So I tried this strategy at a dice site and I'm thinking of the odds of winning
So I set the chance of winning to 92% and start with minimum bet of 1000 Satoshis with profit of 76 Satoshis
Now, I could win like 9-11 times in a row, sometimes higher and lose
After losing, what would be the chance that I could lose again twice in a row?
I'm thinking of if I lose with that settings, I could go all-in with higher bet since my chance winning is higher.
What do you guys think?
So I set the chance of winning to 92% and start with minimum bet of 1000 Satoshis with profit of 76 Satoshis
Now, I could win like 9-11 times in a row, sometimes higher and lose
After losing, what would be the chance that I could lose again twice in a row?
I'm thinking of if I lose with that settings, I could go all-in with higher bet since my chance winning is higher.
What do you guys think?
i think this is a very common mistake that people make (me included)
bets that we make are completely independent on each other. your second bet has nothing to do with first and third has nothing to do with second and first and so on to the end of infinity bet.
this means with each bet you have the same chance of win or lose. you can roll the dice on 92% win chance and lose. then roll again and lose and again and again until the end of time because you simply have 8% to lose each time and it is there each time you roll the dice, it doesn't go away just because you lost once or twice or 10 times.
with that said, your strategy is what i am doing sometimes and it works sometimes and it doesn't some other times. but mostly works since the 92% win chance is big on its own.
