Topic: This person made $500,000 with gambling and lost it all within 60 seconds! - page 6. (Read 14118 times)
November 19, 2018, 11:12:46 PM
If a gambler does know how to stop himself from gambling after he had won huge amount of money from the casino, it is still possible for people to get rich from gambling. But most of the times, the desire to win more money from the casino would cause most gamblers to commit the same mistake, a mistake that would result in the gamblers losing all his profits back to the casino owners, and eventually starting to lose his own money as he will keeps on gambling with the hope of recovering all his losses which is nearly impossible anymore.
November 19, 2018, 09:34:06 PM
The story is from about almost 5 years ago but this is 100% relevant to 2018 or 2019 or many years to come, you can read it here:
https://www.reddit.com/r/IAmA/comments/1ch7wb/starting_with_almost_nothing_i_made_almost_500000/
In short version, he gambled on Bitcoin, made $500,000 - and lost it all later on, he then continued to gamble in Roulette and other games, and ended up with $50,000 in debt.
By the way,
This is not only related to Bitcoin or Casino Games - if you think Sports betting is different think twice after reading this:
https://www.psychforums.com/gambling-addiction/topic182379.html
This person lost over $300,000 within 48 hours, all because of sports betting, he had bets on tennis, basketball, soccer - you name it.
And there are many more stories to read such as this:
https://www.reddit.com/r/problemgambling/comments/4pzgmu/i_just_lost_140000_in_5_minutes/
Moral of the story - you can never be rich with gambling, and even if you end up being "rich" - you would lose the whole lot in no time ... only the house wins because the house has an edge.
https://www.reddit.com/r/IAmA/comments/1ch7wb/starting_with_almost_nothing_i_made_almost_500000/
In short version, he gambled on Bitcoin, made $500,000 - and lost it all later on, he then continued to gamble in Roulette and other games, and ended up with $50,000 in debt.
By the way,
This is not only related to Bitcoin or Casino Games - if you think Sports betting is different think twice after reading this:
https://www.psychforums.com/gambling-addiction/topic182379.html
This person lost over $300,000 within 48 hours, all because of sports betting, he had bets on tennis, basketball, soccer - you name it.
And there are many more stories to read such as this:
https://www.reddit.com/r/problemgambling/comments/4pzgmu/i_just_lost_140000_in_5_minutes/
Moral of the story - you can never be rich with gambling, and even if you end up being "rich" - you would lose the whole lot in no time ... only the house wins because the house has an edge.
A coin has 2 sides. Your moral of the story is not universal. Nice story though.
November 19, 2018, 07:32:00 PM
Its really true, we will never be rich with gambling, in short term maybe we can win but for long term we will end up losing, the main reason is because of the house edge, no matter how small is the house edge, it is going to affect the result when you play it for long term, never think gambling as the place to look for profit, think it as the place to release stress, set your budget, set your limit and control yourself then maybe you can have fun while making some money
November 19, 2018, 02:33:39 PM
Yes, go away if you win ... but for how long? Your mind will force you to go back.
Depends on ourselves, it is a part of money management. Once you won a big amount then you have to think wisely, yes you will think to come back but you should be smarter a little bit to manage your money. At least you need to split the amount you won. Keep 50-75% of it to your bank account and dont touch it for gambling purpose. So use the other 25% for gambling again if you want. Once you lose the 25% then just STOP.
Perhaps if you would buy real estate with this money ($500k) and by buying it means buying without a mortgage - then by all means the money would be safer because you won't have liquidity with the money anymore and you can still get nice income such as rent from it.
However I know some people who re-mortgaged their fully paid properties just for gambling purposes, so in the end of the day - if someone wants to find a way he would find a way.
November 19, 2018, 02:26:54 PM
Yes, go away if you win ... but for how long? Your mind will force you to go back.
Depends on ourselves, it is a part of money management. Once you won a big amount then you have to think wisely, yes you will think to come back but you should be smarter a little bit to manage your money. At least you need to split the amount you won. Keep 50-75% of it to your bank account and dont touch it for gambling purpose. So use the other 25% for gambling again if you want. Once you lose the 25% then just STOP.
November 19, 2018, 11:48:29 AM
Another one of those gambling stories about failure but I am surprised to see that he is self-admitted on what went wrong and how it got worst. The sad thing is this man is really down right now that not even his fiancee could cheer him up as she barely knows the truth of what happened. I know this feeling in gambling where I thought I am untouchable and my luck has it all only to find out that everything I earn will be lost in a matter of seconds, this feeling would really down any kind of person especially if money is really important on how it should have shape his future.
The hard truth is that people do only realize on the end or shall we say that its already over and they do let themselves caught with the hardest consequence in life.I cant imagine on to risk your money just to play gambling.You will face the problem that you have made and on next time you will surely be aware on what are the things
do surround you unlike before where you haven't still experience such hardship.
November 19, 2018, 09:25:22 AM
That's what happens when you play over a long enough period of time. If you win enough just try to get out, when the number is too big to say no than it is time to withdraw your winnings. My method is if the money was free and given to me only with the rule that I would have to spend 8 hours doing nothing but staring at a white blank wall, would I accept the money ?
Now, looking at a white plain wall for 8 hours without doing anything else (maybe stop the time in between food and toilet breaks) sounds incredibly boring, I wouldn't do it for 5 dollars or 10 dollars. However, if it is 500 dollars I would definitely consider it, if its anything a thousand dollars or more than I would take it ASAP. That is of course my numbers, decide for yourself and withdraw when you reach that number.
Now, looking at a white plain wall for 8 hours without doing anything else (maybe stop the time in between food and toilet breaks) sounds incredibly boring, I wouldn't do it for 5 dollars or 10 dollars. However, if it is 500 dollars I would definitely consider it, if its anything a thousand dollars or more than I would take it ASAP. That is of course my numbers, decide for yourself and withdraw when you reach that number.
November 19, 2018, 08:11:51 AM
Another one of those gambling stories about failure but I am surprised to see that he is self-admitted on what went wrong and how it got worst. The sad thing is this man is really down right now that not even his fiancee could cheer him up as she barely knows the truth of what happened. I know this feeling in gambling where I thought I am untouchable and my luck has it all only to find out that everything I earn will be lost in a matter of seconds, this feeling would really down any kind of person especially if money is really important on how it should have shape his future.
November 19, 2018, 07:38:27 AM
Gambling should be just for a fun activity but not a regular income generator.
It would have been fun if money wasn't involved with it.
Once money is in the picture then it becomes an immoral practice.
One person takes money from the other for no real value in return.
Do you see any fun in that description?
Well, I do. Playing a game is fun regardless of whether you win or not. If playing poker is not fun for you, I'm okay with that, but don't judge me if it's fun for me. Same goes for sports bettors, people who like to play dice, slots, roulette or whatever.
Take Paintball, for example. It can cost you between $25-$300 to participate in the game. Using your words, it's one person shoots the other with spherical dye-filled gelatin capsules for no real value in return. Where's the fun in that? Well, some people find it entertaining and they pay for it, and who are we to judge them?
If people think that they can improve their financial situation with gambling, they are wrong. But if they play just because they enjoy the process, they have all the rights to do that.
November 19, 2018, 06:45:34 AM
Losing it all in gambling shows the worst form of gambling addiction.
The worst part is he just lost it all in just 60 seconds and even get have a depth of $50k which is pretty high as well. That's too arrogant of him, seriously.If you were never in his shoes you cannot judge him, no one can...
November 19, 2018, 06:45:09 AM
Betting is betting and it doesn't matter that it is poker, casino or sport betting.
I won't talk about the moral aspect of this but the fact is that betting is something you go in and sometimes can't control. I've never bet huge amounts because i know i couldn't control myself. But even with "low" amounts I've seen myself playing them without any kind of reason or pleasure just because I HAD to click on that button in the hope of getting what I lsot back. Of course I lost it all.
I won't talk about the moral aspect of this but the fact is that betting is something you go in and sometimes can't control. I've never bet huge amounts because i know i couldn't control myself. But even with "low" amounts I've seen myself playing them without any kind of reason or pleasure just because I HAD to click on that button in the hope of getting what I lsot back. Of course I lost it all.
Well said.
November 19, 2018, 06:44:31 AM
Losing it all in gambling shows the worst form of gambling addiction.
The worst part is he just lost it all in just 60 seconds and even get have a depth of $50k which is pretty high as well. That's too arrogant of him, seriously.
November 19, 2018, 06:43:54 AM
Betting is betting and it doesn't matter that it is poker, casino or sport betting.
I won't talk about the moral aspect of this but the fact is that betting is something you go in and sometimes can't control. I've never bet huge amounts because i know i couldn't control myself. But even with "low" amounts I've seen myself playing them without any kind of reason or pleasure just because I HAD to click on that button in the hope of getting what I lsot back. Of course I lost it all.
I won't talk about the moral aspect of this but the fact is that betting is something you go in and sometimes can't control. I've never bet huge amounts because i know i couldn't control myself. But even with "low" amounts I've seen myself playing them without any kind of reason or pleasure just because I HAD to click on that button in the hope of getting what I lsot back. Of course I lost it all.
November 19, 2018, 06:40:58 AM
That's one fact in gambling. It takes longer time to win but all the amount you've won will lose in a shorter time including your bankroll. It just says that it's easy to lose than to win in gambling. That's why it is advisable to run after winning and don't get carried away by continues green because for sure, reds will follow.
You're repeating the same thing that was said here and this was addressed, please see:
https://bitcointalksearch.org/topic/m.48021076
November 19, 2018, 06:26:39 AM
That's one fact in gambling. It takes longer time to win but all the amount you've won will lose in a shorter time including your bankroll. It just says that it's easy to lose than to win in gambling. That's why it is advisable to run after winning and don't get carried away by continues green because for sure, reds will follow.
November 19, 2018, 05:26:48 AM
Losing it all in gambling shows the worst form of gambling addiction.
Not only due to addiction the greed of the people makes the people to bet again even after they won huge amounts which shows that the human beings are never satisfied about money even they have money which is enough to cover their remaining life.It is sad when people earn so much amount and still want to earn more and as a result he would realize now this for life that one should have self containment and should not become too greedy else it can be dangerous and results in heavy losses. For sure that person would not be able to forget this incident anytime soon.
November 19, 2018, 04:20:23 AM
Losing it all in gambling shows the worst form of gambling addiction.
Not only due to addiction the greed of the people makes the people to bet again even after they won huge amounts which shows that the human beings are never satisfied about money even they have money which is enough to cover their remaining life. 
November 19, 2018, 03:36:50 AM
He is an ignorant person with a very short mind. If I made 500.000 dollars I would stop immediately and withdraw all the money to my crypto or bank account. After that I will have time to consider what to do with this amount of money.
The worst would be I would deposit that money and wothdraw interest from that. The best would be to invest it in some business or some real estate property.
Losing it all in gambling shows the worst form of gambling addiction.
The worst would be I would deposit that money and wothdraw interest from that. The best would be to invest it in some business or some real estate property.
Losing it all in gambling shows the worst form of gambling addiction.
November 19, 2018, 02:44:26 AM
Hey this things happens in stock trading too, people let their greed get better of them its basic human nature. I feel many gamblers know when when to start, but when it comes to pulling out they are clueless, they let their greed guide them and end up loosing. In my personal experience when I'm playing sometimes the gambling gets to me, even the risk of having debts doesn't scare me, and it's taken years of practice to quell my desire to stop when I'm ahead.
Gambling = Greed.
Whether you bet with $5, $10 or $100,000. The amount doesn't matter, the time spent doesn't matter.
Once you're in it then you're in it.
It's not like a "casual gambler" has no greed, it's just that he hasn't reached the bottom of it yet but he is at serious risk of getting there.
It's very unclear why people in this forum try to portray gambling as fun and joy.
Taking money from someone else for no value whatsoever - has no joy in it, period. Not for the winner and not for the loser, they are both losers in the end of the day.
Try to portray it otherwise and you would just be lying to yourself.
November 19, 2018, 02:40:40 AM
Gambling should be just for a fun activity but not a regular income generator.
It would have been fun if money wasn't involved with it.
Once money is in the picture then it becomes an immoral practice.
One person takes money from the other for no real value in return.
Do you see any fun in that description?
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