And that comes from the site of the owner of Bodog, so he should know a thing or two?
You don't think maybe he should be a little biased?? hehe 
Topic: Are bitcoins casinos really pointless? (Read 8479 times)
I think this is just a matter of time, before Bitcoin becomes popular for casinos.
Anyway you can spend your bitcoins and get ukash, which is used in most online casinos these days.
Anyway you can spend your bitcoins and get ukash, which is used in most online casinos these days.
Why let such nice thread die? 
I started the thread more in the angle, if there is any significant profit for the gambling site owners at this stage if bitcoin economy. Or it's mostly for fun.
In the spirit of transparency and honesty some of them want to set, i'm sure a lot of people will appreciate if they share their profits or at least give us idea about them.
Drugs are the biggest market driver so far, it's logical to expect gambling will be next. But I don't think that's the case here.
(If you could order hookers with bitcoins that would be second)
In the spirit of transparency and honesty some of them want to set, i'm sure a lot of people will appreciate if they share their profits or at least give us idea about them.
Drugs are the biggest market driver so far, it's logical to expect gambling will be next. But I don't think that's the case here.
(If you could order hookers with bitcoins that would be second)
Your problem seems to be more laziness than anything. Dooglus for instance has done a pretty good job of following the take of the biggest bitcoin gambling site, it's somewhere in the neighborhood of 15k BTC ahead at the moment. You can actually share in those profits too, by buying its shares.
More generally, every time some BTC game advertises as "provably fair" what it means is that you can just traverse the chain and establish for yourself, with 8 digit precision, how much it made.
In any case drugs aren't the biggest market driver. Repeating that nonsense is quickly becoming the Bitcoin equivalent of "God created the world": something stupid people say because they've heard other stupid people say it.
Listen dum dum, I'm aware of the earning of satoshi dice. You don't need Dooglus for that, since they've made their earnings spreadsheet public since they want to sell shares.
But 1 site, especially the most successful one is not enough to get the full picture of the market, right?
About the drugs, i'm not saying that because i've heard it, there are stats actually (if i remember correctly the guys from bitcoin magazine did quite the research) showing the money flow in each of the major sectors. Drugs transactions were beating all the rest by factor of 10 or so.
About the blockchain, good luck following and calculating transactions when most of them generate unique address for each new user and unlike satoshidice they are not market with dice in them....
next time think before accusing someone in lazyness and talking nonsense....
I don't think our disagreement is one of terminology. Even after you rephrased it, I still think you're wrong.
om nom nom, yummy humble pie.
Dooglus thanks for persisting I now appreciate the value of running 10 trillion simulations vs 1 million
Codemonkey also had several attempts explaining it to me but I didnt appreciate until I saw some raw stats.
What casinos should be careful of is that a large bet range coupled with a low house edge can increase amounts of rounds (and bank) required before the houses average earn smooths out.
Some gambling systems we are simulating require more than 1 trillion rounds for the casino to get its average earn matching the house edge within 10% each round.
I fired off a big simulation last night running all gambling systems but unfortunately it crashed out, 8 cpu cores at 100% and a hot room is not good
I will fire off another simulation tonight and share our results.
CodeMonkey says he may be up for releasing his simulator to the public once he has finished cleaning up the code.
That's not really true.
bitZino.com is probably fair, but not via the blockchain. The site shows its hashes only to the player, not to the world, so I've no idea how popular or profitable bitZino is.
bitZino.com is probably fair, but not via the blockchain. The site shows its hashes only to the player, not to the world, so I've no idea how popular or profitable bitZino is.
Ah ok, didn't know that.
What it offers is immediacy.
That's a very good point that I had overlooked (as I'm generally not an online gambling player, ... primarily for the reason you cited ... I try to avoid negative EV
).This was illustrated in another thread where bitcoin gaming is sometimes used as a way to get a "bridge loan". The example given was where someone wants to make a purchase but is just a little short of funds. It will take a few days either to get more funds or for an existing funds transfer to complete in order to buy more coins. So using one of the bitcoin gaming services a person can make a wager (or two) and likely win the amount that was needed.
In the worst case scenario the person loses and has to wait a few days for a funds transfer to complete, just like they would have been had they not placed the bets.
Of course for a person in financial distress, this can accelerate a downward spiral but for those simply wanting a few more coins quickly, the immediate access to winnings is something Bitcoin gaming offers that is not found anywhere else online.
I hadn't taken this view before: so bitcoin gambling fulfills the same function as traditional loaning business?
X wants to buy big TV. has 90%, will gamble what he has on a SatoshiDice with 10% winning -> if lucky, can buy TV, if not: all funds lost
vs.
X wants to buy big TV, has 90%, will take long of 10% -> can buy TV for sure, if unlucky: loss of decent life.
One could argue gambling has higher moral grounds than the traditional loaning business.
It depends. If Bitcoin never gets any bigger essentially no bitcoin buisiness is worth it. None. Not even MtGox. However nobody putting money and labor into a bitcoin enterprise is doing it for the small sums they will net today. They are doing it because what "if" bitcoin is bigger. Not a little bigger but much much much bigger. What if someday there are tens of millions of Bitcoin users. Then being an established and trusted [casino|exchange|retailer|auction house|marketplace|etc] is suddenly very much worth it.
IMHO Bitcoin will either be much bigger or a footnote in history in 3-5 years. It won't remain the status quo.
IMHO Bitcoin will either be much bigger or a footnote in history in 3-5 years. It won't remain the status quo.
I agree (who here wouldn't).
Sidenote: we're still at No. 1 of Falkvinges 4 drivers: http://falkvinge.net/2011/06/16/bitcoins-four-drivers-part-one-unlawful-trade/
More generally, every time some BTC game advertises as "provably fair" what it means is that you can just traverse the chain and establish for yourself, with 8 digit precision, how much it made.
That's not really true.
bitZino.com is probably fair, but not via the blockchain. The site shows its hashes only to the player, not to the world, so I've no idea how popular or profitable bitZino is.
Not that this is anywhere on topic, but MPOE-PR & Staring Owl seem to disagree on this:
What is the biggest driving force behind the daily volume of transactions on the major exchanges?
I would bet 1.5 yrs ago it was drugs, very specifically Silk Road drugs. Today I think gambling makes up a non-negligible part of that economy, but so do many other things now 1.5 yrs later from the drug-dominated BTC economy, and I believe the drug impact has shrunk on a %-of-btc-economy basis but likely grown by all other metrics, such as users and total USD transacted.
So what do you guys think, if you had to assign %'s to it, makes up the btc economy? Mt. Gox recently has ~25k btc traded per 24 hrs and about $12/btc so each 24 hours $300,000 USD worth of BTC are traded. What are they used for? Isn't there a Silk Road study every other week? I think I remember ~$20-$25M in sales each year, which would be about ~2M in trades per month, which would be about 22% of the BTC economy.
IMO Drugs / Silk Road (is there any other place to buy drugs?) make up about 22% of the btc economy ATM.
And when beginning to speculate upon the other 78%, I would say gambling is around 3-8%, and while someone may link me to the SatoshiDice block-chain exploder graph, let me state that they have made 15,000 btc since they have been operating. While this may generate a lot of blockchain transactions, there is only 15,000 btc worth of total loss that if you assume would be re-purchased for fresh fiat only adds 15,000 btc total worth of trades. No where near impacting daily volumes, i.e. there aren't many people winning huge and cashing out on Gox, or losing huge and always needing to buy more from Gox. (although there are a few outliers, and those outliers are hard core degenerates
What is the biggest driving force behind the daily volume of transactions on the major exchanges?
I would bet 1.5 yrs ago it was drugs, very specifically Silk Road drugs. Today I think gambling makes up a non-negligible part of that economy, but so do many other things now 1.5 yrs later from the drug-dominated BTC economy, and I believe the drug impact has shrunk on a %-of-btc-economy basis but likely grown by all other metrics, such as users and total USD transacted.
So what do you guys think, if you had to assign %'s to it, makes up the btc economy? Mt. Gox recently has ~25k btc traded per 24 hrs and about $12/btc so each 24 hours $300,000 USD worth of BTC are traded. What are they used for? Isn't there a Silk Road study every other week? I think I remember ~$20-$25M in sales each year, which would be about ~2M in trades per month, which would be about 22% of the BTC economy.
IMO Drugs / Silk Road (is there any other place to buy drugs?) make up about 22% of the btc economy ATM.
And when beginning to speculate upon the other 78%, I would say gambling is around 3-8%, and while someone may link me to the SatoshiDice block-chain exploder graph, let me state that they have made 15,000 btc since they have been operating. While this may generate a lot of blockchain transactions, there is only 15,000 btc worth of total loss that if you assume would be re-purchased for fresh fiat only adds 15,000 btc total worth of trades. No where near impacting daily volumes, i.e. there aren't many people winning huge and cashing out on Gox, or losing huge and always needing to buy more from Gox. (although there are a few outliers, and those outliers are hard core degenerates
What are the Bitcoin market drivers? Jus' for you.
Not that this is anywhere on topic, but MPOE-PR & Staring Owl seem to disagree on this:
What is the biggest driving force behind the daily volume of transactions on the major exchanges?
I would bet 1.5 yrs ago it was drugs, very specifically Silk Road drugs. Today I think gambling makes up a non-negligible part of that economy, but so do many other things now 1.5 yrs later from the drug-dominated BTC economy, and I believe the drug impact has shrunk on a %-of-btc-economy basis but likely grown by all other metrics, such as users and total USD transacted.
So what do you guys think, if you had to assign %'s to it, makes up the btc economy? Mt. Gox recently has ~25k btc traded per 24 hrs and about $12/btc so each 24 hours $300,000 USD worth of BTC are traded. What are they used for? Isn't there a Silk Road study every other week? I think I remember ~$20-$25M in sales each year, which would be about ~2M in trades per month, which would be about 22% of the BTC economy.
IMO Drugs / Silk Road (is there any other place to buy drugs?) make up about 22% of the btc economy ATM.
And when beginning to speculate upon the other 78%, I would say gambling is around 3-8%, and while someone may link me to the SatoshiDice block-chain exploder graph, let me state that they have made 15,000 btc since they have been operating. While this may generate a lot of blockchain transactions, there is only 15,000 btc worth of total loss that if you assume would be re-purchased for fresh fiat only adds 15,000 btc total worth of trades. No where near impacting daily volumes, i.e. there aren't many people winning huge and cashing out on Gox, or losing huge and always needing to buy more from Gox. (although there are a few outliers, and those outliers are hard core degenerates
What is the biggest driving force behind the daily volume of transactions on the major exchanges?
I would bet 1.5 yrs ago it was drugs, very specifically Silk Road drugs. Today I think gambling makes up a non-negligible part of that economy, but so do many other things now 1.5 yrs later from the drug-dominated BTC economy, and I believe the drug impact has shrunk on a %-of-btc-economy basis but likely grown by all other metrics, such as users and total USD transacted.
So what do you guys think, if you had to assign %'s to it, makes up the btc economy? Mt. Gox recently has ~25k btc traded per 24 hrs and about $12/btc so each 24 hours $300,000 USD worth of BTC are traded. What are they used for? Isn't there a Silk Road study every other week? I think I remember ~$20-$25M in sales each year, which would be about ~2M in trades per month, which would be about 22% of the BTC economy.
IMO Drugs / Silk Road (is there any other place to buy drugs?) make up about 22% of the btc economy ATM.
And when beginning to speculate upon the other 78%, I would say gambling is around 3-8%, and while someone may link me to the SatoshiDice block-chain exploder graph, let me state that they have made 15,000 btc since they have been operating. While this may generate a lot of blockchain transactions, there is only 15,000 btc worth of total loss that if you assume would be re-purchased for fresh fiat only adds 15,000 btc total worth of trades. No where near impacting daily volumes, i.e. there aren't many people winning huge and cashing out on Gox, or losing huge and always needing to buy more from Gox. (although there are a few outliers, and those outliers are hard core degenerates
I started the thread more in the angle, if there is any significant profit for the gambling site owners at this stage if bitcoin economy. Or it's mostly for fun.
In the spirit of transparency and honesty some of them want to set, i'm sure a lot of people will appreciate if they share their profits or at least give us idea about them.
Drugs are the biggest market driver so far, it's logical to expect gambling will be next. But I don't think that's the case here.
(If you could order hookers with bitcoins that would be second)
In the spirit of transparency and honesty some of them want to set, i'm sure a lot of people will appreciate if they share their profits or at least give us idea about them.
Drugs are the biggest market driver so far, it's logical to expect gambling will be next. But I don't think that's the case here.
(If you could order hookers with bitcoins that would be second)
Your problem seems to be more laziness than anything. Dooglus for instance has done a pretty good job of following the take of the biggest bitcoin gambling site, it's somewhere in the neighborhood of 15k BTC ahead at the moment. You can actually share in those profits too, by buying its shares.
More generally, every time some BTC game advertises as "provably fair" what it means is that you can just traverse the chain and establish for yourself, with 8 digit precision, how much it made.
In any case drugs aren't the biggest market driver. Repeating that nonsense is quickly becoming the Bitcoin equivalent of "God created the world": something stupid people say because they've heard other stupid people say it.
I started the thread more in the angle, if there is any significant profit for the gambling site owners at this stage if bitcoin economy. Or it's mostly for fun.
In the spirit of transparency and honesty some of them want to set, i'm sure a lot of people will appreciate if they share their profits or at least give us idea about them.
Drugs are the biggest market driver so far, it's logical to expect gambling will be next. But I don't think that's the case here.
(If you could order hookers with bitcoins that would be second)
In the spirit of transparency and honesty some of them want to set, i'm sure a lot of people will appreciate if they share their profits or at least give us idea about them.
Drugs are the biggest market driver so far, it's logical to expect gambling will be next. But I don't think that's the case here.
(If you could order hookers with bitcoins that would be second)
Hi, Staring Owl-- Obviously, I speak only for myself, but my reason for launching Kingcoin was to learn about Bitcoin, "get my feet wet" with programming Bitcoin, and introduce myself to the Bitcoin community. My profits so far are negligible. Of course, I absolutely want to create a terrific and fun experience for my users, but I see myself eventually doing something more impactful with Bitcoin.
Sanjay
I started the thread more in the angle, if there is any significant profit for the gambling site owners at this stage if bitcoin economy. Or it's mostly for fun.
In the spirit of transparency and honesty some of them want to set, i'm sure a lot of people will appreciate if they share their profits or at least give us idea about them.
Drugs are the biggest market driver so far, it's logical to expect gambling will be next. But I don't think that's the case here.
(If you could order hookers with bitcoins that would be second)
In the spirit of transparency and honesty some of them want to set, i'm sure a lot of people will appreciate if they share their profits or at least give us idea about them.
Drugs are the biggest market driver so far, it's logical to expect gambling will be next. But I don't think that's the case here.
(If you could order hookers with bitcoins that would be second)
And that comes from the site of the owner of Bodog, so he should know a thing or two?
Two words: House edge.
No, sorry. Four words. Add two more: Provably Fair.
Most state-operated lotteries pay out in the range of 70% or less of the lotto ticket/wager revenue. I don't know the actual number for a fact, but most of these state run lotteries are audited and when you dig you can find their reported results for each jurisdiction. If you believe they aren't cheating and can trust the audited numbers, you'll probably end up with a number in the 70% range.
BitLotto pays out 99%. I do know this number to be a fact as I see the blockchain and know exactly how many tickets were purchased. I can perform the calculation to independently determine the winner, and I see the payout transaction. Thus I can conclude that player returns when playing BitLotto are 41% higher than when playing MegaMillions (99% versus 70%).
- http://www.BitLotto.com
SatoshiDICE has a 98.1% payout (before considering transaction fees) which means they keep the 1.9% house edge. Today I can go through the blockchain and verify that every single wager ever made to SatoshiDICE (ever, like all the way back to their April launch) was calculated correctly and paid out correctly. I can prove that SatoshiDICE is operating fairly.
In Vegas casinos, the most widely used gambling options (e.g., slot machines) might return maybe 96%, and most are in the 94% or 92% range. Someone needs to pay for the security cameras, fake volcanoes and free booze. They only way for a physical casino to function profitably with better odds is likely to cheat somewhere. (Or so I've read. I don't gamble much and am not tuned in to the casino industry )
The only reason SatoshiDICE isn't paying out 99% is because they aren't being squeezed by a more aggressive competitor offering a 98.9% payout. That day will come. Because with an increase in play, both SatoshiDICE and some other competitor(s) can still operate profitably on a lower house advantage without cheating (which isn't really an option as it would be exposed them and they'ld lose all credibility in a matter of days.)
bitZino doesn't publish the odds to each of their games, I don't believe. But the odds can be calculated. For blackjack most of the rule variations are ones that favor the player:
- http://wizardofodds.com/games/blackjack/rule-variations
- http://www.bitZino.com
So I can't say that bitZino games (blackjack, video poker, craps and roulette) have payouts that are higher than a Vegas casino has because I haven't seen the odds (or performed the computations myself) but I would bet that bitZino can always beat Vegas casinos due to having such low costs, on a relative basis. (Unlike bitLotto and SatoshiDICE, we don't know bitZino's revenues or profits. I'm going to conclude they are still nowhere near recovering their investment for development but like D&T mentions, they probably didn't build all that intending to profit in 2012 but instead did all that beautiful HTML5 and rock solid back-end work for the returns they could see in 2014 or later, which could be substantial.)
Another provably fair game I'm enthusiastic about is King Coin. The odds for that were just calculated (thanks doogius) to be in the 96% range. That makes me less enthusiastic about the game than I was originally, but again, those odds can be increased (which can be verified independently) and hopefully this entertaining visual game can join the stable of online gaming where provably fair gaming using Bitcoins beats any other online gaming options.
And that's what the owner of Bodog either doesn't realize (which I doubt) or wishes to not tout until he figures out a way to make some money from it. He's welcome to try. The barrier to entry for building an online casino game is not beyond what a skilled developer operating solo as as "nights and weekends" project can produce. But with it being provably fair, math gives that alternative the same credibility as what gamers used to count on ... the polished look and feel that established gaming companies provide.
There's a huge industry that has no idea that they are going to be sharing part of their lunch:
- http://www.bulletbusiness.com/mobilegambling/index.php
Thanks for the Kingcoin shout-out, Stephen. The URL for those interested is http://kingco.in.
Stephen, I plan to make the game odds better and the game more fun by introducing a jackpot slice with a very high payout. I hope that--along with compatibility on more devices!--will increase your enthusiasm for Kingcoin! I also plan to publish the odds on the site.
Sanjay
Of course. But as any gambler knows, the secret to survival is discounting the bad cases and focusing on the good cases.
Yes. We're all "about even" on our gambling careers, I'm sure.
Yes, but the 3rd one "increased" the house edge to 2.31%...
Of course. But as any gambler knows, the secret to survival is discounting the bad cases and focusing on the good cases.
Code:
after 1000000 martingale plays, bet 5330214, profit -77550. won -0.0145 per unit bet
after 1000000 martingale plays, bet 5338031, profit -96823. won -0.0181 per unit bet
after 1000000 martingale plays, bet 5347483, profit -123551. won -0.0231 per unit bet
[...]
I imagine what SRoulette is talking about is the "actual" house edge, ie your first martingale example "reduced" the house edge to 1.45%.
Yes, but the 3rd one "increased" the house edge to 2.31%... It's just as likely to increase it as it is to decrease it. Unless you don't run enough trials in the simulation. If the maximum bet was 3 million times the minimum bet, and you only run 1 million plays then it's pretty likely that the player will win, since he'll only bust out once every 3 million plays. That still doesn't change the house edge. Even if you only run the simulation for 10 plays the house edge is still the same.
Here's a simulation which runs 1 million spins, and uses martingale betting with a max_bet of 3 million and min_bet of 1. It runs the simulation 50 times over. In most of the 50 runs the player is up after 1 million spins, but if you watch the "over all" house edge, it gets closer and closer to 2% the longer the simulation runs:
Code:
after 1000000 martingale plays, bet 11457710 (avg 11.46), profit 488962. won 0.0427 per unit bet ( 0.0427 over all)
after 1000000 martingale plays, bet 17008465 (avg 17.01), profit -3704311. won -0.2178 per unit bet (-0.1130 over all)
after 1000000 martingale plays, bet 11017225 (avg 11.02), profit 489021. won 0.0444 per unit bet (-0.0690 over all)
after 1000000 martingale plays, bet 13868162 (avg 13.87), profit 489052. won 0.0353 per unit bet (-0.0419 over all)
after 1000000 martingale plays, bet 13020328 (avg 13.02), profit 489568. won 0.0376 per unit bet (-0.0263 over all)
after 1000000 martingale plays, bet 10977479 (avg 10.98), profit 490197. won 0.0447 per unit bet (-0.0163 over all)
after 1000000 martingale plays, bet 10019905 (avg 10.02), profit 490701. won 0.0490 per unit bet (-0.0088 over all)
after 1000000 martingale plays, bet 13910161 (avg 13.91), profit 489703. won 0.0352 per unit bet (-0.0027 over all)
after 1000000 martingale plays, bet 14831702 (avg 14.83), profit 489618. won 0.0330 per unit bet ( 0.0018 over all)
after 1000000 martingale plays, bet 14752718 (avg 14.75), profit -3704070. won -0.2511 per unit bet (-0.0267 over all)
after 1000000 martingale plays, bet 15026345 (avg 15.03), profit 489887. won 0.0326 per unit bet (-0.0206 over all)
after 1000000 martingale plays, bet 17972262 (avg 17.97), profit 489708. won 0.0272 per unit bet (-0.0153 over all)
after 1000000 martingale plays, bet 17064824 (avg 17.06), profit -3704042. won -0.2171 per unit bet (-0.0344 over all)
after 1000000 martingale plays, bet 10081844 (avg 10.08), profit 490436. won 0.0486 per unit bet (-0.0300 over all)
after 1000000 martingale plays, bet 11156499 (avg 11.16), profit 489897. won 0.0439 per unit bet (-0.0259 over all)
after 1000000 martingale plays, bet 12150884 (avg 12.15), profit 489752. won 0.0403 per unit bet (-0.0221 over all)
after 1000000 martingale plays, bet 12385808 (avg 12.39), profit 491262. won 0.0397 per unit bet (-0.0188 over all)
after 1000000 martingale plays, bet 13666944 (avg 13.67), profit -3704202. won -0.2710 per unit bet (-0.0331 over all)
after 1000000 martingale plays, bet 10932079 (avg 10.93), profit 490997. won 0.0449 per unit bet (-0.0297 over all)
after 1000000 martingale plays, bet 16427193 (avg 16.43), profit -3704633. won -0.2255 per unit bet (-0.0417 over all)
after 1000000 martingale plays, bet 13367344 (avg 13.37), profit 489988. won 0.0367 per unit bet (-0.0380 over all)
after 1000000 martingale plays, bet 13025866 (avg 13.03), profit 490218. won 0.0376 per unit bet (-0.0347 over all)
after 1000000 martingale plays, bet 10847957 (avg 10.85), profit 490019. won 0.0452 per unit bet (-0.0318 over all)
after 1000000 martingale plays, bet 10370444 (avg 10.37), profit 489506. won 0.0472 per unit bet (-0.0292 over all)
after 1000000 martingale plays, bet 10868724 (avg 10.87), profit 489922. won 0.0451 per unit bet (-0.0267 over all)
after 1000000 martingale plays, bet 19760611 (avg 19.76), profit 490625. won 0.0248 per unit bet (-0.0238 over all)
after 1000000 martingale plays, bet 17011539 (avg 17.01), profit -3704287. won -0.2178 per unit bet (-0.0329 over all)
after 1000000 martingale plays, bet 15678676 (avg 15.68), profit 490236. won 0.0313 per unit bet (-0.0302 over all)
after 1000000 martingale plays, bet 11410885 (avg 11.41), profit 490113. won 0.0430 per unit bet (-0.0281 over all)
after 1000000 martingale plays, bet 10187641 (avg 10.19), profit 490873. won 0.0482 per unit bet (-0.0261 over all)
after 1000000 martingale plays, bet 11926302 (avg 11.93), profit 489660. won 0.0411 per unit bet (-0.0242 over all)
after 1000000 martingale plays, bet 12854024 (avg 12.85), profit 489676. won 0.0381 per unit bet (-0.0223 over all)
after 1000000 martingale plays, bet 12424968 (avg 12.42), profit 490366. won 0.0395 per unit bet (-0.0206 over all)
after 1000000 martingale plays, bet 10389545 (avg 10.39), profit 490087. won 0.0472 per unit bet (-0.0190 over all)
after 1000000 martingale plays, bet 9595018 (avg 9.60), profit 490334. won 0.0511 per unit bet (-0.0175 over all)
after 1000000 martingale plays, bet 10597612 (avg 10.60), profit 490320. won 0.0463 per unit bet (-0.0161 over all)
after 1000000 martingale plays, bet 10617003 (avg 10.62), profit 490183. won 0.0462 per unit bet (-0.0147 over all)
after 1000000 martingale plays, bet 20010422 (avg 20.01), profit -7899388. won -0.3948 per unit bet (-0.0299 over all)
after 1000000 martingale plays, bet 17397414 (avg 17.40), profit -3704308. won -0.2129 per unit bet (-0.0361 over all)
after 1000000 martingale plays, bet 11776690 (avg 11.78), profit 489688. won 0.0416 per unit bet (-0.0344 over all)
after 1000000 martingale plays, bet 11885588 (avg 11.89), profit 490168. won 0.0412 per unit bet (-0.0327 over all)
after 1000000 martingale plays, bet 13854636 (avg 13.85), profit 490610. won 0.0354 per unit bet (-0.0310 over all)
after 1000000 martingale plays, bet 13588069 (avg 13.59), profit 489521. won 0.0360 per unit bet (-0.0294 over all)
after 1000000 martingale plays, bet 11199192 (avg 11.20), profit 488470. won 0.0436 per unit bet (-0.0280 over all)
after 1000000 martingale plays, bet 10057752 (avg 10.06), profit 489814. won 0.0487 per unit bet (-0.0267 over all)
after 1000000 martingale plays, bet 10454429 (avg 10.45), profit 489967. won 0.0469 per unit bet (-0.0254 over all)
after 1000000 martingale plays, bet 12164250 (avg 12.16), profit 491088. won 0.0404 per unit bet (-0.0241 over all)
after 1000000 martingale plays, bet 15409300 (avg 15.41), profit 489224. won 0.0317 per unit bet (-0.0227 over all)
after 1000000 martingale plays, bet 14511655 (avg 14.51), profit 490205. won 0.0338 per unit bet (-0.0214 over all)
after 1000000 martingale plays, bet 9878573 (avg 9.88), profit 489889. won 0.0496 per unit bet (-0.0204 over all)
Pointless ? no - I have a fair bit of fun and it gives me something to do with my bitcoins
I think the question is in reference to running a bitcoin casino, not playing at one. 
Pointless ? no - I have a fair bit of fun and it gives me something to do with my bitcoins
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