is gambling fix your life? or wreck your life? - page 171.

rivoke

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Quote from: arallmuus on July 01, 2015, 07:06:36 AM

Quote from: gerXhonza on June 30, 2015, 07:47:20 AM

I very much doubt anyone has become a billionaire ~~threw~~through gambling

There is no doubt that there are some people that are rich through "gambling". It need some skill and "luck" which most people dont have. The winner of the WSOP will receive millions of USD which serve as a fact that some people are rich through "gambling". PrimeDice 100 BTC leaderboard would serve as another fact that someone could be "rich" from gambling and thats of course is just a niche of the whole example

The most lucky man, Hufflepuff is the example although and it end he was being accuse for cheated but at least he can successfully withdraw his huge winnings and he was spend his quality time for fun.
I'm wonder he will back again for try another luck but usually when people want to try another luck, mostly will busted Sad

Altcoin4life

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Quote from: BigMac on July 01, 2015, 08:15:16 AM

Quote from: arallmuus on July 01, 2015, 07:06:36 AM

Thats a kelly criterion, basically it depends on the house on wether if they want to increase or decrease the maximum profit. Corrected some math of yours, it should be

Code:

1 x House Edge x Bankroll

It could be either 0.5x ; 1x ; 1.5x or 2x if they house are willing to take up some risk in order to lure in whale to gamble

But how is Just-dice able to set their max profit so high?
The number I see there:
Site invested: 554,737.47504713
Max profit: 136,569.72

Huh

Good question maybe that number is so high because he knows no one would be crazy enough to risk it. Who knows with the older sites.

scat

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Scat The Billionaire

Quote from: Bardman on June 30, 2015, 04:38:58 AM

Not really? I mean of course everyone deposits money to dice sites to win money, no one plays dice for fun but you dont call that greed. Greed and emotions wont affect your bet results, the only thing greed can do is make you come back after loosing to lose more which is what gambling addicts do

greed and emotions are part of psychology i think, and its could take an effect on your bet decision.
i agree with this, recovering all what you have lost in gambling was bad idea one of reasons people did it is greed.desire to get profit, impose themselves. everyone suggest to never do that.

BigMac

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Quote from: arallmuus on July 01, 2015, 07:06:36 AM

Thats a kelly criterion, basically it depends on the house on wether if they want to increase or decrease the maximum profit. Corrected some math of yours, it should be

Code:

1 x House Edge x Bankroll

It could be either 0.5x ; 1x ; 1.5x or 2x if they house are willing to take up some risk in order to lure in whale to gamble

But how is Just-dice able to set their max profit so high?
The number I see there:
Site invested: 554,737.47504713
Max profit: 136,569.72

Huh

arallmuus

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Quote from: gerXhonza on June 30, 2015, 07:47:20 AM

I very much doubt anyone has become a billionaire ~~threw~~through gambling

There is no doubt that there are some people that are rich through "gambling". It need some skill and "luck" which most people dont have. The winner of the WSOP will receive millions of USD which serve as a fact that some people are rich through "gambling". PrimeDice 100 BTC leaderboard would serve as another fact that someone could be "rich" from gambling and thats of course is just a niche of the whole example

Quote from: subSTRATA on June 30, 2015, 08:00:34 AM

if they had the money to open a casino in the first place

Just to be clear, you can open up a casino of your own without any need to provide your own bankroll . Moneypot API allow anyone to open up their own gambling sites with no risk at all and your own bankroll is unneeded

For references : https://bitcointalksearch.org/topic/moneypotcom-the-bitcoin-gambling-wallet-1020726

Quote from: Shogen on July 01, 2015, 03:34:40 AM

according to Kelly formula

Thats a kelly criterion, basically it depends on the house on wether if they want to increase or decrease the maximum profit. Corrected some math of yours, it should be

Code:

1 x House Edge x Bankroll

It could be either 0.5x ; 1x ; 1.5x or 2x if they house are willing to take up some risk in order to lure in whale to gamble

Shogen

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Quote from: adaseb on June 30, 2015, 02:52:14 PM

Quote from: mladen00 on June 30, 2015, 07:37:00 AM

Quote from: Malaki on June 30, 2015, 07:31:33 AM

gambling can never fix your life but can wreck it

also can have no effect

play wisely if you are addicted

Gambling is fixing someones life's; just look casino's owners

Yes that's true but its also very possible that a high roller can clean out a casino and make it go bankrupt. It happens all the time with small casinos. Its risky for them also.

With a good bankroll management (according to Kelly formula, if the house edge is 1%, the max profit per game should be set as 1% of total bankroll), it is very unlikely for the house to lose significant amount.

mladen00

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Quote from: subSTRATA on June 30, 2015, 08:00:34 AM

Quote from: mladen00 on June 30, 2015, 07:37:00 AM

Quote from: Malaki on June 30, 2015, 07:31:33 AM

gambling can never fix your life but can wreck it

also can have no effect

play wisely if you are addicted

Gambling is fixing someones life's; just look casino's owners

if they had the money to open a casino in the first place, I dont think their life needed any fixing in the first place Roll Eyes

Even some kind of dice/btc casino?
For dice/btc casino you don't need 1million USD

adaseb

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Quote from: mladen00 on June 30, 2015, 07:37:00 AM

Quote from: Malaki on June 30, 2015, 07:31:33 AM

gambling can never fix your life but can wreck it

also can have no effect

play wisely if you are addicted

Gambling is fixing someones life's; just look casino's owners

Yes that's true but its also very possible that a high roller can clean out a casino and make it go bankrupt. It happens all the time with small casinos. Its risky for them also.

letyouearn

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Gambling on any site with real money got me too much depression now. From the day of my biggest loss on satoshimines, I left gambling on it and whenever I get any amount of btc, I just exchange them without any delay. That's my trick to save btc from playing gamble.

Overall, I can say, gambling wrecked my life totally.

adaseb

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Quote from: GiocareHost on June 30, 2015, 05:05:04 AM

Gambling destroyed my life.I lost control over how much time and money I used to spend gambling.When I was in the nascent stage of being a gamster I had mixed feeling about it.Thats why I never stopped!
I took loans so that I can never stip rolling. I still have to repay a loan worth 5 BTC!

Wow! I feel bad for you. Just be glad that the loan is only 5 btc and not in the hundreds of thousands of dollars.

Bardman

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Quote from: gerXhonza on June 30, 2015, 07:47:20 AM

That is a crazy thread you have created there OP. I very much doubt anyone has become a billionaire threw gambling, well the type of gambling you are talking about because even if they did they would end up losing it.

I do enjoy some gambling but only that which requires some skill what will give you an edge, that is why I only play poker, but now and again I do bet on the football as I'm not a newbie to football.

Over all it has done neither destroyed or fixed my life because I won't let it, just play in moderation and have fun.

There are few people that can benefit and profit from gambling, poker player vs player or sport betting but only a few like everything in life, its hard and not recommended, some people think they can do it as well but in reality they cant, at least most of them wont be able to.

But there is people winning millions through gambling

pureelite

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Quote from: scat on June 16, 2015, 04:34:46 PM

i found my self broke because gambling
i found my life in a mess because gambling

but because gambling too suddenly rich, suddenly be a billionaire
because gambling too you know what it is the real have fun

how about you?

is gambling fix your life? or wreck your life?

I've gambled a long time. At the beginning I invested a little money . As time went on , I started to invest more and more . I managed to get a few hundred euros, but when I first got that much money , I started losing more and more , but worst of all is that I could not stop gambling because all the time I thought I could get the first time. So I was losing more and more money, and began to borrow. Luckily , I talked with my family about it and I decided to stop. Now just play sports prognosis for pleasure.

glorg44

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Quote from: subSTRATA on June 30, 2015, 08:00:34 AM

Quote from: mladen00 on June 30, 2015, 07:37:00 AM

Quote from: Malaki on June 30, 2015, 07:31:33 AM

gambling can never fix your life but can wreck it

also can have no effect

play wisely if you are addicted

Gambling is fixing someones life's; just look casino's owners

if they had the money to open a casino in the first place, I dont think their life needed any fixing in the first place Roll Eyes

hhahah... well said buddy!

subSTRATA

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:^)

Quote from: mladen00 on June 30, 2015, 07:37:00 AM

Quote from: Malaki on June 30, 2015, 07:31:33 AM

gambling can never fix your life but can wreck it

also can have no effect

play wisely if you are addicted

Gambling is fixing someones life's; just look casino's owners

if they had the money to open a casino in the first place, I dont think their life needed any fixing in the first place Roll Eyes

gerXhonza

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That is a crazy thread you have created there OP. I very much doubt anyone has become a billionaire threw gambling, well the type of gambling you are talking about because even if they did they would end up losing it.

I do enjoy some gambling but only that which requires some skill what will give you an edge, that is why I only play poker, but now and again I do bet on the football as I'm not a newbie to football.

Over all it has done neither destroyed or fixed my life because I won't let it, just play in moderation and have fun.

mladen00

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Quote from: Malaki on June 30, 2015, 07:31:33 AM

gambling can never fix your life but can wreck it

also can have no effect

play wisely if you are addicted

Gambling is fixing someones life's; just look casino's owners

Malaki

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gambling can never fix your life but can wreck it

also can have no effect

play wisely if you are addicted

mladen00

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K-ing®

for me gambling is fun....well maybe 2-3 times in my life it was more than just fun Cheesy

for now is 50: 50 fix/wreck

pooya87

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Quote from: GiocareHost on June 30, 2015, 05:05:04 AM

Gambling destroyed my life.I lost control over how much time and money I used to spend gambling.When I was in the nascent stage of being a gamster I had mixed feeling about it.Thats why I never stopped!
I took loans so that I can never stip rolling. I still have to repay a loan worth 5 BTC!

ouch. that is bad bro.
you should try and control your gambling habits. one of my friends is like you and he had the same problem a while back where he borrowed some money to gamble, and he lost it all.

glorg44

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Quote from: GiocareHost on June 30, 2015, 05:05:04 AM

Gambling destroyed my life.I lost control over how much time and money I used to spend gambling.When I was in the nascent stage of being a gamster I had mixed feeling about it.Thats why I never stopped!
I took loans so that I can never stip rolling. I still have to repay a loan worth 5 BTC!

Well in this case you should find some resource to get hold of this. Undecided

get some help buddy!

In my very honest opinion, gambling neither fixes your life nor wrecks it... as far as its taken lightly, and solely for fun. I know some people who try make a living out of it???

Topic: is gambling fix your life? or wreck your life? - page 171. (Read 164189 times)