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Topic: Damn it I just lost all my bitcoins (Read 3303 times)

legendary
Activity: 1918
Merit: 1018
June 11, 2014, 02:11:08 PM
#70
So I just lost all my btc saving (1.6 btc) by gambling, in about a half hour. I lost just a little bit, and of course I gambled a little more trying to make it back. I lost even more, so I started putting even more to try to make up. Eventually I found myself down to .4, and I put it all down, and thought maybe I would double my money, and just stop at .8.

Well I lost that too, so now I am completely broke. I feel like such a schmuck. I honestly don't feel that I have a problem with gambling (probably have maybe 3-4 hours of online gambling experience under my belt) and one trip to Atlantic City, where I spent 50 bucks (which was "fun money" that I already figured was spent). I've never done anything so foolish before!

Now I'm flat broke. Like I have 5 dollars in my wallet, and that is it.

I don't really know where I'm going with this, I just feel like a jackass Sad

If you never gamble more than you can afford in your life it will be a very cheap lesson; if you only do your big mistakes once you will become extremely rich and happy

Try to save again and buy some BTC and you will forget about this story

when it comes to gambling -- and i don't recommend it -- you need to have bankroll management. betting 1/2 or all your bankroll at once is a sure way to lose it all, every single time (because once you win once, twice or even a third time you will eventually lose it all)

If you play at a casino game, the more you play the more you expect to lose; no betting strategy is going to help your expected return, it can only help having more fun
DrG
legendary
Activity: 2086
Merit: 1035
June 11, 2014, 04:42:04 AM
#69
If you gambled it away wasn't it more like throwing it away rather than losing it since that's what ends up happening to gambling money in the end.  Having said that I lost $3.2K on a bad blackjack hand once.  I was counting on couple decks and I had 20 and dealer had 12... of course 21 shows up ...fuuuu
sr. member
Activity: 406
Merit: 250
June 11, 2014, 03:41:39 AM
#68
So I just lost all my btc saving (1.6 btc) by gambling, in about a half hour. I lost just a little bit, and of course I gambled a little more trying to make it back. I lost even more, so I started putting even more to try to make up. Eventually I found myself down to .4, and I put it all down, and thought maybe I would double my money, and just stop at .8.

Well I lost that too, so now I am completely broke. I feel like such a schmuck. I honestly don't feel that I have a problem with gambling (probably have maybe 3-4 hours of online gambling experience under my belt) and one trip to Atlantic City, where I spent 50 bucks (which was "fun money" that I already figured was spent). I've never done anything so foolish before!

Now I'm flat broke. Like I have 5 dollars in my wallet, and that is it.

I don't really know where I'm going with this, I just feel like a jackass Sad

Why were you gambling when you already had 1.6 BTC? you should have just hodled it. what strategies were you playing with?

Chasing losses will always bit you. I have seen people dropping 10 btc bets on some of these sites.
hero member
Activity: 812
Merit: 1000
June 06, 2014, 09:28:58 PM
#67
So I just lost all my btc saving (1.6 btc) by gambling, in about a half hour. I lost just a little bit, and of course I gambled a little more trying to make it back. I lost even more, so I started putting even more to try to make up. Eventually I found myself down to .4, and I put it all down, and thought maybe I would double my money, and just stop at .8.

Well I lost that too, so now I am completely broke. I feel like such a schmuck. I honestly don't feel that I have a problem with gambling (probably have maybe 3-4 hours of online gambling experience under my belt) and one trip to Atlantic City, where I spent 50 bucks (which was "fun money" that I already figured was spent). I've never done anything so foolish before!

Now I'm flat broke. Like I have 5 dollars in my wallet, and that is it.

I don't really know where I'm going with this, I just feel like a jackass Sad

Why were you gambling when you already had 1.6 BTC? you should have just hodled it. what strategies were you playing with?
full member
Activity: 232
Merit: 100
June 06, 2014, 09:03:22 PM
#66
read this story https://bitcointalksearch.org/topic/pizza-for-bitcoins-137
I'm sure you will feel much better  Smiley
hero member
Activity: 574
Merit: 500
June 06, 2014, 07:35:46 PM
#65
Never bet what you cannot afford to lose.
Totally agree with that. Unless you have plenty of money waiting to be given out to the casino.
sr. member
Activity: 434
Merit: 250
June 06, 2014, 02:21:42 PM
#64
i made a bet with keithers.. so i may have lost .1 btc. but it's okay, i can deal with losing that. that's the mentality i think the OP should adopt.
hero member
Activity: 797
Merit: 500
BBOD fast, non-custodial & transparent Exchange
June 01, 2014, 01:46:21 AM
#63
i also lost 0.1btc gambling but thank  god ,a power cut saved my rest of money
legendary
Activity: 1414
Merit: 1000
June 01, 2014, 01:41:35 AM
#62
I feel sorry for you.I guess that's why gambling in prohibited in my religion Islam.

Oh really? I didnt know gambling is religion specific.

So what happens if you are from Islam, american born raised and you gamble? do you go to hell or something?

Or is it more of a shame on your kind of thing.
Gambling, drinking etc are prohibited due to self harm and other evils associated with them and Islam is same for all its followers living everywhere in world.
full member
Activity: 192
Merit: 100
Hi!
June 01, 2014, 01:28:24 AM
#61
Never bet what you cannot afford to lose.
donator
Activity: 1218
Merit: 1015
May 31, 2014, 02:43:23 PM
#60
I feel sorry for you.I guess that's why gambling in prohibited in my religion Islam.

Oh really? I didnt know gambling is religion specific.

So what happens if you are from Islam, american born raised and you gamble? do you go to hell or something?

Or is it more of a shame on your kind of thing.
A fair number of Christian denominations don't gamble, either, sometimes justified with a story that Jews gambled on how long Jesus would live on the crucifix, which makes it particularly vulgar to some sects. It's basically considered a waste of precious life, and usually harmful to self, sometimes an addiction. Generally, self-harm (and unnecessary harm in general) is considered an insult to God, disrespect toward His creations. He probably won't eternally damn you just on that, though (for those believing in Hell). Fwiw.
newbie
Activity: 56
Merit: 0
May 31, 2014, 02:02:10 PM
#59
I feel sorry for you.I guess that's why gambling in prohibited in my religion Islam.

Oh really? I didnt know gambling is religion specific.

So what happens if you are from Islam, american born raised and you gamble? do you go to hell or something?

Or is it more of a shame on your kind of thing.
legendary
Activity: 1414
Merit: 1000
May 31, 2014, 01:35:09 PM
#58
I feel sorry for you.I guess that's why gambling in prohibited in my religion Islam.
legendary
Activity: 966
Merit: 1000
In holiday we trust
May 31, 2014, 01:08:57 PM
#57
Well join the club!  Lost around 3btc to primedice (my favourite place to lose). Hope you feel better now   Grin
hero member
Activity: 714
Merit: 500
May 31, 2014, 01:06:00 PM
#56
Well, I hope you learned your lesson, never gamble.
legendary
Activity: 1036
Merit: 1000
Thug for life!
May 31, 2014, 02:20:34 AM
#55
When I played dice, I used a variant of Martingale and did alright. Took profits early on every good run because inevitably you always, always end at zero (since you don't have a never-ending roll). Sorry to hear...
legendary
Activity: 1456
Merit: 1001
This is the land of wolves now & you're not a wolf
May 31, 2014, 12:47:17 AM
#54
if you gamble, you have to have a better system. google "bankroll management" to see what % of your bankroll you should use on any one bet

This sounds like advice coming from an online poker player   Wink
legendary
Activity: 1918
Merit: 1570
Bitcoin: An Idea Worth Spending
May 31, 2014, 12:00:10 AM
#53
did the SAME exact thing myself about a year ago. never rolled dice like that again....

I remember my first Omaha8 session and sweeping two back-to-back monster posts, both times with Quad Jacks. I thought I mastered the game as I was up over a grand. Later that night I went bust. Now, I can play and beat the game sans even looking at the cards (quasi-literally).

I knew of a team that traveled the country playing $1 slot machines via $2 token with the machine only registering 1 credit ($1), and were making a killing... Til they got arrested - twice. The first time, a judge tossed out the case because he won't accept the fact that the casinos were losing money with such a crazy proposition. The prosecutors did a better job the second time around in getting the charges to stick.

These guys were so good at their craft, that they pulled off this scheme right in front of security that they buddied up with, but would have turned them in if they had a clue as to what was up.

Sans any foreign objects used (just the coins, one a time, played regularly like a normal token), can you figure out how such was accomplished? It's genius once you learn how.
donator
Activity: 1218
Merit: 1015
May 30, 2014, 11:44:36 PM
#52
Low-stakes poker with friends. Everything else can go to Hell. (except Dragon's Tale, where I had the odd opportunity to buy an account once where it was nearly ev neutral and came out ahead, then gave the account back without a second thought)
sr. member
Activity: 280
Merit: 250
Knowledge is Power
May 30, 2014, 11:26:25 PM
#51
It's hard to bash gambling when many of us have signatures promoting it.

Haha. The way I look at it though, there is nothing wrong with gambling with money that you can afford to lose. But people like OP (and myself) were gambling with money they couldn't afford to lose.
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