row (specifically online) is virtually in-comprehensive. Anyways so back to the search for micro/super micro stakes blackjack. The only casino bitcoin or otherwise (that I could find) offering 1 cent or lower stakes was bitzino. Unfortunately after reading a few reviews on various forums I was a bit discouraged about depositing. So instead of not depositing I decided to risk a vary small amount of money. Most of the forum reviews about bitzino where from blackjack players who had lost x number of hands in a row OR they were playing basic strategy and were PO'ed about losing to the dealers better hand. Which does happen everyday in live and online blackjack. Nothing you can do about it basic strategy does not win every single hand. Currently 13 losses in a row is my largest losing streak in blackjack or craps from any online casino.  If you add martingale to that @ $0.10 stakes the 13th bet = $409.60 @ $0.01 stakes the 13th bet is $40.96

I've been playing blackjack and craps @ Bitzino for about a week with good results so far. From the original deposit of $9 I'm currently sitting at about $40 worth of bitcoins. The only disadvantage to this approach is the earnings are a hell of a lot slower. For example when I was playing @ juicy the min bet was $1 this grew the bankroll vary fast. Playing for fractions of a cent is obviously going to take a lot longer to build any kind of respectable bankroll but it is also a lot safer.


Over the last few months I've spent about $300 on various gambling sites (mostly poker at this point) some accounts have grown and others are sitting @ $0.


Short Term Goals =

Goal #1 - Improve poker and blackjack skills IE. Memorizing basic strategy and improve tournament play.

Goal #2 - Build Bitzino bankroll to $80 (2x current)


Long Term Goals =

Goal #1 - Build bankroll to $200

Goal #2 - Earn $25 a day

Goal #3 - Build bankroll to $1,300

Goal #4 - Withdraw $300


Super Long Term Goals =

Goal #1 Earn BTC1/$100 a day

Goal #2 Buy a new Yamaha Raptor 660




Current Bankroll μBTC 400,050 BUST


I'll update OP every so often maybe once a week? If you'd like to follow my gambling journey please do post below.