Get one btc right away or 5 btc with a bet? - page 7.

chaser15

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Quote from: Becassine on March 11, 2024, 06:22:38 PM

It's not always easy to make the right decisions. Are you a gambler? If you're offered 1 btc without playing or 5 btc by playing (with a chance of 2 to 1). What do you do?

If having that BTC1 is not associated with any kind of risks? Just a free money offer for the sake of myself won't be playing?

If that's the case, I'm the dumbest person in the world if I don't take it. Though is that really possible?

I will put my response this way, if I need to play those both offers, I will choose the latter offer. More bankroll means more chances of getting a win and maximize my strategy regardless if I will play luck-based games or sports betting. But with no risks at all needed and I will get easily that BTC1, then I will get choose that, straight to the point.

goinmerry

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Quote from: Becassine on March 11, 2024, 06:22:38 PM

It's not always easy to make the right decisions. Are you a gambler? If you're offered 1 btc without playing or 5 btc by playing (with a chance of 2 to 1). What do you do?

The answer should be pretty obvious but let's make it realistic. No one will offer BTC1 to me for just simply not playing. There should be lots of footnotes under that. There should be terms, rules, considerations, given factors, things to do, and something along those lines.

My final answer? - Depending on the terms.

- Once the terms are cleared, that's where will I just fully understand what choice should I make.

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Quote from: Becassine on March 11, 2024, 06:22:38 PM

It's not always easy to make the right decisions. Are you a gambler? If you're offered 1 btc without playing or 5 btc by playing (with a chance of 2 to 1). What do you do?

This is an old economic problem that illustrates how behavior changes depending on the value of the issue. Obviously, from a mathematical point of view, you need to play since the expected profit will be 2.5 btc, which is significantly more than 1 btc. But in fact, most people will choose a reliable 1 btc since this is a significant amount and no one wants to risk it. As can be seen from the voting, for most participants 1 btc is a serious amount.

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Quote from: AmoreJaz on March 12, 2024, 05:20:18 PM

Quote from: boyptc on March 12, 2024, 03:58:07 PM

Go away with 1 BTC and don't gamble? If this is it, I'll choose the safer option.

I might have 5 BTC but if the condition is to gamble that all then it makes no sense because I might just lose them all. Unlike with taking 1 BTC away and just go home effortlessly, that's what I'll choose.

So if the only condition is not to gamble or play then I'd be happy to accept that 1 BTC. Cheesy

But if you have the option to gamble some, maybe. But if it is either you take 1BTC or bet it to make 5BTC? It is understandable that many will choose the 1BTC already, as there is already assurance that you have money that way.

Yup.

It's already money and you can take that away without having to take any risk. I know that there are people that are up for risks to have some more.

But with this kind of opportunity, I'd be happy to walk away and just take that 1 btc than going on with 5 btc but I have no assurance if I'll ever get that.

Aanuoluwatofunmi

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Quote from: Becassine on March 11, 2024, 06:22:38 PM

It's not always easy to make the right decisions. Are you a gambler? If you're offered 1 btc without playing or 5 btc by playing (with a chance of 2 to 1). What do you do?

Only a fool or addicted gambler will want to see an amazing opportunity like this and miss out in it, that is why we are talking about greediness in gambling, isn't it profitable to just take the 1btc and leave than taking the risk of gambling a 50x50 percent chance for loosing or sinning and end up loosing at the end just because of 4btc difference, if we have a good plan, we can make that 1btc yield another of its kind if we invested and so on we go increasing the money to always double than wanting to earn big and loose the entire money and opportunity for nothing.

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Quote from: Becassine on March 11, 2024, 06:22:38 PM

It's not always easy to make the right decisions. Are you a gambler? If you're offered 1 btc without playing or 5 btc by playing (with a chance of 2 to 1). What do you do?

A choice that creates a dilemma. An offer of 1 BTC for free which we can immediately take home without having to play a game should be the most logical choice because we don't have to fight with risks. However, the 5 BTC offer is also very attractive, even though there are risks in getting it. If in the end nothing can be obtained, this actually doesn't result in a loss, because from the start we didn't spend any money at all, it's just that we missed the income of 1 BTC which can be obtained for free.

Whatever I choose, it will provide curiosity and perhaps regret, and for this reason I prefer to get 5 BTC with the risk that must be faced. I know, this might be considered that I am too greedy but at least there is no curiosity that will continue to swirl in my mind.

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Quote from: bangjoe on March 13, 2024, 03:23:44 AM

Quote from: Becassine on March 11, 2024, 06:22:38 PM

It's not always easy to make the right decisions. Are you a gambler? If you're offered 1 btc without playing or 5 btc by playing (with a chance of 2 to 1). What do you do?

Being able to win but not fighting is better than fighting but having the risk of losing, simple analogy, if I can get 1 BTC without playing is much better than trying to bet and attempt to get 5 but having to beat the house and risk losing.

Sometimes making people greedy is how we get bigger profits, and such is the performance that is very promising for casinos to get huge profits,

This is already our chance to get some money by doing nothing so why would I risk to gamble on unsure situation when there's a sure profit to take without anything ask for returns. This is why the same with other people choosing 1 BTC I also go with their choice for practical reasons and for sure a lot of people would understand our choice since this is sure money to take home.

If we choose to be greedy and take that 5BTC with conditions attached then for sure that we will regret our decision not to take the 1 BTC and we might just think about the missing chances that we let go of we are going to make this happen.

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Quote from: Becassine on March 11, 2024, 06:22:38 PM

It's not always easy to make the right decisions. Are you a gambler? If you're offered 1 btc without playing or 5 btc by playing (with a chance of 2 to 1). What do you do?

Not in this case, it's clear what many people will choose to do, this will be the easiest choice for anyone to make unless they are of course very greedy like most gamblers are.

I will choose the 1 BTC any time of any day, because that's a whopping 70k on its own, holding for a long term in this bull market could result in $150,000 per Bitcoin, this is an easy thing to do instead of chasing numbers that could still fail you.

Go with the 5 Btc and see what happens, there is a very high chance that you will end up with Zero, because the only way you can win this 5BTC is on luck, think luck follows you every now and then? Put it to test and let's see, you will be disappointed in yourself for been too greedy.

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Quote from: Becassine on March 11, 2024, 06:22:38 PM

It's not always easy to make the right decisions. Are you a gambler? If you're offered 1 btc without playing or 5 btc by playing (with a chance of 2 to 1). What do you do?

Being able to win but not fighting is better than fighting but having the risk of losing, simple analogy, if I can get 1 BTC without playing is much better than trying to bet and attempt to get 5 but having to beat the house and risk losing.

Sometimes making people greedy is how we get bigger profits, and such is the performance that is very promising for casinos to get huge profits,

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Quote from: Becassine on March 11, 2024, 06:22:38 PM

It's not always easy to make the right decisions. Are you a gambler? If you're offered 1 btc without playing or 5 btc by playing (with a chance of 2 to 1). What do you do?

If I get this offer, I will take the 5 btc only if they will allow me to gamble with it on my own decisions and not theirs. If they agree to let me gamble on my own terms, I will take the risk to use 1 BTC and stake on a slot game that I can easily stop as soon as it gets to just 1X multiplayer. My next decision is to get some small odds games that am sure has at least 80% chance of going as predicted, then I will stake 0.1 BTC.......... And so on... I must be allowed to gamble with the 5 BTC on my own terms and decision, if there are conditions to it, I will rather take the 1 BTC and leave.

harapan

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Quote from: Becassine on March 11, 2024, 06:22:38 PM

It's not always easy to make the right decisions. Are you a gambler? If you're offered 1 btc without playing or 5 btc by playing (with a chance of 2 to 1). What do you do?

Such opportunities come by once a while and when you encounter such you grab it with your full chest,it's just like praying for a particular thing and when it pops up your excited and at this moment making decisions come into place whereby you knowing what to do with such opportunity.
But not to wake up to answering to a call of using such funds for Gambling,I'll hereby collect it and walk away,yes making decisions most times is difficult and usually when it involves money,funds,finances you will just be in total confusion in what to do,so it's better of before making decisions be in your quite and let out your mind on how to go about it.

I know most people when offered such opportunities will just take out some friends for drinking and gambling as well but after which when they are in the quite state,they now realize their decisions and actions and regret about it,do that's it.

Becassine

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Quote from: Bitinity on March 12, 2024, 09:39:36 PM

Anyway, I do not really understand what is the main purpose of this question. Is it to know whether we are real gambler or not?

I think I've already explained why, but I'll rephrase it more precisely. The psychology of players is very interesting. We see IRL that greed is often a source of total loss. In the survey, we see that most of the participants secure their winnings, but assume that a certain proportion would try for the 5 BTC (out of gambling or greed, being a gambler is not necessarily being greedy by the way).

It's interesting to see which type of profile emerges as the majority, most of whom are securing their winnings.

Zoomic

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Quote from: Becassine on March 11, 2024, 06:22:38 PM

It's not always easy to make the right decisions. Are you a gambler? If you're offered 1 btc without playing or 5 btc by playing (with a chance of 2 to 1). What do you do?

Being risk adverse can really limit what we can achieve if we keep avoiding taking risks. Anyone who is bold enough to take the risk and play stands a chance of going home with more btc compared to a person who is just avoiding risks.

All along, I have always taken risks in gambling and most times, I do not even get to win. And now, I am given an offer of going home with 1 btc without playing, meaning I wouldn't have to go through the stress of taking risks and I am sure of going home with something. I will accept the 1 btc and walk home happily. The 5 btc offer is juicy, but will the risk be worth it considering what's at stake? Sometimes it is not always wrong trying to avoid risk and this time, I choose to avoid the risk and go home satisfied Grin

. I know I am being risks adverse here but I deserve a break from taking risks Grin

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Quote from: Becassine on March 11, 2024, 06:22:38 PM

It's not always easy to make the right decisions. Are you a gambler? If you're offered 1 btc without playing or 5 btc by playing (with a chance of 2 to 1). What do you do?

OK, so if you simply apply math with the assumption of maximizing the reward, then clearly you have these expected values (multiplying by the odds):

1 * 1 BTC = 1 BTC

0.5 * 5 BTC = 2.5 BTC

So, simply because we are maximizing for returns, the second option, going for the 5 BTC is the clear winner.

But, if you apply this in real life, maybe 1 BTC is all that the person would ever need to retire and live a happy life.

In that case, then there would be no need to add the risk of getting the 5 BTC because the utility of the extra 4 BTC would be valued at 0.

In that scenario the person will clearly go for the 1 BTC as there is no extra incentives to get the 5 BTC with the extra risk.

Porfirii

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Kahnemann would've told that you should go for the 5 BTC, but in television quizzes for example they know that most people needs or wants that 1 BTC and won't be willing to take the risk (it would be different of they invited rich people to play). It is probabilistically reasonable to take the risk, but when you have debt and this BTC can change your life it may be more intelligent to play safe and run with the money.

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Quote from: Becassine on March 11, 2024, 06:22:38 PM

It's not always easy to make the right decisions. Are you a gambler? If you're offered 1 btc without playing or 5 btc by playing (with a chance of 2 to 1). What do you do?

As far as I understand it is not always easy to make the right decision. But if offered 1 btc for gambling or 5 btc by playing I will never take such risk. 1 btc I will keep for long term investment that will grow in value and there is no risk. But there are no guarantees in gambling. If you lose, it's all over. Gambling requires luck I will never waste 1 btc in the greed of getting more bitcoins.

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Quote from: Bitinity on March 12, 2024, 09:39:36 PM

Although it is just like an imaginary question since it will not happen in real life (may happen but in 1:1billion), I believe that most people will take 1btc away than take the chance to gamble for 5btc. 1btc is a decent amount for most people and with the current rate, it can be a life changing amount so I think those who will take the chance to gamble for 5btc are those who consider 1btc as small amount of money only aka rich people. Anyway, I do not really understand what is the main purpose of this question. Is it to know whether we are real gambler or not?

If the terms of getting the 1 Bitcoin is not hard to keep I rather collect the 1 Bitcoin instead of taking the risk to collect 5 Bitcoin that I might not even feel. 1 Bitcoin is a decent amount for someone.
However, 1 Bitcoin rate changed to my currency is 116.868.031 million if covert to naira. These amount is a decent one someone like a man or a woman can be able to make a living.
There are more gamblers/people that feels 1 bitcoin is not enough for them and trust be told that those people might be a millionaire.

Gallar

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Quote from: Becassine on March 11, 2024, 06:22:38 PM

It's not always easy to make the right decisions. Are you a gambler? If you're offered 1 btc without playing or 5 btc by playing (with a chance of 2 to 1). What do you do?

If this really happened to me, maybe right then and there I would be in a quite confusing dilemma. Because if I choose 1 bitcoin without having to gamble it will be safer. Meanwhile, if I choose to receive 5 bitcoins by gambling, it might be a little risky. But the advantage, if I'm lucky, I can get more bitcoins. So I'm a little confused when it comes to deciding this.

But I already have the answer, namely I will choose 1 bitcoin without playing. Because I will not be a greedy person. Because if this really happened in my real life, I would definitely take the easiest path. Therefore, I chose to be given 1 bitcoin without having to gamble. Because what I understand from your question is that it refers to greedy and non-greedy attitudes. Because if I choose to be given 5 bitcoins to gamble, maybe I will be defeated by my greed and as a result I will lose in gambling.

Additionally, if I receive 1 bitcoin without playing, I am free to use that 1 bitcoin. So, for example, if I use a little Bitcoin to gamble, I will definitely be more confident and less afraid, because the capital used for gambling (BTC) is cold capital. So in conclusion, I choose to be given 1 bitcoin without gambling.

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Quote from: acroman08 on March 11, 2024, 06:57:09 PM

I know this is just a hypothetical question thread but what do you mean by "with a chance of 2 to 1"? Do you mean that I can either get 1 btc or 2 btc if I chose the 5 btc after gambling it?

Not sure about it though, but I think he'd meant that the odds of you of winning the 5 btc is lesser than the odds of losing. So, basically it's just a win or lose scenario, you cannot win 1 or 2 bitcoin.
Well, the answer to the OP's question depends on the person's financial standing. A very rich man could easily pick the 5btc which equivalent to $360k at the current price rate regardless if he'd win or loss, it's still a free money. But for a person who lives in the middle class, $72k is already a good amount of money that you can use to either start your own business or use to add to your investments and gamble just a small amount portion of it. This question has no challenge to be honest, people could easily pick the 1btc because it is a free money.

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Quote from: Bitinity on March 12, 2024, 09:39:36 PM

Although it is just like an imaginary question since it will not happen in real life (may happen but in 1:1billion), I believe that most people will take 1btc away than take the chance to gamble for 5btc. 1btc is a decent amount for most people and with the current rate, it can be a life changing amount so I think those who will take the chance to gamble for 5btc are those who consider 1btc as small amount of money only aka rich people. Anyway, I do not really understand what is the main purpose of this question. Is it to know whether we are real gambler or not?

I think there would still be people who would jump at the chance to have more. I don't doubt the greed of others. And depending on the day, the person wants to try and gets it into their head that they have nothing and if they try they will only win.

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